Primary Health Props

Statement re novation

Primary Health Properties PLC
14 February 2005


The Board today (14 February 2005) announces that it has approved the novation
of the existing joint management agreement from NEXUS Property Management
Services Limited to NEXUS PHP Management Limited, also a wholly owned subsidiary
of NEXUS Structured Finance Limited. All terms of the contract remain the same.

The Management Options granted by the Company to NEXUS Property Management
Services Limited on 17 September 2003 have accordingly been transferred to NEXUS
PHP Management Limited.

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