Interim Results

CLS HOLDINGS PLC
15 September 1999

                                        
                                        
CLS Holdings plc

Interim Report 1999

Chairman's Statement

The Board is pleased to announce the Group's results for the six months ended 30
June  1999.   This  has been a successful period for our core  business  and  in
addition,  surrenders at Vista Office Centre (formerly Hoechst House) and  Drury
Lane have significantly added to profits as well as underpinning further growth.
The results have also benefited from a reduction in interest rates.  An external
valuation,  carried  out  at  the half year for the  first  time,  has  shown  a
continuing  strong performance of the Group's portfolio and in  particular,  the
revaluation surplus at Solna, Stockholm which was acquired immediately prior  to
30  June  1999, has had a significant impact.  We have continued  to  make  good
progress  with  lettings  in the London portfolio and this,  combined  with  the
potential  at Solna, means that an annual rent roll in excess of £42 million  is
in prospect.

Financial Highlights

  -   NAV  per share of 217.0 pence, (up 17.9 per cent since 31 December 1998)
      after external valuation.
  -   Profit  before tax up 96 per cent at £9.9 million (£5.0 million for  the
      period to 30 June 1998).
  -   Since  31  December 1998,  8,374,966 shares have been purchased  by  the
      Company and cancelled, representing 7.4 per cent of share capital. Further
      tender offer buy back proposed of 1 in 65 shares at 185 pence per share
  -   £42.2 million cash in bank at 30 June 1999 (30 June 1998: £18.5 million).
  -   Potential annual rent roll rises from £32.4 million today, to £42.5 
      million after letting vacant space and  a further investment of 
      approximately  £12 million.

Our  share buy back programme is starting to benefit shareholders and the effect
can be seen in the following statistics:


Key Statistics

                           30.06.99         30.06.98           
NAV per share               217.0 p          160.8 p              up 35 %
FRS 13 adjustment      
(after tax)                (15.9) p         (20.4) p            down 22 %
Earnings per share            8.3 p            4.0 p             up 108 %
Shares in issue (000's)   104,372.7        115,638.7            down 10 %
Distribution per share       2.85 p           2.40 p               up 19%
 
The Group's financial performance is continuing to show strong growth.

Other Financial Information

                         30.06.99    30.06.98                          31.12.98 
                                     restated                          restated

Property portfolio       £470.3 m    £375.0 m     up      25 %         £404.7 m
Net rental income         £15.1 m     £14.4 m     up       5 %          £28.8 m
Other property related
 income                    £4.1 m     £ 1.4 m     up     193 %          £ 2.7 m
Operating  profit         £17.3 m     £14.0 m     up      24 %          £26.8 m
Financial income           £2.4 m      £1.0 m     up     143 %           £2.1 m
Profit before taxation     £9.9 m      £5.0 m     up      96 %          £11.1 m
Profit after taxation      £8.9 m      £4.5 m     up      97 %          £10.1 m
Net asset value          £226.5 m    £186.0 m     up      22 %         £207.6 m
Cash                      £42.2 m     £18.5 m     up     129 %          £29.0 m
Gearing                   107.3 %      99.4 %     up       8 %           93.0 %
Interest Cover              2.34        1.56      up      50 %            1.60

The  Group  has continued to perform well.  A summary of our first  six  months'
activities follows:

Financial

The solid financial performance of the Group has continued, with pre-tax profit
amounting to £9.9 million for the six months, showing a growth of 96.3 per cent
over the period to 30 June 1998.

The balance sheet has been further strengthened, with net asset value increasing
to 217.0 pence per share, an increase of 17.9 per cent over the position at 31
December 1998 and an increase of 35.0 per cent since 30 June 1998.  Net assets
have benefited from an interim property valuation showing an increase of £20.4
million (19.5 pence per share) this included the acquisition of a substantial
investment at Solna in Stockholm, Sweden just prior to the half year end, which
has been valued at £12.3 million in excess of cost (equivalent to 11.8 pence per
share).


Net Rental Income
Rental income, at £15.1 million has been restated to include the effect of
service charge income and expenditure, a net expense of £0.7 million (30 June
1998: £0.4 million).  This reflects an increasing proportion of the portfolio,
mainly relating to Swedish properties, being invoiced at an all inclusive rent.
The growth of £0.8 million over June 1998 (as restated) reflected the inclusion
of rent of £2 million received for a full six months at Vanerparken, which was
acquired in September 1998.  This was offset by a reduction in rental income
from properties undergoing refurbishment, principally £0.4 million at Vista
Office Centre (previously Hoechst House) and £0.2 million at 230 Blackfriars
Road (previously Conoco House).


