Collateral pool information

The Company has four tranches of debenture outstanding:

• £200 million 6.75% First Mortgage Debenture Bonds due 2020

• £310 million 5.357% First Mortgage Debenture Bonds due 2028

• £330 million 5.264% First Mortgage Debenture Bonds due 2035

• £110 million 5.0055% First Mortgage Amortising Debenture Bonds due 2035

The Company is required to deliver to the trustee, each year, a valuation of, and a report by the auditors on the net annual income from, the charged properties. If such valuation shows the aggregate value of the charged properties is more than one and two-thirds times the nominal value of Bonds outstanding and that the net annual income is not less than the gross annual interest on the Bonds, then the Company may withdraw mortgaged properties provided that these tests continue to be met. If such valuation shows that the aggregate value of the charged properties is less than one and one-half times the nominal value of Bonds outstanding or that the net annual income is less than the gross annual interest on the Bonds, the Company is obliged to provide additional security so that these tests are met. The company has the right to substitute properties of equal value and income in the security pool. The debentures benefit from a combined collateral pool valued at £1,802,100,000, comprised of £1,802,100,000 of properties valued by the Company's Valuers Knight Frank, at Wednesday, September 30, 2015 with a net annual income, certified by the auditors, of £80,039,602. The asset cover ratio is 2.003 times and income cover ratio 1.604 times.

Trustee

Royal Exchange Trust Company Limited
4th Floor
40 Duke's Place
London EC3A 7NH

Registrar

Capita Asset Services
34 Beckenham Road
Beckenham
Kent
BR3 4TU
Telephone: 0871 664 0300

Information on collateral pool

The debentures benefit from a combined collateral pool valued at £1,802,100,000, comprised of £1,802,100,000 of properties valued by the Company's Valuers Knight Frank, at Wednesday, September 30, 2015 with a net annual income, certified by the auditors, of £80,039,602. The assets cover ratio at Wednesday, September 30, 2015 is 2.003 times and income cover ratio 1.604 times. The pool has 20 properties and 144 tenants. The geographic and sector diversity of the collateral pool by market value and net annual income is shown below: