0655 CFS Property L/H_FS503 - First State Investments

10.1.3 Increase in NTA per UnitThe following is the pro forma Statement of Financial Position as at 30 June2002 for CPA and GAN, assuming the GAN/CPA Offer proceeds.Pro Forma Assuming the GAN/CPA Offer ProceedsASSETSCPA30 June 2002$mGAN30 June 2002$mCash and Money Market Securities 10.6 36.4Investment Properties 2,042.7 2,805.8Investment in Associates 58.7 -Other Assets 20.2 -TOTAL ASSETS 2,132.2 2,842.2LIABILITIESProvision for distributions 44.2 67.1Payables and provisions 31.4 49.9Borrowings 538.0 649.8TOTAL LIABILITIES 613.6 776.8NET ASSETS 1,518.6 2,075.4No. of units on issue 1,361.5 1,746.9NTA per Unit $ $1.12 $1.19Note: The above statement of financial position of GAN excludes any value with respect to the incomeflows from Colonial First State Property Group Limited (“CFSPG”).At 30 June 2002 the NTA backing per unit of CFT was $2.07. (Refer Section14.1 of BDO’s independent expert’s report dated 17 July 2002). Assumingthe GAN/CPA Offer is accepted, the NTA per unit is expected to increase to$2.35 (including the cash component of the GAN/CPA Offer) based on thefollowing calculations:NTA perPro FormaRatio of CPA & GANunits to CFTNTA per CFT unit(Post GAN/CPA)CPA $1.12 1.19 $1.33GAN $1.19 0.65 $0.77NTA of underlying trust’s units $2.10Cash component of CPA/GAN Offer $0.25TOTAL NTA (POST GAN/CPA OFFER) ATTRIBUTABLE TOUNITHOLDERS$2.35This represents an advantage to CFT Unitholders of accepting the GAN/CPAOffer.BDO CORPORATE FINANCE PTY LIMITED 26