Interim Results

Westbury Property Fund Limited
15 August 2007

                       The Westbury Property Fund Limited



         Unaudited Interim Report for the six months ended 30 June 2007





                              Chairman's Statement



               For the period from 1 January 2007 to 30 June 2007



This has been another successful period for The Westbury Property Fund with an
exciting outlook ahead.  In line with the Company's stated strategy of
repositioning itself as an asset backed logistics business, the Board announced
in January 2007 that it was considering a disposal of a substantial part of its
wholly owned property portfolio.



I am pleased to announce that the Company has agreed to dispose of the majority
of its wholly owned property portfolio for £142.1m.  The sale will realise the
excellent performance achieved to date for shareholders and is a significant
step for the Company in meeting its new strategic objectives.



At the same time the Company has agreed to merge with Eddie Stobart Holdings
(Stobart Group), a long established and highly successful logistics business.
The merger will bring together Stobart Group's established contract logistics
operations with the emerging multi modal port and rail operations of the
Company. This merger provides the enlarged group with a strong asset base which
can be used to fund the future growth of the combined business.  The merger
offers both considerable synergies and significant value in the ability to offer
customers a logistics solution incorporating national road, rail and both deep
sea and inland waterway networks.  It is the Board's intention that the enlarged
Group re-names itself as Stobart Group Limited thereby benefiting from its
excellent brand.



The merger will be effected through the acquisition of Stobart Group by the
Company for £137.7m in cash and new Ordinary Shares and completion of the
disposal and merger is expected to take place in September 2007.  Stobart Group
benefits from strong management and its acquisition, along with disposal of the
property portfolio, will lead to termination of the Company's investment
management agreement with Assura Fund management LLP. Full details and the
reasons behind the proposals can be found in the Circular and Prospectus.  Both
the sale of the property portfolio and the merger with Stobart Group, and
consequential termination of the investment management agreement, are
conditional on the approval of shareholders.



Net Asset Value and Dividend Policy



As at 30 June 2007, the unaudited net asset value per share due to ordinary
shareholders was 164.71p compared to 169.10p as at 31 December 2006.  This
figure fully provides for both the termination of the investment management
agreement and the payment of the performance fee due to the investment manager.
Assuming the investment management agreement were not to be terminated, the NAV
grew to 175.35p as at 30 June 2007 from 169.10p at the 2006 year end on a
like-for-like basis.



It is the Board's intention, following agreement to the above proposals, that
the year end will be changed to 28 February, in line with that of Stobart Group.
Furthermore that dividend payments on Ordinary Shares will be made twice
yearly with an interim and final dividend payable effective October and May
respectively.  The Board is today declaring an interim dividend of 2.70p per
Ordinary Share for the 14 month period ending 28 February 2008.  This is in
addition to the quarterly dividends already paid on the Ordinary Shares
summarised in note 6.



Following an application to the Royal Court of Guernsey, £99,925,500 was
transferred from the Share Premium account to Distributable Reserves on 22 June
2007.



Westlink Group Limited



In March 2007 the company acquired, for £33.5m, AHC Westlink Limited (formerly
AHC Warehousing Limited), together with some 100 acres of land, 650,000 sq ft of
warehousing and four rail sidings in Widnes from which the company operates.
The acquisition of an established and profitable warehousing and distribution
business is key to the company's growth strategy and provides a number of
development opportunities and operational synergies with the existing operations
based out of the Port of Weston at Runcorn.



Terms have also been agreed to acquire, for £23m, the entire share capital of
O'Connor Group Management Limited (O'Connor Group), a profitable logistics
business with 6 rail sidings on its freehold site of around 40 acres adjacent to
that of AHC Westlink at Widnes. The combination of O'Connor Group and AHC
Westlink will create one of the UK's largest rail freight hubs and, working in
partnership with Halton Borough Council, will comprise the core of the larger
international multi modal freight gateway strategically located in the heart of
the North West and very close to the Company's Port of Weston.



