REO Securities Limited

REO Securities Limited was incorporated in April 2007 as a wholly owned subsidiary of Real Estate Opportunities plc ("REO"). It was formed as part of a scheme of arrangement in which holders of Zero Dividend Preference shares ("ZDPs") in REO were allocated ZDPs in REO Securities Limited on a one for one basis and the REO ZDPs were subsequently cancelled.

The scheme of arrangement was designed to enable the holders of ZDPs in REO to be repaid in full in 2011 without REO itself being wound up. The scheme of arrangement was completed on 14 February 2008 and the ZDPs in REO were suspended from trading on the London Stock Exchange on 18 February 2008. ZDPs in REO Securities Limited were admitted to trading on the London Stock Exchange on 18 February 2008.

REO completed a financial restructuring on 12 May 2011. On the same day the listing on the London Stock Exchange of ZDPs in REO Securities Limited was cancelled.