FCC Proudreed Properties 2005 HSBC SG CORPORATE ...

We attach schedule of values, divided into three Appendices as requested, upon which the properties in
this portfolio are identified. A summary report, tenancy schedule and valuation sheets for each property
are also attached.
We confirm that we are able to comply with the applicable listing rule of the relevant stock exchange and
listing authority, whether it is in London, Luxembourg or Dublin. We also confirm that the valuations have
been carried out by a competent Independent Valuer and that Savills has no conflict of interest in advising
the addressees of the report. We also confirm that Savills has sufficient professional indemnity insurance
on a per claim basis in respect of the services herewith provided.
The report and valuation have been prepared in accordance with the latest edition of the RICS ‘‘Red
Book’’, the Appraisal and Valuation Standards (5th Edition). We refer you to the documents entitled
‘‘Valuation Procedure and Assumptions’’ and ‘‘Specific Valuation Assumptions’’ attached to this
certificate for details of the basis of our valuation, the work we have undertaken and the general
assumptions upon which it has been prepared.
You have requested that valuations be prepared upon the following basis:
Market Value
Market value means ‘‘the estimated amount for which a property should exchange on the date of
valuation between a willing buyer and a willing seller in an arm’s-length transaction after proper
marketing wherein the parties had each acted knowledgably, prudently and without compulsion’’.
Market Value with Vacant Possession
As for market value, but assuming that the property is vacant at the valuation date.
Reinstatement Cost
This is an estimate of the cost of current reinstatement cost of the property in its current form, including
costs of clearance, demolition and professional fees, but excluding VAT.
We would underline that this indication of reinstatement cost for insurance purposes is given as a
guideline only, since a formal estimate can only be given by a qualified Quantity Surveyor or equivalent
person with sufficient current experience of construction costs. As the property has not been inspected by
a Quantity Surveyor, the estimates of replacement cost are provided without liability
Valuation
A schedule of individual net market values as at 31 May 2005 is attached. The sum of the individual
property values should not be considered as our opinion of the value of the portfolio if sold as a whole.
No allowance has been made in our valuation for the costs of realisation, any liability for tax which might
arise in the event of disposal or deemed disposal or for the existence of any mortgage or similar financial
encumbrance over the property.
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