Treasury Holdings Group
The Treasury Holdings Group is one of Ireland's largest and most successful property companies. Established in Dublin in 1989 by Richard Barrett and John Ronan, Treasury has been a pioneer in Dublin's growing property market and has been consistently ahead of the market in identifying and capitalising on property trends. The Group currently controls an investment and development property portfolio worth in excess of €3.35 billion. Treasury is a major shareholder in Real Estate Opportunities Limited. Please follow this link to the Treasury Holdings Group website at www.treasuryholdings.com.

Key Facts
The Company has a capital and loan structure comprising Ordinary and Zero Dividend Preference shares, units of 7.5% Convertible Unsecured Loan Stock 2011 (“CULS”), 6.324% Series A and B Secured Loan Notes 2011 and a Senior loan. The Group also has gearing in the form of bank borrowings, which totalled £417.4 million at 31 December 2006 (2005: £325 million).

Investment Objectives
The Company’s stated investment objectives at launch were to: meet its banking obligations and satisfy its obligations to its loan stockholders; satisfy the final capital entitlement of the Zero Dividend Preference shareholders; and provide Ordinary shareholders with an expected annualised dividend yield of 8.8 per cent. per annum (based on the issue price of 100 pence) and capital growth. Following a period of suspension, the payment of dividends was resumed with the declaration of an interim dividend of 1p per Ordinary share in August 2005. The capital growth objectives of the Company remain unchanged. The portfolio is principally invested in the Dublin property market.

Investor Relations
In the event that an investor has an unresolved complaint relating to the Company, they may address their concerns to the Director of Securities at the Jersey Financial Services Commission, PO Box 267, 14-18 Castle Street, St Helier, Jersey JE4 8TP.

The Directors of Real Estate Opportunities Limited