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Alistair Batchen

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					                 Results for the six months ended 30 September 2010

Max Property Group Plc (“Max” or the “Company”) is a Jersey resident real estate
investment company. Its Board, chaired by Aubrey Adams, is exclusively advised by
Prestbury Investments LLP, which is owned and managed by a team led by Nick
Leslau and Mike Brown.

The Company’s strategy is to exploit cyclical weakness in the UK real estate market
through opportunistic investment and active management with a view to realising
cash returns for shareholders over an investment cycle of approximately seven and
half years from its listing in May 2009.

Highlights

      Net assets excluding minority interests of £264.8m at 123.7p per share*, up 4% since 31
       March 2010 and up 28.7% in the 16 months since listing with minimal net leverage

      Industrious:

             -   316 lettings, sales of empty units, lease renewals and lease regearings on c. 2m
                 sq ft of space has reduced the vacancy rate from 21% at purchase in October
                 2009 to 17% at 30 September, 2010 (like for like, excluding units sold)

             -   High Wycombe industrial property sold for £30.5m taking total sales to
                 institutions since purchase to £70m at c. £15m above gross purchase price

      Office portfolio:

             -   WestPoint, Manchester sold for £5.8m, £1.6m over 31 March, 2010 book value
             -   five lettings reduce vacancy rate from 46% at purchase to 42% at 30
                 September, 2010
             -   active discussions ongoing over half the empty space

      45% joint venture with Lloyds Bank to acquire four private hospitals on 25 year leases
       with annual upwards only RPI uplifts with a gross value on acquisition in May 2010 of
       £31.6m

      Purchase of 14 nightclubs mainly let on long leases with initial annualised rental income
       of £1.48m for cash consideration of £9.4m after the balance sheet date

      Cash on deposit of over £110m providing a substantial platform for future acquisitions

      Earnings per share** 1.9p per share (1.1p per share for the period to 31 March, 2010)

   *   NAV per share on an EPRA basis, excluding fair values of financial instruments and
        deferred tax and including properties held for resale at fair value
   ** EPS on an EPRA basis, excluding revaluation movements and profits on investment
      and trading property sales

                                                                                       Page 1 of 30
Aubrey Adams, Chairman of Max Property Group Plc, comments:

“We executed over £280 million of well-timed acquisitions in our first few months of existence
during the 2009 trough in values and have followed this up with encouraging progress through
intensive asset management. Whilst the rebound in prices generated fewer opportunities in 2010
to date the deleveraging process to be undertaken by the banks and CMBS market is still at an
early stage. We are confident that there will be some exceptional opportunities for Max arising
from this inevitable deleveraging over the next couple of years. Timing is everything and, as we
have already demonstrated, we have to wait, watch and strike only when the deals represent
outstanding opportunities. We have the skills, cash and ambition to do this and remain very
excited about Max‟s future.“


16 November, 2010

ENQUIRIES:

Prestbury Investments                                   Tel: 020 7647 7647
Nick Leslau
Mike Brown

College Hill                                            Tel: 020 7457 2020
Gareth David

Morgan Stanley (Nominated Adviser)                      Tel: 020 7425 8000
Edward Knight


Forward looking statements

This document includes forward looking statements which are subject to risks and uncertainties.
You are cautioned that forward looking statements are not guarantees of future performance and
that if risks and uncertainties materialise, or if the assumptions underlying any of these
statements prove incorrect, the actual results of operations and financial condition of the Group
may materially differ from those made in, or suggested by, the forward looking statements.
Other than in accordance with its legal or regulatory obligations, the Company undertakes no
obligation to review, update or confirm expectations or estimates or to release publicly any
revisions to any forward looking statements to reflect events that occur or circumstances that
arise after the date of this document.




                                                                                       Page 2 of 30
Chairman’s Statement

Dear Shareholder,

I am pleased to report Max Property Group Plc‟s results for the six months ended 30 September,
2010.

This six month period has seen the entry into a joint venture with Lloyds Bank to acquire a 45%
interest in a portfolio of four hospitals, the disposal of seven investment properties (principally
Castle Estate, High Wycombe sold for £30.5m) and one trading property, WestPoint Manchester
together with continued active portfolio management resulting in further progress in reducing the
portfolio void rates.

Results and financial position

The Group‟s net asset value per share (on an EPRA basis, excluding the revaluation of interest
rate derivatives and excluding minority interests) has increased from 118.9p per share at 31
March, 2010 to 123.7p per share at 30 September, 2010, an increase of 4.0% over six months
and 28.7% in the 16 months since listing.

The increase in EPRA net asset value over the six months to 30 September, 2010 of £10.7m
(4.8p per share) comprises:
     Net rents after financing costs of £7.5m (3.4p per share)
     Revaluation uplifts of £4.6m (2.1p per share) on the wholly owned portfolio and £0.5m
        (0.2p per share) on the 45% joint venture interest
     Realised profits on investment and trading property sales of £2.0m (0.9p per share)
     Net of tax and running costs totalling £3.9m (1.8p per share)

In the Investment Adviser‟s report on the following pages, we have summarised progress in
managing the vacancy rates of the portfolio and whilst it remains hard work to yield results
against a tough background in the property market and the wider economy, good progress has
been made in reducing the portfolio void rates and thus maintaining income and cash flow from
the portfolio. Results to date have been ahead of our expectations at the time of the acquisition
of each portfolio.

The Group‟s non-recourse debt, net of secured cash, at the end of the period was £100m,
secured only against assets in the Industrious portfolio valued at 30 September, 2010 at £213m.
Free cash available to the Company amounted to £121m.

Events since the balance sheet date

A portfolio of 14 nightclubs was acquired on 27 October, 2010 for cash consideration of £9.4m.
The annual rent on the portfolio is initially £1.5m per annum, with 11 of the properties let and
three vacant. The principal tenant, with leases on ten of the properties, is Atmosphere Bars and
Clubs Limited with properties let for a minimum of 25 years with a 15% rental uplift in 2015 and
five-yearly open market rent reviews thereafter. The initial 15% yield should increase to 16% on
letting two vacant units where terms have been agreed since acquisition and to over 19% after
the 2015 rent review. After this acquisition the Company has over £110m of cash on deposit.

This is our smallest property acquisition to date, but with the combination of high income yield
and significant capital upside we anticipate that it will make a meaningful contribution to our
overall returns.

                                                                                         Page 3 of 30
Outlook


We executed over £280m of well-timed acquisitions in our first few months of existence during
the 2009 trough in values, but the window in which to buy assets at discounted prices was
shorter than either we or our peers in the property industry anticipated. As the deleveraging
process to be undertaken by the banks and CMBS market is still at an early stage and with a very
large volume of sales still to come, our judgment is that the pricing at which secondary assets will
become available is likely to become more attractive at some point during the next two years.

The vast majority of buyers are seeking only prime assets, but the assets forming the bulk of the
deleveraging process will not meet their requirements. This mismatch between the demand for
and supply of investment stock will, we believe, create a second window of opportunity for us to
deploy our cash on transactions which will deliver very attractive returns.

Max‟s Investment Adviser has a very substantial investment in the Company guaranteeing close
alignment of interests between the manager and other shareholders. This creates an
environment where purchases should never occur merely to show a level of manager activity but
happens only when the deal and timing is right.

Compared to the tens of billions of pounds of deleveraging to come, Max has over £110m of cash
to deploy and in this context needs to secure only a tiny fraction of this stock to be fully invested
in opportunities that have arisen from the crash – the raison d‟être for setting up the business.
We remain confident that the opportunities will come.

We are confident that there will be some exceptional opportunities for Max arising from this
inevitable deleveraging over the next couple of years. Timing is everything and, as we have
already demonstrated, we have to wait, watch and strike only when the deals represent
outstanding opportunities. We have the skills, cash and ambition to do this and remain very
excited about Max‟s future.


Aubrey Adams
Chairman

16 November, 2010




                                                                                           Page 4 of 30
Report from the Investment Adviser

Prestbury Investments LLP, adviser to Max Property Group Plc, is pleased to report on the
operations of the Group for the period ended 30 September, 2010.

Industrious Portfolio

         Industrial Portfolio acquisition completed October 2009 for c.£244m including purchase
         costs reflecting £31psf capital value
         A receivership sale of multi-let industrial estates valued at c.£700m at the peak of the
         market; replacement cost at acquisition estimated at £544m

Industrious portfolio as at 30 September, 2010
         79 properties
         877 tenants
         1,042 tenancies
         1,217 lettable units
         6.6m sq ft
         Average unit size 5,400 sq ft
         43% by value in the South of England
         Highly liquid: 75% of properties by number are lot sizes of £3m or below
         Weighted average unexpired lease term 4.0 years

The Industrious portfolio predominantly comprises smaller units that appeal to a wide variety of
users. Martlesham Heath Business Park, Ipswich (503,000 sq ft) makes up over 10% of the
portfolio by value. All other properties each make up less than 5% of the portfolio value.


                        30
                September                      Capital                     Number
                     2010      Percentage       value                            of      Number
Region           valuation         of total       psf           Area     properties      of units
                      £000               %           £           sq ft

South East           51,284              24      58.17       881,585                13        247
East Anglia          25,245              12      46.37       544,374                 2        149
South West           16,120               7      40.19       401,061                 8        100
Midlands             38,010              18      26.60     1,429,208                18        182
North West           30,117              14      26.17     1,151,006                17        222
Yorkshire            12,335               6      39.81       309,810                11        175
North East           31,175              14      22.38     1,393,114                 3         91
Scotland             11,305               5      19.64       575,529                 7         51


Total              215,591             100      32.25     6,685,687             79         1,217


Activity

In Max‟s first year of ownership 316 lettings, sales of empty units, lease renewals and lease
regearings on nearly 2m sq ft of space have been carried out. The £70m of properties sold to
institutions are excluded from the analysis below.

                                                                                           Page 5 of 30
Vacancy progress since purchase


                                                                         % of space vacant
                                      Number of                                         at
                                          units          Area (sq ft)            purchase

Vacant at purchase, now let                   115             446,690                   33.7%
Vacant at purchase, sold         to
owner occupiers                                 4             134,516                   10.2%

Total                                        119            581,206                    43.9%

Let at acquisition, now vacant               (70)           (342,705)

Net improvement                                49           238,501


        Vacancy rate at purchase: 20.7%
        Vacancy rate at 30 September, 2010: 16.9%
        44% of space vacant at acquisition since let or sold
        115,000 sq ft currently under offer in new lettings
        80,000 sq ft currently under offer to owner occupiers
        93,000 sq ft known to be coming vacant
        c.£70m of sales to institutions at an average yield of c.8%, capital value of c.£99 psf,
        vacancy rate of just 2% and c.£15m (over 20%) above gross purchase price
        c.£4m of sales of vacant units to owner occupiers at an average margin of 65% over
        purchase cost


   Office Portfolio

        Acquired January 2010 for c.£39m including purchase costs
        Reinstatement cost c.£180m
        46% vacant by floor area, 70% of which was already refurbished to a high specification
        at acquisition
        £5.9m from vendor in escrow to be drawn against outgoings on voids for three years
        12.7% initial yield
        £50psf capital value
        WestPoint, Old Trafford, Manchester sold for £5.8m, £1.6m over March 2010 book value




                                                                                      Page 6 of 30
Office portfolio as at 30 September, 2010

        Nine properties
        Late 80s air conditioned offices
        660,000 sq ft
        70% South East, 25% Manchester, 5% Bristol
        Five lettings signed since purchase of c. 32,000 sq ft, 2,500 sq ft vacated
        Terms agreed on over 40,000 sq ft in eight transactions
        150,000 sq ft of active letting discussions
        36,000 sq ft known to be falling vacant in the next six months (known about at the time
        of purchase and reflected in the purchase price)


                                   Size           Vacancy                 Tenants
                                    sq ft    %        sq ft

Concorde, Manchester            125,000     65      81,000    Serco, Trevor Jones accountants
Broadlands, Horsham             116,000     34      40,000    Ericsson & Rockwell subsidiaries
                                                              C-Med, Fender
Centric, Milton Keynes          107,000     50      53,000    Computercenter, Getronics
Silbury Court, Milton Keynes     77,000     38      29,000    13 tenants
Solent Centre, Fareham           71,000     37      26,000    16 tenants
Overbridge Square,               66,000     25      16,000    5 tenants
Newbury
New Bond House, Bristol          47,000      60     28,000    4 tenants
Rookesley, Milton Keynes         27,000       -          -    Workplace
Adrin Place, Farnborough         24,000     100     24,000


                                660,000     43     297,000


Hospitals Portfolio

        Portfolio of four freehold private hospitals in Blackburn, Liverpool, Ayr and Stirling
        acquired by joint venture company in May 2010 for £31.6m
        Joint venture with Lloyds Banking Group where Max has 45% of the economics and 50%
        of the votes (Lloyds has 50% of votes and economics)
        Non-recourse debt at 100% of purchase price
        Each hospital is let to BMI Healthcare Limited, guaranteed by General Healthcare Group
        Limited (GHG) for a term of 25 years from May 2010 with a tenant option to renew for a
        further 10 years on full repairing and insuring terms with the tenant responsible for all
        outgoings
        Initial rent of £2.3m pa
        Annual, upwards only RPI-linked rent reviews throughout the term
        GHG is the UK‟s largest private healthcare provider with 67 hospitals and treatment
        centres across the UK, and generated an EBIDTA of £220.6m in 2009, up from £203.9m
        in 2008




                                                                                       Page 7 of 30
Total portfolio valuation movements in the six month period to 30 September, 2010

                                                                         Uplift over
                                                                           31 March
                                                                               2010
                                                                        valuation or      IPD* over
                                                                         acquisition      equivalent
                                                                             if later         period

Industrial                                                                      1.4%              0.9%
Offices                                                                         6.7%              2.9%
Hospitals (4 months since acquisition)                                          3.8%                n/a
Average                                                                         2.4%              2.4%


* Investment Property Databank monthly capital growth index for the relevant sector

                                                                                          Weighted
                                                                                            average
                                      Equivalent     Reversionary           Capital       unexpired
                     Initial yield         yield             yield        value psf      lease term

Industrial                 10.0%            10.7%            11.4%               £33        4.0   years
Offices                     8.8%            10.6%            14.8%               £71        3.0   years
Hospitals                   6.8%             6.8%             7.2%               n/a       24.7   years
Average                     9.6%            10.5%            11.8%               n/a        5.3   years


Nightclub Portfolio

Since the balance sheet date, a portfolio of 14 nightclubs with a total floor area of 256,000 sq ft
was acquired for cash consideration of £9.4m.

             Ten nightclubs are let to Atmosphere Bars and Clubs Limited on 30 year leases from
             January 2010 with a tenant break in year 25. The aggregate net rent of £1,407,000
             rises by 15% to £1,618,000 in 2015 with five-yearly upward only reviews thereafter.
             The freehold properties are in Bedford, Barnsley, Leicester, Luton, Llandudno,
             Northampton, Portsmouth, Scunthorpe, Wrexham and one leasehold property is in
             Halifax. Atmosphere Bars & Clubs Limited is a new, debt-free company backed by Sun
             Capital Partners. It was formed to acquire 31 of the best performing nightclubs out of
             the pre-pack administration of the former 3D Entertainment Group.
             The Colchester site is let to Cavendish Bars Limited at £70,000 per annum with a rolling
             mutual break on six months‟ notice.            The property forms part of a potential
             development site.
             Banbury and Maidenhead are vacant but terms have been agreed to let at an aggregate
             rent of £101,000 pa on a 15 year term certain with three months rent free.
             Middlesbrough is also vacant but there is interest from an owner occupier.
             The net initial yield of the portfolio is 15% rising to 16% on the letting of Banbury and
             Maidenhead and rising further to 19.3% in 2015 based on the guaranteed uplifts on the
             Atmosphere sites and assuming Middlesbrough is let by that time.




                                                                                            Page 8 of 30
Triple net asset value

The Group‟s „triple net asset value‟ is compared to the balance sheet and EPRA net asset values
below.

                                      Unaudited 30       Unaudited 30         Audited 31
                                       September          September           March 2010
                                         2010           2009 (restated)
                                        £m    Pence        £m     Pence         £m       Pence
                                                 per                 per                   per
                                               share               share                 share


Published net asset value
attributable to owners of the
Company                               264.8     120.4     227.3     103.3     256.9       116.8

Adjustments:
Fair value of trading properties in
excess of book value                    0.7       0.3         -          -      1.6          0.7
Fair value movements in financial
instruments                              7.5      3.3       1.2        0.6       3.8         1.7
Deferred and current tax               (1.2)    (0.5)     (0.2)      (0.1)     (0.8)       (0.3)
Fair value movements in financial
instruments in joint ventures, net
of tax                                  0.4       0.2         -          -         -            -


EPRA Net Asset Value                  272.2    123.7     228.3     103.8     261.5       118.9

Less hedging fair value
adjustments                            (6.7)    (3.0)     (1.0)      (0.5)     (3.0)       (1.4)


Triple net asset value on an
EPRA basis                            265.5    120.7     227.3     103.3     258.5       117.5




Mike Brown, Chief Executive
Prestbury Investments LLP
16 November, 2010




                                                                                       Page 9 of 30
Group Income Statement
                                                                    Unaudited
                                                       Unaudited        17 April
                                                      six months    2009 to 30        Audited
                                                           to 30    September         17 April
                                                      September           2009      2009 to 31
                                                           2010      (restated)    March 2010
                                               Note         £000           £000           £000

Gross rental income                                       15,316            137         14,890
Proceeds from sale of trading properties                   4,873         20,531         23,225

                                                         20,189         20,668         38,115

Property outgoings                                        (4,490)          (14)        (3,789)
Cost of properties sold                                   (3,142)      (17,453)       (18,659)

                                                         (7,632)      (17,467)       (22,448)
Net rental income                                         10,826            123        11,101
Profit on sale of trading properties                        1,731         3,078          4,566

Gross profit                                             12,557          3,201         15,667
Administrative expenses:
General administrative expenses                           (2,378)       (1,371)         (3,568)
Corporate costs                                             (404)         (168)           (627)
Total administrative expenses                             (2,782)       (1,539)         (4,195)
Investment property revaluation surplus                     4,614            95          24,752
Profit on sale of investment properties                     1,247             -           1,838
Discount on acquisition                         4               -        15,490          15,490
Share of profits of joint venture              10             469             -               -

Operating profit                                         16,105         17,247         53,552
Finance income                                  5            311            685          1,069
Finance costs                                   5        (5,649)          (248)        (3,960)

Profit before tax                                        10,767         17,684         50,661
Tax charge                                      6        (1,121)          (810)        (1,828)

Profit for the period                                     9,646         16,874         48,833
Profit for the period attributable to:
Owners of the parent                                       9,548         16,874         48,334
Minority interest                               7             98              -            499

                                                          9,646         16,874         48,833

Earnings per share
Basic and diluted                               8           4.3p           7.7p          22.0p

All amounts relate to continuing activities.




