EUROPEAN REAL ESTATE INVESTMENT TRUST LIMITED HALF YEARLY REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2017

Transcription

1 HALF YEARLY REPORT FOR THE SIX MONTHS ENDED 30 JUNE

2 CONTENTS Pages Chairman s Statement 2 Investment Manager s Report 3 Statement of Directors Responsibilities 4 Unaudited Consolidated Condensed Financial Statements 5-8 Notes to the unaudited Financial Statements 9-16 Company Information 17 Information for Shareholders 18 1

3 CHAIRMAN S STATEMENT Following the sale of our last property asset, La Gaude, the Company made a distribution of 6.0 million in July and will make a further distribution of 6.0 million in August. Work is taking place to delist the Company in October and with the agreement of shareholders to place the Company into liquidation at the end of the year. A further distribution not exceeding 0.7 million may be made prior to placing the company into liquidation, contingent on the collection of certain debtors. The only remaining item of business is the possible recovery of tax paid to the French authorities totalling 2.2 million. As has been stated before there is no certainty that this amount will be recovered but the Board believes it is worth pursuing a claim. Sale of La Gaude The sale of La Gaude was completed in June for a price of 5.8 million. The Board and its advisers had made efforts over a number of years to dispose of this asset at a higher value; however it was clear that without changes to development and building consents at this site that any purchase would be largely speculative. The time frame for changes to consents in order to develop this site were likely to be many years away and outside the reasonable time frame that the Company had to complete its disposal strategy. Distributions The sale of our final property asset has enabled two returns of cash to shareholders; 6.0 million in July and a further 6.0 million to be made in August. Next Steps The Board has applied to both the Financial Conduct Authority for the cancellation of the standard listing of the Company on the Official List and to the London Stock Exchange to cancel the admission to trading of its shares on the Main Market, expected to take effect on 2 October. The last day of trading is therefore expected to be 29 September. The Company expects to appoint a liquidator by the end of. Conclusion We commenced the distribution strategy in Since that time we have returned 194 pence per share. The Company has faced many significant difficulties along the way and in February 2009 our share price went as low as 9 pence per share. I express my thanks to my Board colleagues and to our Investment Manager, Schroder Real Estate Investment Management Limited, for all their work and to our shareholders for their patience. Stephen Coe Chairman Funds have been retained to manage the structure and pay outstanding liabilities up to such time that the Company is placed in liquidation. Funds have also been retained to pay for the liquidation and to pursue the claim against the French tax authorities. A further distribution not exceeding 0.7 million is hoped to be made in December contingent on the collection of certain debtors. Tax Claim A hearing to consider the Group s right to a refund of amounts paid to the French tax authority totalling 2.2 million is expected to be held, however the timing of which is currently uncertain. The Board believes it is appropriate to pursue this claim and that process may well continue during the liquidation of the Company. There is no guarantee as to a successful outcome of this claim. Any refund received will be repaid to shareholders, less expenses, via the liquidation process. 2

4 INVESTMENT MANAGER S REPORT Forward Looking Statement This report has been prepared solely to provide additional information to enable shareholders to assess the Group s strategies and the potential for these strategies to succeed. The report should not be relied on by any other party or for any other purpose. This report contains certain forward-looking statements with respect to the financial condition, results of operations and businesses of the Group. These statements are made in good faith based on the information available to the Investment Manager up to the time of its approval of this report. However, such statements should be treated with caution as they involve risk and uncertainty because they relate to events and depend upon circumstances that will occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward looking statements. Nothing in this report should be construed as a profit forecast. Investment Objective The Company s investment objectives reflect the intention to dispose of all of the Group s assets. The assets of the Group will be realised in an orderly manner, that is, with a view to achieving a balance between: (i) returning cash to shareholders at such times and in such manner as the Board may determine; (ii) reducing the Group s existing liabilities; and (iii) maximising the realisation of the Group s assets. Performance As at, the Group s Net Asset Value ( NAV ) was 13.4 million, reflecting a decrease of 0.5 million or 4% over the period. The table below provides a reconciliation of the factors contributing towards this increase: NAV attributable to equity shareholders as at 31 December 13.9 Exchange differences on translation of foreign operations 0.4 Net deficit (0.9) NAV attributable to equity shareholders as at 13.4 m Portfolio Update and Realisation process The sale of the final asset in the portfolio, the vacant office located in La Gaude, Nice, France completed on 27 June at a price of 5.8 million. This brings to a conclusion a realisation process, assumed by Schroder Real Estate Investment Management Limited as Investment Manager in August 2012, since which time a total of 69.7 million has been returned to shareholders. Outlook The realisation process is almost complete. The Company is expected to de-list on 2 October, following which a liquidator will be appointed by the end of. The outstanding tax claim will continue to be pursued; however it remains unclear whether any proceeds will be derived from this procedure. The Group can now progress the final stages of realisation whereby a further distribution not exceeding 0.7 million is hoped to be made in December contingent on the collection of certain debtors. Schroder Real Estate Investment Management Limited Investment Manager 22 August 3

