TAILIEUCHUNG - MATRIX EUROPEAN REAL ESTATE INVESTMENT TRUST LIMITED ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2011

Several filers cited subjects for providing misleading information about real estate securities or securitized commercial mortgages. One filer cited a former Chief Executive Officer (CEO) for failing to disclose investment risks in certain CDOs, CMOs and trust preferred securities. The CEO had managed the investment portfolio, supposedly with a “very high” rate of return, and received large bonus payments. Later, the filer determined the CEO had misled bank management about the risks. As the economy declined, the securities’ revaluation resulted in large losses, leaving the bank in an unsound financial position. In another example, a filer reported. | MATRIX EUROPEAN REAL ESTATE INVESTMENT TRUST LIMITED ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2011 MATRIX EUROPEAN REAL ESTATE INVESTMENT TRUST LIMITED PAGE 2 CONTENTS Page Chairman s Statement 3-4 Manager s Report 5-8 Board of Directors 9 Directors Report 1011 Corporate Governance 1213 I ndependent Auditor s Report 14 Financial Statements 15-18 Notes to the Financial Statements 19-44 Company Information 45 Information for Shareholders 46 MATRIX EUROPEAN REAL ESTATE INVESTMENT TRUST LIMITED PAGE 3 CHAIRMAN S STATEMENT The approval of the Group s new investment strategy at the EGM in August clearly marked a turning point for MEREIT and has resulted in a period of great activity for the Group as we seek to realise best value for shareholders. Since the announcement many of the Group s assets have been brought to market one has already been sold and another is under contract for sale. This sales drive has of course coincided with a further turbulent period in the world economy and its financial markets and in this difficult environment it is reassuring to see that sales so far have been in line with the Group s independent valuations. However we have noted a very limited number of buyers in some instances and delivering full value will remain a challenge as the Group s assets comprise a mixture of core and non-core holdings and as a consequence some will be more liquid than others. The headline value of the Group s property portfolio has declined over the course of the year in euro terms to million December 2010 million . During the course of preparing the Group s audited financial statements certain information came to the Board s attention which was not available on 6 January 2012 the date that the independent valuations were released. Accordingly the Board of Directors have made a fair value adjustment and have reduced the carrying value of the portfolio by million. Given the weak market background it is encouraging that the valuation of the

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• Urinary Incontinence
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• Alternatives and Complications
• Futuristic Concept
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• Clinical trial
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• Stem cell
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