Hibernia REIT Interim Management Statement – July 2014

22 July 2014

Hibernia REIT plc ("Hibernia” or the “Company") today issues an interim management statement relating to the period from 1 April 2014 to date, in advance of its Annual General Meeting being held today at 11.30am.

1 April to 22 July 2014

Hibernia has been highly active in the period, completing eight acquisitions totalling €267m, primarily in the central Dublin office sector. These have come from both off-market and on-market purchases of both direct property and secured loans, utilising the management’s extensive network of contacts. In addition three new hires including that of CFO were made, bringing the management team to 12.

Hibernia’s property portfolio now comprises (by cost): 74% central Dublin offices, 2% central Dublin office development land, 21% Dublin residential and 3% Dublin industrial / logistics and has a net initial yield of 4.1% (4.7% post rent frees and abatements). Management believes the portfolio has strong potential for increases in rental rates in future. The office space is over 99% occupied on weighted average contracted rents of €33psf., well below current estimated rental values for prime central Dublin offices of €40-45psf., with rental values projected to rise further. Furthermore the portfolio has near term development opportunities from the completion of the 213 residential units at Wyckham Point, and in the medium term, the Windmill Lane and Gateway sites.