Preliminary Results year ended 30 September 2010

THE CARDIFF PROPERTY PUBLIC LIMITED COMPANY

AND ITS SUBSIDIARIES

THE CARDIFF PROPERTY PLC

(The group, including Campmoss, specialises in property investment and development in the Thames Valley. The total portfolio under management, valued in excess of £29m, is primarily located to the west of London, close to Heathrow Airport and in Surrey and Berkshire.)

PRELIMINARY RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2010

Richard Wollenberg, Chairman, commented:

"For the first time in over three years the level of tenant enquiries for commercial property in the Thames Valley has marginally improved. This does not necessarily herald any material increase in rental levels. The majority of new commercial development schemes in the Thames Valley remain on hold. Residential values in Surrey and Berkshire have remained unchanged over the year. I do not foresee a recovery in residential property values in the short term."

For further information:

THE CARDIFF PROPERTY PUBLIC LIMITED COMPANY

AND ITS SUBSIDIARIES

(The group, including Campmoss, specialises in property investment and development in the Thames Valley. The total portfolio under management, valued in excess of £29m, is primarily located to the west of London, close to Heathrow Airport and in Surrey and Berkshire.)

PRELIMINARY RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2010

Chairman's Statement and Property Review

Dear shareholder

For the first time in over three years the level of tenant enquiries for commercial property in the Thames Valley has marginally improved. This does not necessarily herald any material increase in rental levels. Shareholders should remember that rents have fallen by as much as 50% in certain locations and any recovery will be from these very low levels.

Recent lettings of new grade A office space in key Thames Valley locations have seen a reduction in tenant incentives, but new lettings still tend to be for shorter periods usually up to 10 years and, more often, with a break at the fifth year. This will restrict any future increases in investment values. Tenant demand and new lettings have primarily been focused towards the west of London rather than the Western Corridor where availability of second hand office space remains high. It is encouraging to note the increased activity in the City and West End property market but it will be some time before these are mirrored in the Thames Valley.

Commercial property investment values have marginally improved over the year. Private and institutional investors remain keen to invest in commercial property but, as always, location, strength of covenant and length of lease are critical factors. Any further improvement in values will be highly dependent on the general economic climate, continuing low level of interest rates and the availability of finance.

The majority of new commercial development schemes in the Thames Valley remain on hold. Planning permission is granted for commencement of a development within a three year period otherwise that permission requires renewal. The cost of preparing a planning application continues to rise with higher infrastructure contributions and additional bureaucracy despite central government's wish to streamline the process. The renewal of a planning permission is not an automatic process as changes in policy by the local authority and central government issues can occur.

In the current uncertain environment businesses are still reluctant to commit to future expansion. Until sustained confidence returns to the business community rental levels are unlikely to see any major recovery.

Residential values in Surrey and Berkshire have remained unchanged over the year. The lack of good quality new and existing housing stock has led to selective increases in some locations. Mortgage finance remains difficult to obtain as many first time buyers are unable to satisfy the increasingly strict criteria set by regulators and lenders. I do not foresee a recovery in residential property values in the short term.

Residential rental levels have also remained static throughout the year. Enquiries have increased over the last few months but not sufficient to generate any material uplift in the short term.

Financial

For the year to 30 September 2010 the group profit before tax was £0.5m (2009: loss £0.7m). This figure includes a small revaluation deficit of £0.03m (2009: £0.6m) in respect of the group and a loss of £0.64m (2009: £1.02m) in respect of our after tax share of Campmoss Property Company Limited, our 47.62% jointly controlled entity.

Revenue totalled £0.79m (2009: £1.15m) including gross rental income of £0.59m (2009: £0.56m). Profit on sales of investments during the year amounted to £0.52m (2009: £0.06m). The group's share of the revenue of Campmoss amounted to £1.29m (2009: £1.08m) including gross rental income of £0.97m (2009: £0.80m). These latter figures are not included in group revenue.

The profit after tax attributable to shareholders for the financial year, amounted to £0.31m (2009: loss £0.92m) and the earnings per share was 20.9p (2009: loss 57.7p).

At the year end, the company's commercial and residential investment portfolio was valued by Cushman & Wakefield LLP and Nevin & Wright respectively and totalled £4m (2009: £4m). This value excludes own use freehold property, which is included under property, plant and equipment in the balance sheet and which is held at valuation, together with property under development or refurbishment and held for re-sale which is held as stock at the lower of cost or market value. At the year end, stock represented commercial property at The Windsor Business Centre. The group's property portfolio under management at the year end, including the Campmoss investment and development portfolio, was valued at £29.46m (2009: £31.1m). The company's share of the net assets of Campmoss amounted to £5.8m (2009: £6.5m).

Net assets at 30 September 2010 were £15.1m (2009: £16.8m) equivalent to 1,129p per share (2009: 1,065p) an increase of 6% over the year (2009: decrease 3.6%).

The group, including Campmoss, has adequate financial facilities and operating resources to complete the current refurbishment and building programme. Cash balances held by the company are placed on short term deposit. At the year end the company had nil gearing (2009: nil).

