LCP Proudreed PLC - Irish Stock Exchange
LCP Proudreed PLC - Irish Stock Exchange
LCP Proudreed PLC - Irish Stock Exchange
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<strong>Proudreed</strong> Limited and <strong>Proudreed</strong> Real Estate Limited<br />
(<strong>Proudreed</strong> Real Estate Limited in its capacity as Borrower)<br />
16 Carlton Crescent<br />
Southampton<br />
Hampshire<br />
SO15 2ES<br />
HSBC Bank plc<br />
(in its capacity as Joint Lead Manager, Liquidity<br />
Facility Provider and Hedging Provider)<br />
Level 3<br />
8 Canada Square<br />
London E14 5HQ<br />
HSBC Trustee (C.I.) Limited<br />
(in its capacity as Borrower Security Trustee,<br />
Issuer Security Trustee and Note Trustee)<br />
1 Grenville Street<br />
St Helier<br />
Jersey<br />
Channel Islands JE4 9PF<br />
Société Générale, London Branch<br />
(in its capacity as Joint Lead Manager)<br />
SG House<br />
41 Tower Hill<br />
London EC3N 4SG<br />
Société Générale<br />
(in its capacity as Hedging Provider)<br />
Tour S.G.<br />
17 Cours Valmy<br />
97972 Paris La Défense<br />
<strong>LCP</strong> <strong>Proudreed</strong> <strong>PLC</strong><br />
(in its capacity as Issuer)<br />
c/o SPV Management Limited<br />
Tower 42 (Level 11)<br />
International Financial Centre<br />
25 Old Broad Street<br />
London EC2N 1HQ<br />
Dear Sirs<br />
VALUATION OF ASSETS OWNED BY PROUDREED LIMITED AND ITS SUBSIDIARIES<br />
(‘‘PROUDREED’’) AS AT 15 JUNE 2005<br />
1.0 INSTRUCTIONS<br />
1.1 Instruction: In accordance with instructions contained within the letter received from L.C.P.<br />
Management Limited (‘‘<strong>LCP</strong>M’’) with instruction effective from 5th May 2005, we have inspected<br />
the properties (the ‘‘Properties’’) shown in Appendix 1, in order to advise you of our opinion of the<br />
Market Value (as defined in paragraph 3.2) as at 15th June 2005 (the ‘‘Valuation Date’’)ofthe<br />
freehold or long leasehold interests (as appropriate) in each of the Properties in connection with the<br />
issue by the Issuer of £243,800,000 Class A Notes due 2016, £32,200,000 Class B Notes due 2016,<br />
£36,800,000 Class C Notes due 2016 and £9,200,000 Class D Notes due 2016 as described in an<br />
offering circular (the ‘‘Offering Circular’’) dated on or about the date hereof. This report is dated<br />
19 October 2005.<br />
1.2 Inspections: We have inspected all the Properties within the last 6 months. However, as requested<br />
we have relied upon areas provided to us by <strong>LCP</strong>M in respect of the majority of the Properties and<br />
have specifically measured only certain Properties as requested by <strong>LCP</strong>M. We have assumed that the<br />
areas provided to us to have been measured in accordance with the Code of Measuring Practice<br />
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