Preliminary Results Announcement for the 14 months ended 28 February 2010

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Real Estate Opportunities plc

Real Estate Opportunities plc (‘REO’ or the ‘Company’), the real estate investment and development group active in the UK and Ireland and listed in London, Dublin and The Channel Islands, today announces that, in line with all larger borrowers of property related loans from participating Irish banking institutions, it has received formal notification from the National Asset Management Agency (“NAMA”) in Ireland that it is now acquiring certain of these loans. These loans are from Allied Irish Bank, Anglo Irish Bank, Bank of Ireland, and Irish Nationwide and amount  to €896 million of a total of €1.49 billion of the Company’s outstanding bonds and loans.

 The Company’s obligations in relation to these loans will now be owed to NAMA, and not to the banking institutions.

Chairman of the Company, Ray Horney said; “We are pleased with the statement today from the Irish Minister for Finance regarding NAMA, which outlines definitive action to return strength and stability to the Irish banking sector and the consequent positive effects on the Irish economy. The actions will mark the end to a period of uncertainty within the Irish property sector, with the recapitalisation of the banks restoring credit and liquidity to the market. We are now engaging in discussions with NAMA, and look forward to continuing to work together as we seek to maximise the value of our high quality portfolio of assets.”

Rent Review Completion

Real Estate Opportunities plc (‘REO’ or the ‘Company’), the real estate investment and development group active in the UK and Ireland and listed in London, Dublin and The Channel Islands, today announces that it has successfully completed a rent review with REO’s largest tenant by rent, Vodafone (Central Park, County Dublin), at €7,200,000 per annum, or 12% above previous passing rent. The new rent is effective from October 2006. The Vodafone lease in Central Park is Ireland’s largest single let building at 263,000 square ft and expires in 2026.

Two other rent reviews were also recently completed in Central Park with tenant Tullow Oil plc, achieving an average increase of 12.8% on passing rent.

Ray Horney, Chairman of REO commented: “I am very pleased that this anticipated  rent review has been successfully completed at a significant premium to passing rent, which represents a strong result in this market environment and highlights how intensely REO is managing its investment portfolio and boosting rental income.”

Real Estate Opportunities plc

Ray Horney, Chairman of Real Estate Opportunities plc (the “Company”), is also non-executive chairman of Rayford Homes Limited. In accordance with Listing Rule 9.6.14, the Company announces that it has been notified that Rayford Homes Limited was placed into administrative receivership on 18 November 2009.

Real Estate Opportunities plc

Interim Management Statement

• New London Planning Policy strongly supports Battersea Power Station Scheme
• Occupancy remains at above 90%
• Weighted average lease length now stands at 12 years
• Strong asset management and prime quality of the portfolio support valuations
• Debt renewals being managed; expectations are that the process of transferring loans to the National Asset Management Agency (“NAMA”) will begin in the near future

Real Estate Opportunities plc (‘REO’ or the ‘Company’), the real estate investment and development group active in the UK and Ireland and listed in London, Dublin and The Channel Islands, has issued the following trading update in relation to its performance for the 20 weeks to 18 November 2009.

Ray Horney, Chairman of REO, said: “In common with other property companies, REO has endured a very difficult economic climate over the past 18 months. However there is evidence that the investment market is turning while NAMA, when the bill which has been passed by both houses of the Irish Parliament is signed into law, which is considered to be imminent, will start to bring some stability to the Irish property market during 2010. We believe that REO is well placed to take advantage of the considerable opportunities created through its development portfolio. Last month a planning application was submitted for our scheme at Battersea and, once planning consent is obtained, we expect to conclude current discussions with potential financing partners to bring the scheme to fruition.”

REO investment portfolio: continued strong performance

REO has continued to place a strong emphasis on intensive asset management and its investment portfolio has continued to perform strongly in the period, underpinned by prime office and retail locations and high quality tenants.
Annualised rent roll was €47 million in the period. Portfolio occupancy remains at over 90% and only 3% of rent roll is in arrears, which has remained stable in the last six months. The Company continues to monitor its tenants closely and to date there has been no material indications of defaults. Top blue chip tenants such as Vodafone, Merrill Lynch, KPMG and Marks & Spencer account for over 63% of the portfolio by rent. In addition, rent weighted average lease length is approximately 12 years.

Development highlights: well timed development portfolio strategy adds value

REO has limited development completions due in the next two years but as previously highlighted, the Company is continuing to proceed with planning applications for a number of development projects in order to position the Company for medium term growth.

Progress on planning applications in the period include:
Battersea Power Station: The planning application has been registered with Wandsworth Council for the £5.5 billion mixed-use redevelopment of the 40 acre Battersea Power Station site. With 8.3 million sq ft of new floorspace, the application is the largest ever to be submitted in Central London. It proposes a wide mix of uses, including 3,700 homes, 1.6 million sq ft of office floorspace and 700,000 sq ft of retail and restaurant space. For more than a year the Power Station site has seen one of the most comprehensive public consultation programmes ever for a UK property development including two public exhibitions, attracting over 15,000 members of the public and extensive pre-application consultation with Wandsworth Council, CABE, English Heritage, the GLA and many others. The registration of the Power Station planning application coincided with the publication of the Mayor of London’s draft Planning, Economic and Transport Strategies to shape London’s future. The draft replacement London Plan now formally recognises the huge potential of the Vauxhall / Nine Elms Opportunity Area and the Power Station site to deliver significant housing and commercial development. In addition, the draft Transport Strategy recognises the potential of the Northern Line Extension to support regeneration of the Opportunity Area. The Mayor has also emphasised the importance of this new transport link by excluding developments in Nine Elms from the Crossrail levy, instead diverting funds towards the Northern Line Extension.

Ballymun Shopping Centre: In September, the Company secured full planning permission for the €800 million (£700 million) regeneration of Ballymun Town Centre in north Dublin and close to Dublin’s airport. At 2.7 million sq ft Spring Cross as the development will be known, represents the largest mixed use town centre permission that has ever been granted in Ireland. The scheme includes 360 apartments, 645,000 sq ft of retail, 370,736 sq ft of offices and 118,403 sq ft of other uses including a substantial leisure and civic amenities offer with cinemas, bowling alleys, a public library and restaurants. The Spring Cross scheme is the comprehensive regeneration of the existing town centre and therefore benefits from an established location and the Company is in advanced stages of negotiations with key anchor tenants. Ballymun, located close to the M50 Dublin Ring Road, has been transformed in recent years with many new homes and the recent opening of the Republic of Ireland’s first Ikea store, a short walk from Spring Cross. The project will also benefit from direct access to the confirmed Metro North route that will link the airport with Dublin city centre.

Financing

The NAMA legislation was passed by both Houses of the Oireachteas (Irish Parliament) on 12 November 2009 and the Bill has now been sent to the President of Ireland for review before signing into law.
Until NAMA becomes operational and loans have been transferred, bank finance continues to be limited. However, we are continuing to work closely with our existing lenders to renew debt facilities with non-NAMA banks where necessary.

It is now expected that a substantial portion of the REO bank loans will be transferred to the agency in the near future and NAMA will be managing those loans thereafter.

With regard to the bank loan on Battersea, we remain inside the LTV thresholds and the loan continues to perform. With regard to the breach of the parent company NAV covenants, we are working closely with the team at Lloyd's / BoS as they consider further information on the project and finalise up to date valuations. Due to the positive planning position and strong residual value of the site caused by the large increase in development density, we remain confident this issue will be resolved in the near future.

The property portfolio was last revalued on 30 June 2009 when the Group reported an average fall of 15% in the sterling value of its investment and development portfolios in the six months from 31 December 2008.

