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• Instruction to Valuers

Management, Governance & CR

Instruction to Valuers

Atisreal UK
Norfolk House
31 St James’s Square
London SW1Y 4JR

Dear Sirs,
Valuation as at 31 March 2005

I confirm our instructions for you to prepare the valuation at 31 March 2005 for inclusion in our Report and Accounts, of all the properties owned by The British Land Company PLC and its subsidiaries. This instruction excludes our overseas interests, which are to be valued as previously by Jones Lang LaSalle and CB Richard Ellis and our residential properties, which are to be valued by FPD Savills.

For this purpose, we will make available to you all the information you may require which we will update through to 31 March. We will also advise you of any transactions we are aware of that may have an impact on value.

Your valuation is to be undertaken in accordance with the 5th Edition of the Appraisal and Valuations Standards (The Red Book) published in 2003 by The Royal Institution of Chartered Surveyors. Your valuation is for a Regulated Purpose and you are to confirm that you have followed professional standards and procedures with regard to independence and quality assurance.

You will conduct appropriate inspections of each of the properties and measure, in those cases where you have not been provided with floor areas as agreed between the landlord and tenant at the time of rent review or the initial letting. In respect of planning, your surveyors will make their own enquiries of the various planning authorities. You will also refer to title reports and leases either in your possession or made available to you.

In accordance with established practice, you will attend meetings as required by the Company’s auditors and the Audit Committee to discuss your work and conclusions.

Yours faithfully
For and on behalf of The British Land Company PLC

Michael I. Gunston FRICS
Chief Surveyor

2 February 2005