Interim Results -Replacement

Alpha Pyrenees Trust Limited 07 September 2006 The following replaces the Interim Results and Dividend announcement released today at 07:00 under RNS number 6180I. The results tables have now been included. The full amended version appears below. PRESS RELEASE 7th September 2006 ALPHA PYRENEES TRUST LIMITED ('ALPHA PYRENEES TRUST' OR THE 'TRUST') ALPHA PYRENEES TRUST POSTS FIRST RESULTS: ACQUISITIONS REACH ONE MILLION SQUARE FEET AND DIVIDENDS START Alpha Pyrenees Trust, the property company investing in commercial real estate in France and Spain, today posts its interim results covering the period from its listing on 29 November 2005 to 30 June 2006. Alpha Real Capital LLP is the Investment Manager to the Trust. The Trust announced an interim net profit after tax of Â£2.125 million and a NAV of 97.5p per share. â‚¬90 million has so far been invested in a total of nine properties, collectively totalling one million square feet. The properties are located in France and Spain, where the Trust focuses with 42% in retail properties, 51% in industrial and logistics properties, and 7% in office properties. The acquisitions have been made at yields of between 7.0% and 8.7%. Alpha Pyrenees Trust is paying an interim dividend of 2.5p per share to shareholders on the Register at 22 September 2006. It is the current intention of the Board to recommend a further dividend of not less than 2.5p in respect of the period to 31 December 2006, making an expected total dividend of at least 5p for the Trust's first year in operation, equivalent to a yield of 5% at the float price of 100p. The Trust is targeting a dividend of 7p per annum once fully invested Richard Kingston, Chairman commented; 'I am pleased to report that an encouraging start has been made to the Trust's investment programme. The French and Spanish property markets continue to perform strongly and the Trust's strong local networks have been key to delivering a first class diversified portfolio both by type and location. In line with our strategy, many of the tenants in the Trust's properties are well known companies belonging to groups with strong covenants such as Aldi, GlaxoSmithKline, La Poste, MediaMarkt, Saint Gobain and Vinci Group. The Trust is in a strong financial position, our pipeline of potential property acquisitions is healthy, and we currently have a number of properties undergoing active due diligence. We are looking forward to reporting progress on further acquisitions to shareholders in the period ahead.' A pdf version of the interim report can be downloaded from the Trust's website - http://www.alphapyreneestrust.com/ For further information please contact: Phillip Rose, CEO, Alpha Real Capital 020 7591 1609 / 07771 880 318 Notes ABOUT ALPHA REAL CAPITAL Alpha Real Capital is a value-adding international property funds management group with operations in both the French and Spanish real estate markets. Alpha Real Capital was established by Phillip Rose and Sir John Beckwith. Phillip Rose has 25 years' experience in the real estate, funds management and banking industries in Europe, the USA and Australasia. He has been Head of Real Estate for ABN AMRO Bank, Chief Operating Officer of European shopping centre investor and developer TrizecHahn Europe (where he was responsible for a â‚¬1 billion European investment and development programme from 1999-2000), Managing Director of Lend Lease Global Investment where, during his tenure from 1994 to 1999, he was responsible for managing European property investments and Executive Manager of listed fund General Property Trust. He is currently a non-executive director of Great Portland Estates and a member of the Management Committee of the Hermes Property Unit Trust. Sir John Beckwith has been involved in property investment and other investment for his entire working life. He founded London & Edinburgh Trust PLC ('LET') in 1971 where he was Chairman and Chief Executive Officer and developed it into one of the top ten listed real estate companies in the UK. Following the sale of LET, he established Pacific Investments Plc through which he founded a number of successful asset management businesses, including Liontrust Asset Management and Thames River Capital. Alpha Real Capital is the Investment Manager to Alpha Pyrenees Trust. Alpha Real Capital's European Funds Director, Paul Cable, is Fund Manager of Alpha Pyrenees Trust. Paul Cable has 25 years experience in the real estate and banking industries in the UK, Europe and the Far East and was previously responsible for Sir John Beckwith's property investment activities in France and Spain for six years. Further information is available at http://www.alpharealcapital.com/ including contact details for Alpha Real Capital's UK, French and Spanish offices. Alpha Real Capital is Authorised and Regulated by the Financial Services Authority. ABOUT ALPHA PYRENEES Alpha Pyrenees Trust is a Guernsey registered closed-ended investment company investing in French and Spanish commercial real estate. Investment Strategy Alpha Pyrenees' strategy is to invest in a diversified portfolio of properties in Spain and France, focusing on commercial property in the industrial, logistics, office and retail sectors.Alpha Real Capital believes that there will be capital growth opportunities in the portfolio through income growth, active asset management and yield compression. Directors The Directors of the Company, all of whom are non-executive, are responsible for the implementation of the investment policy of the Company and the overall supervision of the Group's activities. The Board consists of: Richard Kingston (Chairman) Christopher Bennett David Jeffreys Phillip Rose Serena Tremlett ------------------------------------------------------------------------------------------------------------------ Alpha Pyrenees Trust Limited Interim Report Period to 30 June 2006 Alpha Pyrenees Trust (the 'Trust') was launched on 29 November 2005. Its shares are listed on the Official List of the UK Listing Authority and traded on the London Stock Exchange. The Trust is a closed-ended Guernsey registered investment company. Objective Alpha Pyrenees Trust has been formed in order to invest in commercial property in France and Spain, and provide an income return to investors as well as the potential for capital growth. Capital structure The Trust was launched with shareholder equity of Â£125 million and it is intended that, once this equity has been spent additional bank debt of approximately 75% of property value will be drawn down. Management The Trust's Investment Manager is Alpha Real Capital LLP. Control of the Trust rests with the non-executive Guernsey-based Board. ISA/PEP status The Trust's shares are eligible for both Individual Savings accounts (ISAs) and Personal Equity Plans (PEPs) transfers, and can continue to be held in existing PEPs. ------------------------------------------------------------------------------------------------------------------ Financial highlights Launch Change 30 June 2006 29 November 2005 since launch Net asset value (Â£'000) 121,846 125,000 (2.5%) Net asset value per ordinary share 97.5p 100p (2.5%) Ordinary share price 99.5p 100p (0.5%) Dividend per share 2.5p NA NA Earnings per share - basic 1.7p NA NA Earnings per share - diluted 1.7p NA NA The net asset value and ordinary share price shown at 30 June 2006 do not include the effects of the interim dividend. ------------------------------------------------------------------------------------------------------------------ Chairman's statement Alpha Pyrenees Trust ('the Trust') invests in higher-yielding properties in France and Spain, focusing on commercial property in the industrial, logistics, office and retail sectors. Alpha Real Capital is the Investment Manager to the Trust. The Trust's objective is to invest in properties that can provide shareholders with a regular, secure dividend stream whilst also having the potential for capital growth from a combination of rent increases (all of our leases are typically indexed to increase in line with inflation), yield compression and active management. The Trust seeks to diversify risk by investing in a geographic spread of properties across different property sectors with a variety of tenants. Investment activity I am pleased to be able to report to shareholders that an encouraging start has been made on the Trust's investment programme. The Trust's current completed and committed acquisitions are shown in the table below. Country Property Sqm Description Status Spain Alcala de Guadaira 5,700 Shopping centre Completed Spain Cordoba 16,880 Retail park Completed Spain Ecija 5,950 Shopping centre Completed Spain Zaragoza 9,520 Warehouses Completed France Athis Mons 23,280 Logistics Completed France Evreux 14,130 Warehouses with offices Completed France Fresnes 6,540 Warehouse and offices Committed France Ivry-sur-Seine 7,420 Warehouse and offices Committed France Vitry-sur-Seine 5,180 Warehouse and offices Committed Further details of these acquisitions are provided in the Property review and the individual property profiles. In line with our strategy, many of the tenants in the Trust's properties are well known companies belonging to groups with strong covenants such as Aldi, GlaxoSmithKline, La Poste, MediaMarkt, Saint Gobain and Vinci Group. A thorough process of financial analysis together with technical, legal, accounting and tax due diligence is undertaken prior to any acquisition, enhanced by the local knowledge of Alpha Real Capital's country-based teams. The Trust's pipeline of potential property acquisitions is healthy and growing, and we currently have a number of properties undergoing active due diligence. Results and dividend Results for the period show a profit after interest and tax of Â£2.125 million or 1.7p per share. This comprises interest receivable plus rental income from the first asset acquisitions. The net asset value per share is 97.5p, reflecting start up costs. Properties held at 30 June are shown in the balance sheet at cost, including acquisition costs of around Â£2 million and have not been revalued. The Trust is targeting a dividend of 7p per annum once fully invested. Against the background of the progress made on acquisitions to date and the Trust's