Overview

Highlights

	March 2006	March 2005	% Increase
Gross Rental Income¹	£751m	£630m	19
Underlying Profit before Tax²	£228m	£181m	26
Profit before Tax¹	£1,696m	£780m	117
Underlying Earnings per Share²	36p	27p	33
Dividend per Share	17.0p	15.7p	8
NAV per Share³	1486p	1128p	32
Total Return⁵	34.6%	18.8%

1 With proportioned consolidation of Funds and Joint Ventures, Table A
2 See note 2
3 EPRA basis, see note 2
4 2002, 2003 and 2004 are as reported under UK GAAP and have not been restated under IFRS
5 Increase in EPRA NAV plus dividends paid, excluding refinancing charges