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TWST: Let’s start with an introduction to International Real Estate (London: IRE.L) including a quick historical sketch, if we could?

Mr. Akselson: The Company is now called International Real Estate Plc following . a change of our name at our AGM, on May 30th this year – our previous name was Criterion Properties Plc. It had traditionally been a U.K. property company until about a year and a half ago when the majority of the U.K. portfolio was sold. The only investment that was retained in the U.K. was a joint venture property in Basingstoke in which we have a 2524% interest. For the last year and a half, our focus has been on investing in the Benelux area of Europe, in particular in Brussels. We have three investments in Belgium; two office towers in Brussels, and one distribution and warehouse center in Aartselaar (which is between Brussels and Antwerp). We have a full listing on the London Stock Exchange, but we are one of the smaller listed property companies

TWST: What drove that shift from the UK property space over to the Benelux region?

Mr. Akselson: At that time we identified that property values, rents and deals in the U.K. had reached quite a high level. When we compared this to the Benelux region, especially the Brussels market, we saw that we could get prime properties with a much lower rent for the tenants, and with a higher yield for the investors. We also took into consideration the background of the management team and the Board, all of whom have considerable experience ; Both the Chairman and myself have been working for over ten years in different European markets with experience on the Benelux market, so it is not a first-time entry into that market for us - . we have been there! We have contacts and we have a network of people that we have worked with for many years. So ultimately the decision was not that difficult. We simply identified what we thought were better business opportunities in the Brussels market.

TWST: The two office towers that you have in the portfolio: is there a specific target industry for each?

Mr. Akselson: If we look firstly at the IT tower in Brussels, which is a 23,000 square meter property in a prime location in Brussels. This is focused on the higher-end of the market, we have a lot of international consultancy and law firms in that building together with other high profile tenants. For example, McKinsey occupy a considerable area in the IT Tower. Another high profile tenant is Volkswagen. The QPT tower is a different type of tower. If the IT tower is at the high end of the market, then the QPT tower is at the other end, differing in comparatively low rent. Tenants in the QPT Tower are mixed from AGF, who are part of the Allianz Group one of the world’s largest insurance companies, to local municipalities and institutions.

TWST: Can we take a look forward then in a more general sense? How do you see the strategic direction developing over the next couple of years and what specific achievements would make that time period a success in your eyes?

Mr. Akselson: Success is when we are able to identify investment opportunities and buy more properties like the QPT Tower and IT Tower. The IT Tower acquisition was made in March of last year; and the QPT Tower in December of last year. If we are able to acquire a few more similar types of investments and also perhaps sell some properties in the same period over the next two or three years then that would be in line with our expectations and in line with what we should do because, after all, we are classified as a trading company. Our business will be a mix of buying and selling properties as well as managing operating properties; we will upgrade them, do some refurbishment activities thereby adding value to the properties, and, by that, increasing the rent roll and creating a more attractive product than the one we bought. This then enables us to enhance the values and to improve our shareholder value.