Notes to the accounts (unaudited)

1. Performance measures

Year ended 31 March 2007			Three months ended 30 September				Six months ended 30 September
			2007                            2006				2007                           2006
Earnings £m	Pence per share	Earnings per share (diluted)	Earnings £m	Pence per share	Earnings £m	Pence per share	Earnings £m	Pence per share	Earnings £m	Earnings £m
257		Underlying pre tax profit - income statement	67		57		143		130
(31)		Tax charge relating to underlying profit	(3)		(12)		(6)		(26)
226	43 p	Underlying earnings per share	64	12 p	45	9 p	137	26 p	104	20 p
		Exceptional item net of tax			(160)				(160)
(305)		Refinancing charges and realisation of cash flow hedges					9
71		Gains on trading property appropriations and disposals							3
(13)		Tax and other items	1		(48)		2		(47)
(21)	(4) p	EPRA earnings per share	65	12 p	(163)	(31) p	148	28 p	(100)	(19) p
2,453	470 p	(Loss) profit for the period after taxation	(277)	(54) p	163	31 p	(2)	0 p	578	111 p

The European Public Real Estate Association (EPRA) issued Best Practices Policy Recommendations in November 2006, which gives guidelines for performance measures. The EPRA earnings measure excludes investment property revaluations and gains on disposals, intangible asset movements and their related taxation and the REIT conversion charge.

Underlying earnings consists of the EPRA earnings measure, with additional company adjustments. Adjustments include reversal of refinancing charges and realisation of cash flow hedges, gains on trading property appropriations and disposals and their related taxation, costs relating to REIT conversion and prior year tax items.

The weighted average number of shares in issue for the six month period was: basic: 519m (three months ended 30 September 2007: 516m; year ended 31 March 2007: 520m; six months ended 30 September 2006: 519m; three months ended 30 September 2006: 520m); diluted for the effect of share options: 520m (three months ended 30 September 2007: 517m; year ended 31 March 2007: 522m; six months ended 30 September 2006: 522m; three months ended 30 September 2006: 523m). Basic earnings per share (undiluted) for the six month period were 0p (three months ended 30 September 2007: (54p); year ended 31 March 2007: 472p; six months ended 30 September 2006: 111p; three months ended 30 September 2006: 31p).

31 March 2007 £m	Net asset value (NAV)	30 September 2007 £m	30 September 2006 £m	30 June 2007 £m
8,747	Balance sheet net assets	8,621	6,627	9,134
168	Deferred tax arising on revaluation movements, capital allowances and derivatives	134	1,908	149
	Goodwill		(105)
(99)	Mark to market on effective cash flow hedges and related debt adjustments	(108)		(214)
	Surplus arising on trading and finance lease properties		78
46	Dilution effect of share options	49	53	50
8,862	EPRA NAV	8,696	8,561	9,119
1682 p	EPRA NAV per share	1682 p	1624 p	1730 p

The EPRA NAV per share excludes the mark to market on effective cash flow hedges and related debt adjustments, deferred taxation on revaluations and is calculated on a fully diluted basis.

At 30 September 2007, the number of shares and potential shares in issue (on a fully diluted basis) was 517m (30 June 2007: 527m; 31 March 2007: 527m; 30 September 2006: 527m).

Total return per share of 0.9% represents growth per share in EPRA NAV of 0p plus dividends paid of 15p (see note 7) in the six months to 30 September 2007. Total return per share (before charges for REIT conversion and refinancings) for the year ended 31 March 2007 was 21.3%.