Debentures

Information on collateral pool at 31 March 2007

The debentures benefit from a combined collateral pool which was valued by the Company’s valuers Knight Frank at £1,919,949,000 at 31 March 2007 with a net annual income, certified by the auditors, of £73,597,315. The assets cover ratio at 31 March 2007 is 1.835 times and income cover ratio 1.236 times. The pool has 38 properties and 232 tenants. The geographic and sector diversity of the collateral pool by market value and net annual income is shown below:

Market Value Diversity by Sector

Market Value Diversity by Geography

Rent Diversity by Sector

Rent Diversity by Geography

The top 10 tenants contribute 49.07% to the pool’s income (by gross annual income) as follows:

1 Homebase Limited 12.61%
2 Sec of State for Environment 10.80%
3 JPMorgan Chase Bank, NA 6.25%
4 Asda Stores Limited 3.36%
5 Sainsbury's Supermarkets Ltd 3.25%
6 DSG Retail Limited 2.84%
7 NBC Apparel 2.82%
8 Comet Group Plc 2.76%
9 ATOS Origin IT Services UK Ltd 2.43%
10 Elexon Limited 1.95%

The following properties are charged at the debenture pool at 31 March 2007.

Eastgate Centre, Basildon
Weston Lock Retail Park, Bath
Castle Vale Retail Park, Birmingham
Tollgate Centre, Colchester
St. James Retail Park, Dumbarton
Cuckoo Bridge Retail Park, Dumfries
Meadowbank Retail Park, Edinburgh
Eldon House, 2-3 Eldon Street, London
Euston Tower, Euston Road, London
1, 4 and 7 Triton Square, Euston Road, London
Portcullis House, Glasgow
Oldfield Lane, Greenford
Primark, Kingston upon Hull
Westside Retail Park, Leeds
Junction Road, Leek
Two Moorfields, Liverpool
99/101 Lord Street, Liverpool
Castlegate, Malton
St. James Retail Park, Northampton
33/35 Fargate, Sheffield
Teesside Retail Park, Stockton
Westgate Retail Park, Wakefield
Homebase, Willesden, London
Homebase, Wrexham
Teesside Park Phase 2, Stockton
Homebase, Ewell
Orbital Shopping Park, Swindon
The Beehive Centre, Cambridge
Homebase, Wimbledon
Homebase, Luton
Homebase, Ipswich
Homebase, Harrow Weald
Homebase, Walton on Thames
Springfield Retail Park, Elgin
Homebase, Richmond
338 Euston Road, London
Homebase, Camberley
350 Euston Road, London

On 20 April 2007 the Homebase Wimbledon and Homebase Willesden properties were removed from the debenture pool. On 25 May 2007 the Homebase Ewell property was removed from the debenture pool. On 26 July 2007 the Castle Vale Retail Park Birmingham and 99/101 Lord Street Liverpool properties were removed from the debenture pool. On 26 September 2007 the Oldfield Lane Greenford property was removed from the debenture pool. On 27 September 2007 a new property 2 and 3 Triton Square, Euston Road, London was added to the debenture pool.