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Preliminary results for the year ended 31 December 2007

Robert Rayne, Chairman, commented: “After our first year as Derwent London following the acquisition of London Merchant Securities (“LMS”) in February, it is extremely pleasing to be able to report a strong set of results. 2007 has been a testing period for the property sector, particularly in the latter months when the industry experienced a sharp decline in values. Against this background, the results clearly demonstrate the quality of both our portfolio and management.”

“We foresee a more demanding market in which the key to value creation will be hands-on property expertise. With balance sheet gearing of 43%, unused, committed, bank facilities of £370 million and long term rental commitments from quality tenants, the group is financially well positioned not only to face, but also to capitalise, on these challenging times. We are confident that your management's experience and proven skills will enable your group to take advantage of those opportunities which will deliver future growth.”