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Portfolio statistics

Our portfolio - how we commit our capital - at 31 March 2007

  Investment Trading & development Total
Central London offices 32.8% - 32.8%
South East offices 1.2% 2.6% 3.8%
In town retail 20.4% 1.0% 21.4%
Out of town retail 6.0% 2.3% 8.3%
Industrial 8.9% 13.1% 22.0%
Change of use 2.4% 9.3% 11.7%
Total 71.7% 28.3% 100.0%

Valuation uplift - at 31 March 2007

  Valuation uplift Average unexpired lease term (years)
London offices 17.8% 6.8
In town retail 16.2% 9.5
Out of town retail 6.3% 9.0
Industrial 7.4% 9.3
Investment portfolio 14.4% 7.9

Valuation yields - at 31 March 2007

  Initial Reversionary Equivalent True equivalent
London offices 6.2% 7.0% 6.0% 6.3%
In town retail 3.2% 5.1% 5.1% 5.3%
Out of town retail 4.9% 5.0% 4.9% 5.1%
Industrial 6.1% 7.5% 7.4% 7.8%
Investment portfolio 5.2% 6.4% 5.9% 6.2%

Investment Property Databank

The Investment Property Databank ("IPD") produces a number of independent benchmarks of property returns which are regarded as the main industry indices. They have compared the ungeared performance of Helical's total property portfolio against that of portfolios within IPD for the last 17 years. The Company's annual performance target is to exceed the top quartile of the IPD database. Helical's ungeared performance for the year to 31 March 2007 was 24.1% (2006: 25.9%) compared to the IPD median benchmark of 15.8% (2006: 20.6%) and upper quartile benchmark of 17.2% (2006: 22.8%).

IPD (all monthly and quarterly valued funds) ungeared returns

Total returns % % % % % %
Annualised over 1 year 3 years 5 years 10 years 17 years
Helical 24.1 25.9 19.5 20.8 18.5
IPD Benchmark 15.8 17.8 14.9 13.3 9.7
Percentile rank 5 3 3 1 0*
* "0" means the top ranked fund.

IPD (all monthly and quarterly valued funds) annual ungeared returns

Total returns % % % %
31.3.07 31.3.06 31.3.05
Helical 24.1 25.9 28.5
IPD Benchmark 15.8 22.8 20.3
Percentile rank 5 10 0*
* "0" means the top ranked fund.

The returns on shareholder capital earned by Helical are generally higher than those measured by IPD due to the use of gearing. The returns noted above take no account of the £36m (2006: £29m) surplus of trading and development stock above book value arising from the directors' valuation.

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