westfield, page-8

With regard to WDC's writedown, it is long overdue.

Its to bring it into line with their peers and the market.

If you read their half yearly as at 30 June 2008, the cap rate on their US assets was 6.1%.

CER's cap rate was 7.26% according to their presentation.

Occupany levels were 92.8% at WDC US centres as opposed to 94% for CER.

CER's assets have arguably been performing better than WDC. Have a read of the quarterly reports released by both in November also.

CER's cap rates had already been aggressively softened at 30 June 2008 to compensate for the uncertainty over SuperLLC along with deteriorating market conditions.

Cap rates may soften but perhaps not much more than the current figure of 7.26%.