Hi GW -

I raised this point a while ago; Jurek gave a very useful - and researched - reply. His comments were posted on October 26.

I commented on his information the same day; briefly, there would be a 10% penalty at present, which would drop to a 5% penalty after December 2011, and a smaller one after that. I fugure that it would not be interesting to pursue this for another13 months, unless the lender could be convinced to waive the penalty if CLL renegotiated the loan with the same lender (small chance).

The big question is what rates would be faced in case of a refinancing, which would be heavily influenced by the NOI genereated by the various activities in which CLL is involved, and of which I have no ideas - I'm a real estate guy).

If the cash flow is strong (meaning what this means in practical terms; help, anyone!) could we be facing 5%? In which case, this represents a drop of 6% below present laverage loan rates.

On loans totalling $800,000,000, this could represent an annual savings of nearly $50,000,000.

Shi Ming Sen