                                                                                      Page 10 of 30
Group Statement of Comprehensive Income


                                                                    Unaudited
                                                       Unaudited        17 April
                                                      six months    2009 to 30        Audited
                                                           to 30    September         17 April
                                                      September           2009      2009 to 31
                                                           2010      (restated)    March 2010
                                              Note          £000           £000           £000

Profit for the period                                      9,646         16,874          48,833
Market value adjustment of interest rate
derivatives, recognised directly in equity    14(b)       (1,542)       (1,243)         (3,329)
Amortisation of interest rate swap,
transferred to income statement                              (67)              -           (169)
Tax effect of interest rate derivative
valuation adjustment                           6             321            249              700
Share of market value adjustment of
interest rate derivatives in joint venture,
recognised directly in equity, net of
deferred tax                                   10          (379)               -                 -

Total comprehensive income for the
period, net of tax                                        7,979         15,880          46,035


Total comprehensive income for the
period, net of tax, attributable to:
Owners of the parent                                       7,881         15,880          45,536
Minority interest                                             98              -             499

                                                          7,979         15,880          46,035




                                                                                     Page 11 of 30
Group Statement of Changes in Equity

Period ended 30 September 2010              Stated    Hedging    Retained    Minority
(unaudited)                                 capital    reserve   earnings   interests         Total
                                              £000        £000       £000        £000          £000



At 31 March 2010 (audited)                 211,367    (2,798)     48,334       1,499     258,402

Profit for the period                             -          -      9,548         98          9,646
Market value adjustment of interest
rate derivatives                                  -    (1,609)          -           -       (1,609)
Tax effect of interest rate derivative
valuation adjustment                              -       321           -           -              321
Share of joint venture market value
adjustment of interest rate derivatives,
net of deferred tax                               -      (379)          -           -         (379)


Total comprehensive income for the                -    (1,667)      9,548         98          7,979
period, net of tax


At 30 September 2010
(unaudited)                                211,367    (4,465)     57,882       1,597     266,381




Period ended 30 September 2009              Stated    Hedging    Retained    Minority
(restated and unaudited)                    capital    reserve   earnings   interests         Total
                                              £000        £000       £000        £000          £000


At incorporation                                  -          -          -           -            -
Profit for the period                             -          -     16,874           -       16,874
Market value adjustment of interest
rate derivatives                                  -    (1,243)          -           -       (1,243)
Tax effect of interest rate derivative
valuation adjustment                              -       249           -           -              249


Total comprehensive income for the
period, net of tax                                -      (994)     16,874           -       15,880
Issue of ordinary shares of no par
value                                      220,000           -          -           -      220,000
Share issue costs                           (8,623)          -          -           -       (8,623)

At 30 September 2009
(unaudited)                                211,377      (994)     16,874            -    227,257



                                                                                   Page 12 of 30
Group Balance Sheet
                                                                  Unaudited
                                                    Unaudited              30
                                                            30    September
                                                    September           2009          Audited
                                                         2010      (restated)   31 March 2010
                                           Note           £000           £000             £000
Non-current assets:
Investment properties                        9         260,557       240,335               285,358
Investment in joint venture                 10              90             -                     -
Deferred tax asset                           6           1,158           285                   700
                                                       261,805       240,620               286,058
Current assets:
Properties held for resale                               1,982         3,280                    5,252
Trade and other receivables                 11           5,689        22,571                    4,765
Cash deposits with maturities of more
than three months                                       40,919       110,501                35,700
Cash and cash equivalents                   12          83,695        67,895                66,916
                                                       132,285       204,247               112,633

Total assets                                          394,090       444,867              398,691
Current liabilities:
Trade and other payables                    13         (15,478)     (213,197)             (15,529)
Income tax                                              (3,086)         (846)              (1,828)
Interest rate swap derivatives at market
value                                      14 (b)       (1,818)       (1,852)              (2,308)
                                                       (20,382)     (215,895)             (19,665)
Non-current liabilities:
Borrowings                                 14 (a)     (102,561)             -            (117,466)
Interest rate swap and cap at market
value                                      14 (b)      (3,051)             -              (1,443)
Obligations under finance leases                       (1,715)       (1,715)              (1,715)
                                                     (107,327)       (1,715)            (120,624)
Total liabilities                                   (127,709)     (217,610)            (140,289)

Net assets                                            266,381       227,257              258,402

Equity attributable to owners of the
parent:
Stated capital                              15         211,367       211,377              211,367
Hedging reserve                                         (4,465)        (994)               (2,798)
Retained earnings                                        57,882       16,874                48,334
                                                      264,784       227,257              256,903
Minority interest                            7            1,597            -                 1,499

Total equity                                          266,381       227,257              258,402

Basic and diluted net asset value
per share (pence)                           16         120.4p        103.3p                116.8p
Adjusted (EPRA) net asset value
per share (pence)                           16         123.7p        103.8p                118.9p



                                                                                Page 13 of 30
Group Cash Flow Statement
                                                           Unaudited
                                              Unaudited        17 April
                                             six months    2009 to 30          Audited
                                                  to 30    September      17 April 2009
                                             September           2009      to 31 March
                                                  2010      (restated)             2010
                                                   £000           £000              £000
Cash flows from operating activities:
Profit before tax                                10,767         17,684           50,661
Adjustments for non-cash items:
Investment property revaluation surplus          (4,614)          (95)          (24,752)
Profit on sale of investment properties          (1,247)             -           (1,838)
Discount on acquisition                                -      (15,490)          (15,490)
Share of profits of joint venture                  (469)             -                 -
Net finance costs/(income)                         5,338         (437)             2,891
Cash flow from operations before
changes in working capital                       9,775          1,662           11,472
Change in trade and other receivables             (386)       (20,958)          (4,162)
Change in trade and other payables                (206)          1,896           13,829
Change in properties held for resale              3,270         17,190           15,218
Cash flows from operations                      12,453          (210)           36,357
Investing activities:
Cash flows related to business acquisition            -      (33,057)         (243,895)
Investment property acquisitions                  (814)             -          (34,133)
Capital expenditure                             (2,125)             -             (116)
Investment property sale proceeds                33,211             -            16,313
Cash placed on deposit                          (5,219)     (110,501)          (35,700)
Interest received                                   269           166               951
Cash flows from investing activities            25,322     (143,392)         (296,580)
Financing activities:
Net proceeds from share issue                         -       211,497           211,367
New borrowings                                        -             -           127,709
Repayment of borrowings                        (15,293)             -            (8,515)
Interest paid                                   (3,056)             -            (2,353)
Loan arrangement fees paid                         (36)             -            (2,069)
Purchase of interest rate cap                   (2,611)             -                  -
Loan capital from minority investors                  -             -              1,000
Cash flows from financing activities          (20,996)       211,497           327,139
Net increase in cash and cash
equivalents                                     16,779         67,895           66,916
Cash and cash equivalents at start of
period                                           66,916               -                  -
Cash and cash equivalents at end of
period                                          83,695         67,895           66,916




                                                                                Page 14 of 30
Notes to the interim report

1. General information about the Group

   Max Property Group Plc was listed on AIM and CISX on 27 May, 2009. It is a closed-ended
   real estate investment company incorporated in Jersey on 17 April, 2009. This financial report
   includes the results and net assets of the Company and its subsidiaries and joint venture,
   together referred to as the Group.

