Date: December 2004
CapReal Launch

Esme Lowe and Nick Judd are delighted to announce the launch of CapReal, which is a 50/50 joint venture with Capital Trust Ltd. The Limited Liability Partnership aims to continue the successful Property Advisory business and
provides a platform for further growth.

A new website is currently under construction, and revised email addresses etc will be confi rmed in due course. Initially therefore, all our contact details remain as previously. We look forward to working with you as before, and with renewed optimism for the future.

With best wishes for a happy and prosperous 2004.