encouraging pipeline of prospective acquisitions, the Board is pleased to recommend an inaugural dividend of 2.5p per share in respect of the period to 30 June 2006. It is the current intention of the Board to recommend a further dividend of not less than 2.5p in respect of the forthcoming six months to 31 December 2006, making an expected total of at least 5p for the Trust's first accounting period. The initial dividend of 2.5p will be payable to those shareholders on the register at 22 September 2006 and will be paid on 13 October 2006. Finance Negotiations have been completed and documentation is under way for a bank facility to acquire further property once the initial equity has been spent. It is currently anticipated that the gearing level will be around 75% of the total value of the portfolio once fully invested. The loan will be euro denominated. A hedge instrument will be put into place that will significantly protect the conversion of the shareholders' original equity back to sterling together with the anticipated dividend on that equity. Cash balances not yet invested are invested in a mixture of certificates of deposit and other products with a credit rating of at least AA-. Market outlook We continue to see attractive opportunities for investing in the French and Spanish property markets. Generally, property market conditions remain favourable with improving tenant demand, declining vacancy rates and increasing signs of rental growth. Investment yields are compressing and this process is expected to continue. Summary The factors underlying the Trust's investment strategy continue to offer a compelling investment case: â€¢ higher yields are available on the properties targeted by the Trust in France and Spain relative to other markets such as the UK â€¢ finance is available at rates which are typically well below the investment yields on our target properties â€¢ tenant leases are typically inflation indexed, providing the opportunity for year-on-year income growth â€¢ potential exists for capital growth from a combination of rental growth, active asset management and yield compression These attractions have not gone unnoticed and the level of investment activity is rising, reflected in an increasing flow of investment opportunities to the market. The Trust is in a strong financial position, our pipeline is healthy and we are looking forward to reporting progress on further acquisitions to shareholders in the period ahead. Richard Kingston Chairman 6 September 2006 ------------------------------------------------------------------------------------------------------------------ Property review Investment highlights Alpha Pyrenees Trust ('the Trust') has agreed nine acquisitions to date in France and Spain totalling â‚¬90 million which provide the Trust with stabilised investment yields of between 7.0% and 8.7%. The average yield on these acquisitions is 7.4%. 49% of the property portfolio is invested in France and 51% in Spain. The Trust has also achieved a good geographic diversification with assets in Paris (Ile-de-France), Normandy, Seville, Cordoba and Zaragoza. Market overview The French and Spanish property markets continue to perform strongly. France Tenant demand and occupancy rates continued to improve in the French property market during the period. This reflected an acceleration in the pace of economic growth in France during the period with GDP growth accelerating to 2.7% per annum in the June quarter, the fastest rate of growth in the last five years. There has been a continued improvement in the market for office lettings, which is particularly evident in established business districts. Higher levels of office take up and positive net absorption are leading to lower vacancy rates. Better economic conditions, including growth in the volume of trade, business formation and consumer spending are increasing demand for industrial property. In 2005 there was a notable improvement in take up with a marked increase in the activity in the regional markets with 59% growth in take up outside the Paris region compared to 32% growth within it. Retailers and manufacturers are working to maximise their logistics platforms and this should continue to boost tenant demand for space. The prospects for rental growth are positive and have been assisted by an acceleration in the rate of increase in the construction cost index (INSEE) upon which the annual indexation of existing rents is based. There has been an increase in the volume of portfolio transactions coming to the market and this is creating opportunities for the Trust to acquire a number of properties in a single transaction which meet the Trust's criteria for return and location. Spain The Spanish property market continues to enjoy buoyant conditions with rising tenant demand, falling vacancy rates and increasing rental growth prospects. GDP growth continued to be robust and, at 3.6% per annum in the June quarter, Spain remains the most rapidly growing of the major European economies. Rental growth is apparent in both the retail and office markets led by Madrid where strong demand in the central business district is meeting