Final Results - Part 2

Slough Estates PLC
21 March 2001


PART 2

                         2000 PRELIMINARY RESULTS

Abridged preliminary Group accounts for the year ended 31st December 2000,
together with prior year comparatives, are shown below.  These are not
statutory accounts and have been extracted from the full statutory accounts
for 2000, which will be delivered to the Registrar of Companies in due course
and on which the auditors' report is unqualified.  The results for 1999 are an
abridged statement of the Group accounts for that year, which have been
delivered to the Registrar of Companies and on which the auditors' report was
unqualified.



GROUP PROFIT AND LOSS ACCOUNT
For the year ended 31st December 2000

                                                                 2000     1999
                                                     Notes         £m       £m
Turnover:                                                                     
Group                                                  1        281.3    271.7
Joint ventures                                         1         14.9     11.1
                                                               ======   ======
Operating income:                                                             
Property investment                                    1        196.7    182.6
Property trading                                       1          6.7      6.1
Utilities                                              1        (3.6)    (3.7)
Other income                                                      5.4      6.3
Administration expenses                                        (12.9)   (12.5)
                                                               ------   ------
Operating profit                                                192.3    178.8
                                                                              
Share of operating profit/(loss) of joint                                     
ventures and associates
                                                               ------   ------
- property                                                       14.0      9.6
- other                                                           0.2    (0.3)
                                                               ------   ------
                                                                 14.2      9.3
Profit on sale of investment properties                           0.6     12.2
                                                               ------   ------
Profit before interest and taxation                             207.1    200.3
Interest (net)                                         2       (78.2)   (72.3)
                                                               ------   ------
Profit on ordinary activities before taxation                   128.9    128.0
Taxation                                               3       (10.3)   (14.6)
                                                               ------   ------
Profit on ordinary activities after taxation                    118.6    113.4
Minority interests - equity                                     (0.5)    (1.0)
Preference dividends                                   4       (11.6)   (11.6)
                                                               ------   ------
Profit attributable to ordinary shareholders                    106.5    100.8
Ordinary dividends                                     4       (50.0)   (46.2)
                                                               ------   ------
Retained profit                                                  56.5     54.6
                                                               ------   ------
Basic earnings per ordinary share                      5        25.8p    24.6p
Adjustment for profits and losses on sale of                                  
investment properties net of tax and minority                  (0.1p)   (2.9p)
                                                               ------   ------
Adjusted basic earnings per ordinary share                      25.7p    21.7p
                                                               ------   ------
Diluted earnings per ordinary share                    5        25.3p    24.6p

Dividends per share                                    4        12.1p    11.2p

                                                            
STATEMENT OF GROUP TOTAL RECOGNISED GAINS AND LOSSES
For the year ended 31 December 2000


                                                                 2000     1999
                                                                   £m       £m
                                                               ------   ------
Profit attributable to ordinary shareholders                    106.5    100.8
Surplus on revaluation - of properties                          247.5    227.9
                       - of joint ventures and associates         6.8     31.3
Exchange differences                                             12.5    (0.5)
Other items                                                     (0.5)    (0.3)
Taxation                                                        (0.5)    (2.1)
Minority interests                                              (4.2)    (2.6)
                                                               ------   ------
Total recognised gains and losses for the year                  368.1    354.5
                                                               ======   ======
                                                                              

RECONCILIATION OF MOVEMENT IN GROUP SHAREHOLDERS' FUNDS
For the year ended 31 December 2000

                                                                 2000     1999
                                                                   £m       £m
                                                               ------   ------
Profit attributable to ordinary shareholders                    106.5    100.8
Ordinary dividends                                             (50.0)   (46.2)
                                                               ------   ------
                                                                 56.5     54.6
Revaluation surpluses                                           254.3    259.2
Other recognised gains and losses                                 7.3    (5.5)
Ordinary shares issued                                            2.1      4.2
                                                               ------   ------
Net increase in shareholders' funds                             320.2    312.5
Shareholders' funds at 1 January                               2106.9   1794.4
                                                               ------   ------
Shareholders' funds at 31 December                             2427.1   2106.9
                                                               ======   ======

SUMMARISED GROUP CASH FLOW STATEMENT
For the year ended 31 December 2000

                                                                 2000     1999
                                                     Notes         £m       £m
                                                               ------   ------
Net cash inflow from operating activities              9        179.6    171.2
Dividends from joint ventures and associates                      8.3      4.2
Net interest paid                                              (94.3)   (83.0)
Dividends paid to preference and minority                      (12.1)   (11.9)
shareholders
Taxation                                                        (4.3)   (17.2)
Equity dividends paid                                          (47.5)   (43.9)
Purchase and development of investment properties             (264.4)  (181.0)
Purchase of subsidiary undertakings                             (0.1)   (11.8)
Sales of investment properties                                   49.6    166.8
Other net investments                                          (14.4)     13.3
                                                               ------   ------
Net cash (outflow)/inflow before use of liquid                                
resources and financing                                       (199.6)      6.7
Management of liquid resources                                                
Investment in term deposits                                      14.0     23.8
Financing                                                                     
Issue of ordinary shares                                          2.1      2.0
Increase/(decrease) in debt                                     174.3   (14.8)
                                                               ------   ------
(Decrease)/increase in cash                                     (9.2)     17.7
                                                               ======   ======


Group Balance Sheet
As at 31 December 2000

                                                                 2000     1999
                                                     Notes         £m       £m
                                                               ------   ------
Fixed assets                                                                  
Tangible assets - properties                           6      3,463.8  2,935.4
                - other                                          79.7     63.7

Investments in joint ventures:                                                
                                                               ------   ------
- share of gross assets                                         229.9    220.1
- share of gross liabilities                                   (42.2)   (41.7)
                                                               ------  -------
                                                                187.7    178.4
Investments in associates                                         4.1      3.3
                                                               ------   ------
                                                              3,735.3  3,180.8
                                                              -------  -------
Current assets                                                                
Stocks                                                          106.4     92.0
Debtors                                                          41.3     43.0
Trading investments                                              38.9     34.1
Assets held for resale                                           29.3     27.1
Cash and deposits                                                36.9     59.5
                                                               ------   ------
                                                                252.8    255.7
                                                               ------   ------
Prepayments and accrued income                                   12.4     12.3
                                                               ------   ------
Total assets                                                  4,000.5  3,448.8
                                                               ------   ------
Capital and reserves                                                          
Called up share capital                                         138.6    138.5
Share premium account                                           327.3    325.3
Capital reserves                                              1,642.5  1,385.5
                                                              
Profit and loss account                                         318.7    257.6
                                                               ------   ------
Shareholders' funds                                           2,427.1  2,106.9

Minority interests - equity                                      21.1     14.8
                   - non-equity                                   0.3      0.3
Provisions for liabilities and charges                            6.2      4.8
Creditors falling due within one year                                         
Borrowings                                                       54.6     89.7
Other                                                           197.9    163.5
Creditors falling due after more than one year                                
Borrowings                                                    1,289.9  1,059.7
Other                                                             3.4      9.1
                                                               ------   ------
                                                              4,000.5  3,448.8
                                                               ------   ------
Shareholders' funds attributable to:                                          
Equity shareholders      - ordinary shares                    2,286.8  1,965.8
Non-equity shareholders  - preference shares                    140.3    141.1
                                                               ------   ------
                                                              2,427.1  2,106.9
                                                               ------   ------
Net assets per ordinary share - basic                            553p     476p
Net assets per ordinary share - fully diluted                    520p     452p

Note 1

Turnover and operating profit                  Turnover      Operating Profit
Subsidiaries                                  2000     1999     2000      1999
                                                £m       £m       £m        £m
                                            ------   ------   ------    ------
Business segments:                                                            
Property investment                          216.4    200.0    196.7     182.6
Property trading                              42.9     49.7      6.7       6.1
Utilities                                     22.0     22.0    (3.6)     (3.7)
Other activities                                 -        -      5.4       6.3
Common costs                                     -        -   (12.9)    (12.5)
                                            ------   ------   ------    ------
                                             281.3    271.7    192.3     178.8
                                             =====    =====    =====     =====
Geographical segments:                                                        
United Kingdom                               179.6    194.7    137.8     145.6
Canada                                        14.5     11.5     10.1       7.5
USA                                           37.2     36.4     23.9      13.9
Europe                                        50.0     29.1     20.5      11.8
                                              ----    -----    -----     -----
                                             281.3    271.7    192.3     178.8
                                             =====    =====    =====     =====

                                                                 Turnover
Joint ventures (Group share)                                     2000     1999
                                                                   £m       £m
                                                               ------   ------
Business segments:                                                            
Property investment                                              14.9     10.4
Other                                                               -      0.7
                                                                -----    -----
                                                                 14.9     11.1
                                                                =====    =====
Geographical segments:                                                        
United Kingdom                                                   10.9      7.3
USA                                                               4.0      3.8
                                                                -----    -----
                                                                 14.9     11.1
                                                                =====    =====


Turnover comprises: rents and recharges charged to tenants; the net realised
value of trading properties and the value of work, including attributable
profit, carried out during the year on pre-sold trading property developments;
and the amounts invoiced to utilities customers.

