[PPT] - SRI INVESTOR TOUR 29 May 2008 PORTFOLIO As at 31 December 2007 PowerPoint Presentation

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SRI INVESTOR TOUR

29 May 2008

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2 Total portfolio: £6.7 billion As at 31 December 2007

UK Shopping Centres 32% UK Offices 22% France Retail 23%

Average unexpired lease term 10.5 years Occupancy rate 98.2% Investment portfolio 6.6% reversionary

PORTFOLIO

Total portfolio: £7.3 billion

UK Retail Parks 17% France Offices 5% Germany Retail 1%

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PROPERTIES DEVELOPED BY HAMMERSON

Total portfolio: £7.5 billion

The Oracle, Reading WestQuay, Southampton Bullring, Birmingham Bishops Square, London E1

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CURRENT DEVELOPMENTS

125 Old Broad Street, London EC2 Cabot Circus, Bristol Parinor, Aulnay-sous-Bois 60 Threadneedle Street, London EC2

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FUTURE DEVELOPMENTS

Sevenstone, Sheffield Les 3 Fontaines, Cergy - Pontoise Cricklewood, North London Bishops Place, London E1

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THE HAMMERSON CYCLE

Design & Planning Asset Management Construction Asset Management Construction Hammerson Corporate Design & Planning Active Portfolio Management Letting

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CR MANAGEMENT

Development Operations Corporate

CR GROUP

Operations Development Corporate

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8 Resource use Supply chain Climate change and energy Community regeneration Customers

MATERIAL CR ISSUES

Development Operations Corporate

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DEVELOPMENT ACTIVITIES

Major development programme and

pipeline

All development on brownfield land
Typical £450 million annual project

spend

Working with councils on major

development projects in 12 cities

Cabot Circus, Bristol

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10 Resource use Supply chain Climate change and energy Community regeneration Customers

DEVELOPMENT – KEY CONSIDERATIONS

Design and Planning Aspirations of city councils Community consultation Design and connectivity Construction Contractor engagement Energy, water, waste efficiency Recycling of materials on-site Letting Meeting occupier requirements Improving occupier performance (financial and CR)

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DEVELOPMENT - INITIATIVES

Recognition by City Councils of good environmental management leads to access to future projects Lower construction costs Provision of skilled local workforce provides incentive to retailers to lease stores Enhanced reputation with Councils and with anchor retailers BREEAM Excellent (Cabot Circus) BREEAM Very Good (Highcross Leicester) 54% on-site recycling during Highcross construction £1 million government funding accessed for 6,000 jobs in Bristol and Leicester Objectives set to feed into sustainability implementation plans for developments INITIATIVE BENEFIT TO HAMMERSON Audit of all projects under construction Waste, water & energy monitoring and reporting by contractors Pre-employment training for jobs created in retail developments Sustainability workshops held with councils and anchor retailers for future retail developments RESULT (EXAMPLE)

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OPERATIONS: IMPACTS

55,000 tonnes of CO2 emitted across

UK portfolio

408,000 m3 of water used across UK

portfolio

14,800 tonnes of waste across UK

portfolio

1,300 retail occupiers
130 office occupiers
200 million visits to shopping centres

each year

Bullring, Birmingham

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13 Resource use Supply chain Climate change and energy Community regeneration Customers

OPERATIONS – KEY CONSIDERATIONS

Asset management Customer relationships Improve environmental performance of buildings Measurement, monitoring and reporting Positive contribution to local communities

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OPERATIONS - INITIATIVES

Lower energy costs result in lower service charges for retailers Reduce costs by combating yearly increases in landfill tax set by legislation Shopping centre energy reductions 2007: 12% ( UK) 11% (France) 50% of waste diverted from landfill in 2007 Initiative Benefit to Hammerson Green leases Increase recycling Result (example) Lower carbon emissions from managed portfolio in line with future legislation 27 tenants signed up to green lease since October 2007 Reduce energy use in managed portfolio

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15 Resource use Supply chain Climate change and energy Community regeneration Customers

