nav prediction, page-12

I'm pleased to say its just what my model was demonstrating.

Yields always rise in negative markets pushing values down.

The 30 June 2008 values were based on an average yields of 7.0% while the current market is more like 8.0% in Australia and 9.0% in Canada/Europe.

A change in the yield from 7.0% to 9.0% (as was the case in Canada) knocks 22% of assets values in that market.

Of course, I only expect prices have fallen 12% for their Australian properties (based on the yield changing from 7.0% to 8.0%).

My Net Asset Value (NAV) per unit of $1.39 still holds for the annoucement late in Feb 09.