5 STATEMENT OF DIRECTORS RESPONSIBILITIES The Directors confirm that to the best of their knowledge: The condensed set of unaudited Consolidated Financial Statements (the Financial Statements ) have been prepared in accordance with IAS 34 ''Interim Financial Reporting'' as adopted by the European Union; The half-yearly Investment Management report includes a fair review of the information required by DTR being an indication of important events that have occurred during the first six months of the year and a description of the principal risks and uncertainties for the remaining six months of the year; and The half-yearly Investment Management report includes a fair review of the information required by DTR being disclosure of related party transactions and changes therein since the last annual report. As explained in note 3 to the Financial Statements, the Directors do not believe the going concern basis to be appropriate and these Financial Statements have not been prepared on that basis. The Directors of European Real Estate Investment Trust Limited ( EREIT or the Company ) are listed in the Annual Report and Financial Statements for the year ended 31 December. A list of current Directors is also maintained on the EREIT website: By order of the Board Stephen Coe Jan van der Vlist Wessel Hamman Chairman Director Director 22 August 22 August 22 August 4

6 UNAUDITED CONSOLIDATED CONDENSED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 31 December Notes (unaudited) (unaudited) (audited) Non-current assets Investment property portfolio 11-26,326 4,923 Total non-current assets - 26,326 4,923 Current assets Trade and other receivables 12 4, ,535 Cash and cash equivalents 13,270 15,020 8,729 17,560 15,810 13,264 Total assets 17,560 42,136 18,187 Current liabilities Trade and other payables , Income tax payable 14 3,783 3,660 3,790 4,184 6,953 4,317 Net assets 13,376 35,183 13,870 Equity attributable to owners of the parent Share capital Special reserve 163, , ,125 Translation reserve 17,861 16,113 17,510 Revenue reserve (167,610) (166,767) (166,765) Total equity attributable to owners of the parent 13,376 35,183 13,870 Non-controlling interests Total equity 13,376 35,183 13,870 Number of shares in issue 7,735,321 17,499,127 7,735,321 Net asset value per share (basic) (pence) The notes on pages 9 to 16 form an integral part of these Financial Statements. The consolidated condensed Financial Statements have been authorised for issue and approved by the Board on 22 August and were signed on its behalf by: Stephen Coe Chairman 5

7 UNAUDITED CONSOLIDATED CONDENSED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 30 JUNE 12 months to 31 December Notes (unaudited) (unaudited) (audited) Revenue Rental income ,211 Property operating expenditure (296) (326) (686) Net rental income 6 (296) Administrative expenses 7 (420) (731) (2,018) Exchange rate differences 7 (123) 1 (283) Total administrative expenses (543) (730) (2,301) Profit on disposal of properties Net surplus/(deficit) on revaluation of investment properties (2,910) Operating loss (832) (22) (3,771) Other income ,674 Finance income Loss before tax (832) (22) (69) Tax 9 (13) (69) (20) LOSS FOR THE PERIOD/YEAR (845) (91) (89) Other comprehensive income: Items that will be re-classified to profit or loss: Exchange differences on translation of foreign operations 351 3,942 5,339 Other comprehensive income for the period/year, net of tax 351 3,942 5,339 TOTAL COMPREHENSIVE (LOSS)/INCOME FOR THE PERIOD/YEAR (494) 3,851 5,250 Loss attributable to: Owners of the parent 10 (845) (90) (88) Non-controlling interests - (1) (1) (845) (91) (89) Total comprehensive (loss)/income attributable to: Owners of the parent (494) 3,852 5,251 Non-controlling interests - (1) (1) (494) 3,851 5,250 Loss per share (basic and diluted) pence 10 (10.9) (0.5) (1.0) The notes on pages 9 to 16 form an integral part of these Financial Statements. 6

8 UNAUDITED CONSOLIDATED CONDENSED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 30 JUNE Share capital Special reserve Translation reserve Revenue reserve Sub Total Noncontrolling Total Equity interests At 31 December 2015 (audited) - 185,837 12,171 (166,677) 31, ,332 Loss for the period (90) (90) (1) (91) Other comprehensive income - - 3,942-3,942-3,942 At (unaudited) - 185,837 16,113 (166,767) 35,183-35,183 Profit for the period Other comprehensive income - - 1,397-1,397-1,397 Return of capital - (22,712) - - (22,712) - (22,712) At 31 December (audited) - 163,125 17,510 (166,765) 13,870-13,870 Loss for the period (845) (845) - (845) Other comprehensive income At (unaudited) - 163,125 17,861 (167,610) 13,376-13,376 The notes on pages 9 to 16 form an integral part of these Financial Statements. 7

9 UNAUDITED STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED 30 JUNE 12 months to 31 December (unaudited) (unaudited) (audited) Loss for the period/year (845) (91) (89) Income tax charge Loss before tax (832) (22) (69) Finance income - - (28) Operating loss (832) (22) (97) Profit on disposal of properties (7) (23) (915) Exchange rate differences 123 (1) 283 Adjustments for: Finance income Other income - - (3,674) Net (surplus)/deficit on revaluation of property portfolio - (16) 2,910 Changes in working capital: Decrease in trade and other receivables 360 1,138 1,323 Decrease in trade and other payables (137) (310) (3,099) (493) 766 (3,241) Tax (paid)/refunded (121) Net cash (outflow)/inflow used in operating activities (614) 872 (3,079) Cash flows from investing activities Payments to enhance properties - - (25) Cash proceeds from sale of properties 4,948-19,329 Net cash inflow from investing activities 4,948-19,304 Cash flows from financing activities Return of capital - - (22,712) Net cash outflow used in financing activities - - (22,712) Net increase/(decrease) in cash and cash equivalents 4, (6,487) Opening cash and cash equivalents 8,729 12,515 12,515 Effects of exchange rate changes on cash and cash equivalents 207 1,633 2,701 Closing cash and cash equivalents 13,270 15,020 8,729 The notes on pages 9 to 16 form an integral part of these Financial Statements. Included within the Group s closing cash and cash equivalents is nil (31 December : nil; : 2.4 million) held as rent guarantees against future rental receipts which are refundable to tenants. The corresponding creditor at was shown within trade and other payables in note 13. 8

10 NOTES TO THE UNAUDITED FINANCIAL STATEMENTS 1. General information European Real Estate Investment Trust Limited ( EREIT or the Company ) is a company incorporated and registered in Guernsey. The consolidated condensed Financial Statements of the Company for the six months ended comprise the Company and its subsidiaries (together referred to as the "Group"). These unaudited consolidated condensed Financial Statements were approved for issue on 22 August. These consolidated condensed financial results are unaudited and do not comprise statutory accounts within the meaning of section 245 of the Companies (Guernsey) Law, Statutory audited accounts for the year ended 31 December were approved by the Board of Directors on 10 April. The report of the auditor on those accounts was unqualified but contained an emphasis of matter paragraph in relation to the preparation of the accounts on a non-going concern basis. 2. Basis of preparation The unaudited consolidated condensed financial information for the six months ended for the Group has been prepared in accordance with the Listing Rules of the Financial Conduct Authority and IAS 34, 'Interim Financial Reporting' as adopted by the European Union. The half-yearly report should be read in conjunction with the annual Financial Statements for the year ended 31 December, which have been prepared in accordance with IFRS as adopted by the European Union. 3. Going Concern Following the Extraordinary General Meeting held on 5 August 2011, the Group s Investment policy was revised to reflect an orderly disposal programme and return surplus capital to shareholders. As the Directors intend to return all capital to shareholders of the Company they have not prepared the Financial Statements on a going concern basis. This has not had any impact on the carrying value of the Group s assets or liabilities. 4. Significant accounting policies The accounting policies adopted are consistent with those of the annual Financial Statements for the year ended 31 December, as described in those annual financial statements. Since 31 December, the Group has not adopted any new standards, interpretations or amendments to published standards. 5. Financial risk management The Group's activities expose it to a variety of financial risks: interest rate risk, currency risk, credit risk, liquidity risk and capital risk management. The Group's overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group's financial performance. (a) Interest rate risk The Group is exposed to interest rate risk on its interest bearing cash balances. Any changes in interest rates will have an impact on the interest income the Group will earn. As sterling and euro interest rates are currently at a low level, interest earned in the period on the Group s cash balances was nil (31 December : 305; : 305). (b) Currency risk A strengthening or weakening in the euro or sterling rate would not have a significant impact on the reported profit and losses. However, as the Group s investments will typically be made in currencies other than sterling and generate non-sterling revenue, with the Net Asset Value being stated in sterling, the Group will be exposed to currency fluctuations between the Group s presentation currency and other currencies (primarily the euro). Movements in the exchange rate between sterling and any currencies in which the Group transacts may have an unfavourable effect on the Group s returns. These movements in the exchange rate may be influenced by factors such as trade imbalances, levels of short term interest rates, differences in relative values of similar assets in different currencies, long term opportunities for investment and capital appreciation and political developments. As the Group's policy is for group entities to settle liabilities denominated in their functional currency with the cash generated from their own operations in that currency, the Group s exposure to foreign exchange risk in this regard is insignificant. Where Group entities have liabilities in a currency other than their functional currency (and have insufficient reserves of that currency to settle them), cash already in that currency will, where possible, be transferred from elsewhere within the Group. 9

11 NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (CONTINUED) 5. Financial risk management (continued) (b) Currency risk (continued) The functional currency of the Group s subsidiaries is the euro. The table below details the Group s exposure to different currencies at the end of each reporting period/year: 31 December '000 '000 '000 Net assets Euros 7,839 30,125 9,205 Sterling 5,537 5,058 4,665 13,376 35,183 13,870 The table below shows the effect on the net assets of the Group at if the euro had strengthened or weakened against sterling by various amounts, with all other variables held constant. 000 Net assets Sterling to euro exchange rate Exchange rate: 1: ,212 Exchange rate: 1: ,487 Exchange rate: 1: ,829 Period-end closing rate: 1: ,376 Exchange rate: 1: ,676 Exchange rate: 1: ,169 (c) Credit risk The Group is exposed to credit risk from cash and cash equivalents with banks and financial institutions, as well as credit exposure to tenants. The credit risk on cash and cash equivalents is limited due to the high proportion of funds being held with high rated banking institutions. When the Group had tenants, the Group was exposed to loss of rental income and increase in costs, such as legal fees, if tenants failed to meet their payment obligations under their leases. The Group mitigated default risk by assessing the credit worthiness of potential and current tenants on an ongoing basis. The Group may also require deposits or guarantees from banks, parent companies or tenants where there is a perceived credit risk or in accordance with prevailing market practice. During and as at the Group had enforced rental guarantees of 2.4 million against future rental receipts from one of its tenants. This amount was included within cash and cash equivalents and as the amounts were deemed refundable to the tenant a corresponding creditor was shown in trade and other payables. When the Group had tenants, the Investment Manager reviewed reports prepared by an independent credit rating agent, or other sources, to assess the credit quality of the Group s tenants and aimed to ensure that there was no excessive concentration of risk and that the impact of any default by a tenant was minimised. (d) Liquidity risk Liquidity risk is the risk that the Group will be unable to meet its financial commitments. The Group s trade and other payables are due within one year. The Group retains sufficient cash balances to meet these financial commitments. 10

12 NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (CONTINUED) 5. Financial risk management (continued) (e) Capital risk management The Group s investment policy was to effect an orderly disposal programme and return surplus capital to shareholders. Whilst the Group held investment properties, its policy was to minimise capital risk primarily through active property asset management. There was no change in the Group s approach to capital management during the period/year. 6. Net rental income 12 months to 31 December '000 '000 '000 Tenant rents ,136 Service charge income Rental income ,211 Property operating expenditure (296) (326) (686) Net rental income (296) Service charge income Property operating expenditure (296) (326) (686) Non-recoverable property operating expenditure (296) (275) (611) 7. Administrative expenses 12 months to 31 December Management fee and expense re-imbursements (note 15) Legal, consultancy and tax services Accountancy and administration Audit fees Other ,018 Exchange rate differences 123 (1) 283 Total administrative expenses ,301 Other administrative expenses include Directors fees of 0.05 million (31 December : 0.1 million; : 0.05 million), office rental, valuation, registrar and regulatory fees and sundry costs. 11

13 NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (CONTINUED) 8. Other income Other income during related to insurance recoverable (see note 12). 9. Tax expense Income Tax is charged at nil% for the six months ended (31 December : 30.67%; : 28%) representing the best estimate of the average annual effective tax rate expected for the full year, applied to the pre-tax income of the six month period. The tax expense for the period ended relates to Wealth tax payable in Luxembourg. The French tax authorities undertook an audit with respect to the property held at La Gaude and raised an assessment of 2.2 million which was paid in The Group has commenced legal proceedings to recover this amount from the French tax authorities. These legal proceedings are on-going with a hearing expected to be held, however timing of which is currently uncertain. As recovery is uncertain the amount has not been treated as a debtor. 10. Loss per share 12 months to 31 December Loss per share Basic and diluted (pence) (10.9) (0.5) (1.0) Loss for the period/year attributable to owners of the parent ( 000) (845) (90) (88) Weighted average number of shares in issue 7,735,321 17,499,127 13,672,748 As the Group does not have any instruments that may dilute earnings, the same basic and diluted loss per share is reported. 12

14 NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (CONTINUED) 11. Property portfolio Investment properties 000 Book value at 31 December ,365 Movements on revaluation of properties - recognised in the statement of comprehensive income 16 Exchange differences on translation of foreign currencies 2,945 Book value at 26,326 Capital expenditure 25 Disposals (18,994) Movements on revaluation of properties - recognised in the statement of comprehensive income (2,926) Exchange differences on translation of foreign currencies 492 Book value at 31 December 4,923 Disposals (5,056) Exchange differences on translation of foreign currencies 133 Book value at - Property portfolio analysis At Leasehold Freehold Total At 31 December - 4,923 4,923 At - 26,326 26,326 As at 31 December, the fair value of the Group s investment properties was based on the post year-end sale price of the French asset, La Gaude on the basis that the Directors believed this was indicative of the fair value at the year-end. As at, the fair value of the Group s investment properties was arrived at on the basis of valuations carried out by the Group s external valuers CBRE Limited. The valuation basis was Market Value in accordance with the Royal Institution of Chartered Surveyors ( RICS ) Appraisal and Valuation Standards. The historic cost of the property portfolio translated at the reporting date exchange rate is nil (31 December : 32.2 million; : 69.9 million). 13

15 NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (CONTINUED) 12. Trade and other receivables 31 December Monies held by property managers VAT recoverable Amounts held in escrow Insurance recoverable 3,957-3,852 Other receivables , ,535 Amounts held in escrow related to cash held in escrow in connection with property sales. The amounts were held for a specific period to cover potential claims from purchasers. The outstanding balance as at was received in December. The associated income from the Insurance recoverable is shown as Other income in the year ended 31 December results (note 8). The Group s trade and other receivables are denominated in euros. There is no significant difference between the fair value and carrying value of trade and other receivables at the Statement of Financial Position date. Trade and other receivables are reviewed for recoverability on an on-going basis. When the Group had tenants, the Investment Manager also regularly monitored reports prepared by an independent credit rating agent, or other sources, to assess the credit quality of the tenants. 13. Trade and other payables 31 December Trade payables Amounts due to related parties Accruals VAT payable Rent guarantees - 2,439 - Other payables , Rent guarantees were refundable to tenants. The Group s trade and other payables are denominated in euros and sterling. There is no significant difference between the fair value and carrying value of trade and other payables at the Statement of Financial Position date. 14. Income tax payable 31 December '000 '000 '000 Income tax 3,783 3,660 3,790 14