The Company today announces it will change its accounting year end date from 31st December to 28th February. This is to coincide with the establishment of NAMA and the expected transfer of a number of REO loans. This change in year end will enable the Company to present REO’s financial position more clearly to shareholders in due course. As a result, REO will publish its financial results for the 14 months to 28th February in June 2010 and the property portfolio will next be valued by an external valuer on 28 February 2010.

Outlook

The Company has endured a very difficult economic climate in the past 18 months, but the REO Directors believe that the UK investment market is beginning to show signs of recovery, while it is hoped that NAMA will start to bring stability to the Irish property market. Until NAMA is established and REO’s loans are transferred, significant progress in restructuring the Company’s Irish related debt is unlikely. However, the Board remains confident that the Company is well positioned for the future.

Interim Results for the six months ended 30 June 2009

Real Estate Opportunities plc (‘REO’ or the ‘Company’), a property company listed in London, Dublin and The Channel Islands with an established investment and development property portfolio in Ireland and the UK, today announces its interim results for the six months ended 30 June 2009.

Chairman’s statement

Introduction
This has been an extremely difficult period for the Company. As previously highlighted, conditions in the world economy and capital markets in the past 18 months have created a very challenging operating environment for property companies such as REO. In addition, Ireland, where REO has extensive exposure, is facing the biggest contraction of any developed economy (a 13.5% fall in GDP in 2008-2010 according to the latest report from the IMF(1)) as well as severe instability in its banking sector. This combination of economic contraction and scarce credit has created an unprecedented situation in the property market leading to almost complete absence of transactions in the market in the last six months. Whilst the UK property market is undoubtedly experiencing similar problems, we believe that the Irish property market has been particularly impacted, as the market awaits the proposed creation of a National Asset Management Agency (“NAMA”) to acquire property loans from Irish lenders.

The Company welcomes the proposal for NAMA - the independent asset management agency - and its objective of maximising the value of the assets under its control over a longer term time horizon. The Company also welcomes the initiative’s objective of ensuring stability in the Irish commercial property market and the banking sector. In addition, it is expected that NAMA will have access to longer term funding than the current Irish lenders and that the injection of new liquidity to the Irish banking sector will enable the Irish economy to stabilise and in due course return to growth.

The draft NAMA legislation is expected to be passed in the autumn of 2009 and it is expected that the agency will be fully operational by the end of this year. While the process of establishing NAMA continues and uncertainty remains for both lenders and investors as details on the valuation at which the loans will transfer to NAMA have not yet been determined, the Irish property market has come to a standstill with virtually no transactional activity and a lack of clarity on values. In the first half of the year, transactions totalling €42 million have been completed. This compares with just under €500 million for the 12 months of 2008 and €1.9 billion in 2007 (2)(4). As the market in Ireland for investment and development properties is inactive, the Directors have appointed the Investment Adviser to conduct the 30 June 2009 valuations of the REO property portfolio. I refer you to the Investment Adviser’s report, which details the valuation methodology further. The portfolio will be valued by external valuers as at 31 December 2009.

The total property portfolio value was £1,622 million (31 December 2008: £1,910 million), representing a reported decrease since year end of 15%. This reported decrease in the portfolio valuation is due to a revaluation downwards after capitalised costs of 9% on average across the portfolio since 31 December 2008, which was further impacted from the foreign exchange movement as the euro weakened against sterling in the six months to 30 June 2009. REO’s UK portfolio, which includes Battersea Power Station, saw a revaluation decline of 15%, whilst the Ireland investment and development portfolio values declined on average by 9% in the past six months.

This has resulted in a Diluted European Public Real Estate net asset value per share (“EPRA NAV per share”) of 30.9p, representing a fall of 70% from the 104.1p recorded at 31 December 2008.

Business Activity
Although we continue to be extremely cautious about the outlook for the overall property market in Ireland and the UK, the Company maintains its long-term perspective and its principal objective of outperforming the market through this current cycle.

The investment portfolio continues to perform well, especially in light of current market conditions. Average portfolio occupancy remains high at over 90%, while the average lease length is 12 years. Given the market environment, this performance is impressive and the Board is pleased with the intense asset management as a key facet of the Company’s strategy in driving cash flow, particularly in these difficult times.

With regard to the development portfolio and as previously highlighted, the Company has taken a prudent approach to timing of its development pipeline and we started this year with a much lower level of development completions due in the next two years than previously was the case while there is also appropriate flexibility on start dates. The Company continues to pursue appropriate planning permissions as well as working towards submitting planning applications in due course for various projects to position the Company for the longer term when the market stabilises and funding becomes more available. I am most pleased to report on the planning permission application for our landmark Battersea Power Station, which was submitted in July 2009. I refer you to the Investment Adviser’s report for further detail on progress on both the investment and development portfolio during the period.

Financing
All REO loans are in compliance with agreed covenants, with the exception of one bank facility of £226 million with Bank of Scotland and Bank of Ireland, where a waiver had not been received as at the reporting date. We remain confident that this waiver will be received in due course. For the purposes of our interim financial report, this loan is classified as due within one year.

As highlighted above, NAMA is expected to be fully operational by the end of the year but until then, bank finance continues to be very limited. We are continuing to work closely with our existing lending banks to renew debt facilities where necessary. The banks are responding positively to our proactive approach and have been willing to facilitate us in this regard. Extensions of facilities have been achieved albeit generally for quite short periods. Bank loans amounting to £556 million and £201 million are due for repayment by the end of 2009 and
2010 respectively. The Board’s continued priority is to safeguard the Company’s financial position and while we are concerned about the impact of this short term uncertainty on the Company’s performance, your Board and the Investment Adviser are ensuring that we continue to maintain our strong relationships with our lenders until the longer term solution in the form of NAMA regarding land and development bank loans is resolved. We continue to monitor covenant reporting requirements and as such are able to discuss any possible breaches with our lenders in advance of covenant breaches materialising. To that end, we remain confident that in the event there are breaches in the Group’s banking covenants, we can renegotiate covenants or receive waivers with our banks if required.

Once the agency is operational and liabilities are transferred to the agency in due course, NAMA will be able to buy and sell assets, manage the loans and use powers to recover debts. We remain confident that, as with our existing lenders, NAMA will also be supportive of the REO portfolio, due to the quality and location of the Group’s development sites. The Company is also actively progressing its development proposals across all sites, including applications for planning permission where appropriate, to reinforce asset values and mitigate the impacts of the general decline in property values. This will strengthen our ability to satisfy future loan to value covenants within our loan facilities, which will enable the Group to take advantage of development opportunities when a favourable market returns.

However, until the agency is operational, the short term outlook for the Company is one of caution as uncertainty regarding its debt position remains.

Going Concern
At 30 June 2009 the Group had total borrowings of £1,621 million. At that date, the Group had cash, cash equivalents and restricted cash of £61 million and a deficit on consolidated shareholders equity of £88 million.
The Group has an investment and development property portfolio valued at £1,622 million.
The Company has prepared a financial plan for the period to 31 December 2010. A number of key assumptions have been made in preparing this plan, including: bank facilities that are due in 2009 and 2010 amounting to£556 million and £201 million respectively will be rolled over and renewed on broadly similar terms; if there are further declines in values which may result in breaches of loan facility covenants, it is assumed that the existing facilities will remain in place and be renewed, as is consistent with recent experience; and the Group will realise£35 million to £40 million in cash following the completion of one of a number of corporate transactions that are currently being explored. Based on these assumptions, the Board believes that there is adequate cash and cash equivalents to meet its working capital requirements until November 2010.

Board Changes
During the period, Guy Leech, Group Finance Director of Treasury Holdings resigned from the REO Board to pursue other business opportunities and we wish him well and thank him for his important contribution to the Company for the past few years. The Board is pleased to welcome Robert Tincknell, who was appointed in June, to the REO Board. Robert is currently Managing Director of Treasury Holdings UK Limited. He has worked extensively in the UK property investment and development market spanning a period of 20 years. Robert worked previously as Managing Director of the Commercial Division at The Berkeley Group plc.