I am pleased to report that encouraging progress is being made at the Port of
Weston where the Company is committed to the development of an inter modal
transport facility providing road, rail, deep sea and inland waterway
connectivity.



The company's rail freight subsidiary, Victa Westlink Rail, is now providing a
rail freight train service offering inter modal customers aggregated load
opportunities between the south-east ports and Scotland in addition to
undertaking ad hoc services.  The 75% owned subsidiary has concluded the
purchase of the business of FM Rail from the administrator following the recent
grant to the company of Passenger and Freight Operating Licences by the Office
of Rail Regulation.



Joint Venture Property Investments



The Company's joint venture investments will continue to be realised according
to individual business plans so that returns can be maximised.  It is
anticipated that the proceeds from future sales of these investments will be
re-invested into the combined Stobart Group business.



I am particularly delighted with the strong performance shown by the Company's
central London joint venture investments in Mid City Place, High Holborn, London
WC1 and Plantation Place, Fenchurch Street, London EC3.  Both have benefited
from the keen demand for good quality, well let investment property in London,
which together with rental growth, has generated performance ahead of original
expectations.  The Company's interest in DV3 Mid City Limited has been sold very
recently realising £21.4m and the Company may look to crystallise the
performance already achieved at Plantation Place given the recent cooling in the
wider property market notwithstanding ongoing rental growth in the City.



In addition, the Company has seven other joint venture investments having
acquired, during the period, a 50% stake in a mixed use investment on Tottenham
Court Road, London W1.  Post the portfolio disposal, one asset will remain
wholly owned.  In addition to Mid City Place and Plantation Place, good progress
is being made with the other investments.  The majority of the site in Ware has
now been sold very profitably out of the associated company in which the Company
holds a 47.5% stake.  A resolution to grant planning permission, subject to a
Section 106 agreement, for a change of use of the Stoughton Grange site has also
now been granted.  The Fund holds a 50% stake in the joint venture company which
acquired the site in January 2007.



Full Year Outlook



The acquisition of and merger with Stobart Group, together with the disposal of
the majority of the wholly owned portfolio and acquisition of O'Connor Group are
significant and exciting steps in the evolution of the Company from a property
investment company into an asset backed, storage, handling and multi modal
logistics business.



I refer you to the Circular and Prospectus for further details of the proposals.
I commend these to you and confirm they will have the Board's full support.





Rodney Baker-Bates

Chairman



14 August 2007



                    Unaudited Consolidated Income Statement



                 For the period 1 January 2007 to 30 June 2007


                                                                 1/01/2007           1/01/2006
                                                                        to                  to
                                                                30/06/2007          30/06/2006
                                                                 Unaudited           Unaudited
                                                                         £                   £
Income
Rent receivable                                                  3,749,075           3,509,723
Storage, handling and transport sales                            2,891,125                   -
Bank and other interest                                          1,436,316              96,241

Total Income                                                     8,076,516           3,605,964

Expenses
Interest payable and similar charges, including
distributions on Income Shares                                   2,755,468           2,596,568
Storage, handling and transport costs                            2,726,698                   -
Investment Manager's fees                                        1,643,623           1,083,736
Salaries                                                         1,000,256                   -
General expenses                                                   414,451              88,891
Legal and professional fees                                        351,966             222,217
Property management expenses                                       341,249             181,862
Administration fee                                                 105,577              76,648
Audit and tax fees                                                  77,092              21,190
Depreciation                                                        59,623                   -
Directors' fees                                                     52,233              44,000
Bank charges                                                        12,378              12,122

Total Expenses                                                   9,540,614           4,327,234


Net loss before investment result                              (1,464,098)           (721,270)

Realised gain on sale of investment properties                           -              21,566
Realised loss on sale of investment                               (67,345)                   -
Movement in unrealised gain on revaluation of properties         3,686,973           7,167,605
Movement in unrealised gain on revaluation of investments        9,622,829          16,253,851
Exceptional Investment Manager's termination fee (see note    (10,698,400)                   -
7)
Performance fee (see note 7)                                     (989,911)         (5,225,842)
Share of profit of associated company                               20,923                   -

