Contingent liabilities of the Parent for guarantees to third parties amounted to £Nil (31 March 2005: £Nil; 30 September 2004: £Nil).

TPP Investments Limited, a wholly owned ring-fenced special purpose subsidiary, is a partner in The Tesco British Land Property Partnership and, in that capacity, has entered into a secured bank loan under which its liability is limited to £44 million (31 March 2005: £44 million; 30 September 2004: £44 million) and recourse is only to the partnership assets.