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21^st February 2008

EVANS RANDALL OPPORTUNITY FUND EXPANDS PORTFOLIO WITH TWO FURTHER PURCHASES

- £1 billion fund continues to target UK market opportunities -

Evans Randall, the UK investment banking and private equity group, has confirmed the second and third acquisitions of its £1bn opportunity fund, launched in January. The opportunity fund is designed specifically to take advantage of a short-term yield shift in the market that has seen certain property owners seek to liquidate assets in response to redemptions by their investors, or because of other liquidity issues.

The fund has purchased Commerzbank’s headquarters on 60 Gracechurch Street in the City of London and 10 Old Burlington Street in Mayfair, Evans Randall’s first investment in London’s West End.

60 Gracechurch Street, EC3, was acquired from New Star Asset Management for £127.5 million, having been acquired by New Star in the fourth quarter of 2006 for c £146 million. As a landmark building comprising 120,000 sq ft of offices and 4,500 sq ft of retail space, it complements Evans Randall’s ongoing strategy of trophy building acquisitions. The property is currently securely let until September 2018 to Commerzbank and Boots the Chemist. The deal reflects a yield of c.5.7%.

10 Old Burlingon Street in Mayfair, W1, was bought for £48.5 million from Standard Life. The 40,500 sq ft building is occupied by a number of high quality businesses including Goodman, MKM Longboat Capital Advisors, Davidson Kempner European Partners and Nevsky Capital. The purchase price reflects an initial yield of 5.7%.

These latest acquisitions follow the Fund’s first purchase, Condor House, St Paul’s Churchyard, London EC4, for £115m, announced in early January.

Michael Evans, Chief Executive of Evans Randall, said: “The calibre of the fund’s second and third purchases are indicative of further acquisitions planned for the coming months. We are now in an extremely strong position to take full advantage of the current market to acquire top quality buildings at attractive prices.

As owners seek to liquidate their assets we will take the opportunity to acquire high quality properties at realistic yields. We have completed all three individual transactions within a tight timescale of 10 days – start to finish. This approach gives vendors confidence and certainty that we will conclude an investment quickly and effectively”.

Michael Evans added, “The fund will remain predominantly UK focused as we believe that this is where the best investments are. This said, we will continue to monitor the overseas markets and our strategy gives us the flexibility to respond rapidly to movements abroad.”

Evans Randall was advised on both acquisitions by its retained agent, CB Richard Ellis.

-Ends-

For further information, please contact:

Dominic Morgan, FD Tamesis 020 7269 9343

Editors’ notes

Evans Randall

1. Evans Randall is a privately-owned investment banking and private equity group specialising in structured finance, private equity and commercial real estate transactions. Since its formation in September 1993, the UK-based company has arranged or advised on US$35 billion of transactions, on behalf of both private investors and international corporate clients.

2. In the real estate sector, Evans Randall sources, arranges, underwrites and manages large-scale commercial and retail property investments on behalf of itself and its investor clients. It targets real estate returns of up to 20% pa and in some cases higher.

3. Since 2005, Evans Randall acquired around £4 billion of UK and European property investments on behalf of itself and clients.

Major transactions included:

· Acquisition of Condor House at 4-15 St Paul’s Churchyard, EC4 for £115 million

· A landmark building situated at 4-15 St Paul’s Churchyard, London EC4

· Acquisition of 5 Canada Square, Bank of America’s UK headquarters, for £452 million

· Acquisition of ‘the Gherkin’, Swiss Re’s headquarters building at 30 St Mary Axe, London EC3 for £615 million

· Man Group’s new headquarters building, to be developed on Swan Lane, London EC4 for £300 million

· De Brauw Blackstone Westbroek’s new headquarters building in South Axis, Amsterdam for €170 million

· HBOS’s headquarters at 33 Old Broad Street, London EC2 for £197 million

· Cisco Systems UK headquarters near Heathrow for £162 million

· The newly developed Königsbau Passagen shopping centre in Stuttgart at a capitalised value of €220m

· ING Bank’s €219 million landmark building at Haagse Poort, The Hague, Netherlands

· St James’s Place Capital’s new headquarters building for £17 million

· Five UK Government Fire Control Centres for a total sum of £125 million

· The Financial Services Authority’s headquarters at Canary Wharf for

£205 million

· The €270 million purchase of the Deutsche Telekom Headquarters in Munich

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