Introduction by Stephen Hester

I welcome the progress that we made in 2006 on corporate responsibility issues such as climate change, occupier relations and consultation with local communities.

In 2006 we continued to integrate corporate responsibility into every aspect of what we do. I believe that this brings benefits to our business and stakeholders as well as to society and the environment.

We have been working to reduce our impact on climate change for a number of years. By financing, developing and managing properties that manage energy, waste and water responsibly we not only conserve the world′s resources we reduce our costs and those of our occupiers. In 2006 for the first time we are publishing a printed summary of our Corporate Responsibility Report with the full version online as just one part of our efforts to manage our environmental impact. We also continued to implement our Sustainability Brief for Developments, Biodiversity Programme and Waste Management Plan, as well as launching our Sustainable Guide for Property Acquisitions, developing our sustainable Travel Plans and creating a Water Management Programme.

We always welcome feedback from our stakeholders and have commissioned further independent stakeholder research for 2007.

If you have any comments on this report or on our approach to corporate responsibility please do contact us at cr@britishland.com