Outlook
The fallout from the global economic downturn and Ireland’s own difficulties in both the economy and banking sector continue to impact the performance of the business severely, as evidenced in this set of results.
Uncertainty regarding the prospects for the Irish economy and property market, in particular, remains. Although encouraging progress has been made by the Irish government in taking swift actions to restore some stability to both the country’s public finances and the banking sector, including the creation of NAMA, much work remains if the Government is to meet its target of returning to growth in 2011. In the meantime, it can be expected that property investors and tenants will continue to experience significant challenges. Although the underlying REO business continues to perform relatively well in a difficult market and the Company maintains its long term perspective, we await the final outcome of NAMA and its implications for the Company in the coming months, as until the Company reaches some certainty around future banking arrangements and its financial position, the Board retains its cautious outlook for the rest of this financial year.

Interim Report and Accounts for six months to 30th June 2009

NOTIFICATION OF TRANSACTIONS OF DIRECTORS/PERSONS DISCHARGING
MANAGERIAL RESPONSIBILITY AND CONNECTED PERSONS

This form is intended for use by an issuer to make a RIS notification required by DR 3.1.4R(1).
(1) An issuer making a notification in respect of a transaction relating to the shares or debentures of the issuer should complete boxes 1 to 16, 23 and 24.
(2) An issuer making a notification in respect of a derivative relating the shares of the issuer should complete boxes 1 to 4, 6, 8,13, 14, 16, 23 and 24.
(3) An issuer making a notification in respect of options granted to a director/person discharging managerial responsibilities should complete boxes 1 to 3 and 17 to 24.
(4) An issuer making a notification in respect of a financial instrument relating to the shares of the issuer (other than a debenture) should complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.

Please complete all relevant boxes should in block capital letters.

1. Name of the issuer
REAL ESTATE OPPORTUNITIES LIMITED (THE "COMPANY")

2. State whether the notification relates to (i) a transaction notified in accordance with DR 3.1.4R(1)(a);
or (ii) DR 3.1.4(R)(1)(b) a disclosure made in accordance with section 324 (as extended by section 328) of the Companies Act 1985;
or (iii) both (i) and (ii)
(ii) DIRECTOR

3. Name of person discharging managerial responsibilities/director
MR RICHARD BARRETT

4. State whether notification relates to a person connected with a person discharging managerial responsibilities/director named in 3 and identify the connected person
YES, IREO IRISH REAL ESTATE OPPORTUNITIES FUND PLC

5. Indicate whether the notification is in respect of a holding of the person referred to in 3 or 4 above or in respect of a non-beneficial
BENEFICIAL

6. Description of shares (including class), instruments relating to shares
7.5 PER CENT. CONVERTIBLE UNSECURED LOAN STOCK IN THE COMPANY ISSUED PURSUANT TO A TRUST DEED DATED 20 JUNE 2001 ("CULS").

7. Name of registered shareholders(s) and, if more than one, the number of shares held by each of them
IREO IRISH REAL ESTATE OPPORTUNITIES FUND PLC

8 State the nature of the transaction interest debentures or derivatives or financial
PURCHASE

9. Number of shares, debentures or financial instruments relating to shares acquired
2,625,000 CULS

10. Percentage of issued class acquired (treasury shares of that class should not be taken into account when calculating percentage)
2.6 PER CENT. OF CULS

11. Number of shares, debentures or financial instruments relating to shares disposed

12. Percentage of issued class disposed (treasury shares of that class should not be taken into account when calculating percentage)

13. Price per share or value of transaction
114p

14. Date and place of transaction
28 JANUARY 2008 - LONDON

15. Total holding following notification and total percentage holding following notification (any treasury shares should not be taken into account when calculating percentage)

THE INTERESTS OF MR. BARRETT IN THE REO ORDINARY SHARES ARE REPRESENTED BY THE SHAREHOLDING OF TREASURY HOLDINGS, IN WHICH MR. BARRETT HAS A 50 PER CENT. BENEFICIAL INTEREST AND BY THE SHAREHOLDINGS OF BROSSBAR, M1 DEVELOPMENT COMPANY LIMITED AND IREO IRISH REAL ESTATE OPPORTUNITIES FUND PLC WHICH ARE SUBSIDIARIES OF TREASURY HOLDINGS. THE INTERESTS OF MR. BARRETT IN THE CULS ARE REPRESENTED BY THE SHAREHOLDING OF IREO IRISH REAL ESTATE OPPORTUNITIES FUND PLC

16. Date issuer informed of transaction
28 January 2008

If a person discharging managerial responsibilities has been granted options by the issuer complete the following boxes

17 Date of grant 18. Period during which or date on which it can be exercised

19. Total amount paid (if any) for grant of the option

20. Description of shares or debentures involved (class and number)

21. Exercise price (if fixed at time of grant) or indication that price is to be fixed at the time of exercise

22. Total number of shares or debentures over which options held following notification

23. Any additional information

24. Name of contact and telephone number for queries
MARIA MCDERMOTT + 44 (0) 1534 504000

Name and signature of duly authorised officer of issuer responsible for making notification
MARIA MCDERMOTT, FOR AND ON BEHALF OGIER FUND ADMINISTRATION (JERSEY) LIMITED, SECRETARY AND ADMINISTRATOR

This form is intended for use by an issuer to make a RIS notification required by DR 3.1.4R(1).

(1) An issuer making a notification in respect of a transaction relating to the shares or debentures of the issuer should complete boxes 1 to 16, 23 and 24.
(2) An issuer making a notification in respect of a derivative relating the shares of the issuer should complete boxes 1 to 4, 6, 8,13, 14, 16, 23 and 24.
(3) An issuer making a notification in respect of options granted to a director/person discharging managerial responsibilities should complete boxes 1 to 3 and 17 to 24.
(4) An issuer making a notification in respect of a financial instrument relating to the shares of the issuer (other than a debenture) should complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.

Please complete all relevant boxes should in block capital letters.

1. Name of the issuer
REAL ESTATE OPPORTUNITIES LIMITED (THE "COMPANY")

2. State whether the notification relates to (i) a transaction notified in accordance with DR 3.1.4R(1)(a);
or (ii) DR 3.1.4(R)(1)(b) a disclosure made in accordance with section 324 (as extended by section 328) of the Companies Act 1985;
or (iii) both (i) and (ii)
(ii) DIRECTOR

3. Name of person discharging managerial responsibilities/director
MR RICHARD BARRETT

4. State whether notification relates to a person connected with a person discharging managerial responsibilities/director named in 3 and identify the connected person
YES, IREO Irish Real Estate Opportunities Fund plc

5. Indicate whether the notification is in respect of a holding of the person referred to in 3 or 4 above or in respect of a non-beneficial
BENEFICIAL

6. Description of shares (including class), instruments relating to shares
7.5 PER CENT. CONVERTIBLE UNSECURED LOAN STOCK IN THE COMPANY ISSUED PURSUANT TO A TRUST DEED DATED 20 JUNE 2001 ("CULS").

7. Name of registered shareholders(s) and, if more than one, the number of shares held by each of them
IREO Irish Real Estate Opportunities Fund plc

8 State the nature of the transaction interest debentures or derivatives or financial
PURCHASE

9. Number of shares, debentures or financial instruments relating to shares acquired
250,000 CULS

10. Percentage of issued class acquired (treasury shares of that class should not be taken into account when calculating percentage)
0.24 PER CENT. OF CULS

11. Number of shares, debentures or financial instruments relating to shares disposed

12. Percentage of issued class disposed (treasury shares of that class should not be taken into account when calculating percentage)

13. Price per share or value of transaction
114p

14. Date and place of transaction
23 JANUARY 2008 - LONDON

15. Total holding following notification and total percentage holding following notification (any treasury shares should not be taken into account when calculating percentage)

If a person discharging managerial responsibilities has been granted options by the issuer complete the following boxes

17 Date of grant 18. Period during which or date on which it can be exercised

19. Total amount paid (if any) for grant of the option

20. Description of shares or debentures involved (class and number)

21. Exercise price (if fixed at time of grant) or indication that price is to be fixed at the time of exercise

22. Total number of shares or debentures over which options held following notification

23. Any additional information

24. Name of contact and telephone number for queries
MARIA MCDERMOTT + 44 (0) 1534 504000

Name and signature of duly authorised officer of issuer responsible for making notification
MARIA MCDERMOTT, FOR AND ON BEHALF OGIER FUND ADMINISTRATION (JERSEY) LIMITED, SECRETARY AND ADMINISTRATOR

Results of shareholder and convertible loan stock holder meetings and
Court meeting

The Directors of Real Estate Opportunities Limited (“the Company”) are pleased to announce that all resolutions proposed to effect the adoption of new articles of association, to cancel the Company’s share premium account, to cancel the Company’s existing issued zero dividend preference shares and to issue in exchange zero dividend preference shares in a new subsidiary, REO Securities Limited, all as described in the Company’s circular to shareholders dated 18 December, 2007, were duly passed today at meetings in Jersey of the Company’s shareholders and convertible loan stock holders and a meeting of the Company’s zero dividend preference shareholders convened by order of the Royal Court of Jersey.

Subject to approval of the Scheme of Arrangement described in the aforementioned circular at the Court hearing scheduled for 14 February, 2008, it is expected that the effective date of the Scheme of Arrangement will be 15 February, 2008, on which day dealings in the zero dividend preference shares of REO Securities Limited on the London Stock Exchange are expected to commence. A further announcement will be made in due course.

This form is intended for use by an issuer to make a RIS notification required by DR 3.1.4R(1).

(1) An issuer making a notification in respect of a transaction relating to the shares or debentures of the issuer should complete boxes 1 to 16, 23 and 24.
(2) An issuer making a notification in respect of a derivative relating the shares of the issuer should complete boxes 1 to 4, 6, 8,13, 14, 16, 23 and 24.
(3) An issuer making a notification in respect of options granted to a director/person discharging managerial responsibilities should complete boxes 1 to 3 and 17 to 24.
(4) An issuer making a notification in respect of a financial instrument relating to the shares of the issuer (other than a debenture) should complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.

Please complete all relevant boxes should in block capital letters.

1. Name of the issuer
REAL ESTATE OPPORTUNITIES LIMITED (THE "COMPANY")

2. State whether the notification relates to (i) a transaction notified in accordance with DR 3.1.4R(1)(a);
or (ii) DR 3.1.4(R)(1)(b) a disclosure made in accordance with section 324 (as extended by section 328) of the Companies Act 1985; or (iii) both (i) and (ii)
(ii) DIRECTOR

3. Name of person discharging managerial responsibilities/director
MR RICHARD BARRETT

4. State whether notification relates to a person connected with a person discharging managerial responsibilities/director named in 3 and identify the connected person
YES, IREO Irish Real Estate Opportunities Fund plc

5. Indicate whether the notification is in respect of a holding of the person referred to in 3 or 4 above or in respect of a non-beneficial
BENEFICIAL

6. Description of shares (including class), instruments relating to shares
7.5 PER CENT. CONVERTIBLE UNSECURED LOAN STOCK IN THE COMPANY ISSUED PURSUANT TO A TRUST DEED DATED 20 JUNE 2001 ("CULS").

7. Name of registered shareholders(s) and, if more than one, the number of shares held by each of them
IREO Irish Real Estate Opportunities Fund plc

8 State the nature of the transaction interest debentures or derivatives or financial
PURCHASE

9. Number of shares, debentures or financial instruments relating to shares acquired
250,000 CULS

10. Percentage of issued class acquired (treasury shares of that class should not be taken into account when calculating percentage)
0.24 PER CENT. OF CULS

11. Number of shares, debentures or financial instruments relating to shares disposed

12. Percentage of issued class disposed (treasury shares of that class should not be taken into account when calculating percentage)

13. Price per share or value of transaction
122.5p

14. Date and place of transaction
11 JANUARY 2008 - LONDON

15. Total holding following notification and total percentage holding following notification
(any treasury shares should not be taken into account when calculating percentage)

THE INTERESTS OF MR. BARRETT IN THE REO ORDINARY SHARES ARE REPRESENTED BY THE SHAREHOLDING OF TREASURY HOLDINGS, IN WHICH MR. BARRETT HAS A 50 PER CENT. BENEFICIAL INTEREST AND BY THE SHAREHOLDINGS OF BROSSBAR, M1 DEVELOPMENT COMPANY LIMITED AND IREO IRISH REAL ESTATE OPPORTUNITIES FUND PLC WHICH ARE SUBSIDIARIES OF TREASURY HOLDINGS. THE INTERESTS OF MR. BARRETT IN THE CULS ARE REPRESENTED BY THE SHAREHOLDING OF IREO IRISH REAL ESTATE OPPORTUNITIES FUND PLC

16. Date issuer informed of transaction
11 January 2008

If a person discharging managerial responsibilities has been granted options by the issuer complete the following boxes

17 Date of grant 18. Period during which or date on which it can be exercised

19. Total amount paid (if any) for grant of the option

20. Description of shares or debentures involved (class and number)

21. Exercise price (if fixed at time of grant) or indication that price is to be fixed at the time of exercise

22. Total number of shares or debentures over which options held following notification

23. Any additional information

24. Name of contact and telephone number for queries
MARIA MCDERMOTT + 44 (0) 1534 504000

Name and signature of duly authorised officer of issuer responsible for making notification
MARIA MCDERMOTT, FOR AND ON BEHALF OGIER FUND ADMINISTRATION (JERSEY) LIMITED, SECRETARY AND ADMINISTRATOR

This form is intended for use by an issuer to make a RIS notification required by DR 3.1.4R(1).

(1) An issuer making a notification in respect of a transaction relating to the shares or debentures of the issuer should complete boxes 1 to 16, 23 and 24.
(2) An issuer making a notification in respect of a derivative relating the shares of the issuer should complete boxes 1 to 4, 6, 8,13, 14, 16, 23 and 24.
(3) An issuer making a notification in respect of options granted to a director/person discharging managerial responsibilities should complete boxes 1 to 3 and 17 to 24.

(4) An issuer making a notification in respect of a financial instrument relating to the shares of the issuer (other than a debenture) should complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.

Please complete all relevant boxes should in block capital letters.

1. Name of the issuer
REAL ESTATE OPPORTUNITIES LIMITED (THE "COMPANY")

2. State whether the notification relates to (i) a transaction notified in accordance with DR 3.1.4R(1)(a);
or (ii) DR 3.1.4(R)(1)(b) a disclosure made in accordance with section 324 (as extended by section 328) of the Companies Act 1985; or (iii) both (i) and (ii)
(ii) DIRECTOR

3. Name of person discharging managerial responsibilities/director
MR RICHARD BARRETT

4. State whether notification relates to a person connected with a person discharging managerial responsibilities/director named in 3 and identify the connected person
YES, TREASURY HOLDINGS

5. Indicate whether the notification is in respect of a holding of the person referred to in 3 or 4 above or in respect of a non-beneficial
BENEFICIAL

6. Description of shares (including class), instruments relating to shares
7.5 PER CENT. CONVERTBLE UNSECURED LOAN STOCK IN THE COMPANY ISSUED PURSUANT TO A TRUST DEED DATED 20 JUNE 2001 ("CULS").

7. Name of registered shareholders(s) and, if more than one, the number of shares held by each of them
TREASURY HOLDINGS

8 State the nature of the transaction interest debentures or derivatives or financial
PURCHASE

9. Number of shares, debentures or financial instruments relating to shares acquired
100,000

10. Percentage of issued class acquired (treasury shares of that class should not be taken into account when calculating percentage)
0.1 PER CENT. OF CULS

11. Number of shares, debentures or financial instruments relating to shares disposed

12. Percentage of issued class disposed (treasury shares of that class should not be taken into account when calculating percentage)

13. Price per share or value of transaction
122.0p

14. Date and place of transaction
20 DECEMBER 2007 - LONDON

15. Total holding following notification and total percentage holding following notification
(any treasury shares should not be taken into account when calculating percentage)

THE INTERESTS OF MR. BARRETT IN THE REO ORDINARY SHARES ARE REPRESENTED BY THE SHAREHOLDING OF TREASURY HOLDINGS, IN WHICH MR. BARRETT HAS A 50 PER CENT. BENEFICIAL INTEREST AND BY THE SHAREHOLDINGS OF BROSSBAR LIMITED, M1 DEVELOPMENT COMPANY LIMITED AND IREO IRISH REAL ESTATE OPPORTUNITIES FUND PLC WHICH ARE SUBSIDIARIES OF TREASURY HOLDINGS. THE INTERESTS OF MR. BARRETT IN THE CULS ARE REPRESENTED BY THE SHAREHOLDING OF IREO IRISH REAL ESTATE OPPORTUNITIES FUND PLC

16. Date issuer informed of transaction
20 DECEMBER 2007

If a person discharging managerial responsibilities has been granted options by the issuer complete the following boxes

17. Date of grant

18. Period during which or date on which it can be exercised

19. Total amount paid (if any) for grant of the option

20. Description of shares or debentures involved (class and number)

21. Exercise price (if fixed at time of grant) or indication that price is to be fixed at the time of exercise

22. Total number of shares or debentures over which options held following notification

23. Any additional information

24. Name of contact and telephone number for queries
MARIA MCDERMOTT + 44 (0) 1534 753827

Name and signature of duly authorised officer of issuer responsible for making notification
MARIA MCDERMOTT, FOR AND ON BEHALF OGIER FUND ADMINISTRATION (JERSEY) LIMITED, SECRETARY AND ADMINISTRATOR

This form is intended for use by an issuer to make a RIS notification required by DR 3.1.4R(1).

(1) An issuer making a notification in respect of a transaction relating to the shares or debentures of the issuer should complete boxes 1 to 16, 23 and 24.
(2) An issuer making a notification in respect of a derivative relating the shares of the issuer should complete boxes 1 to 4, 6, 8,13, 14, 16, 23 and 24.
(3) An issuer making a notification in respect of options granted to a director/person discharging managerial responsibilities should complete boxes 1 to 3 and 17 to 24.
(4) An issuer making a notification in respect of a financial instrument relating to the shares of the issuer (other than a debenture) should complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.

Please complete all relevant boxes should in block capital letters.

1. Name of the issuer
REAL ESTATE OPPORTUNITIES LIMITED (THE "COMPANY")

2. State whether the notification relates to (i) a transaction notified in accordance with DR 3.1.4R(1)(a);
or (ii) DR 3.1.4(R)(1)(b) a disclosure made in accordance with section 324 (as extended by section 328) of the Companies Act 1985; or (iii) both (i) and (ii)
(ii) DIRECTOR

3. Name of person discharging managerial responsibilities/director
MR RICHARD BARRETT

4. State whether notification relates to a person connected with a person discharging managerial responsibilities/director named in 3 and identify the connected person
YES, TREASURY HOLDINGS

5. Indicate whether the notification is in respect of a holding of the person referred to in 3 or 4 above or in respect of a non-beneficial
BENEFICIAL

6. Description of shares (including class), instruments relating to shares
7.5 PER CENT. CONVERTBLE UNSECURED LOAN STOCK IN THE COMPANY ISSUED PURSUANT TO A TRUST DEED DATED 20 JUNE 2001 ("CULS").

7. Name of registered shareholders(s) and, if more than one, the number of shares held by each of them
TREASURY HOLDINGS

8 State the nature of the transaction interest debentures or derivatives or financial
PURCHASE

9. Number of shares, debentures or financial instruments relating to shares acquired
1,000,000

10. Percentage of issued class acquired (treasury shares of that class should not be taken into account when calculating percentage)
0.99 PER CENT. OF CULS

11. Number of shares, debentures or financial instruments relating to shares disposed

12. Percentage of issued class disposed (treasury shares of that class should not be taken into account when calculating percentage)

13. Price per share or value of transaction
122.5p FOR 500,000 CULS PURCHASED ON 19 DECEMBER 2007
122.0p FOR 500,000 CULS PURCHASED ON 18 DECEMBER 2007

14. Date and place of transaction
500,000 CULS PURCHASED ON 18 DECEMBER 2007 - LONDON
500,000 CULS PURCHASED ON 19 DECEMBER 2007 - LONDON

15. Total holding following notification and total percentage holding following notification
(any treasury shares should not be taken into account when calculating percentage)

THE INTERESTS OF MR. BARRETT IN THE REO ORDINARY SHARES ARE REPRESENTED BY THE SHAREHOLDING OF TREASURY HOLDINGS, IN WHICH MR. BARRETT HAS A 50 PER CENT. BENEFICIAL INTEREST AND BY THE SHAREHOLDINGS OF BROSSBAR LIMITED, M1 DEVELOPMENT COMPANY LIMITED AND IREO IRISH REAL ESTATE OPPORTUNITIES FUND PLC WHICH ARE SUBSIDIARIES OF TREASURY HOLDINGS. THE INTERESTS OF MR. BARRETT IN THE CULS ARE REPRESENTED BY THE SHAREHOLDING OF IREO IRISH REAL ESTATE OPPORTUNITIES FUND PLC

16. Date issuer informed of transaction
19 DECEMBER 2007

If a person discharging managerial responsibilities has been granted options by the issuer complete the following boxes

17 Date of grant 18. Period during which or date on which it can be exercised

19. Total amount paid (if any) for grant of the option

20. Description of shares or debentures involved (class and number)

21. Exercise price (if fixed at time of grant) or indication that price is to be fixed at the time of exercise

22. Total number of shares or debentures over which options held following notification

23. Any additional information

24. Name of contact and telephone number for queries
MARIA MCDERMOTT + 44 (0) 1534 753827

Name and signature of duly authorised officer of issuer responsible for making notification

MARIA MCDERMOTT, FOR AND ON BEHALF OGIER FUND ADMINISTRATION (JERSEY) LIMITED, SECRETARY AND ADMINISTRATOR

Recommended proposals to cancel the ZDP Shares and to issue in exchange New ZDP Shares in REO Securities Limited by means of a Scheme of Arrangement, to adopt new Articles of Association and to cancel the Company’s share premium account

Introduction
The Company is today announcing proposals to change the corporate structure of the Group in order to remove the current requirement that the Company be wound up in 2011. In order to facilitate this it is proposed to effect a Scheme of Arrangement (“the Scheme”) to cancel all of the ZDP Shares and to issue New ZDP Shares to ZDP Shareholders on a one for one basis. The New ZDP Shares will be issued by a wholly owned subsidiary of the Company incorporated for this purpose. The rights of the New ZDP Shares, including the right to be repaid the existing final capital entitlement in full on the ZDP Repayment Date, will be substantially the same as the rights of the existing ZDP Shares although as a result of the arrangements described in this document being implemented the New ZDP Shares would effectively rank ahead of the Ordinary Shares with regard to the revenue reserves of the Company.

The Company is also today announcing certain other proposals involving the adoption of New Articles for the Company together with a cancellation of its share premium account.
Full details of the Proposals, the risk factors and the notices of the Shareholder Meetings and the CULS Holders’ Meeting are set out in the circular to Shareholders (“Shareholder Circular”), the circular to CULS Holders (“CULS Holders’ Circular”) (together “Circulars”) and prospectus concerning REO Securities (“Prospectus”) which are being despatched to Shareholders and CULS Holders today. Terms defined in the Shareholder Circular shall have the same meaning in this announcement.

Overview of the Proposals

The Proposals envisage:
• replacing the ZDP Shares with New ZDP Shares issued by REO Securities pursuant to the Scheme;
• removing from the Articles the existing requirement to wind up the Company in 2011;
• removing from the Articles the current restriction on the Company paying dividends from the sale or other realisation of capital assets, in order to reflect the position of the Company as the holding company of a property group and to provide more flexibility regarding the payment of future dividends (subject as stated below);
• dividends being capped at 2.5 pence per share per annum until repayment of the full amount due to the New ZDP Shareholders and to the holder of the Loan Notes;
• removing the borrowing restrictions in the Articles to provide greater flexibility to the Group after May 2011; and
• cancelling the amount standing to the credit of the Company’s share premium account to eliminate negative reserves and create a distributable reserve of the balance.

The Proposals provide that the position of the ZDP Shareholders will be safeguarded by an Undertaking Agreement between REO and REO Securities. The REO Securities Articles substantially replicate the rights of the ZDP Shares as they currently exist and the Undertaking Agreement requires, amongst other things, REO to seek the approval of the New ZDP Shareholders in the same way and for substantially the same matters as currently would be the case under the Existing Articles. The Undertaking Agreement also requires REO to comply with borrowing limits to which it is currently subject. The Undertaking Agreement shall remain effective and binding on REO until expiry of the New ZDP Shares.

Background to and reasons for the Proposals

When the Company was launched in 2001 it was established with a planned winding up date in May 2011. The stated intention at that time was to put proposals to Shareholders ahead of the planned winding up date to effect a scheme of reconstruction giving both Ordinary and ZDP Shareholders the option of a full cash exit, or the option to extend their investment beyond the planned winding up date. The intention was that the Company would therefore not be required to realise its property portfolio or, thereby, to crystallise capital gains tax liabilities. The Existing Articles require either that the Company be wound up on the ZDP Repayment Date or that reconstruction proposals be proposed at that time which provide for the ZDP Shareholders to receive their final capital entitlement of 235.51p in cash on the ZDP Repayment Date.

The Scheme which is now being put forward is designed to enable the ZDP Shareholders to be repaid in full in 2011 without REO itself being wound up. This will remove uncertainty regarding the longer term future of REO, enabling it to continue to take on long term development projects in Ireland and elsewhere, which the Board believes to be in the best interests of the Ordinary Shareholders. Given the premium at which the Ordinary Shares have generally traded in recent years, the Board does not consider it necessary to provide for a cash exit for Ordinary Shareholders as those wishing to dispose of their Ordinary Shares may do so through the market.

The Scheme
The Scheme, if it is approved by Shareholders at the Meetings, CULS Holders at the CULS Holders Meeting and sanctioned by the Court, will involve the ZDP Shares being cancelled and, in exchange, the New ZDP Shares being issued to ZDP Shareholders on a one for one basis. The New ZDP Shares will be issued by a newly incorporated subsidiary of REO, REO Securities. Implementation of the Scheme will allow the New ZDP Shares to be repaid by way of the winding up of REO Securities on 31 May 2011 rather than the winding up or reconstruction of the Company itself.

The rights attached to the New ZDP Shares will be substantially similar to the rights attached to the ZDP Shares. In particular, the New ZDP Shares confer a right to receive a final capital entitlement of 235.51p per New ZDP Share (approximately £136 million in aggregate) on the winding up of REO Securities on 31 May 2011.

Pursuant to the Undertaking Agreement, conditional on the Scheme becoming effective, the assets of REO would effectively be made available to meet the entitlement of the New ZDP Shares on the ZDP Repayment Date after satisfaction of the Company’s creditors (including holders of the CULS). These assets would include any amounts standing to the credit of the Company’s revenue reserves which, under the Existing Articles, currently would be paid to Ordinary Shareholders in priority to the ZDP Shareholders on a winding up of the Company.

The Undertaking Agreement also contains further covenants from the Company to protect the interests of the New ZDP Shareholders. Further details of these arrangements and information on REO Securities and the New ZDP Shares are set out in the Shareholders Circular, the CULS Holders Circular and the Prospectus.

In the event that the Scheme is not approved by Shareholders at the Meetings or by CULS Holders at the CULS Holders Meeting or sanctioned by the Court, the Directors will, together with the Company’s advisers, review the alternative options available to the Company.
Subject to the Scheme becoming effective, the credit arising on the cancellation of the ZDP Shares pursuant to the Scheme, in the sum of £577,558, will be available as a distributable reserve.

Rights of the New ZDP Shares
The rights of the New ZDP Shares are set out in the articles of association of REO Securities. The rights of the New ZDP Shares following the implementation of the Scheme will be substantially similar to the rights of the existing ZDP Shares, taking the REO Securities Articles and the Undertaking Agreement together.

Listing
Application has been made to the UK Listing Authority for all the New ZDP Shares to be issued to be admitted to the Official List and for such shares to be admitted to trading on the main market of the London Stock Exchange. It is expected that the listing of the New ZDP Shares will become effective and that dealings in them will commence on 15 February 2008. Dealings in the ZDP Shares are expected to be suspended on that date and the listing of the ZDP Shares is expected to be cancelled 20 business days thereafter.

In order not to incur additional unnecessary expense the Board considers that it is not necessary to list the New ZDP Shares on either the Channel Islands Stock Exchange or the Irish Stock Exchange and accordingly, no such application has been made in respect of the New ZDP Shares.

Adoption of New Articles
It is proposed that, conditional upon implementation of the Scheme, REO adopts the New Articles in lieu of the Existing Articles. Shareholders should note in particular that the New Articles do not provide for a fixed winding up date for the Company.

The New Articles also make certain other changes from the Existing Articles to update them generally, to take account of the cancellation of the ZDP Shares, to reflect the recent change of the Company’s listing status from a property investment company to a property company and to reflect the Company’s position as the holding company of a property group. The principal amendments contained in the New Articles are, in summary, as follows:

• The provision entitling the Ordinary Shares to receive on a liquidation the amount standing to the credit of the Company’s revenue reserves, including the undistributed revenue profits for the then current year of the Company, has been removed in the New Articles.
The New Articles provide that all of the surplus assets of the Company (after all its liabilities) will be available for distribution to the Ordinary Shareholders upon a winding up of the Company. However, by virtue of the Undertaking Agreement, the amount due to REO Securities to fund the repayment of the ZDP Shares will be treated as a liability of the Company and therefore in effect any sum standing to the credit of the revenue reserves of the Company on the ZDP Repayment Date would, on a winding up of the Company, be available after the satisfaction of the Company’s creditors (including the holders of the CULS) to meet the final capital entitlement of the New ZDP Shares in priority to the entitlement of Ordinary Shareholders.

• The Existing Articles provide that all monies realised on the sale or other realisation of any capital assets in excess of book value and all other monies in the nature of accretion to capital will not be treated as profits available for dividend. Under the New Articles it is proposed that this restriction be removed. However, in the Undertaking Agreement, the Company covenants not to pay more than 2.5p per annum per share by way of dividend to the Ordinary Shareholders for so long as there are any New ZDP Shares in issue.

• The Existing Articles require the Company to comply with the borrowing restrictions applicable to a property investment company listed on the stock exchanges on which its shares are listed. As the Company is no longer a property investment company this provision will not be included in the New Articles. However, in the Undertaking Agreement, REO undertakes to manage the affairs of the Group so as to ensure that the borrowing limits currently applicable be observed for so long as any New ZDP shares remain in issue.

