Cover Inside Front Cover Introduction World Cities Highlights For 2005 Porfolio Analysis Chairman's Review Chief Executive's Statement Finance Director's Report Britain & Ireland Americas Continental Europe Australia Asia Pacific Fund Management Board of Directors Non-Executive Directors and Senior Staff Corporate Governance Remuneration Report Directors' Report Statement of Directors' Responsibilities Independent Auditors' Report Accounts Consolidated Income Statement in US Dollars Consolidated Balance Sheet in US Dollars Consolidated Income Statement in Euros Consolidated Balance Sheet in Euros Five Year Summary Property Portfolio Grosvenor Offices and Board Directors       Inside Back Cover