• Net Rents up 7.9% to £249.2 million , including share of joint ventures (2001: £230.9 million).
• Net Asset Value per share adjusted and fully diluted increased 2.4% to 822 pence * (March 2002: 803 pence).
• Portfolio Valuation up 0.15% (on a like for like basis) to £9.376 billion .
• Profits before tax of £65.3 million (2001: £80 million).
  There were no property trading profits in the half-year. Underlying profits are up 7.4% to £62.2 million.
• Earnings per share adjusted and fully diluted are 10.5 pence (2001: 12.6 pence).
• Interim Dividend up 7.9% to 4.1 pence (2001: 3.8 pence) per share.
• Continued Portfolio Management with profitable sales of £350 million , purchases of £74 million and development and other capital expenditure of £146 million , including the joint ventures.

* NAV adjusted to exclude the capital allowance effects of FRS 19.

New Non-Executive Directors
The Board is very pleased to welcome two new non-executive directors, who have accepted invitations to join us with effect from 1 January 2003.

Christopher Gibson-Smith, aged 57, is Chairman of National Air Traffic Services and a nonexecutive director of Lloyds TSB Bank plc. Formerly he was Group Managing Director of BP plc.

David Michels, aged 55, is Chief Executive of Hilton Group plc. He is a non-executive director of Hilton Hotels Corporation and, until recently, was a non-executive director of Arcadia Group plc.

Contacts:

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