Great Portland Estates PLC 13 December 2006 THIS PRESS RELEASE IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES. THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR ISSUE SECURITIES. 13 December 2006 7.25% First Mortgage Debenture Stock due 2027 ("the Stock") In conjunction with a review of its debt capital structure, Great Portland Estates plc ("GPE") will respond to offers from holders of the Stock who wish to sell their Stock back to GPE, for cancellation, (the "Offer to Repurchase"). The Offer to Repurchase will remain open until 5.00pm (the "Closing Time") on 19 December 2006 although GPE reserves the right to terminate the Offer to Repurchase at any time prior to the Closing Time. The redemption price of the Stock successfully offered for redemption will be set at or around 11.00am on 20 December 2006 for settlement on 28 December 2006. GPE reserves the right to cancel or vary the Offer to Repurchase at any time or for any reason. GPE intends to fund the cost of early redemption of its Stock by drawing on its credit facilities. GPE will also consider a privately placed further issue of its 5.625 per cent. First Mortgage Debenture Stock due 2029 to be issued in early 2007. Contacts: Great Portland Estates plc Timon Drakesmith, Finance Director 020 7647 3034 Barclays Capital Jeremy Froud 020 7773 9634 The Royal Bank of Scotland plc Robert St John 020 7085 3205 Andrew Burton 020 7085 8506 The communication of this press release is only being made to those persons in the United Kingdom who fall within Article 43(2) of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 or any other persons to whom it may otherwise lawfully be made under that Order. Copies of this press release are not being, and must not be, mailed or otherwise forwarded, distributed or sent in or into or from the United States, and persons receiving this press release (including custodians, nominees and trustees) must not mail or otherwise forward, distribute or send it into or from the United States. GPE will neither consider nor respond to any communications in respect of offers of Stock made by persons in the United States. This information is provided by RNS The company news service from the London Stock Exchange