Develica Deutschland Limited is a newly incorporated closed-ended Guernsey registered company which has been established to take advantage of potential opportunities that exist in the German commercial property market. The Companys objective is to provide shareholders of the Company with an attractive level of income together with the prospect of long term capital growth.

Proposed Portfolio

Develica Holdings Limited, the holding company of the Manager (as defined below) has, on behalf of the Company, entered into heads of terms granting exclusivity for the acquisition of, in aggregate, 39 commercial investment properties located throughout Germany ("Proposed Portfolio") with a total asset value of approximately €1.1 billion including costs ("Acquisition"). Subject to due diligence and agreeing suitable financing terms.

The Manager and Property Manager

The Company has appointed Develica Deutschland Management Limited ("the Manager") as its investment manager to be responsible for the day-to-day management of the property portfolio and the introduction and facilitation of new investment opportunities. DTZ International will provide property management and advisory services to the Manager.

Listing Exchange: AIM

Listing Date: 31/05/2006

Funds Raised: €250m

Nominated Advisor: Grant Thornton Corporate Finance

Nominated Broker: Fairfax I.S. PLC