Profit before taxation                                             110,971          17,495,910

Taxation                                                           (5,290)               3,863

Profit for the half year                                           105,681          17,499,773

Basic and diluted profit per Ordinary Share                          0.11p              31.94p
Dividend per Ordinary Share (see note 6)                             4.50p               4.50p





                      Unaudited Consolidated Balance Sheet



                               as at 30 June 2007


                                                                30/06/2007         31/12/2006
                                                                 Unaudited            Audited
                                                                         £                  £
Non-current Assets
      Investment properties                                    143,162,500        139,445,750
      Investments in associates and joint ventures              55,061,978         70,612,226
      Property, plant and equipment                             43,081,419         11,084,111
      Other investment                                             250,000            250,000
      Goodwill                                                   5,497,692          3,812,597
                                                               247,053,589        225,204,684

Current Assets
      Cash and cash equivalents                                  8,383,101         39,830,507
      Debtors                                                    5,959,593          3,292,798
                                                                14,342,694         43,123,305

Non-current Assets classified as held for sale                  21,431,043                  -
Total Assets                                                   282,827,326        268,327,989

Current Liabilities
      Creditors                                                 21,439,097          4,209,329
      Provisions (see note 7)                                   10,698,400                  -
                                                                32,137,497          4,209,329

Non-current Liabilities
      Creditors                                                    528,664          9,618,133
      Long-term loan                                            79,462,060         79,399,740
      Income Shares                                              5,191,721          5,177,184

                                                                85,182,445         94,195,057

Total Liabilities                                              117,319,942         98,404,386

Net Assets                                                     165,507,384        169,923,603

Represented by:

Capital and Reserves
      Share capital                                             10,048,665         10,048,665
      Share premium                                                      -         99,925,500
      Distributable                                             99,925,500                  -
      reserve
      Revaluation                                                  339,885            339,885
      reserve
      Retained earnings                                         55,193,334         59,609,553

Issued capital and reserves                                    165,507,384        169,923,603

Net Asset Value per Ordinary Share                                 164.71p            169.10p

The unaudited financial statements on pages 6 to 11 were approved at a meeting of the Board of
Directors held on 14 August 2007 and signed on its behalf by:
Tim Chesney, Director
William Kay, Director



             Unaudited Consolidated Statement of Changes in Equity



               For the period from 1 January 2007 to 30 June 2007


                               Share          Share   Distributable  Revaluation     Retained     Reserves
                             Capital        Premium         Reserve      Reserve     Earnings
                                   £              £               £            £            £            £

Balance at 1 January      10,048,665     99,925,500               -      339,885   59,609,553  169,923,603
2007
Transfer from share                -   (99,925,500)      99,925,500            -            -            -
premium (1)
Dividends on Ordinary              -              -               -            -  (4,521,900)  (4,521,900)
Shares
Profit attributable to             -                              -                                105,681
equity holders
                                                  -                            -      105,681

Balance at 30 June 2007   10,048,665              -      99,925,500      339,885   55,193,334  165,507,384



                               Share       Share   Distributable  Revaluation     Retained     Reserves
                             Capital     Premium         Reserve      Reserve     Earnings
                                   £           £               £            £            £            £

Balance at 1 January       5,173,462  39,698,503               -            -   20,823,413   65,695,378
2006
Issue of Ordinary          4,875,203                           -                             65,102,200
Shares,
                                      60,226,997                            -            -
net of issue costs
Dividends on Ordinary              -           -               -            -  (3,990,561)  (3,990,561)
Shares
Profit attributable to             -           -               -            -   42,776,701   42,776,701
equity holders
Revaluation of land and            -           -               -      339,885            -      339,885
buildings

Balance at 31 December    10,048,665  99,925,500               -      339,885   59,609,553  169,923,603
2006



(1) Following an application to the Royal Court of Guernsey, £99,925,500 was transferred from Share
Premium account to Distributable Reserves on 22 June 2007.





