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20/3/08
Valad Property Group (Valad) is pleased to announce an
increase of 139% in underlying earnings to A$74.7 million
for the six months to 31 December 2007 (1H08).

The distribution for the period was 6.25 cents per security, up from 5.40 cents per security for the previous corresponding period and underlying earnings per security were unchanged at 5.00 cents.

We reaffirm our forecast earnings and distribution per
security for FY08 of 12.5 cents, subject to market conditions not deteriorating further, and are comfortable we will meet this forecast given we have had an excellent start to the second half of FY08.