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24 July 2002

___________________________________________________________________

DAEJAN HOLDINGS PLC

PRELIMINARY RESULTS ANNOUNCEMENT for the year ended 31 March 2002

___________________________________________________________________

The Chairman, Mr B S E Freshwater today announced Preliminary Results for the year to 31 March 2002.

· · Investment Property holdings £534 million (2001 - £465 million)

· · Properties held for trading valued at £232 million

· · Profit before tax £30.1 million (2001 - £29.8 million)

· · Proposed Final Dividend 30p per share giving a total for the year of 52p (2001 - 49p)

· · Earnings Per Share 127.4p (2001 restated 128.3p)

The Group’s investment portfolio was professionally valued as at 31 March 2002 and the resultant increase has been incorporated into the accounts of that date.  The Net Asset Value per Share attributable to equity shareholders based on the Balance Sheet figures including trading stock at the lower of cost and net realisable value at that date is £27.17 (2001 restated £23.49).

Net Asset Value per share – equity, with the trading stock included at a professional valuation as at 31 March 2002, but after full allowance is made for tax (at applicable UK and US rates) on realisation on investment and trading properties and for the deduction of the Fair Value Adjustment as calculated under FRS 13, is £31.93.

DAEJAN HOLDINGS PLC

Earnings per share is calculated by reference to profit on ordinary activities after taxation and minority interests, of £20,766,000 (2001 restated £20,900,000 and to the 16,295,357 (2000 – 16,295,357) Ordinary Shares in issue throughout the year.

Following adoption of FRS19 – Deferred Tax, the Group has restated the previous year’s results. The effect of adopting this standard was a decrease in opening reserves of £6,275,000 and an increase in the tax charge of £644,000 for the prior year. The increase in the current year’s tax charge in respect of FRS19 is £726,000.

The financial information set out above does not constitute the Company’s statutory accounts for the years ended 31 March 2002 or 2001.  The financial information for 2001 is derived from the statutory accounts for 2001 which have been delivered to the Registrar of Companies.  The Auditors have reported on the 2001 accounts; their report was unqualified and did not contain a statement under Section 237 (2) or (3) of the Companies Act 1985.  The statutory accounts for 2002 will be finalised on the basis of the financial information presented by the Directors in this preliminary announcement and of policies consistent in all material respects with the policies applied in the Company’s statutory accounts for 2001, with the exception of the implementation during the year ended 31 March 2002 of Financial Reporting Standards 17 Retirement Benefits, 18 Accounting Policies, 19 Deferred Tax and Urgent Issues Task Force Abstract 28 Operating Lease Incentives.  The statutory accounts for 2002 will be delivered to the Registrar of Companies following the Company’s next Annual General Meeting.

The Annual General Meeting with be held at 12.00 noon on Friday 4 October 2002 in The Methven Room, CBI, Centre Point, New Oxford Street, London WC1A 1DU.

If approved, the final dividend will be paid on 1 November 2002 to Shareholders registered at the close of business on 4 October 2002.

For further information call:

Mark Jenner

Company Secretary

Daejan Holdings PLC

020 7836 1555

Ben Padovan

Weber Shandwick Square Mile

020 7950 2800

CONSOLIDATED PROFIT AND LOSS ACCOUNT for the year ended 31 March 2002

		UNAUDITED
		2002	2001
			Restated
		£000	£000
		___________________________
Turnover  -	Rents and Service Charges Receivable	79,157	75,009
	Sale of trading properties	6,666	5,057
		___________	___________
		85,823 ==========	80,066 ==========
		___________________________
Net Rental Income		40,972	38,006
Surplus on sale of Trading Properties		5,591	4,622
Other Income		143	1,679
		___________	___________
Gross Profit		46,706	44,307
Administrative and Other Expenses		(7,063)	(5,642)
		___________	___________
Operating Profit from Continuing Operations		39,643	38,665
Surplus on Sale of Investment Properties		307	691
Net Interest Payable and Other Similar Items		(9,869)	(9,591)
		___________	___________
Profit on Ordinary Activities before Taxation		30,081	29,765
Tax on Profit of Ordinary Activities		(9,262)	(8,436)
		___________	___________
Profits on Ordinary Activities after Taxation		20,819	21,329
Minority Interests – Equity		(53)	(429)
		___________	___________
Profit Attributable to Equity Shareholders		20,766	20,900
Dividends: Interim		(3,585)	(3,096)
Final (proposed)		(4,889)	(4,889)
		___________	___________
		(8,474)	(7,985)
		___________	___________
Retained Profit for the Year		£12,292	£12,915
		==========	==========
Earnings per Share		127.4p	128.3p
Interim Dividend already paid per