                   Unaudited Consolidated Cash Flow Statement



               For the period from 1 January 2007 to 30 June 2007


                                                                1/01/2007            1/01/2006
                                                                       to                   to
                                                               30/06/2007           30/06/2006
                                                                Unaudited            Unaudited
                                                                        £                    £
Operating Activities
Rent received                                                   3,623,881            3,540,530
Interest received                                               1,350,366               77,086
Storage and handling sales                                      2,891,125                    -
Expenses paid                                                 (4,246,637)          (1,798,792)
Storage and handling costs                                    (2,726,698)                    -
Interest paid and similar charges, including
distributions on Income Shares                                (2,687,784)          (2,423,064)

Net cash outflow from operating activities                    (1,795,747)            (604,240)

Investing Activities
Purchase of investments                                                 -         (19,948,734)
Acquisition of subsidiary (see note 9)                       (12,709,289)                    -
Acquisition of subsidiary - cash acquired (see note 9)          5,709,399                    -
Net loans repaid by (advanced to) investments                   3,831,766          (2,106,220)
Purchase of properties                                           (29,777)          (9,268,692)
Sales of properties                                                     -            8,621,566
Property, plant and equipment acquired                       (23,458,346)                    -
Sale of fixed assets                                               19,188                    -

Net cash outflow from investing activities                   (26,637,059)         (22,702,080)

Financing Activities
Issue of Ordinary Shares                                                -            6,725,499
Issue costs paid on issuance of Ordinary Shares                         -            (226,325)
Dividends paid on Ordinary Shares                             (3,014,600)          (1,629,640)
Draw down of long term loan                                             -           16,500,000
Additional loan issue costs                                             -            (192,131)

Net cash (outflow)/inflow from financing activities           (3,014,600)           21,177,403

Decrease in cash and cash equivalents                        (31,447,406)          (2,128,917)

Cash and cash equivalents at 1 January                         39,830,507            6,395,313

Cash and cash equivalents at 30 June                            8,383,101            4,266,396






                  Notes to the Unaudited Financial Statements



               For the period from 1 January 2007 to 30 June 2007



1.        The results for the six-month period, which are not statutory accounts
and have not been audited, have been prepared on the same basis as set out in 
the audited accounts for the year ended 31 December 2006.



2.        The results for the year ended 31 December 2006 constitute
non-statutory accounts extracted from the statutory accounts for that period on
which the auditors gave an unqualified report.



3.        All turnover and operating profit arose from continuing operations.



4.        Basic and diluted profit per Ordinary Share is based on profit
attributable to equity holders for the period and on 100,486,657 Ordinary Shares
(30 June 2006 - 54,792,969), being the weighted average number of equivalent
Ordinary Shares in issue.



5.        Distributions payable on Income Shares:


                                                          1/01/2007             1/01/2006
                                 No. of         Rate             to   Rate             to
                                 Income         pence    30/06/2007   pence    30/06/2006
                                 Shares         2007              £   2006              £

First interim distribution     5,271,678        2.00        105,434   2.00        105,434

paid 3 May 2007

(declared March 2007)
Second interim                 5,271,678        2.00        105,434   2.00        105,434
distribution

paid 20 July 2007

(declared June 2007)
                                                            210,868               210,868



6.        Dividends payable on Ordinary Shares:


                                                        1/01/2007            1/01/2006
                                No. of         Rate            to   Rate            to
                               Ordinary       pence    30/06/2007  pence    30/06/2006
                                Shares         2007             £   2006             £

Final dividend for 2006      100,486,657       1.50     1,507,300   1.50       776,019

paid 24 January 2007           (2006 -
                             51,734,625)
(declared December 2006)
First interim dividend       100,486,657       1.50     1,507,300   1.50       853,621

paid 3 May 2007           (2006 -
                          51,734,625)
(declared March 2007)
Second interim dividend      100,486,657       1.50     1,507,300   1.50       853,621

paid 20 July 2007              (2006 -
                             51,734,625)
(declared June 2007)
                                                        4,521,900            2,483,261



7.        A performance fee of £989,911 is due to Assura Fund Management LLP,
the Investment Manager, for the half year to 30 June 2007 (£5,225,842 for the
half year to 30 June 2006). In addition to this, a termination fee has been
calculated and provided for at £10,698,400 as at 30 June 2007 in accordance with
the contractual arrangements with the Investment Manager whose contract is to be
terminated.  Upon termination the accrued performance fee of £10.6m will become
payable by way of new shares issued.  The termination fee will be payable in
cash.



