Chief Executive Appointment

Great Portland Estates PLC
19 March 2002

                            GREAT PORTLAND ANNOUNCES

                    THE APPOINTMENT OF A NEW CHIEF EXECUTIVE

The Board of Great Portland Estates P.L.C. announces that Peter Shaw will be
standing down as Managing Director with effect from 31st March 2002. Toby
Courtauld will be joining the Board on 8th April 2002 as Chief Executive.

Commenting on the Board changes, Richard Peskin, Chairman, said:

'In the last three years, Great Portland has been transformed into a focused
central London property investment and development business with an appropriate
debt and gearing structure. This has involved the disposal of £850 million of
properties and the payment of £350 million to shareholders through a return of
capital and share buy-backs. A further £185 million has been spent on repaying
expensive debt, and on 13th March we announced the proposed purchase of our
final significant, long-term, high coupon debenture. This means that the
restructuring initiative is complete and the Group is in excellent shape to look
to the future.

'During the last two years, as Joint Managing Director and Managing Director,
Peter has played an important role in the successful implementation of this
strategy. He leaves us with our best wishes and thanks for a major contribution
to the Group.



'I am delighted to welcome Toby to the Board as our new Chief Executive. His
corporate and real estate expertise, combined with his leadership qualities and
enthusiasm, will be key to delivering shareholder value during the next stage of
the Group's development.'



Enquiries:

Citigate Dewe Rogerson

020 7638 9571

Sue Pemberton



Notes to Editors:

Toby Courtauld, 33, graduated from Cambridge University in 1990. In 1991 he
joined MEPC, with which he has held a variety of positions including an
Investment Manager for its central London business, UK Property Acquisition
Manager, and Director of Corporate Development with responsibility for corporate
acquisitions and disposals. In 1996 he was appointed to the Board of MEPC UK,
with responsibility for its newly-created leisure investment and development
business, and in 1999, to the Group Executive Committee.

Throughout his time as Corporate Development Director, Toby played an important
role in the group's strategic thinking, leading numerous corporate and portfolio
transactions, including joint ventures with Westfield and with GE Capital, and
the acquisition of PSIT plc.



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