16 NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (CONTINUED) 15. Related party transactions On 5 September 2012, Schroder Real Estate Investment Management Limited (the Investment Manager ) was appointed, for a two year period, to manage the Group. On 8 October 2014, and subsequently on 23 November, the appointment was extended. The Investment Management Agreement ( IMA ) now terminates on 31 December, save that it may be extended by mutual agreement. Under the terms of the IMA, the Investment Manager is responsible for advising the Group on the overall management of the Group s investments and for managing those investments in accordance with the Group s investment objective and policy, subject to the overall supervision of the Directors. In October 2014, under the terms of the extension, the base management fee was reduced to 400,000 per annum. In addition, for the Panrico properties, the Investment Manager was entitled to a fee of 0.25% of the gross sales price plus an additional 0.50% of the gross sales price (if no external sales brokerage fees were paid), an additional 0.25% of the gross sales price if such sales price was greater than the value of that property as at 2014, and a discretionary bonus paid at the absolute discretion of the Board. Under the November extension, the base management fee was reduced to 200,000 per annum. Following the sale of the French asset this has reduced to 75,000 per annum. The Investment Manager was entitled to a fee of 0.25% of the gross sales price of the French asset. The table below show the related party transactions with the Investment Manager for each period/year: 12 months to 31 December Statement of Comprehensive Income Management fee (100) (198) (352) Disposal fees * (13) - (297) Expense reimbursements (3) (9) (11) (116) (207) (660) 31 December Statement of Financial Position Management fee accrual Disposal fees accrual * *The disposal fees relate to the Investment Manager s entitlement to a fee on each property disposal In October 2011, the Group engaged Klockensteijn B.V, a company of which the director J van der Vlist is the beneficial owner, to provide consultancy services. Klockensteijn s engagement terminated on 8 October. Up until termination, Klockensteijn was entitled to a consultancy fee of 30,000 ( 25,687) per annum with no entitlement to performance fees. During the period, Klockensteijn charged the Group nil (31 December : 18,833; : 11,688) and at the period-end the Group owed Klockensteijn nil (31 December : nil; : 2,066). 15

17 NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (CONTINUED) 15. Related party transactions (continued) During the period/year the Directors received the following capital redemptions. 12 months to 31 December S Coe J van der Vlist W Hamman During the period/year the Directors received the following emoluments in the form of fees from the Group: 12 months to 31 December S Coe J van der Vlist W Hamman Events after the balance sheet date On 21 July, the Company made a capital repayment of 6.0 million or 77.6 pence per share. On 7 August, the Company announced that a further capital repayment of 6.0 million or 147 pence per share would be made on the 24 August. On 7 August, the Company announced its intention to apply to both the Financial Conduct Authority for the cancellation of the standard listing of the Company on the Official List and to the London Stock Exchange to cancel the admission trading of its shares on the Main Market, expected to take effect on 2 October. The last day of trading is therefore expected to be 29 September. 16

18 COMPANY INFORMATION Directors: Stephen Coe (Chairman) Jan van der Vlist Wessel Hamman Registered office: Sarnia House Le Truchot St. Peter Port Guernsey GY1 1GR Investment Manager: Schroder Real Estate Investment Management Limited 31 Gresham Street London EC2V 7QA Administrator and Secretary: Praxis Fund Services Limited Sarnia House Le Truchot St. Peter Port Guernsey GY1 1GR Luxembourg Administrator: Saltgate 40 Avenue Monterey L-2163 Luxembourg Grand Duchy of Luxembourg Broker: Cenkos Securities Limited Tokenhouse Yard London EC2R 7AS Independent Valuer: CBRE Limited Henrietta House Henrietta Place London W1G 0NB Independent Auditor: BDO Limited PO Box 180 Place du Pré Rue du Pré St Peter Port Guernsey GY1 3LL Accountants: MGR Weston Kay LLP 55 Loudoun Road London NW8 0DL Tax Advisor: KPMG LLP Fifteen Canada Square London E14 SGL Legal Advisor: Stephenson Harwood One, St Paul s Churchyard London EC4M 8SH Registrar: Computershare Investor Services (Jersey) Ltd Queensway House Hilgrove Street St. Helier Jersey JE1 1ES 17

19 INFORMATION FOR SHAREHOLDERS Share price Share price at High during the 6 months ended (6 April ) Low during the 6 months ended (5 April ) 162p 169p 153p Other ( : ) Average exchange rate for the period Closing exchange rate for the period Investor relations and general enquiries For all investor relations and general enquiries about EREIT, including requests for further copies of the Report and Accounts, please contact: Praxis Fund Services Limited Sarnia House Le Truchot St. Peter Port Guernsey GY1 1GR Or visit our investor relations website, for full up-to-date investor relations information including the latest share price, recent annual and interim reports, results presentations and financial news. Communications with shareholders are mailed to the addresses held on the share register. For all shareholder administration enquires, including changes of address, please contact: Computershare Investor Services (Jersey) Ltd Queensway House Hilgrove Street St. Helier Jersey JE1 1ES 18