euro adhoc: Atrium European Real Estate Limited / other / CONDITIONAL TERMINATION OF DEPOSITARY AGREEMENT

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

13.11.2008

Atrium European Real Estate Limited
32 Commercial Street, St. Helier, Jersey JE4 0QH, Channel Islands

Adhoc Notice

CONDITIONAL TERMINATION OF DEPOSITARY AGREEMENT

Atrium European Real Estate Limited ("Atrium") has instructed Meinl
Bank AG to conditionally terminate the depositary agreement
("Depositary Agreement") dated November 11, 2002 between
Oesterreichische Kontrollbank AG ("OeKB"), Meinl Bank AG and Atrium
with respect to the Austrian depositary certificates ("ADCs") issued
by OeKB and listed on the Vienna Stock Exchange. As a result, Meinl
Bank AG as custodian for the ordinary shares underlying the ADCs
("Ordinary Shares") has given notice to the holders of the ADCs that
the Depositary Agreement will be terminated with effect as of
February 13, 2009, or such later date as the Ordinary Shares are
admitted to listing and trading on the Vienna Stock Exchange, subject
to a long stop termination date of November 13, 2009.

Atrium initiated the conditional termination of the Depositary
Agreement because there will be no need to retain the ADCs if the
Ordinary Shares themselves are listed and traded. Atrium understands
from the Vienna Stock Exchange that registered securities such as the
Ordinary Shares that underlie the ADCs may now be listed and traded
on the Vienna Stock Exchange, as was previously not possible.

The conditional termination of the Depositary Agreement is
preparatory to steps being taken with a view to an application by
Atrium for listing and trading of the Ordinary Shares on the Vienna
Stock Exchange and on another European stock exchange selected by
Atrium. The conditional termination of the Depositary Agreement
facilitates a dual listing of the Ordinary Shares and Atrium expects
significant benefits for its securities holders as a result.

The listing process remains subject to the consent of the Jersey
Financial Services Commission and satisfaction of certain other
requirements. In the event that such application proceeds and such
listing occurs, each holder of an ADC would receive interests in one
Ordinary Share for each ADC held.

No action is required by holders of ADCs in relation to these
arrangements at this stage. Further information will be published in
due course.

Commenting Rachel Lavine, Chief Executive Officer of Atrium, said:
"At the time that the strategic investment made by CPI/Gazit was
approved, we promised that we would review the Company's listing
requirements. This work is ongoing but giving notice to terminate the
existing depositary arrangements conditionally on listing the
underlying shares is a part of the process and a significant step
forward. We will make further statements in due course. No action is
required on the part of our security holders at this stage."

Jersey, November 13, 2008

end of announcement euro adhoc
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ots Originaltext: Atrium European Real Estate Limited
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Financial Dynamics, London

Richard Sunderland / Stephanie Highett / Laurence Jones

Phone: +44 (0)20 7831 3113

mailto:richard.sunderland@fd.com

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