During the year the company purchased and cancelled 236,000 ordinary shares for a total consideration of £1.8m. Your directors are proposing the annual renewal of their authority to acquire shares and of the approval of the Rule 9 waiver. Both will be included in the resolutions to be placed before shareholders at the Annual General Meeting and General Meeting respectively to be held on 13 January 2011. Full details of the Rule 9 waiver are set out in the document accompanying the Annual Report and are also on the company's website. In addition, as special business at the Annual General Meeting, a resolution will be proposed to adopt new Articles of Association. Details are given in the Report of the Directors in the Annual Report.

Dividend

The directors are recommending a final dividend of 9p per share (2009: 9p) making an unchanged total dividend for the year of 12.3p (2009: 12.3p). The final dividend will be paid on 10 February 2011 to shareholders on the register at 21 January 2011.

Investment and development portfolio

The group's investment portfolio continues to be primarily located to the west of London, close to Heathrow Airport and in Surrey and Berkshire.

The Maidenhead Enterprise Centre, comprises six business units totalling 14,000 sq ft with industrial or storage use on the ground floor and offices on the first floor. During the year, two further lettings were completed but two units remain vacant. Given that these are ideal for new and small businesses the level of take up has been very disappointing.

At Heritage Court, Egham, one retail unit was vacated following a lease surrender and has now been re-let at a slightly higher rent. The remaining three retail units are all let on a medium term basis.

During the first half of the year the freehold of one of our two houses in Egham was sold. The remaining freehold house is let on an Assured Shorthold Tenancy Agreement.

At The White House, Egham, the investment comprises five ground floor retail units with offices above. Negotiations to grant new leases are currently in hand with all tenants, as previously agreed long term leases now only have between two and three years until expiry. During the year, specific interim dilapidation works were agreed and have now been completed.

At The Windsor Business Centre, which consists of four business units totalling 9,500 sq ft, all units are let.

Campmoss Property Company Limited

The company retains freehold office, industrial and residential property in Maidenhead, Bracknell, Woking, Worplesdon and Slough.

At Tangley Place, Worplesdon, planning permission for a 92 bed care home was granted last year and discussions with a prospective tenant are currently in hand. The proposed new care home totals approximately 42,000 sq ft and it is the company's intention to secure a tenant before commencing construction. Discussions are also currently in hand with a view to securing appropriate finance.

At The Priory, Burnham, the office building totalling 26,000 sq ft is fully let on short and medium term leases.

At Bracknell, the various freehold properties in Market Street are included as part of the Bracknell Town Centre Redevelopment Scheme. The outline planning consent for this major scheme was recently renewed. Detailed discussions with the Local Authority have taken place over the last few years for various office, retail and residential schemes, as well as an agreement for a land swap and re-housing of the local primary care trust. The recent surrender of a lease at one of these freehold properties was effected in expectation of completing an agreement with the local authority, but, as a result of recent government cuts, plans have now been curtailed. The cost of the surrender has been written off in the Campmoss accounts. It is unlikely that any major development of these properties will take place over the next few years and, therefore, a refurbishment programme is now in hand which will allow all of our properties to be let on a short term basis. A number of pre-lettings have already been agreed for the retail units.

At the Brickfields Estate, Kiln Lane, Bracknell, four storage units were created on the lower ground floor level. The development now comprises sixteen business units and one office unit totalling 35,000 sq ft. Two units are vacant.

At Clivemont House and Highway House, Maidenhead, both development sites retain planning permission for Grade A office schemes totalling just under 100,000 sq ft. Works to improve the access at Highway House are continuing but the Campmoss board's policy is to seek either a full or partial pre-letting before commencing any development scheme.

At Datchet Meadows, Slough, the development comprises 37, one, two and three bedroom apartments. All units are available for sale but in the meantime the decision to let the apartments on Assured Shorthold Tenancy Agreements has proved successful. At the year end 30 apartments were let, 5 sold and 2 vacant. Since the year end a further 3 apartments have been sold.

Quoted investments

At the year end the company's small equity portfolio includes holdings in ImmuPharma, Tribal Group and General Industries. During the year part of the portfolio was sold realising a profit of £0.52m. I remain a director of General Industries quoted on the PLUS market.

Management and staff

I would like to take this opportunity of thanking our small management team, joint venture partner and fellow board members for their effort and support during the year.

Shareholders telephone dealing service

The company continues to offer its free share sale service to those shareholders who wish to dispose of holdings of 1,000 shares or less. This facility is provided by our Registrars, Computershare Investor Services Plc, who can be contacted on 0870 703 0084. Shareholders should be aware that this service should not be construed as an encouragement to buy or sell the company's shares. If in any doubt shareholders should contact their own financial advisors.

Outlook

During the year a number of new commercial property and investment projects were considered but the eventual asking prices were higher than your directors' valuation and therefore no transactions were completed. Recent government measures will herald a further difficult period in the property market and it will be important for the group to professionally manage its existing tenant base and where possible create value by new lettings.