a shortage of stock forcing tenants to peripheral locations, a trend that is repeated in Barcelona. Supported by the booming national economy and strong growth in private consumption, occupier demand for logistics space is very strong. Industrial and logistics property has become increasingly desirable in the Spanish investment market and the growing investment demand has put downward pressure on yields. In summary, the investment markets in France and Spain are now seeing a uniform high level of demand with yield compression continuing and improved outlooks for the main letting markets. Portfolio review The Trust was launched in November 2005 with the objective of investing in a diversified portfolio of well let higher yielding investment properties in France and Spain targeting possibilities for active asset management to enhance returns. The aim is to deliver a dividend of 7p per annum once fully invested and to deliver capital growth through active management, rental growth and yield compression. To achieve these goals the Trust has concentrated on acquiring properties with sound tenant profiles and an attractive average yield. Two acquisitions completed in the period from 31 March to 30 June 2006 and one acquisition was contracted. On 7 April Alpha Pyrenees Trust completed the acquisition of three retail centres in Andalucia. The shopping centres are located in Cordoba, Ecija and Alcala de Guadaira near Seville in Spain, totalling approximately 28,500 sqm (307,000 sqft). The total acquisition price was â‚¬36 million of which â‚¬30 million was paid on closing and â‚¬6 million is deferred until a major lease to MediaMarkt is income producing from October 2006. Major multiple tenants include Aldi, Burger King, DIA, McDonalds, MediaMarkt, Norauto, Sprinter, Supersol and UCC Cinemas. Once MediaMarkt is income producing and one vacant unit has been let, the investment will produce a stabilised yield of 7%. Negotiations are at an advanced stage to let this unit in line with expectations. The MediaMarkt store has been handed over for fitting out and is expected to open, and commence paying rent, as scheduled in October 2006. On 30 June 2006 Alpha Pyrenees Trust completed the acquisition of a logistics facility at Evreux, Normandy in France. The acquisition price was â‚¬10.45 million for the 14,130 sqm facility which is let to Laboratoire GlaxoSmithKline SA on a 3/6/9 year lease from October 2005. There is an indemnity of over â‚¬1.8 million payable if the tenant breaks after the first three years. The investment shows a net yield of approximately 8%. On 18 May 2006 Alpha Pyrenees Trust contracted to acquire a distribution centre at Athis Mons, Ile-de-France. The acquisition price was â‚¬12.85 million for the 23,280 sqm facility which is let to Point P, a subsidiary of Saint Gobain on a 9/12 year lease from December 2000. The investment shows a net yield of 8.7%. The acquisition completed on 31 July 2006. Each of these acquisitions is held at cost. Since the 30 June, the Trust has acquired two warehouse buildings in Zaragoza, Spain. The warehouses are located in an established industrial estate close to Zaragoza which is at a crossroads between Madrid, Barcelona, Valencia and Bilbao. The acquisition price was â‚¬7.8 million for the 9,520 sqm facilities on a single site which are let to Tratinox SA a medium sized Spanish company on a 10-year lease with no breaks from July 2006 with options for two further periods of five years. The acquisition provides the Trust with a net yield of 7% and was completed on 26 July 2006. On the 3 August 2006, Alpha Pyrenees Trust agreed to buy a portfolio comprising three warehouse and office properties located in the Ile-de-France, south of Paris for a combined price of approximately â‚¬19 million providing a net yield of 7.2%. The properties total an area of approximately 19,150 sqm comprising warehouses, light industrial and offices and are well let to a good spread of tenants including subsidiaries of La Poste, VINCI Group and Plastic Omnium. Outlook The Trust continues to see a good flow of investments that suit its criteria. As a result there is a substantial pipeline of properties currently being considered and there are a number of properties where the Trust is in active due diligence. Without doubt the key to performance will be the successful identification and completion of an increasing volume of investments. The current healthy pipeline, together with an increasing flow of portfolio and larger single asset properties, augurs well for the future. Paul Cable Fund Manager ------------------------------------------------------------------------------------------------------------------ Independent review Report to Alpha Pyrenees Trust Limited. Independent auditors' report to the members of Alpha Pyrenees Trust Limited on interim financial statements for the period ended 30 June 2006. Introduction We have been instructed by the Company to review the financial information for the period ended 30 June 2006 which comprises the consolidated income statement, the consolidated statement of changes in equity, the consolidated statement of assets and