Chairman’s statement

Welcome to our 2011 annual report.

Great Portland Estates is a central London property investment and development company owning over £1.6 billion of real estate.

Our strategy is simple – to generate superior portfolio and shareholder returns from a combination of our active asset management, development and investment management skills. We aim to maximise equity returns through the effective reading of the property cycle in a focused market that we know well.

Since our May 2009 rights issue, we have capitalised on market conditions, investing the proceeds more than twice over, and we have embarked on a development programme designed to deliver high quality space into a market where supply is forecast to be scarce.

The financial results demonstrate the quality of the portfolio and the dedication of our team – adjusted net assets per share up 27.2%, underlying capital return of 15.5% and, with gearing low at 31.4%, we are well placed to deliver our development plans and to take advantage of opportunities as they arise.

Martin Scicluna Chairman