• The Existing Articles set out detailed investment restrictions on the Company consistent with the requirements of the listing rules applicable to an investment company. These investment restrictions are not included in the New Articles.

Cancellation of Share Premium Account
When the Company was launched in 2001 it invested in an income portfolio predominantly invested in split capital investment trusts and high yielding bonds. Substantial losses were incurred on these investments and as a result, as at 30 November 2007, there was a deficit of approximately £191.8 million standing to the Company’s reserves. This figure has been extracted from the Company’s unaudited accounting records.

Your Board proposes as part of the Proposals to cancel the whole amount standing to the credit of the Company’s share premium account which, as at the date of this document, is the sum of £405.7 million. The credit arising would be used to eliminate the deficit in the Company’s reserves and the balance will then be available as a distributable reserve, facilitating the payment of dividends or the repurchase of the Company’s own shares. For illustrative purposes, on the basis of the deficit standing to the Company’s reserves of £191.8 million referred to above and the share premium account as at the date of this document, a distributable reserve of £213.9 million would be created by this process. The Company intends to apply to the Court for confirmation of the cancellation of its share premium account and the creation of a distributable reserve in this manner.

The Court will need to be satisfied that the interests of the Company’s creditors will not be prejudiced as a result of the reduction and the Company will take such steps in that regard as it deems appropriate and as is required by the Court.

Subject to the sanction of the Court and the Shareholder and CULS Holder approvals referred to below, it is anticipated that the cancellation of the amount standing to the credit of the Company’s share premium account referred to above will become effective on the Effective Date. If the Scheme is not approved by the Court, or if for any other reason the Directors determine that it should not be implemented then the Directors will not proceed with the cancellation of the share premium account.

Expected Timetable

General
Full details of the Proposals, the risk factors and the notices of the Shareholder Meetings and the CULS Holders Meeting are set out in the Circulars and Prospectus which are being despatched to Shareholders and CULS Holders today. Terms used in the shareholder circular shall have the same meaning as in this announcement.

Copies of the Circulars and the Prospectus have been forwarded for publication through the UK Listing Authority and are available at:

UKLA Document Viewing Facility
The Financial Services Authority
25 The North Colonnade
Canary Wharf
London, E14 5HS
Telephone No (0207) 066 1000

The Board

Real Estate Opportunities Limited announces that David Moon, a director of the Company, has resigned from the Board after relocating from the Channel Islands in order to pursue his UK-based business interests.

Mr Moon has been a director of the Company since March 2001.

Ray Horney, Chairman of REO, commented:

“I would like to thank David for his contribution to the Company over the years: his wise counsel has been greatly valued and I wish him every success for the future”.

Result of Extraordinary General Meeting

The Directors of Real Estate Opportunities Limited (“REO” or the “Company”) announce that both the ordinary and special resolutions proposed at the Extraordinary General Meeting of the Company held in Jersey today were duly passed.

Completion of the acquisition from Treasury Holdings of the 50 per cent. of Havenview Investments Limited not already held by the Company and the acquisition from Treasury Holdings and others of a further seven investment and development properties in and around Dublin, is expected to take place on 9 November 2007 with admission of the consideration shares to the Official List of the UK Listing Authority and to trading on the London Stock Exchange. It is expected that the consideration shares will also be admitted to trading on the Irish Stock Exchange and the Channel Islands Stock Exchange.

Further details of these proposals were set out in a combined circular and prospectus sent to shareholders dated 12 October 2007.

The consideration shares, totalling 80,717,567 new ordinary shares, will rank pari passu with the existing issued ordinary shares of 1p each in the Company. The total number of ordinary shares of the Company in issue on the date of admission will be 333,791,487.

A JOINT RELEASE – DROGHEDA PORT COMPANY AND CASTLE MARKET HOLDINGS A SUBSIDIARY OF REAL ESTATE OPPORTUNITES LTD (REO)

Ireland’s new deep-water Port at Bremore to proceed

Drogheda Port Company have confirmed that Castle Market Holdings Limited (“Castle Market”), a wholly owned subsidiary of Real Estate Opportunities Limited (“REO”) , is their selected JV partner in the development of Ireland’s new deep-water Port at Bremore following an open tender process. The parties have signed an Agreement which will allow the Bremore port development to proceed. The next step, the appointment of consultants to prepare the Port Master Plan, is already well underway.

REO’s business in Ireland is managed by Treasury Holdings.

Bremore Ireland Port, located between Dublin and Drogheda, is one of the most exciting infrastructure projects to be undertaken in Ireland in decades. Drogheda Port Company began the development in 2002 as a strategic response to the impending deficit in port capacity not only at Drogheda Port but also on the East Coast of Ireland. Current estimates of its total development costs are in the order of €300 million.

In recent years Ireland has experienced record levels of economic growth, which has resulted in increased freight volumes passing through the country’s East Coast ports. This rapid growth has caused congestion and highlighted the need for substantial additional capacity.

Mr Patrick Traynor, Chairman of Drogheda Port Company said, “The development of Bremore Ireland Port is hugely significant: it will free a potential bottleneck in the continuing growth of freight traffic to and from Ireland. The board of Drogheda Port is delighted with the outcome of the joint venture partner process and believes that this is a significant first step towards the development of an outstanding facility.”

Mr Paul Fleming, CEO, added “As a team we are very focused and fully committed to delivering a world class port of infrastructure at Bremore – in Castle Market we are matched by a partner bringing equal energy and considerable experience and resources to the Project.”

John Bruder, managing director of Treasury Holdings’ Irish business, commented: “Bremore has enormous development potential and we are delighted to bring Treasury Holdings’ extensive experience of complex, large scale projects to bear on what, in our view, is one of the most exciting real estate developments available in Ireland today.”

4. State whether notification relates to a person connected with a person discharging managerial responsibilities/director named in 3 and identify the connected person
TRUSTS UNDER WHICH MR HORNEY AND/OR MEMBER OF HIS FAMILY ARE BENEFICIARIES

5. Indicate whether the notification is in respect of a holding of the person referred to in 3 or 4 above or in respect of a non-beneficial interest
BENEFICIAL

6. Description of shares (including class), debentures or derivatives or financial instruments relating to shares
7.5 PER CENT. CONVERTBLE UNSECURED LOAN STOCK IN THE COMPANY ISSUED PURSUANT TO A TRUST DEED DATED 20 JUNE 2001 (“CULS”).

7. Name of registered shareholders(s) and, if more than one, the number of shares held by each of them
CHEVIOT CAPITAL (NOMINEES) LIMITED

8 State the nature of the transaction
PURCHASE

9. Number of shares, debentures or financial instruments relating to shares acquired
500,000 CULS

10. Percentage of issued class acquired (treasury shares of that class should not be taken into account when calculating percentage)
0.49 PER CENT. OF CULS

11. Number of shares, debentures or financial instruments relating to shares disposed
-

12. Percentage of issued class disposed (treasury shares of that class should not be taken into account when calculating percentage)
-

13. Price per share or value of transaction
£1.35

14. Date and place of transaction
1 NOVEMBER 2007 - LONDON

15. Total holding following notification and total percentage holding following notification (any treasury shares should not be taken into account when calculating percentage)

OF THE ORDINARY SHARES IN WHICH MR HORNEY IS INTERESTED, 7,846,384 ORDINARY SHARES ARE HELD BY KLEINWORT BENSON (GUERNSEY) TRUSTEES LIMITED, 304,782 ARE HELD BY CHEVIOT CAPITAL (NOMINEES) LIMITED ACTING AS CUSTODIAN FOR ORBIS TRUSTEES LIMITED. ORBIS TRUSTEES LIMITED ACT AS TRUSTEE OF CERTAIN TRUSTS UNDER WHICH MR HORNEY AND/OR MEMBERS OF HIS FAMILY ARE BENEFICIARIES. MR HORNEY JOINTLY WITH INVESCO ASSET MANAGEMENT LIMITED HELD A FURTHER 26 ORDINARY SHARES AS NOMINEE FOR THE COMPANY.
OF MR HORNEY’S INTEREST IN THE CULS, 1,404,800 UNITS ARE HELD BY CHEVIOT CAPITAL (NOMINEES) LIMITED, 3,258,168 UNITS ARE HELD IN CERTAIN TRUSTS UNDER WHICH MR HORNEY AND/OR MEMBERS OF HIS FAMILY ARE BENEFICIARIES AND IN RESPECT OF WHICH ORBIS TRUSTEES GUERNESY LIMITED IS A TRUSTEE. MR HORNEY JOINTLY WITH INVESCO ASSET MANAGEMENT LIMITED HELD A FURTHER 2 LOAN STOCK UNITS AS NOMINEES FOR THE COMPANY.

