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FOLLOWING THE ANNOUNCEMENT BY IRISH RESIDENTIAL PROPERTIES REIT PLC (IRES) THAT IT HAS RECEIVED A POSSIBLE ALL CASH OFFER FOR THE ENTIRE ISSUED AND TO BE ISSUED ORDINARY SHARE CAPITAL OF IRES FROM BARING INTERNATIONAL INVESTMENT LIMITED, IT IS DEEMED TO BE IN AN OFFER PERIOD FOR THE PURPOSES OF THE IRISH TAKEOVER RULES. DAVY IS BROKER TO IRES; ACCORDINGLY, WE ARE DEEMED TO BE ACTING IN CONCERT TO IRES IN THIS INSTANCE AND RESTRICTIONS ON RESEARCH HAVE THEREFORE BEEN APPLIED.