Other property related income
Other property related income increased by £2.7 million to £4.1 million.  The
principal elements included a profit of £2.5 million on the surrender of a lease
at Vista Office Centre and a profit of £0.8 million on the surrender of a lease
at Drury Lane.


No property disposals were made during the period.

Administrative expenditure
Administrative expenditure increased by £0.3 million to £1.6 million.  The
principal reasons for this increase were costs of £0.1 million which related to
new computer systems, partly in preparation for year 2000 and an increase of
£0.2 million reflecting the addition of some senior staff strengthening the
management team in the areas of development, international investment and
finance.  Of the increase in staff costs, £0.1 million was recovered as part of
the management charge to Citadel Holdings plc of £0.3 million.


Associate Company
Citadel Holdings plc owns a high quality French office portfolio and is
performing well in this improving market.  In May 1999 we took the opportunity
of increasing our investment in Citadel through the purchase of 1,679,074 shares
from Bengt Mortstedt taking our direct holding to 17.4 per cent.  As a result of
our increased influence over the business of Citadel the Company is being
treated as an associate in this period's figures.  This contributed an
additional £0.2 million to Operating profit for the six months to 30 June 1999.
In addition net asset value increased by 0.08 pence as a result.


Financial income and costs
Interest receivable and financial income increased from £1.0 million for the
period to 30 June 1998, to £2.4 million for the six months to 30 June 1999.
This reflects our greatly increased level of cash balances and our improved
contribution from treasury activities.

Interest income amounted to £0.7 million, whilst Treasury activities contributed
£1.7 million in the period mainly as a result of the timely investment of a
small portion of our cash resources in Ericsson, Nokia and Scania.  The book
value of our treasury investments at 30 June 1999 was £1.9 million, since that
date our holdings have been reduced through profitable sales of investments.


Interest payable and related charges has decreased slightly to £9.8 million (30
June 1998: £9.9 million).  This reflects the effect of falling interest rates,
notwithstanding an increase in overall borrowing.  At the period end UK sterling
floating rate loans totalled £151 million.  All of our UK floating rate debt is
hedged by interest rate caps.  Three month LIBOR rates moved from 7.81 per cent
at 30 June 1998 to 5.16 per cent at 30 June 1999 although the full effect of
this movement was not felt until the end of the period.


The Group is continuing with its active refinancing programme.  During the first
half of the year the Group has incurred costs of £0.2 million in relation  to
associated valuation and legal fees.

Taxation
The Group will continue to benefit from brought forward tax losses and capital
allowances, for the full year.  The Profit & Loss charge of £0.9 million
reflects an apportioned estimate of the charge for the whole year.

Buy-backs and dividends
At the year end we stated that in lieu of paying a final dividend in cash, the
Company intended to make a distribution to shareholders by way of a tender offer
buy-back.  This was taken up in full in March of this year.  With the current
share price remaining at a considerable discount to net asset value we are
proposing an interim distribution by way of a further tender offer buy-back of
shares on the basis of 1 in 65 at a price of 185 pence per share.  This will
enhance net asset value per share and is equivalent in cash terms to an interim
net dividend of 2.846 pence per share (1998: 2.4 pence per share), an increase
of 18.6 per cent.  Should the buy-back be taken up in full, the total cash
expenditure will be £3.0 million and as a result, share capital will be further
reduced by 1.5 per cent and the proforma net asset value per share would
increase to 217.5 pence.


At 31 December 1998 there were 112,747,693 ordinary shares in issue.  Since that
date the Company has purchased 4,775,907 shares in the market for cancellation
and completed the 1998 year end tender offer buy back of 3,599,059 shares.  This
has involved a total cash expenditure of £10,159,986 and leaves the number of
shares in issue at today's date of 104,372,727. Should the current tender o 
ffer buy back be fully taken up, the number of shares in issue would be further
reduced by 1,605,734 to 102,766,993.


Investment Properties
Tangible Assets, at £470.6 million, have increased by £65.7 million (16.2 per
cent) since 31 December 1998.  This increase reflects the cost of acquisition of
Solna (£34.5 million (SEK463 million) ) and Colne House, Watford (£6.4 million)
together with the interim revaluation surplus of £20.4 million (of which Solna
represented £12.3 million).


Creditors
Creditors falling due within one year show an increase of £50.4 million
reflecting the fact that the Solna completion (£32.7 million) took place after
the period end and £16.7 million of refinancings were in progress at 30 June
1999. Since the period end, the Solna acquisition has been financed by third
parties on a long term basis.


