Table A (continued)

Summary balance sheet based on proportional consolidation as at 30 June 2008

The following pro forma information is unaudited and does not form part of the consolidated primary statements or the notes thereto. It presents the composition of the EPRA net assets of the Group, with its share of the net assets of funds and joint ventures included on a line by line, i.e. proportional basis and assuming full dilution.

31 March 2008 £m		30 June 2008 £m	30 June 2007 £m
7,661	Retail properties	7,202	9,775
5,505	Office properties	4,771	6,076
305	Other properties	315	497
13,471	Total properties	12,288	16,348
197	Other investments	180	237
39	Intangible assets	36	46
(358)	Other net liabilities	(411)	(648)
(6,413)	Net debt	(5,841)	(6,864)
6,936	EPRA NAV (note 1)	6,252	9,119
1344 p	EPRA NAV per share (note 1)	1212 p	1730 p
	Total property valuations including share of funds and joint ventures
10,469	British Land Group	9,398	13,704
	Share of funds and joint ventures
2,889	Investment properties	2,777	2,566
119	Development properties	119	84
(6)	Head lease liabilities	(6)	(6)
3,002		2,890	2,644
13,471	Total property portfolio valuation	12,288	16,348
	Calculation of EPRA NNNAV per share
6,936	EPRA NAV	6,252	9,119
(102)	Deferred tax arising on revaluation movements	(85)	(149)
3	Mark to market on effective cash flow hedges and related debt adjustments	136	214
582	Mark to market on debt	674	305
7,419	EPRA NNNAV	6,977	9,489
1438 p	EPRA NNNAV per share	1352 p	1801 p

EPRA NNNAV is the EPRA NAV adjusted to reflect the fair value of the debt and derivatives and to include the deferred taxation on revaluations.