Industrial Real Estate Limited

£200,000,000 9 3/8 PER CENT. FIRST MORT GAGE DEBENTURE STOCK 2028 OF THE BRITISH LAND COMPANY (THE "PARENT") AND ALL OTH ER MONEYS DUE FROM THE PARENT TO ROYAL E XCHANGE TRUST COMPANY LIMITED AND ALL OT HER PERSONS OR COMPANIES ACTING UNDER TH E TRUST DEED AND ANY OTHER DEEDS SUPPLEM ENTAL THERETO AS TRUSTEES, SUBJECT TO A MAXIMUM OF £1,000,000,000.

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£437,058

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FOR SECURING £466,666

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FOR FURTHER SECURING £1,033,455 AND A LL OTHER MONIES DUE OR TO BECOME DUE FRO M THE BRITISH LAND COMPANY LIMITED TO TH E CHARGEE SUPPLEMENTAL TO A DEED OF VARI ATION & COVENANT DATED 8-6-73.

FOR SECURING £1,000,000 AND ALL OTHER MONIES DUE OR TO BECOME DUE FROM THE BR ITISH LAND COMPANY LIMITED TO THE CHARGE E UNDER THE TERMS OF THIS CHARGE. SUPPLE MENTAL TO A CHARGE DATED 4-7-78

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FOR SCURING $600,000 AND ALL OTHER MONIE S DUE OR TO BECOME DUE FROM BRITISH LAND (MANYLAND) INC TO THE CHARGEE

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£600,000

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£990,788 DUE FROM THE COMPANY AND ALL OR ANY OF THE SIX OTHER COMPANIES NAMED THEREIN

TO SECURE DEBENTURE STOCK OF THE BRITIS H LAND COMPANY LTD AMOUNTING TO £5,000,0 00 INC. OF £3,290,000 AND AN INCREASE OF INTEREST RATE OR THE LATTER AMOUNT, SEC URED BY A TRUST DEED DTD. 30.4.62 & 7.6. 73 AND DEEDS SUPPLEMENTAL THERETO

£14,000,000 DUE FROM THE CO. AND/OR ALL OR ANY OF THE 6 OTHER COMPANIES NAMED TH EREIN

TO SECURE DEBENTURE STOCK OF BRITISH LAN D CO. LTD AMOUNTING TO £5,000, 000 INC. OF £3,291,000 & AN INCREASE IN THE INTER EST RATE ON LATTER AMOUNT, SECURED BY A TRUST DEED DTD 30.4.72 & DEEDS SUPP. THE RETO.

£3,291,000

£3,291,000

£3,291,000

FOR SECURING DEBENTURE STOCK OF THE BRIT ISH LAND COMPANY LTD. AMOUNTING TO £3 ,500,000. SECURED BY A TRUST DEED DATED 30TH APRIAL 1962 AND DEEDS SUPPLEMENTAL THERETO

£1,250,000

DEBENTURE STOCK OF THE BRITISH LAND COMP ANY LTD. AMOUNTING TO £3,500,000 INCLUSI VE OF £2,489,320 SECURED BY A TRUST DEED DATED 30/4/62 AND DEED SUPPLEMENTAL THE REOF

DEBENTURE STOCK OF THE BRISTOL LAND CO. LTD. AMOUNTING TO £2,489,320 INCLUSIVE O F £1,826,320 SECURED BY A TRUDST DEED DA TED 30/4/62 AND DEEDS SUPLEMENTAL THERET O

FOR FURTHER SECURING DEBENTURES STOCK OF THE BRITISH LAND COMPANY LTD ARE AMOUNT ING TO £1,826,320 INCLUSIVE OF £1,204,00 0 SECURED BY A TRUST DEED DATED 30/4/62 AND DEEDS SUPPLEMENTAL THERETO

£35,000