The group, including Campmoss, has a number of existing projects to negotiate and complete. These will take some time to come through but should enhance the value of the investment portfolio. I look forward to reporting to you further at the half year.

J Richard Wollenberg

Chairman

24 November 2010

Consolidated Income Statement

FOR THE YEAR ENDED 30 SEPTEMBER 2010

The above results relate entirely to continuing activities. There were no acquisitions or disposals of businesses during either year.

Consolidated Balance Sheet

AT 3O SEPTEMBER 2010

Consolidated Cash Flow Statement

FOR THE YEAR ENDED 30 SEPTEMBER 2010

Other Primary Statements

FOR THE YEAR ENDED 30 SEPTEMBER 2010

Consolidated statement of comprehensive income and expense

Consolidated statement of changes in equity

Notes to the Financial Statements

FOR THE YEAR ENDED 30 SEPTEMBER 2010

The consolidated results for the year ended 30 September 2010 and 2009 are prepared by the group under applicable International Financial Reporting Standards adopted by the EU ("adopted IFRS") and applicable law.

The financial information set out above does not constitute the company's statutory financial statements for the years ended 30 September 2010 or 30 September 2009 but is derived from those financial statements. Statutory financial statements for 2009 have been delivered to the Registrar of Companies and those for 2010 will be delivered in due course. The auditors have reported on those financial statements; their reports were (i) unqualified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006 in respect of the financial statements for 2009 nor 2010.

Going concern

The group has sufficient financial resources to enable it to continue to trade and to complete the current maintenance and development programme. As a consequence, the directors believe that the group is well placed to manage its business risks successfully despite the current uncertain economic outlook.

After making enquiries, the directors have a reasonable expectation that the company and the group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements.

New, revised or changes to existing financial reporting standards

Subject to the adoption of the IFRS's available for application noted below, this announcement is prepared on the basis of the accounting policies as set out in the most recently published set of annual financial statements.

The following adopted IFRSs were available for application by the group and have been applied in these financial statements:

IFRS 8 - Operating Segments, was effective for periods beginning on or after 1 January 2009. This IFRS introduces a management approach to segmental reporting under which the information reported would be that which management uses internally for evaluating the performance of operating segments. The group applied the amendment from 1 October 2009.

IAS 1 (Amendment) - Presentation of Financial Statements. A revised presentation was effective for periods beginning on or after 1 January 2009. The revised standard has impacted on the presentation of the group financial statements requiring that all items of income and expense (including those previously recognised through equity) are presented either in a single statement (a 'statement of comprehensive income and expense') or in two statements (a separate 'income statement' and 'statement of comprehensive income and expense'). The group has adopted the latter option. The statement of changes in equity has been presented as a separate financial statement showing changes in equity for the period analysed between the total amounts attributable to owners of the parent and to non-controlling interests.

IAS 23 - Borrowing Costs, was effective for periods beginning on or after 1 January 2009. It requires the capitalisation of borrowing costs directly attributable to the construction or production of qualifying assets. The amendment has not had a significant effect on the financial statements.

Amendment to IFRS 1 and IAS 27 - Cost of an Investment in a Subsidiary, Jointly-controlled Entity or Associate, was effective for periods beginning on or after 1 July 2009. The amendment addresses issues that have arisen in practice related to the accounting for the above in separate financial statements at cost in accordance with IAS 27 to allow first-time adopters relief from certain requirements of IAS 27. The amendment has not had a significant effect on the financial statements.

Amendment to IAS 40 - Investment Property was effective for periods beginning on or after 1 January 2009. This requires properties that are being constructed for use as investment property to be accounted for under IAS 40 which requires an investment property to be measured initially at cost, including transaction costs, and thereafter under a policy of either the fair value model or the cost model, but applying that policy to all of its investment properties. The amendment has not had a significant effect on the financial statements.

2. Segmental analysis

The group manages its operations in two segments, being property and other investment and property development. The results of these segments are regularly reviewed by the board as a basis for the allocation of resources, in conjunction with individual site investment appraisals, and to assess their performance. Information regarding the results and net operating assets for each reportable segment are set out below:

Of the group's share of the loss in its jointly controlled entity of £643,000, a profit of £87,000 relates to property development and a loss of £730,000 relates to property investment. The interest income of £139,000 (2009: £177,000) relates entirely to property investment. Of the income tax expense of £190,000, £135,000 relates to property investment and £55,000 to property development. Due to the reportable segments being accounted for in separate legal entities it is possible to directly allocate the group results and net assets to the reportable segments. In 2010 the revenue in respect of the property development segment relates entirely to a single transaction.

3. Earnings/(loss) per share

Earnings/(loss) per share has been calculated in accordance with IAS 33 - Earnings Per Share using the profit after tax for the financial year of £310,000 (2009: loss £923,000)and the weighted average number of shares as follows:

Under IAS 33.41, diluted earnings per share where a loss is recorded cannot be less than the basic earnings per share.

Financial Calendar

Directors and Advisers