Operating income comprises:                                      2000     1999
                                                                   £m       £m
                                                               ------   ------
a) Property investment: rent and recharges                                    

- UK                                                            157.4    156.9
- Canada                                                         14.5     11.5
- USA                                                            30.7     21.2
- Europe                                                         13.8     10.4
                                                               ------   ------
                                                                216.4    200.0
Ground rents payable                                            (0.9)    (1.5)
Other property outgoings                                       (18.8)   (15.9)
                                                               ------   ------
                                                                196.7    182.6
                                                               ------   ------
b) Property trading                                                           
- Sales                                                          42.9     49.7
- Cost of sales                                                (36.2)   (43.6)
                                                               ------   ------
                                                                  6.7      6.1
                                                               ------   ------
c) Utilities                                                                  
- Sales                                                          22.0     22.0
- Cost of sales                                                (20.7)   (21.2)
- Depreciation                                                  (4.9)    (4.5)
                                                               ------   ------
                                                                (3.6)    (3.7)
                                                               ------    -----

Note 2

Interest (net)                                                   2000     1999
                                                                   £m       £m
                                                               ------   ------
Interest payable                                                103.1     95.3
Interest receivable                                             (5.9)    (4.9)
                                                               ------   ------
Interest payable net                                             97.2     90.4
Less amount charged to development of:                                        
- trading properties                                            (1.3)    (1.7)
- investment properties                                        (20.5)   (20.3)
- utilities plant                                               (0.5)        -
                                                               ------   ------
Charged to profit and loss account                                            
- Group                                                          74.9     68.4
- Joint ventures                                                  3.1      3.7
- Associates                                                      0.2      0.2
                                                               ------   ------
                                                                 78.2     72.3
                                                               ======   ======

Note 3

Taxation                                                         2000     1999
                                                                   £m       £m
                                                               ------   ------
Provision for taxation based on profits for the year                          
United Kingdom                                                    2.9     13.6
Overseas                                                          7.4      1.0
                                                               ------   ------
                                                                 10.3     14.6
                                                               ======   ======

The tax charge has been reduced by advance corporation tax recovered, the
utilisation of capital allowances and deferred interest relief, interest
capitalised and overseas tax losses.

Note 4

Dividends                                                        2000     1999
                                                                   £m       £m
                                                               ------   ------
Preference dividends                                             11.6     11.6
                                                               ------   ------
Ordinary dividends                                                            
Interim dividend at 4.7p per share (1999 4.4p)                   19.4     18.1
Proposed final dividend at 7.4p per share (1999 6.8p)            30.6     28.1
                                                               ------   ------
                                                                 50.0     46.2
                                                               ------   ------

Note 5

                                            Basic             Fully diluted
Earnings, capital surplus and                                                 
net assets per ordinary share                  2000     1999     2000     1999
                                                                              
The earnings, capital surplus                                                 
and net assets per ordinary
share have been calculated as
follows:
Profit attributable to                                                        
ordinary shareholders         (a)     £m      106.5    100.8    118.1    100.8
Profit attributable to                                                        
ordinary shareholders                                                         
excluding profits and losses                                                  
on sale of investment         (b)     £m      106.0     89.1    117.6     89.1
properties
Capital surplus               (c)     £m      261.6    253.7    261.6    253.7
Average of shares in issue                                                    
during the year               (d)   shares    413.3    409.8    466.3    410.6
                                      m
Earnings per share (a)/(d)          pence      25.8     24.6     25.3     24.6
Earnings per share excluding                                                  
profits and losses on sale of                                                 
investment properties (b)/(d)       pence      25.7     21.7     25.2     21.7
Capital surplus per share           pence      63.3     61.9     56.1     54.8
Equity attributable to                                                        
ordinary shareholders         (e)     £m     2286.8   1965.8   2427.1   2106.9
Shares in issue at the end of                                                 
the year                      (f)   shares    413.9    412.8    466.9    465.9
                                      m
Net assets per share (e)/(f)        pence       553      476      520      452

Earnings, capital surplus and net assets                                      
per ordinary share (continued)                                  2000      1999
                                                               -----     -----
Average of shares in issue during the year                     413.3     409.8
Adjustment for the dilutive effect of employee share                          
schemes and preference shares                                   53.0       0.8
                                                              ------    ------
Average of shares in issue during the year diluted             466.3     410.6
                                                              ------    ------

In 1999 the anti-dilutive effect of the preference shares was excluded from
the diluted earnings per share calculation.  In 2000 the effect is dilutive
and therefore the preference shares are included in the 2000 diluted
calculation.

