Great Portland Estates PLC 18 July 2006 QUARTERLY VALUATION 18 July 2006 The Directors of Great Portland Estates plc announce the quarterly valuation of the Group's properties as at 30 June 2006, the details of which can be found by copying and pasting the link below. http://www.rns-pdf.londonstockexchange.com/rns/3339g_-2006-7-17.pdf Highlights of the quarter: Valuation of portfolio including share of joint ventures at £1,126 million Valuation of wholly owned portfolio up 4.1% on a like-for-like basis Adjusted net assets per share* up 5.5% to 461p Portfolio ERV movement of £1.6m (up 2.7%) West End office ERV movement of £1.5m (up 4.2%) Strong letting activity across the portfolio Near-term developments on track for planned completion dates Over £100m of capital transactions including profitable forward sale of Tooley Street *Estimate based on portfolio valuation growth added to 31 March 2006 net assets. The valuation of the Group's properties as at 30 June 2006 was £1,125.5 million including its share of joint venture assets. All properties including acquisitions rose in value by £44.1 million or 4.1% since 31 March 2006. This portfolio valuation increase, when added to the balance sheet as at 31 March 2006, produces a pro forma adjusted NAV per share of 461p. Rental values grew across the portfolio by 2.7% during the quarter, building on the 12.9% recorded for the 12 months to 31 March 2006. West End office rental values were 4.2% higher whilst City and Southwark rental values remained static. The Group's average office rental value remains low at approximately £34 per sq ft. The wholly owned portfolio True Equivalent Yield fell 8 basis points over the quarter on a like-for-like basis and now stands at 5.2%. Two acquisitions were made by the Group during the quarter, both in Southwark, for a total consideration of £13.8m including costs of acquisition. In addition, the Great Victoria Partnership ("GVP"), the Group's joint venture with Liverpool Victoria, bought 13/15 Carteret Street, SW1 for £6.9m. The property adjoins GVP's existing holding at 40/48 Broadway and 1/11 Carteret Street, SW1. During the quarter, the Group carried out sales at Gillingham House, Gillingham Street, SW1, 79 New Cavendish Street, W1 and forward sold its proposed 200,000 sq ft office development at Tooley Street, SE1 for a combined consideration of £83 million, representing a premium of 12% to the 31 March 2006 valuation. In addition, the Group estimates it will receive a further £10 million in construction profits at practical completion of the Tooley Street development in the years to 31 March 2009, and has the potential to generate a further £2 million if certain letting targets are achieved. Letting activity during the quarter has been encouraging with: £1 million per annum in rent (including our share of joint venture rents) contracted since 31 March 2006; terms agreed on a further £2 million per annum in rent (including our share of joint venture rents). terms agreed to let most of 21 Sackville St, W1, the Group's 21,000 sq ft refurbishment completed during the quarter, at office rents of £80 per sq ft, 20% ahead of the building's 31 March 2006 rental value; good progress within our joint ventures where GVP has agreed to let 526/528 Oxford St, W1 at a rent of £0.9 million per annum, 8% ahead of the 31 March 2006 rental value and at 208/222 Regent Street, W1 where terms are agreed to pre-let the two units vacated by retailer Liberty in March and currently under refurbishment. Toby Courtauld, Chief Executive of GPE said, "The central London investment markets remain competitive and the weight of money chasing property has continued to exert downward pressure on yields. On the occupational side, steady demand and falling supply is driving vacancy rates lower across central London whilst, in the West End, the limited quantity of development starts is unlikely to reverse the position in the near term and rental growth has become the main value driver. This is good news for our sizeable and growing development programme." Contacts: Great Portland Estates plc Toby Courtauld Chief Executive 020 7647 3042 Robert Noel Property Director 020 7647 3043 Finsbury James Murgatroyd 020 7251 3801 Gordon Simpson This information is provided by RNS The company news service from the London Stock Exchange