Outlook

The leasing environment for our Retail Portfolio has been broadly consistent over the last 18 months. Our Princesshay project in Exeter once again demonstrated that high quality schemes which enhance the shopping experience for consumers will continue to be attractive to retailers. We expect to be able to sustain the good progress we have made in leasing up our other retail development projects.

New business acquisitions for Land Securities Trillium continue to be one of our priorities.Since 1 April 2007 we have agreed terms to acquire over £274m of additional PFI contracts, and we are encouraged by recent comments from Government which reaffirm its commitment to future PFI projects.