On April 2, 2009, Standard&Poor's Ratings Services affirmed its 'A/A-1' ratings on Australian Prime Property Fund Retail (APPF Retail) and the fund's related debt issues and programs. The outlook is stable. The affirmation of the ratings acknowledges the fund's conservative financial policies, high-quality Australian shopping-center portfolio, and a high degree of operating stability. These strengths more than offset the risks associated with the fund's ongoing capital-expenditure requirements for development projects and exposure to cyclical discretionary spending. APPF Retail is an unlisted wholesale fund managed by Lend Lease Real Estate Investment Ltd. At Dec. 31, 2008, the fund had interests in a portfolio of 12 shopping-center assets across Australia valued at A$3.2 billion. APPF Retail's high-quality shopping-center portfolio is
