euro adhoc: Meinl European Land Limited / quarterly or semiannual financial statement / Meinl European Land: Substantial growth in first 3 quarters of 2006 Revenues again doubled After tax profit in

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Disclosure rectification announcement transmitted by euro adhoc. The issuer
is responsible for the content of this announcement.
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19.12.2006

Jersey, December 19, 2006. Meinl European Land showed once again a
strong performance in the first nine months of 2006. Revenues doubled
compared to the same period in 2005 and reached EUR 94.2m. Operating
profit (EBIT) also showed vigorous growth in the period from January
until September 2006 and reached EUR 88.2 m after EUR 62.9m in 2005.
After tax profits grew from EUR 57.1m to EUR 93m. This represents an
increase of approximately 63%.

Portfolio including development projects of EUR 3.7bn

The acceleration of results is mostly driven by the newly acquired
properties and is also reflected in the increasing size of the
portfolio. At current, Meinl European Land’s property portfolio
consists of 183 properties, which represent a total value of
approximately EUR 3.7bn. This amount includes operating property
investments of EUR 1.2bn as of September 20, 2006 and committed
projects with a total investment value of EUR 2.5bn, which will be
completed during the following years. As of September 30, 2005 the
portfolio including commitments amounted to EUR 1.6bn.

Annual rental income for the whole portfolio after completion of the
development projects, is estimated at EUR 370m to EUR 390m. For the
whole of financial 2006, Meinl European Land is expecting to post
total rental income amounting to approximately EUR 95m.

Shopping centre in Kazan successfully opened

On December 14, 2006 Meinl European Land successfully opened a
shopping centre in Kazan, Russia. The shopping centre has been
embraced by the population of the city of a million inhabitants from
the first day. Anchor tenant is Metro Group with a "Real"
hypermarket. A further 80 tenants in the gallery complete the tenant
mix of the 50,000 sqm large shopping centre. Comparing the investment
costs with today’s market yield for a comparable shopping centre in
the region has let to an increase in value of more than 30% for this
project.

First project in Bulgaria - Meinl European Land now active in 11
countries

Meinl European Land has just acquired its first project in Bulgaria.
Following this new strategic regional extension, Meinl European Land
now operates in 11 markets. The investment is a shopping centre in
prime location in Sofia with direct access to the city ring and the
highway leading to the south. The opening of the shopping centre with
a total investment value of EUR 185m is scheduled for 2009. With a
total letable area of 80,000sqm the centre also belongs to the
largest currently planned shopping centres in the city.

Meinl European Land also strengthens its activities in neighbouring
Romania: The Company owns in central location of Bucharest a land
reserve of around 150,000sqm, which has been purchased in the course
of an acquisition in 2004. On this land plot, where a DIY-market is
already operating, Meinl European Land will now develop a large
retail park. As the DIY-market intends to increase its footprint and
other companies have expressed their interest in renting space in the
centre as well, the first development stage shall be completed by
next year.

Furthermore, Meinl European Land has continued its expansion in
Russia and acquired in Omsk a plot of land totalling 15 ha. As the
permits are in place the Company may start with the development of a
100,000sqm large shopping centre during next year. The investment
costs for the centre will amount to approximately EUR 120m and the
expected yield is 17%.

Value of development projects rises by EUR 300m

Lately, Meinl European Land has increasingly focused on development
projects, as especially in the less mature markets only few completed
properties exist, that match the company’s high specifications.
Furthermore, yields for developments are significantly higher than
current market yields on comparable operating properties. This leads
to a considerable potential for capital appreciation, which Meinl
European Land can realise once the projects are completed. Based on
current market yields, the market value of completed developments
exceeds the expected investment costs by roughly EUR 300m. Assuming
further yield compression in Eastern Europe, there is scope for this
upside potential to further increase by the time projects are
completed.

Increase in net asset value per share

Net asset value per share (NAV) at September 30, 2006 was EUR 14.54.
Including the estimated upside on development projects as mentioned
above NAV increases to EUR 16.20 per share. The stock market price at
September 30, 2006 was EUR 17.18, only 6% higher than NAV.
Significant further value of the company lies in the project pipeline
and the management’s ability to source new deals.

Project pipeline of around EUR 2.2bn

A project pipeline of approximately EUR 2.2bn means that further
growth is assured. More than one third of these projects which are
still under evaluation, have been already approved by the board of
Meinl European Land. These projects are expected to be signed in the
near future.

end of announcement euro adhoc 19.12.2006 10:18:15
--------------------------------------------------------------------------------

original announcement:

--------------------------------------------------------------------------------
keywords: quarterly or semiannual financial statement/9-month report
euro adhoc: Meinl European Land Limited / quarterly or semiannual financial

statement / Meinl European Land: Substantial growth in first 3
quarters of 2006 Revenues again doubled After tax profit increased
to EUR 93m Property Portfolio reaches EUR 3.7bn 19.12.2006

Jersey, December 19, 2006. Meinl European Land showed once again a
strong performance in the first nine months of 2006. Revenues doubled
compared to the same period in 2005 and reached EUR 94.2m. Operating
profit (EBIT) also showed vigorous growth in the period from January
until September 2006 and reached EUR 88.2 m after EUR 62.9m in 2005.
After tax profits grew from EUR 57.1m to EUR 93m. This represents an
increase of approximately 63%.

