ABBEY NATIONAL

Mapeley Columbus Limited has completed the structured purchase and leaseback of Abbey National PLC's ("Abbey National") property estate. At �457.5 million, this is the largest deal of its type yet to have been entered into by a private sector company. The Abbey National property estate being transferred to Mapeley comprises some 1,300 properties and totals 6.5 million square feet, including the famous Baker Street headquarters building. The innovative terms of the contract allow Abbey National to benefit from certainty as to cost and hold period for each property, together with flexibility to vary occupancy periods at a quantifiable price. Mapeley Columbus is preferred supplier of additional accommodation to Abbey National and has responsibility for management and disposal of all surplus property.