TAILIEUCHUNG - MATRIX EUROPEAN REAL ESTATE INVESTMENT TRUST LIMITED

Second, our findings contribute to an emerging discussion in the real estate literature on the choice of portfolio specialization. To date, existing work has focused primarily on geographic diversification (see . Hartzell, Sun and Titman (2010)). Our findings shed additional light on the importance of portfolio manager specialization in this industry. Finally, our work provides additional empirical support for the importance of financial intermediation in the gathering of specialized knowledge and efficiencies. REIT portfolio managers, who by definition specialize and concentrate solely on investment in the real estate market, appear to have much greater ability to select investments versus a benchmark of similar characteristics. Private portfolio managers, who. | MATRIX EUROPEAN REAL ESTATE INVESTMENT TRUST LIMITED HALF YEARLY REPORT FOR THE PERIOD ENDED 30 JUNE 2012 MATRIX EUROPEAN REAL ESTATE INVESTMENT TRUST LIMITED CONTENTS Pages Chairman s Statement 2 Manager s Report 3-6 Statement of Directors Responsibilities 7 Consolidated Financial Statements 8-11 Notes to the Financial Statements 12-29 Independent Review Report 30 Company Information 31 Information for Shareholders 32 1 MATRIX EUROPEAN REAL ESTATE INVESTMENT TRUST LIMITED CHAIRMAN S STATEMENT The first half of 2012 has seen good progress made on the sales process in what has turned out to be another very difficult period for the European property market. Three sales have been secured since the start of the year Lyon and Celle were both sold at prices above their latest valuation Leiden reflecting the difficult market conditions generally and significantly worsening market locally fell short. Further assets are being marketed but we are finding prospective purchasers to be highly selective and demanding in terms of the quality of income required from their investments. As a consequence of this the Manager is spending additional time seeking to extend leases prior to sales in order to appeal to the widest possible market. The headline value of the Group s existing property portfolio has declined in euro terms on a like-for-like basis over the course of the period to million December 2011 million . This reduction reflects the continued nervousness over European financial and property markets as a result of concerns over the stability of the Eurozone. As a result of this investors are proving reluctant to commit to transactions during a period of heightened uncertainty. In sterling terms the existing portfolio has declined in value over and above changes relevant to the euro value by an additional million due to changes in currency over the course of the period from million as at 31 December 2011 to million and this change is reconciled

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