Through our carbon strategy we focus on measuring our carbon footprint, improving energy efficiency, developing sustainable buildings and using low-carbon energy sources, finally purchasing carbon credits to offset our remaining emissions. The Government’s CRC Energy Efficiency Scheme, which launched in April 2010, requires us to buy carbon credits for all energy we purchase. At our retail properties, we generally purchase energy consumed in the common parts, with retailers purchasing energy consumed in their own demises. Across our office portfolio, we purchase almost all of the energy

consumed, both in the common parts and in occupiers' own demises.

We will be guided by any future industry-wide consensus on how landlords and occupiers should share carbon credit liabilities. Our current intention is to allocate liability to whoever has the greatest influence on energy consumption. We would therefore be responsible for the common parts and occupiers would bear liability for their own demises, with responsibility for central heating and cooling plant across our office portfolio shared equally. A provision would be introduced to future office leases to reflect this shared liability.