General Information

The Company had three tranches of debentures outstanding as at Tuesday, March 31, 2020:

• £310 million 5.357% First Mortgage Debenture Bonds due 2028 (£218 million outstanding)

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

• £110 million 5.0055% First Mortgage Amortising Debenture Bonds due 2035 (£92 million outstanding)

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. (See information collateral pool below)

Trustee

Royal Exchange Trust Company Limited
6^th Floor
125 Wood Street
London
EC2V 7AN

Registrar

Link Market Services Limited
34 Beckenham Road
Beckenham
Kent
BR3 4TU
Telephone: 0871 664 0300

Principal Paying Agent

The Bank of New York Mellon
One Canada Square
Canary Wharf
London E14 5AL

Information on collateral pool

The debentures benefit from a combined collateral pool valued at £970,850,000, comprised of £960,850,000 of properties valued by the Company’s Valuers CBRE, Cushman & Wakefield LLP, and £10,000,000 cash collateral at Tuesday, March 31, 2020 with a net annual income, certified by the auditors, of £59,122,679. The assets cover ratio at Tuesday, March 31, 2020 is 1.517 times and income cover ratio 1.757 times. The pool has 11 properties and 158 tenants. The geographic and sector diversity of the collateral pool by market value and net annual income is shown below: