3. DIRECTORS’ SHARE INTERESTS (AUDITED)
The interests of the Directors, all of which were beneficial in the share capital of the Company, were:
                   
Ordinary Shares                  
                2006
Number		 2005
Number
R M Dantzic               5,739 5,739
M H Marx               277,895 277,895
C J Barwick               131,749 69,643
P J Willis               23,315 4,635
M S Weiner               15,059 6,179
V M Mitchell               1,549 1,549
M S Soames               5,739 5,739
                461,045 371,379
                   
                   
Options:                  
  1st
January
2006
Number		 Granted Exercised 31st
December
2006
Number		 Exercise
price
Pence		 Market
price at
exercise
Pence		 Gain on
exercise
£’000		 Date from
which
exercisable		 Expiry
date
M H Marx                  
Savings related scheme 3,261 – – 3,261 289.0 – – 01/07/07 31/12/07
C J Barwick                  
Executive option scheme 1995 216,431 – 216,431 – 323.5 660.3 728 26/05/01 25/05/08
Savings related scheme – 2,015 – 2,015 464.0 – – 01/07/09 31/12/09
P J Willis                  
Executive option scheme 1995 151,424 – – 151,424 361.0 – – 30/04/07 29/04/14
Executive option scheme 1995 50,000 – – 50,000 392.5 – – 09/11/07 08/11/14
M S Weiner                  
Executive option scheme 1995 59,207 – 8,880 50,327 338.0 536 17 27/03/04 26/03/11
Executive option scheme 1995 66,979 – – 66,979 360.0 – – 19/04/07 18/04/14
Savings related scheme 978 – – 978 289.0 – – 01/07/07 31/12/07
Executive option scheme 2005 40,000 – – 40,000 445.75 – – 27/10/08 26/10/15
Executive option scheme 2005 – 40,000 – 40,000 580.0 – – 28/04/09 27/04/16
Savings related scheme – 1,410 – 1,410 464.0 – – 01/07/09 31/12/09
              745    
                   
Long-Term Incentive Plan:                
                 
  Date of
grant		 1st
January
2006
maximum
award
£’000		 Awarded
during
year
maximum
award
£’000		 Lapsed
during
year
maximum
award
£’000		 31st
December
2006
maximum
award
£’000		 Vested
during
year
£’000		 Vested
to date
£’000		 Final
vesting
date
M H Marx 07.05.03 345 – 345 – – – 31.12.05
  30.04.04 180 – – 180 – – 31.12.06
  29.04.05 220 – – 220 – – 31.12.07
C J Barwick 07.05.03 345 – 345 – – – 31.12.05
30.04.04 180 – – 180 – – 31.12.06
  29.04.05 220 – – 220 – – 31.12.07
P J Willis 29.04.05 150 – – 150 – – 31.12.07
M S Weiner 07.05.03 120 – 120 – – – 31.12.05
  30.04.04 120 – – 120 – – 31.12.06
  29.04.05 150 – – 150 – – 31.12.07
                 
a) The final vesting dates represent the dates at which the Group’s net assets are compared against the 17 listed property companies as outlined in section 1(e). In practice, however, it is several months thereafter that the relevant annual report and accounts are published, in order that the final vesting can be determined.
               
                 
Performance Share Plan:            
    Date of
grant		 Market
price
at date
of grant
Pence		 1st
January
2006
Number		 Granted Exercised 31st
December
2006
Number		 Final vesting
date
M H Marx   20/6/06 522.25 – 83,293 – 83,293 31/12/08
C J Barwick   20/6/06 522.25 – 49,784 – 49,784 31/12/08
P J Willis   20/6/06 522.25 – 49,784 – 49,784 31/12/08
M S Weiner   20/6/06 522.25 – 44,040 – 44,040 31/12/08
             
a) None of the Directors had a beneficial interest in the shares of any subsidiary company.

b) The mid-market price of the shares at the close of business on 29th December 2006, the last trading day in the financial year, was 695 pence and the range during 2006 was 475 pence to 695 pence.

c) No options lapsed or were exercised during the year, except as disclosed above.

d) There were no transactions between 31st December 2006 and the date of this report.

Approved by the Board and signed on its behalf by:

M S Soames
Chairman of the Remuneration Committee
30th March 2007