Underlying profit expectations are also being impacted by...

Underlying profit expectations are also being impacted by movements in economic
factors, particularly foreign exchange rates. Underlying profit for the year ending 30
June 2010 is currently expected to reduce by approximately 45% compared with
underlying profit for the year ending 30 June 2009 of $229 million (excluding asset
revaluations, impairments, mark-to-market of derivatives, foreign exchange impact on
assets and liabilities and restructuring costs). Approximately 60% of this movement is
due to the translation effect of the recent significant appreciation of the Australian dollar
with the remainder primarily due to the impact on fee income from both asset sales and
the full year effect of prior year property devaluations as previously announced. The
expected FY10 underlying profit is based on an AUD/USD foreign exchange rate of
$0.90 for the balance of the year, and every one cent increase (decrease) in the
exchange rate is expected to result in an approximate $3.5 million annual decrease
(increase) in the underlying profit.