investor relations, page-12

Reply received from CER Invesotr relations. Mainly a stone wall answer except for "CER is not contemplating a merger with CNP". ( CNP holders seem to think otherwise.). If I had a manager that was close to bankrupsy itself I doubt that I would want it to be my manager any more.

Questions and answers below:

1. I note a change of name from Centro Retail Trust to Centro Retail Group. Could you advise when this happened and the significance.

There has been no change of name for CER.


2. Has there been a merger with any other trusts made to date. If so could you provide the details.

There has been no merger with any trusts to date. Any merger will require a shareholder vote. Please refer to the ASX announcement dated 2 May 2011 for CER?s latest market update.


3. Bearing in mind the positive NTA for CER and the negative NTA for CNP what advantage is there for CER to even consider a merger with CNP in any way at all.

CER is not contemplating a merger with CNP.


4. Over the years CNP has "milked "CER" in many ways. Has that now been completely removed from the equation?.

Whilst we are not entirely sure what this is in reference to, all of CER?s related party dealings with CNP have occurred on an arm?s length basis and will continue to be conducted on an arm?s length basis going forward.


5. Is CER now in a position to manage its own properties bearing in mind that there would be savings for CER holders and also that ,with the CNP financial position it may no longer be able to continue in business. CNP continues to manage CER?s properties in accordance with the existing agreements that are in place.


6. Why is CER continuing to be in any way associated with CNP. I assume that their shareholding will soon be passed to their lenders if it has not already been handed over.

CNP is CER?s manager. CNP and a CNP managed fund are CER?s largest shareholders.


7. When will there be an announcement regarding future dividend payments.

ASX listing rules require distribution announcements to be made at least seven business days before the record date.