Please note the following:

• Property values can fall as well as rise. A fall in the value of a property investment followed by a subsequent sale may result in the loss of some or all of an investor’s initial cash investment.

• Rental levels can fall as well as rise and investment property can lie vacant. Accordingly, investors may be required to pay for the finance and operational costs of a property investment from other income sources.

• Interest rates on borrowings can rise as well as fall, which can increase the cost of borrowings that an investor may undertake to part-fund the purchase of an investment property, requiring investors to pay for some or all of the borrowings costs from other income sources. In addition, rises in interest rates may have a negative effect on the capital values of property.

• Tax rates can rise, which can increase the tax liabilities arising on the receipt of rental income and on capital gains arising on a disposal. Stamp duty rates may also rise between now and the estimated completion date.

• Exchange rates between euro and sterling may change, which will affect the value of sterling investments undertaken by Irish investors who convert euro into sterling to invest. However, we recommend that Irish investors borrow in sterling in order to mitigate the effect of future exchange rate movements on investment values.

• A copy of our Engagement Letter is enclosed in Appendix IV. Investors will be required to sign the declaration at the end of this letter. This letter, inter alia, lists the introducer’s fee payable by investors to The Old Ground Property Co Ltd. Please note that our fee is not included in the contract purchase price.

We are not offering and have not offered any advice on this investment to potential investors nor exercised any judgement on behalf of potential investors. We advise potential investors to obtain independent financial and professional advice from a suitable adviser who has no interest in this development before committing to purchase unit(s) in this development.

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