LCP Proudreed PLC - Irish Stock Exchange

4.0 VALUATION ASSUMPTIONS
4.1 SOURCES OF INFORMATION
4.1.1 Third parties have provided us with such information as details of tenure, use, town planning
consents and the like. Where appropriate, LCP has confirmed that our assumptions are correct
so far as they are aware.
4.1.2 We have relied upon the tenancy details provided to us by Proudreed Real Estate as at 15 June
2005. We have been provided by The Simkins Partnership and Lawrence Graham with
certificates of title (including sample lease reports) in respect of each of the Properties, and we
confirm we have taken these into account in our valuations. We have assumed that all
occupational leases have been drawn on a full repairing and insuring basis unless advised to the
contrary.
4.1.3 We have not effected official searches and for the purposes of the valuations we have assumed
that, unless advised to the contrary, full planning consent exists for the existing use of the
Properties, or established use rights are available for the existing buildings and present uses
and the Properties are not adversely affected by town planning or road proposals.
4.1.4 We have not inspected the title deeds or other legal documents pertaining to the Properties
and our valuations are based upon the assumption that, save as disclosed in the certificates of
title dated 16 September 2005, there are no unusually onerous restrictions or obligations
attaching to the Properties and that they enjoy good and marketable title.
4.2 STRUCTURAL SURVEYS AND DELETERIOUS MATERIALS
4.2.1 We have not carried out structural surveys nor have we inspected those parts of the Properties
which are covered, unexposed or inaccessible and such parts have been assumed to be in good
repair and condition. We cannot express an opinion about, or advise upon the condition of
uninspected parts and this certificate should not be taken as making any implied representation
or statement about such parts. We have had regard to the general condition of the Properties
as observed in the course of our inspection for valuation purposes.
4.2.2 We have not arranged for any investigation to be carried out to determine whether or not high
alumina cement, calcium chloride additive or any other potentially deleterious material has
been used in the construction of the Properties and we are therefore unable to report that the
Properties are free from risk in this respect. For the purpose of this valuation we have assumed
that such investigations would not disclose the presence of any such material in any adverse
condition.
4.2.3 No specialist tests have been carried out on any of the services systems and for the purposes
of this valuation we have assumed that all are in reasonable working order and in compliance
with any relevant statutory or Bye-Law regulations.
4.2.4 No allowance has been made in our valuation in respect of rights, obligations or liabilities
arising under the Defective Premises Act 1972.
4.2.5 Assuming an ongoing programme of maintenance on the unlet buildings and a rigorous
enforcement of the repairing liabilities on the let units we consider that the vast majority of the
buildings could have a useful economic life of at least 20 years.
4.2.6 You have also asked for our opinion of the reinstatement value of the Properties. In the case,
particularly, of the retail properties we will not have any information as to the gross areas and
the figures noted should be treated with extreme caution.
4.3 SITE CONDITIONS AND CONTAMINATION
4.3.1 No load bearing tests have been carried out by us and we cannot offer any opinion either as
to the suitability of the sites for existing or proposed developments nor the condition of or
potential liability for any embankment and river, wharf or retaining wall.
4.3.2 We are aware of the content of certain environmental audits, which have been carried out
previously on the Properties and we can confirm we have taken these into account in our
valuations. We have set out at Appendix 3 a schedule of those Properties where we have
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