16. Date issuer informed of transaction
6 NOVEMBER 2007

If a person discharging managerial responsibilities has been granted options by the issuer complete the following boxes

17 Date of grant
....................................

18. Period during which or date on which it can be exercised
....................................

19. Total amount paid (if any) for grant of the option
....................................

20. Description of shares or debentures involved (class and number)
....................................

21. Exercise price (if fixed at time of grant) or indication that price is to be fixed at the
time of exercise
....................................

22. Total number of shares or debentures over which options held following
notification
....................................

23. Any additional information
....................................

24. Name of contact and telephone number for queries
MARIA MCDERMOTT + 44 (0) 1534 753827

Name and signature of duly authorised officer of issuer responsible for making notification
MARIA MCDERMOTT, FOR AND ON BEHALF OGIER FUND ADMINISTRATION (JERSEY) LIMITED, SECRETARY AND ADMINISTRATOR

Announement of preliminary results

The Board of Real Estate Opportunities Limited intends to announce the Company’s preliminary results for the year to 31 December 2006 on Tuesday 17th April 2007.

Real Estate Opportunities Limited (“REO”) announces that Rafael Viñoly Architects PC (“Viñoly”) has been appointed masterplanner to the Battersea Power Station Site (“the Site”). The appointment follows a detailed selection process during which a shortlist of world renowned architects were asked to present approaches to working with Treasury Holdings and REO to replan the site.

REO completed the purchase of the 38 acre site in December 2006. In February the Company determined that the current masterplan did not fully respond to contemporary market conditions, nor did it optimise the site’s potential. Rafael Viñoly has now been charged with developing a masterplan aimed at ensuring that the site becomes an intrinsic, sustainable district of London, in keeping with its immediate surroundings.

Ray Horney, Chairman of REO, said:
"Viñoly is an internationally acclaimed architect who has proven time after time that he is capable of devising creative and responsive architectural solutions that maximise the potential of challenging sites. We believe that his future masterplan for Battersea will ultimately result in a successful development for local residents, for Londoners and visitors to London which will complement the Power Station building itself while preserving its iconic status.”

Rob Davies, Development Director for Treasury Holdings, REO’s development manager, added:
“Viñoly very much impressed us with a series of flexible and pragmatic approaches that emphasised the site’s potential as a mixed use development capable of supporting a range of activities such as residential, offices, shopping and leisure. Our belief is that the site needs, and is capable of, increased density that is tied into its locality and is supported by significant improvements to the transport infrastructure. We have started the process of engaging with the local and regional planners and other interested stakeholders and we look forward to a full and open consultation process.”

Rafael Viñoly commented:
“Bringing back to a new life this spectacular building is one of the most exciting prospects for the future of London. The potential of revitalizing this area of town in a sensible and well balanced manner is perhaps the most exciting job we have ever hoped to be involved in.”

Appointment of additional director

Real Estate Opportunities Limited announces the appointment of Guy Leech as an additional non-executive director of the Company with immediate effect

Mr Leech, who has more than twenty years of experience in the property sector, has been closely involved with REO since 2003 when he became Group Finance Director of Treasury Holdings. He was instrumental in initiating and executing the bond refinancing put in place early last year and in managing through to completion the recent acquisition of Battersea Power Station and adjoining land. Before joining Treasury Holdings in 1998 Guy was at GE Capital Real Estate in London.

Current non-executive positions in other publicly quoted companies:
None

Previous positions:
Non-executive director of China Real Estate Opportunities S.A. (2005-2007)

In connection with this appointment the Company confirms that there are no other details to be disclosed under Listing Rule 9.6.13R.

In accordance with that rule and Listing Rule 9.6.14 the Company also announces that Martin Richardson, a director of the Company, has been appointed as a non-executive director of Cambium Global Timberland Limited which was floated on AIM in March 2007.

Announcement of Aberdeen settlement

The Board of Directors of Real Estate Opportunities Limited ("REO") is pleased to announce that it has today reached a settlement with Aberdeen Asset Management ("Aberdeen") in relation to all claims against Aberdeen arising from the launch of REO and the subsequent management by Aberdeen of REO’s income portfolio. REO is continuing with related claims against UBS.

The settlement with Aberdeen provides for an immediate cash payment to be made to REO by Aberdeen and a further cash payment to be made in January 2008. In addition, Aberdeen has agreed to discontinue its counterclaim against REO for unpaid management fees.

The net effect of the settlement on REO after taking full account of the immediate and deferred cash payments, providing for costs as appropriate and releasing such provisions as have been made in respect of the Aberdeen counterclaim, is an enhancement to net assets (as at 30 June 2006) of some £49.7 million. This equates to an enhancement of 19.6 pence per ordinary share or, taking account of dilution by REO’s convertible unsecured loan stock, 14 pence per ordinary share.

The detailed terms of the settlement remain confidential. Claims by Treasury Holdings against Aberdeen arising from the launch of REO have also been settled for an undisclosed sum. Treasury Holdings holds the majority of REO’s ordinary shares.

Battersea Power Station

The Board of Real Estate Opportunities Limited (“REO”) can confirm that it has decided to select and appoint a new masterplanner of world class stature to review the existing masterplan proposals and make recommendations as to the changes and improvements that are needed. An architectural selection process is currently underway, at the conclusion of which a new masterplanner will be selected. Further consultants to the project covering topics such as transport, infrastructure and heritage are also expected to be appointed very soon.

REO completed the purchase of the 38 acre site on 29 December 2006.

REO intends to move quickly to make these appointments with a view to getting development underway as soon as practicable.

Rob Davies, Development Director for Treasury Holdings, REO’s development manager, said:
“REO has concluded that the current masterplan for the site does not fully respond to today’s market conditions, nor optimise the potential of the site. We recognize that there is a widespread desire and interest to see progress happen on this site as soon as possible. We fully support and endorse that viewpoint and we are moving forward rapidly.”
“REO wants to get a clear picture of all of the key stakeholders’ views on the future of this site: we will be consulting with Wandsworth Borough Council, local interest groups and the relevant political and administrative bodies to understand their positions. Until this consultation process is complete and a new masterplanner is in situ REO will not be in position to comment on its plans further.”

Value of Investments

Real Estate Opportunities Ltd announces that, as at 31 December 2006, its top ten investments were as follows:

Investments of 5% and over, of total assets
Battersea Power Station & Lands
Stillorgan Shopping Centre, Stillorgan, Dublin
Blocks A-D Russell Court, Dublin 240-42 Mespil Road, Dublin 4
Central Park, Leopardstown, Co Dublin (25% interest)
Barrow Street, Co Dublin

Investments under 5%, of total assets
Baggot Building, Upper Baggot Street, Dublin 2
Balbriggan, Co Dublin Leisureplex, Stillorgan, Dublin
Collinstown, Co Kildare

This information is based on the most recent available information, as at 31 December 2006.

This announcement is made in accordance with Paragraph 15.4.11 of the Listing Rules.