   Further general information about the         Company can be        found on its website:
   www.maxpropertygroup.com.

2. Basis of preparation

   The financial information contained in this report has been prepared in accordance with
   IAS34, „Interim Financial Reporting‟.

   The accounting policies adopted in this report are consistent with those included in the
   annual report and accounts of the Group for the period ended 31 March, 2010 and are
   expected to be consistently applied in the year ending 31 March, 2011. The annual report is
   available   from   the     „Investor    Centre‟   page    of   the   Company‟s    website,
   www.maxpropertygroup.com, or by writing to the Company Secretary or Investment Adviser.

   In accordance with IFRS3, the results and net assets for the period ended 30 September,
   2009 have been restated to reflect fair value adjustments made in relation to the acquisition
   of the Industrious portfolio subsequent to that period end and reflected in the results for the
   period ended 31 March, 2010. This principally relates to trade receivables relating to the pre
   acquisition period, recovered in the six months after 30 September, 2009. The effect of the
   restatement is to increase net assets and profit before tax for the period by £620,000 (0.3p
   per share).

3. Segmental information

   During the period, the Group operated in and was managed as one business segment, being
   property investment and trading, with all properties located in the United Kingdom.




                                                                                       Page 15 of 30
4.      Acquisition of Industrious portfolio

Details of the costs and fair values of the assets and liabilities acquired by the Group on the
acquisition of the Industrious portfolio are as follows:

                                                      Price                                 Fair
                                                       paid    Adjustments                 value
                                                      £000            £000                  £000

Investment properties                               223,477            16,763            240,240
Properties held for resale                           20,513              (43)              20,470
Trade receivables                                         -               485                 485
Obligations under finance leases                          -           (1,715)             (1,715)

Total                                             243,990             15,490            259,480


Cash consideration comprises:
Purchase price                                                                           232,101
Acquisition costs                                                                         11,889

Total acquisition cost                                                                  243,990


Discount on acquisition: excess of fair value over cost                                  15,490


The fair value of the net assets acquired exceeded the cost of the transaction by £15,490,000
and this amount has been included as a discount on acquisition in the income statement for the
relevant period. The discount arises principally because the Group was in a position to acquire a
large portfolio from a motivated seller whereas the valuation at fair value, as noted above,
reflects a willing buyer and willing seller and cannot take into account the specific circumstances
of the transaction.




                                                                                        Page 16 of 30
5. Finance income and costs

                                                     Unaudited   Unaudited 17
                                                 six months to   April 2009 to        Audited
                                                            30              30        17 April
                                                    September      September        2009 to 31
                                                         2010            2009      March 2010
                                                          £000            £000            £000

Recognised in the income statement:
Finance income
Interest on cash deposits                                311             685               1,069


Finance costs
Bank interest and charges                              3,014              248               3,266
Amortisation of loan issue costs                         424                -                 341
Reduction in value of interest rate cap                2,187                -                 422
Straight line amortisation of interest rate
swap transferred from hedging reserve                    (67)               -               (169)

Finance costs in respect of bank loans and
interest rate derivatives                              5,558              248               3,860
Finance lease interest                                    91                -                 100

Finance costs                                          5,649             248               3,960

Net finance costs recognised in income
statement                                              5,338             437               2,891



                                                     Unaudited   Unaudited 17
                                                 six months to   April 2009 to        Audited
                                                            30              30        17 April
                                                    September      September        2009 to 31
                                                         2010            2009      March 2010
                                                          £000            £000            £000

Recognised in other comprehensive income:
Losses recognised on mark to market
adjustment to hedging instruments                        1,542           1,243              3,329
Transfer of amortisation of interest rate swap              67               -                169


Net finance costs recognised in other
comprehensive income                                    1,609           1,243              3,498


Further information about the hedging instruments, including details of their valuation at the
balance sheet date, is included in note 14(b).



                                                                                    Page 17 of 30
The average interest rate payable by the Group on bank borrowings for the period ended 30
September, 2010, including all lender‟s margins but excluding amortised finance costs, was 5.0%
(31 March, 2010: 4.9%). The maximum rate payable in the period was 6.4% (31 March, 2010:
6.7%).

6. Taxation

                                                 Unaudited      Unaudited
                                                six months         17 April          Audited
                                                     to 30      2009 to 30      17 April 2009
                                                September       September        to 31 March
                                                     2010            2009                2010
                                                      £000            £000                £000

Tax charge for the period recognised in the
income statement:

Current tax:
Tax on results for the period                          1,258             846              1,828
Change in deferred tax in the period                   (137)            (36)                  -


                                                      1,121             810              1,828


The tax assessed for the period varies from the standard rate of income tax in the UK of 20%.
The differences are explained below:


                                                                Unaudited
                                                 Unaudited          17 April
                                                six months      2009 to 30           Audited
                                                     to 30      September       17 April 2009
                                                September             2009       to 31 March
                                                     2010        (restated)              2010
                                                      £000             £000               £000

Profit before tax                                     10,767         17,684              50,661


Profit before tax at the standard rate of
income tax in the UK of 20%                            2,153           3,537             10,132
Adjusted for the effects of:
Revaluation surplus not subject to tax                 (923)            (19)            (4,950)
Discount on acquisition not subject to tax                 -         (3,001)            (3,001)
Income and investment property disposal
profits not subject to tax                             (897)           (148)            (1,030)
Expenses not deductible for tax                          767             210                711
Other                                                     21             231               (34)


                                                      1,121             810              1,828


                                                                                     Page 18 of 30
Deferred tax asset:                                 Unaudited       Unaudited
                                                   six months          17 April          Audited
                                                        to 30       2009 to 30      17 April 2009
                                                   September        September        to 31 March
                                                        2010             2009                2010
                                                         £000             £000                £000

At start of period                                          700                -                     -
Tax on interest rate derivative adjustment,
credited to other comprehensive income                      321             249                  700
Tax on interest rate derivative adjustment
credited to income statement                                137                -                     -
Excess property expenses credited to the
income statement                                               -              36                     -


At end of period                                         1,158              285                 700


Tax Status of the Company and its Subsidiaries
Any Group undertakings with income are either tax resident in Jersey or are tax transparent
entities owned by Jersey resident entities. Jersey has a corporate income tax rate of zero, so the
Company and its subsidiaries are not subject to tax on their income or gains in Jersey. The
Company is not subject to UK Corporation tax on any dividend or interest income it receives.

