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Part VIII Pro Forma Financial Information Terms defined in the Prospectus dated 24 November 2006 have the same meanings in this section. KPMG KPMG LLP, Transaction Services 38th Floor One Canada Square United Kingdom London, E14 4AG Private & confidential The Directors Invista European Real Estate Trust SICAF 25B Boulevard Royal L-2449 Luxembourg Luxembourg Dear Sirs Tel: 0207 311 1000 Fax: 0207 311 4077 24 November 2006 Invista European Real Estate Trust SICAF (the ‘Company’) We report on the pro forma financial information (the ‘Pro forma financial information’) set out in Part VIII of the prospectus of the Company dated 24 November 2006 (the ‘‘Prospectus’’), which has been prepared on the basis described on page 101, for illustrative purposes only, to provide information about how the Offer might have affected the financial information presented on the basis of the accounting policies adopted by Invista European Real Estate Trust SICAF in preparing the historical financial information for the period ended 30 September 2006. This report is required by paragraph 20.2 of Annex I of The Commission Regulation 809/2004/EC of 29 April 2004 implementing Directive 2003/71/EC (the ‘‘Prospectus Directive Regulation’’) and is given for the purpose of complying with that paragraph and for no other purpose. Responsibilities It is the responsibility of the directors of Invista European Real Estate Trust SICAF to prepare the Pro forma financial information in accordance with paragraph 20.2 of Annex I of the Prospectus Directive Regulation. It is our responsibility to form an opinion, as required by paragraph 7 of Annex II of the Prospectus Directive Regulation, as to the proper compilation of the Pro forma financial information and to report that opinion to you. Save for any responsibility imposed by law or regulation to any person as and to the extent there provided, to the fullest extent permitted by law we do not assume any responsibility and will not accept any liability to any other person for any loss suffered by any such other person as a result of, arising out of, or in accordance with this report or our statement, required by and given solely for the purposes of complying with paragraph 23.1 of Annex I of the Prospectus Directive Regulation, consenting to its inclusion in the Prospectus. Basis of Opinion We conducted our work in accordance with the Standards for Investment Reporting issued by the Auditing Practices Board in the United Kingdom. The work that we performed for the purpose of making this report, which involved no independent examination of any of the underlying financial information, consisted primarily of comparing the unadjusted financial information with the source documents, considering the evidence supporting the adjustments and discussing the Pro forma financial information with the directors of Invista European Real Estate Trust SICAF. 99
We planned and performed our work so as to obtain the information and explanations we considered necessary in order to provide us with reasonable assurance that the Pro forma financial information has been properly compiled on the basis stated and that such basis is consistent with the accounting policies of Invista European Real Estate Trust SICAF. Our work has not been carried out in accordance with auditing or other standards and practices generally accepted in the United States of America or other jurisdictions and accordingly should not be relied upon as if it had been carried out in accordance with those standards and practices. Opinion In our opinion: * the Pro forma financial information has been properly compiled on the basis stated; and * such basis is consistent with the accounting policies of Invista European Real Estate Trust SICAF. Yours faithfully KPMG LLP 100
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Invista European Real Estate Trust
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JPMorgan Cazenove and Citigroup, ea
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Summary This summary should be read
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The Group currently owns, and inten
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Risk Factors Investing in the Share
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If actual financial data differ fro
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assumptions or flawed assessments u
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loss of revenue, which could materi
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The Group’s performance is depend
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less than the costs of the leverage
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Future Share issues could dilute th
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The holding company structure for t
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Important Information Investment in
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investors in Germany are urged to c
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made by broker-dealers who are regi
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* the tax treatment of the Group an
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Directors and Advisers Directors To
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Part I Information on the Company I
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and expanding analysis of property
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Where properties have achieved thei
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payable. To the extent that the Net
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The Company will also publish semi-
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Part II Directors, Management & Adm
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Mark Long* - Director, Strategy, Re
Page 49 and 50: The Custodian may entrust the safek
Page 51 and 52: Part III The Offer The Offer A tota
Page 53 and 54: period of 180 days from Admission,
Page 55 and 56: Part IV Background to the Continent
Page 57 and 58: Continental European Listed Propert
Page 59 and 60: The 5 largest properties account fo
Page 61 and 62: 10 Largest Tenants Tenant Net Annua
Page 63 and 64: 4 Purpose of the valuation report W
Page 65 and 66: 7.3 Environmental matters We have r
Page 67 and 68: German Properties C104,700,000: Pro
Page 69 and 70: Property Sector Description, Age &
Page 73 and 74: Belgian Properties C18,500,00: Prop
Page 77 and 78: French Properties C22,100,000: Prop
Page 79 and 80: Czech Republic Properties C12,900,0
Page 81 and 82: Polish Properties A8,750,000: Prope
Page 83 and 84: INVISTA EUROPEAN REAL ESTATE TRUST
Page 93 and 94: ecognised in the financial statemen
Page 97 and 98: 16. Finance expenses 2006 B Amortis
Page 99: INVISTA EUROPEAN REAL ESTATE TRUST
Page 103 and 104: (2) No account has been taken of th
Page 105 and 106: * a logistics property in Nanteuil,
Page 107 and 108: important to an understanding of th
Page 109 and 110: Availability of financing During th
Page 111 and 112: The Group’s diversification by ma
Page 113 and 114: higher immediately following Admiss
Page 115 and 116: At 30 September 2006 the Group had
Page 117 and 118: temporary difference is controlled
Page 119 and 120: currency swaps and foreign exchange
Page 121 and 122: (q) where voids currently exist or
Page 123 and 124: in the Group carries on a trade in
Page 125 and 126: taxable as a corporation) organised
Page 127 and 128: PFIC - Default Excess Distribution
Page 129 and 130: these proposed Treasury Regulations
Page 131 and 132: Part XII General Information 1. Inc
Page 133 and 134: 2.11 All of the Shares will be in r
Page 135 and 136: Name Current Directorships and Part
Page 137 and 138: Name Current Directorships and Part
Page 139 and 140: The general meeting of Shareholders
Page 141 and 142: (a) Shares of the Company to be red
Page 143 and 144: The Company will be bound towards t
Page 145 and 146: Every Shareholder may take part in
Page 147 and 148: which fall within the scope of the
Page 149 and 150: The Bank Facility also provides for
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performance by the Depositary of it
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The primary tasks of the Company’
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In relation to the investment restr
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doubt as to whether courts outside
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Part XIII Definitions The following
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‘‘Invista Group’’ Invista a
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‘‘uncertificated’’ or ‘
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1.6 1.5.2 pending investigation of
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transfer or other taxes due in conn
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contravention of any registration o
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Notes On How To Complete The Applic
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I I I I I I I I I I I I I I I I I I
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I I I I I I I I I I I I I I I I I I
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