Messrs R. Burrell and N. Rawlings, who are members of the Investment Committee
of the Company, are Chief Executive Officer and Chief Financial Officer
respectively, and also hold shares in Assura Group Limited, the ultimate holding
company of Assura Fund Management LLP.



8.        The figures for investment properties at 30 June 2007 and 31 December
2006 are based on valuations determined by Knight Frank.



9. Acquisition of AHC Westlink Limited (formerly AHC Warehousing Limited) and
   related companies


                                                                           £
   Consideration paid                                             12,500,000
   Cost of acquisition                                               209,289
                                                                  12,709,289
   Net assets acquired                                            11,449,066
   Cash acquired at date of acquisition                            5,709,399



Simultaneously the Company acquired land and buildings used by AHC Westlink
Limited for £19,000,000 plus associated costs including SDLT.



The total cost of the acquisition of AHC and land and buildings used by AHC was
£33.5m.



The above acquisition has been accounted for as an acquisition in accordance
with IFRS3.  The acquisition balance sheet has been adjusted to reflect
provisional fair values.



10. A copy of this statement has been sent to every shareholder.  Further copies
    are available from the Company's registered office.



11.     The interim financial statements were approved at a meeting of the Board
of Directors held on 14 August 2007.





                         Management and Administration



      Directors:                Rodney Baker-Bates
                                Tim Chesney
                                William Kay
                                Iain Stokes

                                Nick Watts (appointed 1 February
                                2007)

      Investment Committee:     Richard Burrell
                                Nigel Rawlings
                                Ben Browne-Clayton
                                Philip Gadsden
                                Nick Montgomery
                                Andrew Bird

      Registered Office:        Suite 4
                                Albert House
                                South Esplanade
                                St. Peter Port
                                Guernsey
                                Channel Islands
                                GY1 3TX

      Investment Manager:       Assura Fund Management LLP
                                Regus House
                                Herons Way
                                Chester Business Park
                                Chester
                                CH4 9QR

      Investment Advisers to    Invista Real Estate Investment Management Ltd

      The Investment Manager:   (formerly Insight Investment Management Limited)
                                Exchequer Court
                                33 St. Mary Axe
                                London
                                EC3A 8AA

                                Barlows Asset Management
                                Limited
                                Chepstow House
                                Dee Hills Park
                                Chester
                                CH3 5AR

      Administrator and         Assura Administration Limited
      Secretary:
                                PO Box 327
                                Suite 4
                                Albert House
                                South Esplanade
                                St. Peter Port
                                Guernsey
                                Channel Islands
                                GY1 3TX



      Channel Islands           Cenkos Channel Islands Limited
      Sponsor:                  Suite F1
                                Hirzel Court
                                St Peter Port
                                Guernsey
                                Channel Islands
                                GY1 4JG

      Auditors:                 Ernst & Young LLP
                                14 New Street
                                St. Peter Port
                                Guernsey
                                Channel Islands
                                GY1 4AF

      Independent Property      Knight Frank LLP
      Valuer:                   20 Hanover Square
                                London
                                W1S 1HZ

      Principal Bankers:        Bradford & Bingley PLC
                                Croft Road
                                Crossflatts
                                Bingley
                                West Yorkshire
                                BD16 2UA

      Legal Advisers:           Carey Olsen
                                7 New Street
                                St. Peter Port
                                Guernsey
                                Channel Islands
                                GY1 4BZ

      Stockbroker:              Cenkos Securities Limited
                                6.7.8 Tokenhouse Yard
                                London
                                EC2R 7AS





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