Chairman Dunloe Ewart plc

With the major economic indicators remaining positive, I am extremely confident regarding all sectors of the property market in the year 2000. Demand in the Dublin office market continues to be driven by high job creation and I don't believe we will see any increased vacancy levels in this market until the end of 2001 or the beginning of 2002. The optimism I expressed last year for the Belfast market has proved correct, with strong rental and capital growths in the office market, together with significantly increased site values for development opportunities. Following the recent momentous events in the North, I am more confident now that Belfast offers tremendous value and opportunity. I believe the North is on the threshold of major economic activity and this will be reflected in the property market. Just look at the effects of devolution in Edinburgh and Cardiff to understand Belfast's potential.