CANARY WHARF GROUP LEASES 315,000 SQ FT TO CITIGROUP

Canary Wharf Group plc announces that Citigroup has leased an additional 315,000 sq ft at Canary Wharf. The space is in 25 Canada Square, the 42 storey tower currently under construction and due for completion in 2001. The Citigroup accommodation will have an exclusive entrance on Canada Square and together with the adjoining building (33 Canada Square) will be known as Citigroup Centre.

Citigroup leased the first 600,000 sq ft in 25 Canada Square in March 1999. It is anticipated that the expanded space will accommodate the global corporate and investment banking businesses of Citigroup. This letting will bring their occupation of the building to 915,000 sq ft leaving 285,000 sq ft available. Canary Wharf Group will commence formal marketing of the remaining space shortly.

The tower, on which Canary Wharf Contractors Ltd began construction last year, is designed by Cesar Pelli & Associates/Adamson Associates and is linked to the 17 storey building already occupied by Citibank. It is adjacent to the Jubilee Line station and the future six-acre park to the south and Canada Square park, with its new shopping mall below, to the north. The tower is directly accessed via pedestrian walkways to the tube station and shopping mall.

George Iacobescu, Chief Executive, Canary Wharf Group plc, said:

"I am pleased that we have been able to accommodate Citigroup's expanding business in a landmark building of exceptional quality. In constructing new space we can work in partnership with our clients to provide customised, flexible accommodation.

"The remaining 285,000 sq ft will be marketed on a floor by floor basis and should appeal to a wide cross section of occupiers due to its efficiency and location within the building."

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Notes to editors:

• When complete Canary Wharf will comprise 13.5 million sq.ft. of Grade A office and retail space. Including the new office building DS1 and retail building DS8 announced today, 9 million sq ft (67%) of this total is already built or under construction. Subject to market conditions, Canary Wharf is expected to be completed in approximately the next five to seven years, when the development is projected to have a business population of up to 100,000.

• The 9 million sq ft consists of 5.8 million sq ft of completed office and retail space and 3.2 million sq ft of new space under construction. Of the 5.8 million sq ft, 4.4 million is owned by the Canary Wharf Group.

• To complete the full development of Canary Wharf, the Group plans to develop a further 4.5 million sq ft which would bring its portfolio of owned buildings to 11 million sq ft.

• Canary Wharf Group completed and handed over three buildings totalling 1 million sq ft to Credit Suisse First Boston and Citigroup in 1999