liabilities, the consolidated cash flow statement and related notes 1 to 6. We have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. This report is made solely to the Company in accordance with Bulletin 1999/4 issued by the Auditing Practices Board. Our work has been undertaken so that we might state to the Company those matters we are required to state to them in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company, for our review work, for this report, or for the conclusions we have formed. Directors' responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the interim report in accordance with the Listing Rules of the Financial Services Authority. Review work performed We conducted our review in accordance with the guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board for use in the United Kingdom. A review consists principally of making enquiries of group management and applying analytical procedures to the financial management and applying analytical procedures to the financial information and underlying financial data and, based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with International Standards on Auditing (UK and Ireland) and therefore provides a lower level of assurance than an audit. Accordingly, we do not express an audit opinion on the financial information. Review conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the period 16 November 2005 to 30 June 2006. BDO Novus Limited Chartered Accountants Elizabeth House St Peter Port Guernsey 6 September 2006 ------------------------------------------------------------------------------------------------------------------ Consolidated income statement (unaudited) For the period from Revenue Capital Total 16 November 2005 to 30 June 2006 Note returnÂ£'000 returnÂ£'000 Â£'000 Revenue Gross rental income 2d 327 - 327 Other income 25 - 25 Total income 352 - 352 Expenses Property costs (90) - (90) Professional fees (251) - (251) Investment Manager's fee (690) (19) (709) Non executive directors' fees (67) - (67) Insurance costs (22) - (22) Travel costs (16) - (16) Administration costs (115) - (115) Total expenses (1,251) (19) (1,270) Losses on foreign currency exchange 2b (4) - (4) Net loss before interest and taxation (903) (19) (922) Interest receivable 2d 3,031 - 3,031 Interest payable and bank charges (3) - (3) Net profit before taxation 2,125 (19) 2,106 Taxation - - - Net profit after taxation 2,125 (19) 2,106 Basic profit per ordinary share 1.7p - 1.7p Diluted profit per ordinary share 1.7p - 1.7p ------------------------------------------------------------------------------------------------------------------ Consolidated statement of changes in equity (unaudited) Share Warrant Share Revenue Non Distributable Foreign Total For the period from capital reserve premium reserve distributable reserve exchange 16 November 2005 reserve to 30 June 2006 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Movements during the period Share premium on issue - 125,000 - - - - 125,000 Cancellation of share - (125,000) - - 125,000 - - premium (see note 6) Placing fees and - 133 - - - (5,393) - (5,260) formation costs Unrealised loss on - - - - - - - revaluation of investment properties Net profit after taxation - - 2,129 (19) - - 2,110 and before unrealised losses Dividends paid - - - - - - Foreign exchange gains/ - - - - (4) (4) (losses) Balance at 30 June 2006 - 133 - 2,129 (19) 119,607 (4) 121,846 carried forward ------------------------------------------------------------------------------------------------------------------ Consolidated balance sheet (unaudited) As at 30 June 2006 Note Â£'000 Non-current assets Investment properties 2i 42,780 Other assets 7 Total non current assets 42,787 Current assets Cash and cash equivalents 4 88,931 Other receivables 2j 3,860 Total current assets 92,791 Total assets 135,578 Current liabilities Other payables 2j (13,356) Total current liabilities (13,356) Non-current liabilities 2j (376) Total liabilities (13,732) Net assets 121,846 Equity Share capital 6 - Reserves 6 121,846 Total equity 121,846 Number of ordinary shares 125,000,000 Net asset value per ordinary share 97.5p The financial statements were approved by the board of directors and authorised for issue on 6 September 2006. They were signed on its behalf by David Jeffreys and Serena Tremlett. ------------------------------------------------------------------------------------------------------------------ Consolidated cash flow statement (unaudited) For the period from 16 November 2005 to 30 June 2006 Â£'000 Operating activities Net loss for the period (922) Unrealised profit/(loss) on revaluation of investment properties - Interest receivable 2,828 (Increase)/decrease in trade and other receivables (4,211) Increase/(decrease) in trade and other payables 875 Net cash outflow from operating activities (1,430) Investing activities Purchase of investment property (29,512) Purchase of property, plant and equipment - Net cash outflow from investing activities (29,512) Financing activities Proceeds from the issue of shares 125,000 Issue costs (5,127) Net cash inflow from financing activities 119,873 Effect of exchange