CITIGROUP TO OCCUPY THE WHOLE OF THE NEW TOWER UNDER CONSTRUCTION AT 25 CANADA SQUARE

Canary Wharf Group plc announced today that Citigroup has leased an additional 287,000 sq ft at Canary Wharf, which represents the total remaining space in 25 Canada Square, the 1.2 million sq ft, 42 storey tower currently under construction and due for completion in late 2001.

In December 1996, Citigroup leased 560,000 sq ft at 33 Canada Square. In March 1999 the company leased 600,000 sq ft in 25 Canada Square and a further 315,000 sq ft in the same building in March 2000. The two buildings will be linked together to create The Citigroup Centre, Canary Wharf and will create a complex of 1.76 million sq ft.

The tower is being constructed by Canary Wharf Contractors Ltd. It is designed by Cesar Pelli & Associates/Adamson Associates and is linked to the 17 storey building occupied by Citibank, designed by Foster and Partners.

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

"This latest Citigroup letting demonstrates that Canary Wharf provides an exceptional opportunity for tenants to expand in conjunction with successful business growth with space available immediately.

"With all the completed buildings, the Citigroup tower and other buildings under construction now 100% let, we have begun construction on a 500,000 sq ft building at 5 Canada Square, which is scheduled for completion by the end of next year. In addition to this building, we have 4.5 million sq ft to be developed and we are confident we will have this substantially committed and completed within the next five years."

Paul Reichmann, Chairman, Canary Wharf Group plc, said:

"Since September 1999, we have achieved 1.1 million sq ft of lettings. Including the sale and leaseback to Citigroup at 33 Canada Square and Schroder Salomon Smith Barney's original lease for 600,000 sq ft at 25 Canada Square, the aggregate total transactions since March 1999 is 2.3 million sq ft."

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Notes to editors:

• Floors 25-34 of 25 Canada Square represent 287,000 sq ft. The 25 year lease includes a 5 year upwards only rent review pattern. Commencing rental is £39.00 per sq ft.
• 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 in March this year, 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 the next five 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 9 million sq ft, 6.5 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.