Profit before tax up 33.4% to £87.1 million
(2002: £65.3 million).

Underlying profit before tax up 4.8% to £65.2 million
before gains on asset disposals (2002: £62.2 million).

Net rents increased to £251.0 million
(2002: £249.2 million).

Earnings per share up 47.6% to 15.5 pence*
(2002: 10.5 pence) on an adjusted and diluted basis.

Interim Dividend up 8% to 4.43 pence
(2002: 4.1 pence) per share, maintaining 22 years of consistent dividend growth.

Net asset value (NAV) per share increased 1.2% to 870 pence*
on an adjusted and diluted basis (March 2003: 860 pence).
Adjusted undiluted net assets per share 895 pence* (March 2003: 884 pence).

Gains on property sales achieved 11%
above March 2003 valuation.

* Adjusted to exclude the capital allowance effects of FRS 19 and to include, in calculating NAV, the external valuation surplus on development and trading properties (notes 6 and 15).

All figures include British Land’s share of joint ventures unless stated otherwise.

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