Debt Structure
The net  borrowing of the Group at 30 June 1999 was £207.8 million (31 December
1998 - £189.8 million).  This reflected the active refinancing programme pursued
by the Group and the funding of the acquisitions detailed above.

The fair value of the Group's fixed rate debt was in excess of book value by an
amount of £23.7 million (31 December 1998 - £33.2 million).  The notional after
tax adjustment to NAV, at a corporation tax rate of 30 per cent (31 December
1998 - 31 per cent), resulting from holding loans at fair value was £16.6
million or 15.9 pence per share (31 December 1998 - £23.0 million or 20.4 pence
per share).  This was the result of increased bond yields.


Whilst the FRS13 adjustment is noteworthy the additional interest cost is of
course expensed through the Profit & Loss Account. This excess interest charge
amounted to approximately £0.7 million in the six months to 30 June 1999.


Gearing at 30 June 1999 was 107.3 per cent, (31 December 1998 - 93.0 per cent)
the balance of the purchase price for the acquisition of Solna of £32.7 million
has been included in the calculation of gearing. Non-interest bearing debt
amounted to £53.8 million (31 December 1998: £19.5 million).


Year 2000
Since our review of the position at 31 December 1998, the Group's in house
systems and those of its properties, where appropriate, have been fully tested
to ensure they will be compliant before the year 2000 and the programme of
upgrading / replacement of equipment is nearing completion.


Property

230 Blackfriars, London
Following the receipt of £775,000 in settlement of dilapidation in December 1998
from Conoco, we are refurbishing this property.  The works are proceeding in
line with our budget and due for completion this month.  In April we pre-let
half of the 60,000 sq ft (5,575 sq m), available, to American Express Europe
Limited at £23 per sq ft (£253 per sq m).  We are at an advanced stage of
letting the remaining available space.


Citadel House
Citadel House, Fetter Lane, EC4 (now renamed Elan House) is now completely let
and this will be fully income producing during the final quarter of the current
year.

Colne House, Watford
On 2 March 1999 we acquired Colne House, Watford.  This is a high yielding
office  investment, acquired on an initial yield of 10 per cent and let to
Hitachi Europe until September 2010.

Coventry House
On 19 January 1999 we announced the outcome of the rent review with Aberdeen
Steak Houses.  This resulted in a rental uplift from £430,000 per annum to
£655,000 per annum and re-affirmed our confidence in this location.  We have now
received consent to extend the building to create 17 luxury apartments on the
upper three floors and these will be aimed at the top end of the rental market.
Work has commenced on site and we anticipate completion in the summer of 2000.  
Negotiations are continuing with a number of potential operators of the 
advertising sign on top of the building and we hope to announce further 
progress shortly.

172 Drury Lane, London WC2
On 30 June we accepted a payment of £1.85 million from Aegis to surrender their
lease.  This gave rise to a profit of £0.8 million reflected in these results.
The empty space has been refurbished by Aegis and we are actively marketing this
space.

Vista Office Centre
On 18 January 1999 we announced that we had received £7.982 million from Hoechst
UK Ltd for the surrender of its leasehold interest at Hoechst House, Heathrow
(now renamed The Vista Office Centre).  This resulted in a £2.5 million profit
in the first half. The first phase of our refurbishment programme which will be
completed shortly, includes a new reception area, gymnasium, tennis court,
swimming pool and restaurant.  We expect further progress on new lettings later
in the year.


Solna, Sweden
On 23 June we announced our second major acquisition in Sweden.  The freehold
property extends over a site area of 5.2 hectares (12.9 acres) and comprises a
total net lettable area of 112,900 sq. m. (1.215 million sq. ft.) made up of
60,900 sq. m. (656,000 sq. ft.) offices, 47,300 sq. m. (509,000 sq. ft)
warehousing and distribution facilities, 3,500 sq. m. (38,000 sq. ft.) retail
and 1,152 sq. m. (12,000 sq. ft.) residential.  The site also includes over
1,600 car parking spaces, of which 59 per cent are situated underground.  The
property is multi let to over 60 tenants and approximately 35 per cent of the
space is vacant.  The current total net income of the property is in excess of
SEK 28.4 million (£2.1 million) per annum and is expected to rise to SEK 60.3
million (£4.5 million) per annum when fully let.  In addition, on an ERV basis
total rents may rise to over SEK 80.0 million (£6.0 million).

