Preliminary Results for the Quarter & Year ended 31 December 2005

Released: 15/03/2006

Year End 2005 Highlights

• Secondary public offering completed in June 2005, raising net proceeds of €95 million
• Increased dividend by 12.1% from €0.33 per share in Q1 to €0.37 per share in Q4, taking the total dividend for the year to €1.42 per share
• Acquired €324 million of credit-leased real estate investments in the year with a weighted average net yield of 9.07%
• Completed three further non-recourse term financings for target real estate debt portfolios totaling approximately €1.1 billion
• Net profit after taxation of €39.7 million, or €1.85 per share and €1.79 per diluted share
• Funds from operations (“FFO”) of €31.6 million for the year, or €1.48 per share and €1.43 per diluted share, an increase of 83% from the 31 December 2004
• FFO return on average invested capital was 12.8%
• Total assets ended at €2,274 million, a €646 million increase from 31 December 2004
• Equity book value total of €298.8 million, or €12.34 per share
• Entered into agreement in December 2005 to acquire €2 billion portfolio of commercial properties in Germany from Dresdner Bank which completed in February 2006 and will be accounted for in the 2006 Financial Statements

Fourth Quarter 2005 Highlights

• Net profit after taxation of €10.1 million for the quarter, or €0.42 per share and €0.40 per diluted share
• FFO of €9.6 million, or €0.40 per share and €0.38 per diluted share, an increase of 41% from the fourth quarter 2004
• FFO return on average invested capital during the quarter was 12.9%
• Fourth quarter dividend of €0.37 per share, or annualised rate of €1.48 per share, paid on 17 February 2006