Report Scope and Approach

Our 2007 Interim Sustainability Report covers the period 1 January to 31 December 2007 and builds upon our last Sustainability Report which covered the same period in 2006. It relates to our UK operations only and does not cover international investment, development or property management activities.

In our last Sustainability Report, we refocused our strategy around six critical impact areas: Property Investment, Development and Management (‘what we do’); and Our People, Our Suppliers and Our Communities (‘how we do it’). We also set ourselves a longer timeframe to achieve a set of ambitious targets in each of these impact areas. Therefore, all our sustainability targets agreed in 2007 had a December 2008 deadline. This Interim Sustainability Report is intended to provide our stakeholders with an overview of the progress we made during 2007 against these targets, and an update against specific performance indicators. In 2009, we will be publishing a more comprehensive report of our final progress against all our 2007-08 targets, and we will take the opportunity to publish more detail on our achievements in the period.

The data included in this report generally relates to properties of which we have direct management control. This portion of our portfolio is referred to as Managed Properties throughout the report and includes our Shopping Centre portfolio and Managed Offices. The precise scope of specific key performance indicators differs across impact areas and is detailed in the data qualifying notes throughout the report.