Corporate Action

Great Portland Estates PLC
6 September 2000

SCHEME OF ARRANGEMENT
SECURITY TITLE
*Ord Shs
MNEMONIC CODE           *GPOR
SEDOL CODE              *384-607
TERMS                   *The Company proposes to return 80p per share in cash to
                         shareholders via a court approved capital reduction.
                         20p nominal of each share will be cancelled reducing   
                         the nominal value to 30p.The intermediate shares of 30p
                         will then be subdivided and consolidated on the basis  
                         of 3 New Ordinary shares of 50p for every 5            
                         intermediate 30p shares held.
                         In addition the share premium account of the company   
                         will be reduced by such sum as is required to return   
                         80p per share.
                         Shareholders will receive:

                         For every 5 existing Ordinary  - 3 New Ordinary        
                         Shs of GBP0.50                   shares of GBP0.50  
                                                          and £4.00 in cash

PROVISIONAL EX DATE     *11-09-00
RECORD DATE             *05-09-00
NOTES *