Shares
m		 Adjusted
net
assets
£m		  
Net
assets
£m
Net Asset Value (undiluted)      
Shareholders' funds as shown on balance sheet 519 5,299 5,299
IAS 12 capital allowance effects      
British Land Group   125  
Share of funds and joint ventures   7  
    132  
Contingent taxes on revaluation gains      
British Land Group – see note 18   1,042  
Share of funds and joint ventures   128  
    1,170  
 
Goodwill   (180)  
 
Fair value adjustments for debt and related derivatives, net of deferred tax      
British Land Group   51  
Share of funds and joint ventures   12  
    63  
Total external valuation surplus on trading & finance lease properties   73 73
Deferred taxation on external surplus on trading & finance lease properties     (20)
Net assets attributable to ordinary shares   6,557 5,352
At 30 September 2005   1,263p 1,031p
At 31 March 2005   1,135p 932p
At 30 September 2004   1,065p 882p
Fully diluted Net Asset Value      
Net assets attributable to ordinary shares 519 6,557 5,352
Adjust to fully diluted on exercise of share options 6 38 38
Net assets attributable to fully diluted ordinary shares 525 6,595 5,390
At 30 September 2005   1,256p 1,027p
At 31 March 2005   1,128p 927p
At 30 September 2004   1,060p 878p

The adjusted NAV includes the external valuation surplus on trading and finance lease properties but excludes goodwill, the fair value adjustments for debt and related derivatives and deferred taxation on revaluations and capital allowances. This is the proposed industry standard, which in this case has been adjusted for all goodwill.

Reconciliation of adjusted diluted net assets  
£m		 Pence per
share
At 31 March 2005 5,913 1,128
Revaluation surpluses 668 127
Underlying profit after tax 80 15
Gains on asset disposals 37 7
Dividends paid (57) (11)
Goodwill on acquisition of Pillar (net of deferred tax) (45) (9)
Other (1) (1)
At 30 September 2005 6,595 1,256