Portfolio including development projects of EUR 3.7bn

The acceleration of results is mostly driven by the newly acquired
properties and is also reflected in the increasing size of the
portfolio. At current, Meinl European Land’s property portfolio
consists of 183 properties, which represent a total value of
approximately EUR 3.7bn. This amount includes operating property
investments of EUR 1.2bn as of September 20, 2006 and committed
projects with a total investment value of EUR 2.5bn, which will be
completed during the following years. As of September 30, 2005 the
portfolio including commitments amounted to EUR 1.6bn.

Annual rental income for the whole portfolio after completion of the
development projects, is estimated at EUR 370m to EUR 390m. For the
whole of financial 2006, Meinl European Land is expecting to post
total rental income amounting to approximately EUR 95m.

Shopping centre in Kazan successfully opened

On December 14, 2006 Meinl European Land successfully opened a
shopping centre in Kazan, Russia. The shopping centre has been
embraced by the population of the city of a million inhabitants from
the first day. Anchor tenant is Metro Group with a "Real"
hypermarket. A further 80 tenants in the gallery complete the tenant
mix of the 50,000 sqm large shopping centre. Comparing the investment
costs with today’s market yield for a comparable shopping centre in
the region has let to an increase in value of more than 30% for this
project.

First project in Bulgaria - Meinl European Land now active in 11
countries

Meinl European Land has just acquired its first project in Bulgaria.
Following this new strategic regional extension, Meinl European Land
now operates in 11 markets. The investment is a shopping centre in
prime location in Sofia with direct access to the city ring and the
highway leading to the south. The opening of the shopping centre with
a total investment value of EUR 185m is scheduled for 2009. With a
total letable area of 80,000sqm the centre also belongs to the
largest currently planned shopping centres in the city.

Meinl European Land also strengthens its activities in neighbouring
Romania: The Company owns in central location of Bucharest a land
reserve of around 150,000sqm, which has been purchased in the course
of an acquisition in 2004. On this land plot, where a DIY-market is
already operating, Meinl European Land will now develop a large
retail park. As the DIY-market intends to increase its footprint and
other companies have expressed their interest in renting space in the
centre as well, the first development stage shall be completed by
next year.

Furthermore, Meinl European Land has continued its expansion in
Russia and acquired in Omsk a plot of land totalling 5 ha. As the
permits are in place the Company may start with the development of a
70,000sqm large shopping centre during next year. The investment
costs for the centre will amount to approximately EUR 80m and the
expected yield is 17%.

Value of development projects rises by EUR 300m

Lately, Meinl European Land has increasingly focused on development
projects, as especially in the less mature markets only few completed
properties exist, that match the company’s high specifications.
Furthermore, yields for developments are significantly higher than
current market yields on comparable operating properties. This leads
to a considerable potential for capital appreciation, which Meinl
European Land can realise once the projects are completed. Based on
current market yields, the market value of completed developments
exceeds the expected investment costs by roughly EUR 300m. Assuming
further yield compression in Eastern Europe, there is scope for this
upside potential to further increase by the time projects are
completed.

Increase in net asset value per share

Net asset value per share (NAV) at September 30, 2006 was EUR 14.54.
Including the estimated upside on development projects as mentioned
above NAV increases to EUR 16.20 per share. The stock market price at
September 30, 2006 was EUR 17.18, only 6% higher than NAV.
Significant further value of the company lies in the project pipeline
and the management’s ability to source new deals.

Project pipeline of around EUR 2.2bn

A project pipeline of approximately EUR 2.2bn means that further
growth is assured. More than one third of these projects which are
still under evaluation, have been already approved by the board of
Meinl European Land. These projects are expected to be signed in the
near future.

further inquiry note:
Pleon Publico Public Relations & Lobbying
Mag. Claudia Müller-Stralz
Tel.: ++43 (0) 1/717 86 107
mailto:claudia.mueller@pleon-publico.at

end of announcement euro adhoc
19.12.2006 08:49:33

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sector publicity:
2006-12-19 09:27:39 - APA OTS- sent

2006-12-19 09:27:39 - APA OTS- sent

2006-12-19 09:27:40 - Bloomberg- sent

2006-12-19 09:27:40 - Bloomberg- sent

ots Originaltext: Meinl European Land Limited
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:
Pleon Publico Public Relations & Lobbying
Mag. Claudia Müller-Stralz
Tel.: ++43 (0) 1/717 86 107
mailto:claudia.mueller@pleon-publico.at

Branche: Real Estate
ISIN: AT0000660659
WKN: 066065
Index: Standard Market Auction
Börsen: Wiener Börse AG / official dealing


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