rate fluctuations on cash held - Increase in cash and cash equivalents 88,931 Cash and cash equivalents at start of period - Cash and cash equivalents at 30 June 2006 88,931 ------------------------------------------------------------------------------------------------------------------ Notes to the unaudited consolidated financial statements For the period 16 November 2005 to 30 June 2006 1. Operations Alpha Pyrenees Trust ('the Trust') is a limited liability, closed-ended investment company incorporated in Guernsey. The Trust invests in commercial property in France and Spain which is held through its subsidiary companies. The consolidated financial statements of the Trust for the period ended 30 June 2006 comprise the financial statements of the Trust and its subsidiaries (together referred to as the 'Group'). 2. Principal accounting policies a. Basis of preparation The consolidated financial statements have been prepared on a going concern basis, on the basis of International Financial Reporting Standards (IFRS) and the accounting policies set out below. b. Foreign currency translation The financial statements are presented in sterling as this is the currency in which the funds were raised and in which investors are seeking a return. The functional currency of the Group once the equity is fully invested will be euros as most economic transactions will be made in that currency. Until that time, the functional currency of the group is considered to be Sterling. Transactions in foreign currencies are translated at an average rate for the month in which the transaction takes place. Monetary assets and liabilities denominated in euros are translated to sterling at the rate ruling at the balance sheet date. Foreign exchange differences arising on translation are recognised in the consolidated income statement c. Basis of consolidation Subsidiaries are those entities, including special purpose entities, controlled by the Trust. Control exists where the Trust has the power, directly or indirectly, to govern the financial and operating policies of an entity so as to obtain benefits from its activities. All inter-company loan balances, interest charges and cross-investments are eliminated on consolidation. d. Income Interest receivable is included in the financial statements on an accruals basis. Rental income from investment property leased out under operating leases is recognised in the consolidated income statement on a straight-line basis over the term of the lease. e. Expenses Expenses are accounted for on an accruals basis and include those of the Administrators, the Investment Manager and the Directors. The costs associated with acquiring investment properties are included with the cost of that investment. A proportion of the Investment Manager's fee is charged to capital and relates to that part of the shareholder return estimated to come from asset value growth each quarter. f. Formation expenses Formation expenses include the costs arising from the formation of the Trust and the raising of its initial capital. A total of Â£5.3 million such costs have been charged against the non-distributable reserves. g. Taxation The Trust has obtained exempt company status in Guernsey under the terms of the Income Tax (Exempt Bodies) (Guernsey) Ordinance, 1989 and accordingly is subject to an annual fee of Â£600. The Directors intend to conduct the Group's affairs such that it continues to remain eligible for exemption. Local taxation payable in the jurisdictions in which the Trust operates are charged to the income statement as they arise. There is no deferred tax at the balance sheet date. h. Dividends Interim dividends are recognised as a liability in the period in which they are paid. Final dividends are recognised once they are approved by shareholders. i. Investment properties Investment properties are those which are held to earn rental income and capital appreciation. They are initially recognised at cost including the transaction costs associated with the property and will be revalued semi-annually. The investment properties figure shown in the accounts represents the cost of the properties and includes approximately Â£2 million of costs associated with acquiring the assets. j. Financial instruments Financial assets and financial liabilities are recognised on the Group's balance sheet when the Group becomes party to the contractual provisions of the instrument. The Group shall offset financial assets and financial liabilities if the Group has a legally enforceable right to set off the recognised amounts and interests and intends to settle on a net basis. Other receivables Other receivables do not carry any interest and are short-term in nature and are accordingly stated at their nominal value as reduced by appropriate allowances for estimated irrecoverable amounts. Finance lease receivables Finance lease receivables are recognised at fair value. Other payables Other payables are not interest-bearing and are stated at their nominal value. Other payables include Â£4.2 million being deferred consideration on acquisition of Connecta Retail Park, Cordoba (relating to MediaMarkt letting), and the purchase price and acquisition costs of Â£9.1 million for the distribution centre at Athis Mons, Ile-de-France. Non-current liabilities These amounts represent tenant rent deposits held. k. Share capital Ordinary shares are classed as equity. External costs directly attributable to the issue of the shares are shown in equity as a deduction, from the proceeds. l. Earnings per share The earnings per Ordinary Share are based on the net profit for the period of Â£2.125 million and on 125,000,000 Ordinary Shares, being the weighted average number of shares in issue during the period. Diluted earnings per Ordinary Share assume an average share price of 107p and 6,375,000 warrants capable of being exercised in the period. 