The effective cost of acquiring the company was SEK 463 million (£34.5 million)
which gives an initial yield of 6.1 per cent rising to 11.2 per cent when fully
let and after taking into account further investment of SEK 75 million (£5.6
million).

Solna has been valued at 30 June 1999 at SEK 660 million (£49.3 million) giving
rise to a surplus of £12.3 million on cost of £34.5 million.

The acquisition has been financed in Swedish Kronor, therefore only equity and
profits are exposed to movements in exchange rates.

Total bank finance on our Swedish properties is currently SEK 843.3 million. SEK
643.3 million of which has been fixed at the rate of 6.0 per cent, the remainder
floating at 4.75 per cent.  The overall effective rate of interest is 5.7 per
cent.

Set out below is a table, first published in our annual report and accounts for
the year ended 31 December 1998.  The table analyses the categories of assets we
own and the future potential available from new lettings and refurbishment.
Comparison can also be made between the performance of our international
properties and those located in London.  The table has been updated to reflect
acquisitions and letting activity since the year end.


                                       Yield                Rent           
                                       based   Contracted  Contract    Unlet 
June 1999                              on      Receivable  not yet     Space
Description   Area    Area      Book   receiv  Rent        receivable   at
London        sq m   sq ft      Value  able                             ERV
             (000's) (000's)     £m    rent      £m        £m           £m
                                        %                    
< 5 yrs     37.1   398.4      50.0   10.87       5.4         -          0.1 
                                                                         
5 - 10 yrs  52.8   568.9     115.8    7.79       9.0       0.3          0.7 
                                                                         
> 10 yrs    49.8   535.7     135.2    7.30       9.9       1.2           - 
                                                                         
Refurbish-  25.6   275.8      72.3    2.14       1.6       2.9          2.5 
ment Projects
                                                                         
Total      165.3  1,778.8    373.3    6.93      25.9       4.4          3.3 
                       
International
Sweden                                                                   
< 10 yrs    82.0   882.5    (                   2.1         -           - 
                            ( 49.3   4.26                               
Refurbish   30.9   332.5    (                    -         -          2.4 
ment
Projects
                                                                         
> 10 yrs    43.2   467.8      44.4    9.19       4.1         -         - 
                                                                        
Germany
< 5 yrs      5.4    58.2       3.3    9.70       0.3         -         - 
                                                                         
Total      161.5  1,741.0     97.0    6.71       6.5         -          2.4 
                       
                                                                         
Total      326.8  3,519.8    470.3    6.89      32.4       4.4          5.7 
Portfolio              
                                                                         
                                            Total Potential Income     42.5 
                                                  
The above table does not reflect over and underrenting of existing receivable
rental income.  In the UK we estimate reversionary income to be £1.5 million per
annum and overrented income is £1.0 million per annum.  However, virtually all
of the overrented income is secured on leases with strong tenants for at least
the next ten years. In relation to international properties, we estimate the net
reversionary income to be approximately £1.0 million per annum.


Conclusion

We are satisfied with the first half year's results and continue to work on the
prospects for  future growth.

The recently completed leisure development at One Leicester Square opened to the
public last week to great critical acclaim and we are proud of our involvement
in this London landmark property.

The total refurbishment of 230 Blackfriars Road and the first phase of our
refurbishment of Vista Office Centre will be completed within the next few weeks
and we are pleased with the tenant demand for the high quality schemes.

At today's date the Group's aggregate annual contracted rent roll stands at
£36.8 million with a further £5.7 million in the pipe line as we let vacant
space.  This will provide the fuel for further growth. Of the £4.4 million of
contracted rent not yet receivable, £3.9 million will be receivable for the full
year ending 31 December 2000.

We have a strong cash position and feel well placed to move quickly when
attractive opportunities arise.  We continue to believe that our London
portfolio has further potential.  There are further opportunities to invest
outside the UK and we are investigating a number of interesting possibilities.


The second half of the year is proceeding well, although we are not anticipating
the significant one-off profits earned in the first half.

Subject to unforeseen events occurring the Group will grow strongly and is well
placed to provide attractive long-term returns for its shareholders.

I take this opportunity to thank my fellow Directors, our staff and professional
advisors for their support during the period.