The Group‟s real estate assets are located in the United Kingdom and the net rental income
earned less deductible interest costs is subject to UK income tax, currently at a rate applicable to
Group undertakings of 20%.

7.    Minority interest


                                                                                              £000

At 31 March 2010 (audited)                                                                   1,499
Minority interest in results for the period                                                     98


At 30 September 2010 (unaudited)                                                            1,597


The minority interest is represented by a 16.7% investment by a third party in three properties in
Milton Keynes within the Offices portfolio.

8.    Earnings per share

The calculation of earnings per share is based on 220,000,002 ordinary shares in issue
throughout each relevant period during which profits were earned and is based on profits
attributable to ordinary shareholders of the Company for the period. There are no share options
or other equity instruments in issue and therefore no adjustments to be made for dilutive or
potentially dilutive equity arrangements.

                                                                                         Page 19 of 30
The European Public Real Estate Association (EPRA) publishes guidelines for calculating adjusted
earnings designed to represent core operational activities. The adjusted EPRA earnings per share
calculation is as follows:

                                                        Unaudited period
                                  Unaudited six         to 30 September        Audited period
                                   months to 30                     2009         to 31 March
                                September 2010                 (restated)               2010
                               £000   Pence per          £000 Pence per         £000 Pence
                                          share                     share                 per
                                                                                         share


Basic earnings                9,548            4.3      16,874          7.7     48,334         22.0
Less:
Investment property
revaluation movements,
net of minority interests   (4,566)          (2.1)        (95)            -   (24,253)      (11.0)
Discount on acquisition           -              -    (15,490)        (7.1)   (15,490)       (7.1)
Profit on sale of
investment properties       (1,247)          (0.6)            -           -    (1,838)        (0.8)
Profit on sale of trading
properties                  (1,731)          (0.8)     (3,078)        (1.4)    (4,566)        (2.1)
Market value adjustment
of interest rate
derivatives, net of tax       2,034            1.0            -           -        203          0.1
Market value adjustment
of interest rate
derivatives within joint
ventures, net of tax            132            0.1            -           -           -           -


EPRA Earnings                4,170             1.9    (1,789)        (0.8)      2,390           1.1




                                                                                      Page 20 of 30
9. Investment properties

                                                     Unaudited 30 September 2010
                                                             Long       Short
                                               Freehold Leasehold Leasehold      Total
                                                   £000       £000       £000     £000


At 31 March 2010 (audited)                       205,389    79,049        920      285,358
Acquisitions                                         851         -          -          851
Additions                                          1,878       739          -        2,617
Drawings from escrow account                       (721)     (241)          -        (962)
Disposals                                       (31,490)     (431)          -     (31,921)
Revaluation movement                               5,150     (286)      (250)        4,614

Carrying value as at 30 September
2010 (unaudited)                               181,057     78,830        670     260,557
Headlease liabilities (note 14)                      -     (1,715)         -      (1,715)
Rent free periods (note 11)                        633         221         -          854


Total property portfolio valuation at 30
September 2010 (unaudited)                     181,690     77,336        670     259,696


                                                        Audited 31 March 2010
                                                              Long      Short
                                               Freehold Leasehold Leasehold          Total
                                                   £000       £000       £000         £000


At incorporation                                       -         -          -               -
Acquisition of Industrious portfolio at fair
value                                            169,660    69,690       890       240,240
Acquisition of Office portfolio at cost           25,195     9,609         -        34,804
Additions                                            101       167         -           268
Drawings from escrow account                       (175)      (56)         -         (231)
Disposals                                       (14,475)         -         -      (14,475)
Revaluation movement                              25,083     (361)        30        24,752


Carrying value as at 31 March 2010             205,389     79,049        920     285,358
Headlease liabilities (note 14)                      -     (1,715)         -      (1,715)
Rent free periods (note 11)                        241          66         -          307


Total property portfolio valuation at 31
March 2010 (audited)                           205,630     77,400        920     283,950




                                                                                Page 21 of 30
The properties were valued as at 30 September, 2010 by CB Richard Ellis Limited, Commercial
Real Estate Advisers, in their capacity as external valuers. The valuation was undertaken in
accordance with the Royal Institution of Chartered Surveyors‟ Appraisal and Valuation Standards
on the basis of market value. Market value represents the estimated amount for which a property
would be expected to exchange at the date of valuation between a willing buyer and a willing
seller in an arm‟s length transaction after proper marketing wherein the parties had each acted
knowledgeably, prudently and without compulsion. A deduction is made to reflect an estimate of
the acquisition costs of any purchaser.

The Group has the benefit of an escrow account established by the seller of the Office portfolio
from which funds can be drawn to meet void costs for the period from the portfolio acquisition in
February, 2010 until 31 December, 2012. In accordance with accounting standards, drawings
from the escrow account are treated as reductions in the cost of the assets. The escrow account
was £5,899,000 initially, against which £962,000 has been drawn in the period (£231,000 in the
period to 31 March, 2010) and £1,193,000 has been drawn cumulatively to 30 September, 2010.

The historic cost of the Group‟s investment properties as at 30 September, 2010 was
£223,413,000 (31 March, 2010 was £247,593,000).

10. Investment in joint venture

                                                  Unaudited      Unaudited
                                                 six months         17 April          Audited
                                                      to 30      2009 to 30      17 April 2009
                                                 September       September        to 31 March
                                                      2010            2009                2010
                                                       £000            £000                £000


At start of period                                           -               -                    -
Share of profit for the period recognised in
the income statement                                      469                -                    -
Share of market value adjustment of interest
rate derivatives, net of deferred tax,
recognised in the statement of comprehensive
income                                                  (379)                -                    -


At end of period                                           90                -                   -


The investment in joint venture is represented by the Group‟s 45% economic interest (with 50%
voting rights) in MPG Hospital Holdings Limited, a joint venture company incorporated in and
operating in England. The joint venture owns four private hospitals in Blackburn, Liverpool, Ayr
and Stirling, all held on long leases with annual RPI linked uplifts throughout the term on an
initial rent of £2.3m pa. The joint venture is funded with a non-recourse debt facility of £31.5m
and the properties were independently valued at £32.5m at 30 September, 2010.

The investment is accounted for using the equity method of accounting and the results above are
for the period from the date of acquisition, 28 May, 2010, to 30 September, 2010. The share of
the joint venture‟s profit of £469,000 for the period includes £536,000 representing the Group‟s
share of the joint venture‟s investment property revaluation surplus for the period after an
independent open market valuation of the portfolio as at 30 September, 2010.

                                                                                      Page 22 of 30
11. Trade and other receivables

                                                              Unaudited
                                              Unaudited                30
                                                      30      September            Audited
                                              September             2009          31 March
                                                   2010        (restated)             2010
                                                    £000             £000              £000


Trade receivables                                   3,327             897               4,439
Less provision for doubtful debts                   (911)               -               (896)


Trade receivables – net                             2,416             897               3,543
Interest receivable                                   160             519                 118
Rent free periods granted to tenants
(note 9)                                              854                -                307
Prepayments and accrued income                      1,760               15                797
Derivative financial instruments: due after
one year                                                -             609                     -
Other receivables                                     499          20,531                     -


                                                   5,689          22,571               4,765




Other than the derivative financial instruments and £719,000 (31 March 2010: £263,000) of rent
free periods which are due in more than one year, all amounts above are due within one year.

12. Cash and cash equivalents

Included within the Group‟s cash and cash equivalents balance as at 30 September, 2010 of
£83,695,000 (30 September, 2009: £67,895,000; 31 March, 2010: £66,916,000) are cash
deposits of £3,914,000 (30 September, 2009: nil; 31 March, 2010: £5,040,000) in accounts held
as security by the provider of the secured bank debt.




                                                                                    Page 23 of 30
13. Trade and other payables

                                                              Unaudited
                                              Unaudited                30
                                                      30      September
                                              September             2009           Audited
                                                   2010        (restated)    31 March 2010
                                                    £000             £000              £000


Trade payables                                       3,351             78               2,526
Amount due to vendor of Industrious
portfolio                                                -        199,381                   -
Rent received in advance                             6,152            373               7,253
Accrued acquisition costs                                -         11,552                   -
Other taxes and social security                      1,300              -               1,609
Other amounts payable                                1,768          1,073               1,358
Accruals and deferred income                         2,907            740               2,783


                                                  15,478         213,197              15,529


All amounts above are due within one year.

14. Financial assets and liabilities

a)   Non-current financial liabilities

                                               Unaudited      Unaudited
                                                       30             30
                                               September      September            Audited
                                                    2010           2009      31 March 2010
                                                     £000           £000               £000

Non-current
Bank loans (secured)                               103,901               -           119,194
Unamortised finance costs                           (1,340)              -            (1,728)
                                                   102,561               -           117,466
Interest rate swap and cap at market value            3,051              -              1,443
Obligations under finance leases                      1,715          1,715              1,715


                                                  107,327           1,715           120,624


There was no difference between the book value and fair value of the non-current financial
liabilities shown above.

The Group has no undrawn, committed borrowing facilities at 30 September, 2010 nor at the end
of any prior period.


                                                                                   Page 24 of 30
b)    Derivative financial instruments

The following derivative instruments were in place as at 30 September, 2010:


                          Protected        Expiry      Market         Market
                               rate                   value at       value at        Market
                                                            30             30       value at
                                                    September      September       31 March
                                                         2010           2009           2010
                                   %                      £000           £000           £000


£70.6m amortising                 4.0      August
swap                                         2014        (6,048)       (2,789)       (4,507)
£56.75m cap                       4.0      August
                                             2014           259          1,546            756
£100m cap                         3.5       March
                                             2015           920                -             -


                                                        (4,869)       (1,243)       (3,751)




Movements in the valuation of hedging instruments in the period are as follows:

                                                                                        £000



At incorporation                                                                           -
Charged to income statement (note 5)                                                   (422)
Charged directly to hedging reserve                                                  (3,329)



At 31 March 2010 (audited)                                                           (3,751)
Premium paid on acquisition of interest rate cap                                       2,611
Charged to income statement (note 5)                                                 (2,187)
Charged directly to hedging reserve                                                  (1,542)



At 30 September 2010 (unaudited)                                                    (4,869)




                                                                                      Page 25 of 30
                                                                   Unaudited
                                                    Unaudited               30
                                                            30     September         Audited
                                                    September            2009       31 March
                                                         2010       (restated)          2010
                                                          £000            £000           £000

The liability above is split:
  within one year                                          1,818          1,852          2,308
  in more than one year                                    3,051          (609)          1,443


                                                          4,869          1,243          3,751


The derivative contracts have been valued by reference to interbank bid market rates as at the
close of business on the balance sheet date by JC Rathbone Associates Limited. This is a „level 2‟
fair value movement as defined in IFRS7, Derivative Financial Instruments Disclosures.

These derivative valuations do not take account of any accrued benefit or liability for the period
from the last rollover date until the balance sheet date because the accrued net cost for that
period is included within the interest accrual at the period end.

The market values of hedging instruments change constantly with interest rate fluctuations, but
the exposure of the Group to movements in interest rates is protected by way of the hedging
products listed above. The valuations above do not necessarily reflect the cost or gain to the
Group of cancelling its interest rate protection at the relevant balance sheet date, which is
generally a marginally higher cost or smaller gain than a market valuation.

15. Stated capital


                                                Unaudited        Unaudited
                                                        30               30
                                                September        September              Audited
                                                     2010             2009        31 March 2010
                                                      £000             £000                 £000


220,000,002 ordinary shares issued at £1            220,000          220,000             220,000
each
Share issue costs                                    (8,633)          (8,623)             (8,633)


                                                   211,367          211,377             211,367




                                                                                       Page 26 of 30
16. Net asset value per share

Net asset value per share is calculated as the net assets of the Group attributable to shareholders
at each balance sheet date, divided by the number of shares in issue at that date of 220,000,002.

