ISAMBARD ESTATES LIMITED

Pursuant to section 175 of the Companies Act 1985, Isambard Estates Limited, Company Number 02886773 (the “Company”) hereby gives notice that: Pursuant to section 173 of the Companies Act 1985 the Company approved, by Special Resolution passed on 18 October 2006, a payment out of capital for the purpose of acquiring 217,379 of its own ordinary shares of £1.00 each by purchase. The amount of the permissible capital payment for the shares in question is £217,379. Both the statutory declaration of the Directors and the Auditors’ report required by section 173 of the Companies Act 1985 are available for inspection at the Company’s registered office, 30 City Road, London EC1Y 2AB. Any Creditor of the Company may at any time before 22 November 2006 apply to the Court under section 176 of the Companies Act 1985 for an Order prohibiting the payment.