Note 6

Investment Properties                    UK Canada       USA   Europe    Total
                                         £m     £m        £m       £m       £m
                                      -----  -----     -----    -----    -----
At 1.1.2000                          2375.7  151.7     259.9    148.1   2935.4
Exchange movement                         -    6.8      20.9      1.6     29.3
Additions                             120.8   19.0     116.9     43.9    300.6
Disposals                            (43.0)  (4.5)     (0.8)    (0.7)   (49.0)
Surplus on valuation                  200.4    0.5      28.5     18.1    247.5
                                       ----  -----     -----    -----    -----
At 31.12.2000                        2653.9  173.5     425.4    211.0   3463.8
                                      =====  =====     =====    =====    =====
Completed properties                 2394.3  150.3     321.9    182.5   3049.0
Properties for or under               259.6   23.2     103.5     28.5    414.8
development                           -----  -----     -----    -----    -----
                                                            
                                     2653.9  173.5     425.4    211.0   3463.8
                                      =====  =====     =====    =====    =====

                                                         
Note 7

Contingent tax on valuation surpluses

No provision has been made for taxation estimated at £329.0 million (1999
£261.0 million) which might become payable if the Group's properties and plant
were sold at their book value.

Note 8

Borrowings                                                       2000     1999
                                                                   £m       £m
                                                               ------   ------
Currency profile of Group debt                                                
Borrowings                                                                    
Sterling                                                        736.2    690.4
US dollars                                                      351.1    233.8
Canadian dollars                                                116.1    111.6
Euro currencies                                                 141.1    113.6
                                                                -----    -----
                                                               1344.5   1149.4
Cash and deposits                                                             
Sterling                                                         21.4     32.9
US dollars                                                        6.2      5.2
Canadian dollars                                                    -     11.1
Euro currencies                                                   9.3     10.3
                                                                -----    -----
                                                                 36.9     59.5
                                                                -----    -----
Net borrowings                                                 1307.6   1089.9
                                                               ------   ------
Maturity profile of group debt                                                
In one year or less                                              54.6     89.7
In more than one year but less than two                          46.2     36.2
In more than two years but less than five                       186.5    304.5
In more than five years but less than ten                       356.4    136.1
In more than ten years                                          700.8    582.9
                                                                -----    -----
Total Group Debt                                               1344.5   1149.4
                                                                -----    -----

Borrowings (continued)                      Book      Fair      Book      Fair
                                           Value     Value     Value     Value
Fair value of borrowings                    2000      2000      1999      1999
                                              £m        £m        £m        £m
Short term fixed and variable rate                                            
borrowings (before swaps etc)              210.4     210.4     325.9     326.2
Long term fixed rate borrowings           1128.9    1245.3     824.9     932.5
Interest rate swaps                            -     (1.4)         -       0.1
Currency swaps                               5.2       3.5     (1.4)     (2.0)
                                           -----     -----     -----     -----
                                          1344.5    1457.8    1149.4    1256.8
Tax relief due on early                             (34.0)              (32.2)
redemption/termination                     -----     -----     -----     -----
Net fair value                            1344.5    1423.8    1149.4    1224.6
                                           -----     -----    ------     -----
After tax mark to market adjustment                   79.3                75.2
                                                     -----               -----

Note 9

Reconciliation of operating profit to net cash inflow from       2000     1999
operating activities
                                                                   £m       £m
                                                               ------   ------
Operating profit                                                192.3    178.8
Less other income reallocated                                   (5.1)    (5.3)
Add back depreciation                                             5.6      5.2
Adjust for other non-cash items                                 (0.5)        -
Net rental income from trading properties                         1.1      1.2
                                                                -----   ------
                                                                193.4    179.9
Movement in stocks, debtors and creditors                      (13.8)    (8.7)
                                                               ------   ------
Net cash inflow from operating activities                       179.6    171.2
                                                               ======   ======


Note 10

Reconciliation of net cash flow to movement in net debt       2000        1999
                                                                £m          £m
                                                            ------      ------
(Decrease)/increase in cash in the year                      (9.2)        17.7
(Increase)/decrease in debt                                (174.3)        14.8
Decrease in liquid resources                                (14.0)      (23.8)
                                                             -----       -----
Change in net debt resulting from cash flows               (197.5)         8.7
Net debt acquired with subsidiary                                -       (2.3)
Reduction of debt due to disposal of subsidiary                4.0           -
Translation difference                                      (24.2)       (3.4)
                                                             -----       -----
Movement in net debt in the year                           (217.7)         3.0
Net debt at 1 January 2000                                (1089.9)    (1092.9)
                                                            ------      ------
Net debt at 31 December 2000                              (1307.6)    (1089.9)
                                                            ------       -----