S. A. Mortstedt
Executive Chairman

*  September  1999

CLS Holdings plc                                             
Consolidated Profit and Loss                                 
Account
                                                     6 months to
                                       6 months to      30.06.98  12 months to
                                          30.06.99         £ 000      31.12.98
                                             £ 000      restated         £ 000
                                        (unaudited)   (unaudited)     restated  

Net rental income                           15,129        14,378        28,758
                                                                      
Other property related income                4,109         1,403         2,741
                                                                      
                                            19,238        15,781        31,499
                                                                      
Administrative expenses                     (1,621)       (1,327)       (3,228)
Non recoverable property expenses             (503)         (493)       (1,460)
                                                                      
                                            (2,124)       (1,820)       (4,688)
                                                                      
Operating Profit                            17,114        13,961        26,811
                                                                      
Share of operating profit in                  
 associates                                    170             -             -
Gains from sale of subsidiary                    -             -           465
Gains from sale of investment           
 properties                                      -             -         2,131
                                                             
Profit on Ordinary Activities               
 Before Interest                            17,284        13,961        29,407
                                                                      
Interest receivable and financial        
 income: Group                               2,433         1,003         2,080
         Associate                               5             -             -
Interest payable and related               
 charges: Group                             (9,744)       (9,925)      (20,433)
         Associate                             (87)            -             -

Net interest payable                        (7,397)       (8,922)      (18,353)
                                                                      
Profit on Ordinary Activities                
 Before Taxation                             9,891         5,039        11,054
                                                                      
Tax on ordinary activities: Group            (939)         (493)         (961)
         Associate                             (7)            -             -

Profit For The Period                        8,945         4,546        10,093
                                                                      
Dividends                                        -        (3,406)       (3,406)
                                                                      
Retained Profit For The Period               8,945         1,140         6,687
                                                                      
Earning per Share                             8.3p          4.0p          8.8p
                                                                      
Diluted Earnings per Share                   8.2 p          4.0p         8.8 p
                                                                      
                                              '000          '000          '000
Ordinary shares in issue                                              
Cumulative total                           104,373       115,639       112,748
Weighted average number during the     
 period                                    107,989       113,435       114,300
                                                                      
                                                                      
CLS Holdings plc
Consolidated Balance Sheet                                   
                                      30.06.99    30.06.98    31.12.98
                                         £ 000      £ 000      £ 000
                                    (unaudited)  (unaudited)           
                                                             
Fixed Assets                                                 
Tangible Assets                        470,641    375,225     404,966
Investments                                468      4,284       4,435
Investment in associate                  6,268          -          -
                                                                    
                                       477,377    379,509     409,401
                                                                    
Current Assets                                                      
Stocks: trading properties                  83        164         83
Debtors - amounts falling due            2,402      2,851      2,597
after more than one year
Debtors - amounts falling due            8,238      6,186      4,735
within one year
Investments                              2,594      1,611      3,217
Cash at bank and in hand                42,240     18,480     28,975
                                                                    
                                        55,557     29,292     39,607
Creditors: amounts falling due        (80,146)    (27,223)   (29,764)
within one year                                         
                                                                    
Net Current (Liabilities) /Assets     (24,589)      2,069      9,843
                                                                    
Total Assets Less Current              452,788    381,578     419,244
Liabilities                                                        
                                                                    
Creditors: amounts falling due        (226,250)  (195,602)   (211,674)
after more than one year                     
                                                                    
Net Assets                             226,538    185,976     207,570
                                                                   
                                                                    
Capital and Reserves                                                
                                                                    
Called up share capital                 26,093     28,910     28,187
Share premium account                   38,153     49,211     49,211
Revaluation reserve                    101,080     63,091     80,707
Capital Redemption Reserve               2,816          -        723
Other reserves                          18,996     18,828     19,010
Profit and loss account                 39,400     25,936     29,732
                                                                    
Total Equity Shareholders' Funds       226,538    185,976    207,570
                                                                   
CLS Holdings plc                                                    
Cash Flow Information                                               
                                      30.06.99    30.06.98    31.12.98
                                         £ 000      £ 000      £ 000
                                   (unaudited)  (unaudited)           
                                                                    
Net cash inflow from operating          21,616     15,032     28,389
activities
                                                                    
Returns on investments and                                          
servicing of finance
Interest received                        2,370        983      2,020
Interest paid                          (8,938)    (9,085)    (18,730)
                                                                  
Interest rate caps purchased              (95)          -        (51)
Net cash outflow from returns on                                    
investments and servising of           (6,663)    (8,102)     (16,761)
finance                                                           
                                                                    
Taxation paid                          (1,622)      (325)       (899)
                                                                    