The European Public Real Estate Association (“EPRA”) has issued guidelines aimed at providing a
measure of net asset value (“NAV”) on the basis of long term fair values. The EPRA measure
excludes items that it considers have no impact in the long term, such as the fair value of
derivative instruments and deferred tax balances. The Group‟s EPRA NAV is calculated as
follows:


                                                           Unaudited
                                     Unaudited          30 September                     Audited
                                  30 September                   2009                   31 March
                                          2010              (restated)                      2010
                                   £000   Pence          £000    Pence          £000        Pence
                                            per                    per                        per
                                          share                  share                      share


Net asset value
attributable to owners of
the Company                      264,784     120.4     227,257     103.3     256,903         116.8

Adjustments:
Fair value of trading
properties in excess of
book value                           718       0.3            -         -      1,628             0.7
Fair value movements in
financial instruments              7,480        3.3      1,243        0.6      3,751            1.7
Deferred and current tax         (1,158)      (0.5)      (249)      (0.1)      (750)          (0.3)
Fair value movements in
financial instruments in
joint ventures, net of tax           379       0.2            -         -           -              -


EPRA Net Asset Value           272,203      123.7     228,251     103.8     261,532         118.9




                                                                                        Page 27 of 30
17. Related party transactions and balances

Interests in shares
The interests of the Directors and their families in the share capital of the Company are as
follows:
                                                Unaudited      Unaudited
                                                        30              30          Audited
                                               September       September           31 March
                                                      2010           2009              2010


Aubrey Adams                                          100,000          100,000           100,000
Mike Brown                                          5,000,000        5,000,000         5,000,000
Freddie Cohen                                          20,000                -                 -
Keith Hamill                                           40,000           40,000            40,000
Nick Leslau                                        20,000,000       20,000,000        20,000,000
Alex Ohlsson                                           66,000           40,000            40,000
John Stephen                                           40,000           40,000            40,000
David Waters                                           25,000           25,000            25,000


The interests disclosed above include both direct and indirect interests in shares.

Directors‟ fees
Directors‟ fees of £106,000 (30 September, 2009: £66,000, 31 March, 2010: £169,000) were
payable for the period ended 30 September, 2010. As at 30 September, 2010 £22,000 (30
September, 2009: £55,000; 31 March, 2010: £23,000) of fees payable remained outstanding and
are included within other payables (note 13).

Management fees payable
Nick Leslau and Mike Brown hold partnership interests in, and are Chairman and Chief Executive
respectively of, Prestbury Investments LLP, which is Property Adviser to the Group under the
terms of the Investment Advisory Agreement entered into on 21 May, 2009. Under the terms of
that agreement, management fees of £2,246,000 (30 September, 2009: £1,322,000; 31 March,
2010: £3,394,000) were payable to Prestbury Investments LLP in respect of the period ended 30
September, 2010, of which £1,125,000 (30 September, 2009: £968,000; 31 March, 2010:
£1,055,000) was payable as at the balance sheet date and is included within trade and other
payables (note 13).

In the course of its duties as Investment Adviser and in accordance with the terms of the
Investment Advisory Agreement, Prestbury Investments LLP is entitled to recover the costs and
expenses properly incurred in connection with its duties. During the period, it has recharged at
cost £59,000 (30 September, 2009: £869,000; 31 March, 2010: £978,000) to the Group in this
respect, of which £7,000 (30 September, 2009: £41,000; 31 March, 2010: £19,000) remains
outstanding and is included within other payables in the balance sheet at 30 September, 2010.




                                                                                      Page 28 of 30
Incentive payments
Under the terms of the carried interest arrangements between the Company, Prestbury
(Scotland) Limited Partnership (“Prestbury Scotland”, a partnership in which Nick Leslau and Mike
Brown have 49% and 25% interests respectively), and OZ UK Real Estate Securities Limited
(“Och-Ziff”), once the £211,367,000 of net funds raised on listing have been returned to
shareholders (assuming no further share issues), then cash returns over and above that amount
may ultimately be shared as to 80% to shareholders and 20% to Prestbury Scotland and Och-
Ziff, subject to shareholders having first received the net proceeds of share issues in cash plus an
11% per annum preferred return.

The carried interest payments are payable only on cash realisations other than where either the
Investment Advisory Agreement has been terminated (where the net asset value of the Group is
used in the calculation as if that amount had been returned to shareholders in cash) or there has
been a takeover of the Company (in which case the offer price is used in the calculation).

No carried interest payment has yet become payable. If the net asset value of the Group as at 30
September, 2010 is used as the basis of the calculation, this would theoretically amount to
£8,285,000 (30 September, 2009: £2,583,000; 31 March, 2010: £7,058,000) payable to
Prestbury Scotland and £2,405,000 (30 September, 2009: £750,000; 31 March, 2010:
£2,049,000) payable to Och-Ziff, totalling £10,690,000 (30 September, 2009: £3,333,000; 31
March, 2010: £9,107,000). The uplift in value giving rise to the theoretical carried interest
payment arises over a relatively short period of time.

Taking account of the uncertainties arising from (і) the length of the period over which the
incentive fee will be determined, and (іі) the challenging future returns required and current
market index projections of general property value growth over the medium term, the Directors
have concluded that it would not be appropriate to make a provision for the incentive fee at this
early stage.

The Board will keep the position under review and will provide for a liability for incentive
payments once there is more certainty as to the likelihood of payments being made.


18. Commitments and contingent liabilities

At 30 September, 2010 the Group had capital commitments in respect of refurbishment works its
investment portfolio amounting to £1,434,000 (30 September, 2009: nil; 31 March, 2010:
£1,702,000).

19. Post balance sheet events

On 27 October, 2010 the Group acquired a portfolio of 14 nightclubs with initial annual income of
£1,477,000 for cash consideration of £9,400,000.




                                                                                         Page 29 of 30
Glossary

AIM                   The Alternative Investment Market of the London Stock Exchange
CISX                  The Daily Official List of the Channel Islands Stock Exchange
EPRA                  European Public Real Estate Association
EPRA EPS              A measure of earnings per share designed by EPRA in an effort to
                      present underlying earnings from core operating activities
EPRA NAV              A measure of net asset value designed by EPRA with a view to
                      presenting net asset value excluding the effects of fluctuations in
                      value in instruments that are held for long term benefit, net of any
                      deferred tax
EPS                   Earnings per share, calculated as the earnings for the period after
                      tax attributable to members of the parent Company (that is,
                      excluding any minority interests) divided by the weighted average
                      number of shares in issue in the period
Equivalent Yield      The constant capitalisation rate which, if applied to all cash flows
                      from an investment property, equates to the market rent
Initial Yield         Annualised net rents on investment properties as a percentage of
                      the investment property valuation
Investment Advisory   The agreement made between the Company, Prestbury
Agreement             Investments LLP and Partnership Incorporations Limited under
                      which Prestbury provides certain services to the Group
NAV                   Net asset value
Prestbury, or         Prestbury Investments LLP, a partnership owned by Nick Leslau
Investment Adviser    (50%) and Mike Brown (25%)
Reversionary Yield    The anticipated yield which the Initial Yield will rise to once the
                      rent reaches the ERV which is the market rental value of lettable
                      space




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