Shareholding in Great Portland Estates plc ('GPE')

Liberty International has today acquired a further 11,217,700 shares in GPE at a price of 217.5p per share.

Shareholding in Great Portland Estates plc (Â'GPEÂ')

16 December 2002

Liberty International has today acquired a further 11,217,700 shares in GPE at a price of 217.5p per share resulting in its total shareholding in GPE increasing to 39,456,947 shares (19.4 per cent of GPEÂ's issued share capital).

These shares have only recently been offered to Liberty International and have been acquired at a significant discount to GPEÂ's published net asset value (adjusted diluted) at 30 September 2002 of 307p per share.

Liberty International continues to review all its options in connection with this substantial shareholding.

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