Capital expenditure                                                 
Purchase and enhancement of           (12,369)    (5,398)     (51,352)
properties                                                       
Sale of investment properties                -      3,900      41,392
Disposal of other fixed assets              79         14          53
Purchase of other fixed assets         (2,143)       (31)       (296)
                                                                    
Net cash outflow from capital         (14,433)    (1,515)     (10,203)
expenditure                                                       
                                                                    
Acquisitions and disposals                                          
Sale of subsidiary undertaking               -          -      2,803
                                                                    
Equity dividends paid                        -      (741)     (3,517)
                                                                   
                                                                    
Cash (outflow)/inflow  before                                       
management of liquid resources and     (1,102)      4,349      (188)
financing
                                                                    
Management of liquid resources                                      
Cash (placed)/released on short        (4,550)    (4,589)     (10,324)
term deposits                                                     
Current asset investments                  623    (1,400)     (1,576)
                                                                   
                                                                    
Net cash outflow from the                                           
management of liquid resources         (3,927)    (5,989)     (11,900)
                                                                  
                                                                    
Financing                                                           
Issue of equity share capital                -          -          -
Buyback of share capital              (10,335)          -     (3,614)
                                                                   
Expenses paid in connection with             -        (7)        (9)
share issue
New loans                               38,656      1,726      51,733
Repayment of loans                    (14,577)    (5,188)     (36,310)
                                                                  
                                                                    
Net cash inflow/(outflow) from          13,744    (3,469)     11,800
financing
                                                                    
Increase/(Decrease) in cash              8,715    (5,109)      (288)
                                                                    
                                                                    
CLS Holdings plc                      30.06.99    30.06.98    31.12.98
Statement of Total Recognised            £ 000      £ 000      £ 000
Gains and Losses                    (unaudited)  (unaudited)
                                                                    
                                                                    
Profit for the period/year               8,945      4,546     10,093
                                                                    
Unrealised surplus on the               20,352          -     19,478
revaluation of properties
Share of unrealised surplus on the                                  
revaluation of                             727          -          -
associate  properties
                                                                    
Currency translation differences                                 118
on foreign                                (14)       (66)
Currency net investments
                                                                    
Other recognised gains relating to      21,065       (66)     19,596
the year
                                                                    
Total gains and losses recognised       30,010      4,480     29,689
                                                                    
                                                                    
Basis of Preparation and Accounting policies

The unaudited results for the half-year to 30 June 1999 have been prepared in
accordance with UK generally accepted accounting principles.  The accounting
policies applied are those set out in the Group's 1998 Annual Report and
accounts except for changes in accounting as follows:

Accounting for scrip dividends
During the year, the Company has taken legal advice over the accounting
treatment of scrip and enhanced scrip dividends which had previously been
treated as a reinvestment of capital with a credit to share premium account.
The Company has been advised that the legal form of these scrip dividends was a
bonus issue of shares which should not result in the creation of any share
premium.  The accounting entries for past scrip dividends have been recalculated
and as a result, an amount of £11.1 million has been transferred from share
premium account to profit and loss account.

Investment properties
Investment properties were stated at their open market value at 30 June 1999 and
as a result a £20.4 million surplus has been credited to reserves.  In the past
investment properties were revalued annually.

CLS Holdings plc
Directors, Officers and Advisors

Directors
Sten Mortstedt  (Executive Chairman)
Glyn  Hirsch LLB  ACA (Chief Executive)
Bengt Mortstedt Juris Cand  (Non-Executive Director)
Keith Harris PhD  *+@  (Non-executive Director)
Thomas Lundqvist  *+  (Non-executive Director)
James Dean FRICS  *  (Non-executive Director)   (Appointed 9 April 1999)

* = member of Remuneration Committee
+ = member of Audit Committee
@ = senior independent director

Company Secretary & Solicitor
Thomas J Thomson BA (Solicitor)

Registered Office
6 Spring Gardens
Tinworth Street
London SE11 5EH

Registered Number
2714781

Registered Auditors
PricewaterhouseCoopers
Chartered Accountants
1 Embankment Place
London WC2N 6NN

Registrars and Transfer Office
Computershare Services plc
P O Box 435
Owen House
8 Bankhead Crossway North
Edinburgh EH11 4BR

Clearing Bank
Royal Bank of Scotland plc
24 Grosvenor Place
London SW1X 7HP

Financial Advisors
HSBC Investment Bank plc
Vintner's Place
68 Upper Thames Street
London EC4V 3BJ

Stockbrokers
Sutherlands Ltd
Dashwood House
69 Old Broad Street
London EC2M 1NX

CLS Holdings plc website
www.clsholdings.com