Consolidated Income Statement for the period ended 30 September 2008

Year ended 31 March 2008 Audited				Note	Six months ended 30 September 2008 Unaudited			Six months ended 30 September 2007 Unaudited
Underlying pre tax* £m	Capital and other £m	Total £m			Underlying pre tax* £m	Capital and other £m	Total £m	Underlying pre tax* £m	Capital and other £m	Total £m
645		645	Gross rental and related income	2	283		283	326		326
561		561	Net rental and related income	2	248		248	282		282
40	30	70	Fees and other income	2	9		9	29	30	59
	(15)	(15)	Amortisation of intangible assets			(7)	(7)		(5)	(5)
40	(346)	(306)	Funds and joint ventures (see also below)		27	(257)	(230)	19	(52)	(33)
(67)		(67)	Administrative expenses		(30)		(30)	(38)		(38)
	(1,562)	(1,562)	Net valuation movement (includes profits and losses on disposals)	2		(1,207)	(1,207)		(151)	(151)
			Net financing costs
26		26	– financing income		8		8	15		15
(316)		(316)	– financing charges		(118)		(118)	(164)		(164)
(290)		(290)			(110)		(110)	(149)		(149)
284	(1,893)	(1,609)	(Loss ) profit on ordinary activities before taxation		144	(1,471)	(1,327)	143	(178)	(35)
			Taxation
			– current tax expense				(4)			(1)
		46	– deferred tax credit				19			34
		46		2			15			33
		(1,563)	Loss for the period after taxation attributable to shareholders of the Company				(1,312)			(2)
		(305) p	(Loss) earnings per share: basic	1			(258) p			0 p
		(303) p	diluted	1			(257) p			0 p
			Share of results of funds and joint ventures
40		40	Underlying profit before taxation		27		27	19		19
	(354)	(354)	Net valuation movement (includes profits and losses on disposals)			(265)	(265)		(56)	(56)
	(3)	(3)	Goodwill impairment						(2)	(2)
	9	9	Non-recurring items						9	9
	1	1	Current tax			4	4		(3)	(3)
	1	1	Deferred tax			4	4
40	(346)	(306)		4	27	(257)	(230)	19	(52)	(33)

^* As defined in note 1