BPP Holdings - February 2007

On 1 March 2007, Carter & Carter Group plc ("Carter & Carter") announced that it had made an unsolicited preliminary offer for our client BPP Holdings plc ("BPP") that valued the equity of BPP at approximately £345m.

We advised the Board of BPP that this proposal undervalues the Company and its prospects, together with a subsequent revised proposal from the same bidder that valued BPP at approximately £371m.

On 27 March 2007, Carter & Carter announced it has withdrawn its indicative offer to acquire BPP.

Canaccord Genuity was joint financial advisor to BPP Holdings.