3. Dividends No dividends have been paid to date. It is proposed that a dividend of 2.5p per ordinary share held on 22 September 2006 will be paid on 13 October 2006. 4. Cash and cash equivalents At the balance sheet date, the following short term investments are held by the Trust: Maturity Interest Cost rate (%) Â£'000 RBS Agency SIBA 3 July 2006 4.55 30,000 HBOS Group PLC 3 July 2006 4.50 20,775 Royal Bank of Scotland 4 July 2006 4.54 226 Rabobank 4 July 2006 4.55 25,000 Royal Bank of Scotland 4 July 2006 4.58 329 76,330 Given the short maturity of the investments, it has been assumed that there is no material difference between their cost and value. The remainder of the cash and cash equivalents represents cash deposits. 5. Related party transactions During the period the Group acquired a property in France from a wholly owned subsidiary of Pacific Investments II Limited, a company controlled by Sir John Beckwith. Sir John Beckwith also controls Alpha Real Capital LLP (the Investment Manager) and holds 2,600,000 shares in the Trust directly or through connected persons. The details of this transaction were included within the Trust's listing prospectus and within the related party circular issued to all shareholders in advance of the acquisition. The acquisition was approved by shareholders at an Extraordinary General Meeting. Included within the same circular (and approved by shareholders), was the subscription by Sir John Beckwith and connected persons to 2,500,000 new shares in the Trust. These shares were issued on 10 July 2006. 6. Share capital and premium In accordance with the listing prospectus and under Guernsey Statute, an application was made to the Royal Court of Guernsey to have the share premium cancelled and re-designated as a distributable reserve. ------------------------------------------------------------------------------------------------------------------ Directors and Trust information Directors: Richard Kingston (Chairman) Christopher Bennett David Jeffreys Phillip Rose Serena Tremlett Registered office: East Wing Trafalgar Court Admiral Park St Peter Port Guernsey Investment Manager: Alpha Real Capital LLP 124 Sloane Street London SW1X 9BW Administrator and secretary: Mourant Guernsey Limited East Wing Trafalgar Court Admiral Park St Peter Port Guernsey GY1 6HJ Broker: Cenkos Securities Limited 6.7.8. Tokenhouse Yard London EC2R 7AS Independent valuers: Knight Frank LLP 20 Hanover Square London W1S 1HZ Corporate advisors: Kinmont Limited 6 Arlington Street London SW1A 1RE Auditors: BDO Novus Limited PO Box 180 Elizabeth House Ruette Braye St Peter Port Guernsey GY1 3LL Tax advisors: Deloitte & Touche LLP Hill House 1 Little New Street London EC4A 3TR Legal advisors in Guernsey: Carey Olsen 7 New Street St Peter Port Guernsey GY1 4BZ Legal advisors in the UK: Norton Rose Kempson House Camomile Street London EC3A 7AN Bankers in Guernsey: Royal Bank of Scotland International Limited Royal Bank Place 1 Glategny Esplanade St Peter Port Guernsey GY1 4BQ Bankers in London: Barclays Capital 5 The North Colonnade Canary Wharf London E14 4BB Registrar: Computershare Investor Services (Channel Islands) Limited Ordnance House 31 Pier Road St Helier Jersey JE4 8PW Shareholder information Dividends Ordinary dividends are paid in October (interim) and May (final). Shareholders who wish to have dividends paid directly into a bank account rather than by cheque to their registered address can complete a mandate form for the purpose. Mandates may be obtained from the Group's Registrar. Where dividends are paid directly to shareholders' bank accounts, dividend tax vouchers are sent directly to shareholders' registered addresses. Share price The Trust's Ordinary Shares are listed on the London Stock Exchange. Change of address Communications with shareholders are mailed to the address held on the share register. In the event of a change of address or other amendment, please notify the Trust's Registrar under the signature of the registered holder. Financial calendar 7 September 2006 Interim results announcement made 13 October 2006 Interim dividend paid 31 December 2006 Financial year end 28 February 2007 Preliminary results announced March 2007 Report and accounts published April 2007 AGM May 2007 Final dividend paid This information is provided by RNS The company news service from the London Stock Exchange

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