KPMG - IERE

Acquired Assets as at the date of this document:
Assets Committed to be Acquired:
German Properties A127,080,000
French Properties A62,100,000
Dutch Properties A25,050,000
Czech Republic Properties A12,900,000
Spanish Properties A11,250,000
Polish Properties A8,750,000
TOTAL MARKET VALUE A488,320,000
(Four Hundred and Eighty Eight Million Three Hundred and Twenty Thousand Euros)
All of the properties as at the date of this letter were either acquired or contractually committed to
be acquired except for Le Delta and Roth which were committed to be acquired on 31 October and 3
November 2006 respectively. The valuations themselves were as at 30 September 2006.
The net initial yield of the portfolio including capital expenditure (net current income/gross Market
Value plus capital expenditure) reflects 6.07%.
9 Confidentiality and disclosure
The contents of this Valuation Report and Schedule may be used only for the Purpose of this
Valuation Report, which is to form part of the Prospectus for the Company. Before this Valuation
Report, or any part thereof, is reproduced or referred to, in any other document, circular or
statement and before its contents, or any part thereof, are otherwise disclosed orally or otherwise to a
third party, the valuer’s written approval as to the form and context of such publication or disclosure
must first be obtained. For the avoidance of doubt, such approval is required whether or not DTZ
Debenham Tie Leung Limited are referred to by name and whether or not the contents of our
Valuation Report are combined with others.
Yours faithfully
PAUL WOLFENDEN
CHARTERED SURVEYOR
DIRECTOR
For and on behalf of
DTZ Debenham Tie Leung Limited
65