KPMG - IERE

Expected Timetable
Event 2006
Public Offer opens 27 November
Latest time and date for applications under the Public Offer* 5.00 p.m. on 12 December
Latest time and date for commitments under the Placing* 3.00 p.m. on 14 December
Admission of the Shares to the Official List* 20 December
Dealings in Shares commence and crediting of CREST stock accounts in
respect of the Depositary Interests* 8.00 a.m. on 20 December
Share certificates in respect of the Shares despatched* by 31 December
* The Directors may, with the prior approval of the Joint Global Co-ordinators, bring forward (subject to the Public Offer being
open for a minimum of 7 days) or postpone the closing time and date for the Placing and Public Offer by no more than two weeks.
In the event that such date is changed, the Company will notify investors who have applied for Shares of changes to the timetable
either by the publication of a notice through a RIS provider to the London Stock Exchange.
Placing and Offer Statistics
Offer Price per Share 200p
Initial adjusted Net Asset Value per Share 191p* 1
Total number of Shares in issue post Admission 103,875,705*
* Calculated on the basis of the Assumptions.
1 The adjusted Net Asset Value is not calculated in accordance with IFRS since it does not include provision for deferred tax. It is,
however, considered by the Directors to be of assistance to prospective investors in as much as deferred tax would only become
payable on a sale of the underlying properties, which is not intended to occur, as opposed to the sale of companies owning
properties. Including the provision for deferred tax, on the basis of the Assumptions, the Net Asset Value per Share immediately
following Admission is expected to be 179p.
On the basis of Assumptions and subject to no unforeseen events arising, the Directors currently have
an initial target annualised dividend yield per Share for the financial year ending on 30 September 2007
of 6 per cent. at the Offer Price (assuming conversion at the Exchange Rate).
This target relates to dividends for the financial year ending on 30 September 2007 only. This target
is not a projection or forecast of dividends actually payable or actual profit or cash available for
distribution. There is no assurance as to the amount and timing of dividends or that any dividends
may be declared or payable by the Company at all. The attention of prospective investors is drawn
to the Risk Factors starting on page 8 of this Prospectus and Part X entitled ‘‘Principal Bases and
Assumptions’’ starting on page 119 of this Prospectus.
Where in this Propectus amounts are given in both Euro and Sterling, the Sterling amounts are
calculated by reference to the Exchange Rate.
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