2007/8 Investment Targets Review

We initiated this work, however we did not meet our target to ensure all Strategic Property Plans (SPP’s) include relevant RPI improvements as raised by the SRS, Flood Risk Assessments and Asset Energy Ratings (now the EPC ratings) by the date set.

We have put in place the processes and procedures to ensure this is achieved before the next SPP review at the end of this year. This will be an annual process and therefore we are setting ourselves this target again for 2009.

To date we have engaged with BTPS family property companies, MEPC and Argent, to include their properties. Our plan now is to engage with other Joint Venture partners, such as Westfield and X-Leisure, to encourage them to utilise our SRS, allowing all of us to better understand the impacts of our respective portfolios.

Our largest client and owner, BT Pension Fund, allocated £500m to high performing RPI properties in 2007.