CORPORATE – KEY CONSIDERATIONS

Active portfolio management Sustainability considerations included in acquisitions criteria Management Board responsibility for CR and corporate governance Benchmarking Staff training and development Stakeholder communications

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CORPORATE - INITIATIVES

Goodwill supports shopping centre footfall Support from local communities facilitates planning process Thorough consultation results in higher success rate in planning applications Staff retention and broader skills base Manage reputational risk £700,000 invested in communities in locality

f UK offices, shopping

centres & retail parks Consultations carried

ut in Sheffield, Leeds,

London Diversity training for all UK staff in 2007; internal redeployment programme in France Responsible procurement policy in development Initiative Benefit to Hammerson Community investment programmes Best practice community consultation Staff training and development Supplier engagement Result (example)

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LEGISLATIVE CONTEXT

Energy Buildings Performance Directive

2008

Code for Non-Domestic Buildings

2008

Code for Sustainable Homes

2007

Carbon Reduction Commitments

2010

Climate Change Bill

2008

Climate Change Levy

2000

Supplements to the London Plan

2008

Landfill Regulations

2002, 2004, 2005

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CR SUMMARY

Focus on material issues
Emphasis on environmental planning
Monitoring and measuring
Targets established
Leader in economic and social regeneration
“Developer of choice” for local authorities, occupiers, suppliers

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HIGHCROSS LEICESTER

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THE SHIRES

Existing scheme of 46,000 m², built

1991

Anchored by Debenhams and House of

Fraser

60% interest acquired 2002 for

£110 million from Hermes

Opportunity to grow retail turnover and

rents

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THE OPPORTUNITY

Add value through active asset

management

Exploit potential for expansion and

refurbishment

Higher mix of affluent ABs than most other

provincial cities in UK.

Change public perception of Leicester
Catchment of 1.5 million people

Leicester Leicester Leicester Leicester Leicester Leicester Leicester Leicester Leicester

Market Harborough Market Harborough Market Harborough Market Harborough Market Harborough Market Harborough Market Harborough Market Harborough Market Harborough Tamworth Tamworth Tamworth Tamworth Tamworth Tamworth Tamworth Tamworth Tamworth Warwick Warwick Warwick Warwick Warwick Warwick Warwick Warwick Warwick Cannock Cannock Cannock Cannock Cannock Cannock Cannock Cannock Cannock Alfreton Alfreton Alfreton Alfreton Alfreton Alfreton Alfreton Alfreton Alfreton Ashbourne Ashbourne Ashbourne Ashbourne Ashbourne Ashbourne Ashbourne Ashbourne Ashbourne Ashby-de-la-Zouch Ashby-de-la-Zouch Ashby-de-la-Zouch Ashby-de-la-Zouch Ashby-de-la-Zouch Ashby-de-la-Zouch Ashby-de-la-Zouch Ashby-de-la-Zouch Ashby-de-la-Zouch Birmingham Birmingham Birmingham Birmingham Birmingham Birmingham Birmingham Birmingham Birmingham Bourne Bourne Bourne Bourne Bourne Bourne Bourne Bourne Bourne Bromsgrove Bromsgrove Bromsgrove Bromsgrove Bromsgrove Bromsgrove Bromsgrove Bromsgrove Bromsgrove Brownhills Brownhills Brownhills Brownhills Brownhills Brownhills Brownhills Brownhills Brownhills Burton upon Trent Burton upon Trent Burton upon Trent Burton upon Trent Burton upon Trent Burton upon Trent Burton upon Trent Burton upon Trent Burton upon Trent Corby Corby Corby Corby Corby Corby Corby Corby Corby Coventry Coventry Coventry Coventry Coventry Coventry Coventry Coventry Coventry Daventry Daventry Daventry Daventry Daventry Daventry Daventry Daventry Daventry Derby Derby Derby Derby Derby Derby Derby Derby Derby Droitwich Droitwich Droitwich Droitwich Droitwich Droitwich Droitwich Droitwich Droitwich Dudley Dudley Dudley Dudley Dudley Dudley Dudley Dudley Dudley Grantham Grantham Grantham Grantham Grantham Grantham Grantham Grantham Grantham Hinckley Hinckley Hinckley Hinckley Hinckley Hinckley Hinckley Hinckley Hinckley Huntingd Huntingd Huntingd Huntingd Huntingd Huntingd Huntingd Huntingd Huntingd Kettering Kettering Kettering Kettering Kettering Kettering Kettering Kettering Kettering Leamington Spa Leamington Spa Leamington Spa Leamington Spa Leamington Spa Leamington Spa Leamington Spa Leamington Spa Leamington Spa Leek Leek Leek Leek Leek Leek Leek Leek Leek Lichfield Lichfield Lichfield Lichfield Lichfield Lichfield Lichfield Lichfield Lichfield Loughborough Loughborough Loughborough Loughborough Loughborough Loughborough Loughborough Loughborough Loughborough Matlock Matlock Matlock Matlock Matlock Matlock Matlock Matlock Matlock Melton Mowbray Melton Mowbray Melton Mowbray Melton Mowbray Melton Mowbray Melton Mowbray Melton Mowbray Melton Mowbray Melton Mowbray Newark-on-Trent Newark-on-Trent Newark-on-Trent Newark-on-Trent Newark-on-Trent Newark-on-Trent Newark-on-Trent Newark-on-Trent Newark-on-Trent Northampton Northampton Northampton Northampton Northampton Northampton Northampton Northampton Northampton Nottingham Nottingham Nottingham Nottingham Nottingham Nottingham Nottingham Nottingham Nottingham Nuneaton Nuneaton Nuneaton Nuneaton Nuneaton Nuneaton Nuneaton Nuneaton Nuneaton Oakham Oakham Oakham Oakham Oakham Oakham Oakham Oakham Oakham Peterborough Peterborough Peterborough Peterborough Peterborough Peterborough Peterborough Peterborough Peterborough Redditch Redditch Redditch Redditch Redditch Redditch Redditch Redditch Redditch Rugby Rugby Rugby Rugby Rugby Rugby Rugby Rugby Rugby Sleaford Sleaford Sleaford Sleaford Sleaford Sleaford Sleaford Sleaford Sleaford Spalding Spalding Spalding Spalding Spalding Spaldin Spaldin Spaldin Spalding St Neots St Neots St Neots St Neots St Neots St Neots St Neots St Neots St Neots Stafford Stafford Stafford Stafford Stafford Stafford Stafford Stafford Stafford Stamford Stamford Stamford Stamford Stamford Stamford Stamford Stamford Stamford Stoke-on-Trent (Hanley) Stoke-on-Trent (Hanley) Stoke-on-Trent (Hanley) Stoke-on-Trent (Hanley) Stoke-on-Trent (Hanley) Stoke-on-Trent (Hanley) Stoke-on-Trent (Hanley) Stoke-on-Trent (Hanley) Stoke-on-Trent (Hanley) Stone Stone Stone Stone Stone Stone Stone Stone Stone Stourbridge Stourbridge Stourbridge Stourbridge Stourbridge Stourbridge Stourbridge Stourbridge Stourbridge Uppingham Uppingham Uppingham Uppingham Uppingham Uppingham Uppingham Uppingham Uppingham Uttoxeter Uttoxeter Uttoxeter Uttoxeter Uttoxeter Uttoxeter Uttoxeter Uttoxeter Uttoxeter Walsall Walsall Walsall Walsall Walsall Walsall Walsall Walsall Walsall Wolverhampton Wolverhampton Wolverhampton Wolverhampton Wolverhampton Wolverhampton Wolverhampton Wolverhampton Wolverhampton

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Leicester Leicester Leicester Leicester Leicester Leicester Leicester Leicester Leicester

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Leicester Leicester Leicester Leicester Leicester Leicester Leicester Leicester Leicester

Market Harborough Market Harborough Market Harborough Market Harborough Market Harborough Market Harborough Market Harborough Market Harborough Market Harborough Tamworth Tamworth Tamworth Tamworth Tamworth Tamworth Tamworth Tamworth Tamworth Warwick Warwick Warwick Warwick Warwick Warwick Warwick Warwick Warwick Cannock Cannock Cannock Cannock Cannock Cannock Cannock Cannock Cannock Alfreton Alfreton Alfreton Alfreton Alfreton Alfreton Alfreton Alfreton Alfreton Ashbourne Ashbourne Ashbourne Ashbourne Ashbourne Ashbourne Ashbourne Ashbourne Ashbourne Ashby-de-la-Zouch Ashby-de-la-Zouch Ashby-de-la-Zouch Ashby-de-la-Zouch Ashby-de-la-Zouch Ashby-de-la-Zouch Ashby-de-la-Zouch Ashby-de-la-Zouch Ashby-de-la-Zouch Birmingham Birmingham Birmingham Birmingham Birmingham Birmingham Birmingham Birmingham Birmingham Bourne Bourne Bourne Bourne Bourne Bourne Bourne Bourne Bourne Bromsgrove Bromsgrove Bromsgrove Bromsgrove Bromsgrove Bromsgrove Bromsgrove Bromsgrove Bromsgrove Brownhills Brownhills Brownhills Brownhills Brownhills Brownhills Brownhills Brownhills Brownhills Burton upon Trent Burton upon Trent Burton upon Trent Burton upon Trent Burton upon Trent Burton upon Trent Burton upon Trent Burton upon Trent Burton upon Trent Corby Corby Corby Corby Corby Corby Corby Corby Corby Coventry Coventry Coventry Coventry Coventry Coventry Coventry Coventry Coventry Daventry Daventry Daventry Daventry Daventry Daventry Daventry Daventry Daventry Derby Derby Derby Derby Derby Derby Derby Derby Derby Droitwich Droitwich Droitwich Droitwich Droitwich Droitwich Droitwich Droitwich Droitwich Dudley Dudley Dudley Dudley Dudley Dudley Dudley Dudley Dudley Grantham Grantham Grantham Grantham Grantham Grantham Grantham Grantham Grantham Hinckley Hinckley Hinckley Hinckley Hinckley Hinckley Hinckley Hinckley Hinckley Huntingd Huntingd Huntingd Huntingd Huntingd Huntingd Huntingd Huntingd Huntingd Kettering Kettering Kettering Kettering Kettering Kettering Kettering Kettering Kettering Leamington Spa Leamington Spa Leamington Spa Leamington Spa Leamington Spa Leamington Spa Leamington Spa Leamington Spa Leamington Spa Leek Leek Leek Leek Leek Leek Leek Leek Leek Lichfield Lichfield Lichfield Lichfield Lichfield Lichfield Lichfield Lichfield Lichfield Loughborough Loughborough Loughborough Loughborough Loughborough Loughborough Loughborough Loughborough Loughborough Matlock Matlock Matlock Matlock Matlock Matlock Matlock Matlock Matlock Melton Mowbray Melton Mowbray Melton Mowbray Melton Mowbray Melton Mowbray Melton Mowbray Melton Mowbray Melton Mowbray Melton Mowbray Newark-on-Trent Newark-on-Trent Newark-on-Trent Newark-on-Trent Newark-on-Trent Newark-on-Trent Newark-on-Trent Newark-on-Trent Newark-on-Trent Northampton Northampton Northampton Northampton Northampton Northampton Northampton Northampton Northampton Nottingham Nottingham Nottingham Nottingham Nottingham Nottingham Nottingham Nottingham Nottingham Nuneaton Nuneaton Nuneaton Nuneaton Nuneaton Nuneaton Nuneaton Nuneaton Nuneaton Oakham Oakham Oakham Oakham Oakham Oakham Oakham Oakham Oakham Peterborough Peterborough Peterborough Peterborough Peterborough Peterborough Peterborough Peterborough Peterborough Redditch Redditch Redditch Redditch Redditch Redditch Redditch Redditch Redditch Rugby Rugby Rugby Rugby Rugby Rugby Rugby Rugby Rugby Sleaford Sleaford Sleaford Sleaford Sleaford Sleaford Sleaford Sleaford Sleaford Spalding Spalding Spalding Spalding Spalding Spaldin Spaldin Spaldin Spalding St Neots St Neots St Neots St Neots St Neots St Neots St Neots St Neots St Neots Stafford Stafford Stafford Stafford Stafford Stafford Stafford Stafford Stafford Stamford Stamford Stamford Stamford Stamford Stamford Stamford Stamford Stamford Stoke-on-Trent (Hanley) Stoke-on-Trent (Hanley) Stoke-on-Trent (Hanley) Stoke-on-Trent (Hanley) Stoke-on-Trent (Hanley) Stoke-on-Trent (Hanley) Stoke-on-Trent (Hanley) Stoke-on-Trent (Hanley) Stoke-on-Trent (Hanley) Stone Stone Stone Stone Stone Stone Stone Stone Stone Stourbridge Stourbridge Stourbridge Stourbridge Stourbridge Stourbridge Stourbridge Stourbridge Stourbridge Uppingham Uppingham Uppingham Uppingham Uppingham Uppingham Uppingham Uppingham Uppingham Uttoxeter Uttoxeter Uttoxeter Uttoxeter Uttoxeter Uttoxeter Uttoxeter Uttoxeter Uttoxeter Walsall Walsall Walsall Walsall Walsall Walsall Walsall Walsall Walsall Wolverhampton Wolverhampton Wolverhampton Wolverhampton Wolverhampton Wolverhampton Wolverhampton Wolverhampton Wolverhampton

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Leicester Leicester Leicester Leicester Leicester Leicester Leicester Leicester Leicester

Market Harborough Market Harborough Market Harborough Market Harborough Market Harborough Market Harborough Market Harborough Market Harborough Market Harborough Tamworth Tamworth Tamworth Tamworth Tamworth Tamworth Tamworth Tamworth Tamworth Warwick Warwick Warwick Warwick Warwick Warwick Warwick Warwick Warwick Cannock Cannock Cannock Cannock Cannock Cannock Cannock Cannock Cannock Alfreton Alfreton Alfreton Alfreton Alfreton Alfreton Alfreton Alfreton Alfreton Ashbourne Ashbourne Ashbourne Ashbourne Ashbourne Ashbourne Ashbourne Ashbourne Ashbourne Ashby-de-la-Zouch Ashby-de-la-Zouch Ashby-de-la-Zouch Ashby-de-la-Zouch Ashby-de-la-Zouch Ashby-de-la-Zouch Ashby-de-la-Zouch Ashby-de-la-Zouch Ashby-de-la-Zouch Birmingham Birmingham Birmingham Birmingham Birmingham Birmingham Birmingham Birmingham Birmingham Bourne Bourne Bourne Bourne Bourne Bourne Bourne Bourne Bourne Bromsgrove Bromsgrove Bromsgrove Bromsgrove Bromsgrove Bromsgrove Bromsgrove Bromsgrove Bromsgrove Brownhills Brownhills Brownhills Brownhills Brownhills Brownhills Brownhills Brownhills Brownhills Burton upon Trent Burton upon Trent Burton upon Trent Burton upon Trent Burton upon Trent Burton upon Trent Burton upon Trent Burton upon Trent Burton upon Trent Corby Corby Corby Corby Corby Corby Corby Corby Corby Coventry Coventry Coventry Coventry Coventry Coventry Coventry Coventry Coventry Daventry Daventry Daventry Daventry Daventry Daventry Daventry Daventry Daventry Derby Derby Derby Derby Derby Derby Derby Derby Derby Droitwich Droitwich Droitwich Droitwich Droitwich Droitwich Droitwich Droitwich Droitwich Dudley Dudley Dudley Dudley Dudley Dudley Dudley Dudley Dudley Grantham Grantham Grantham Grantham Grantham Grantham Grantham Grantham Grantham Hinckley Hinckley Hinckley Hinckley Hinckley Hinckley Hinckley Hinckley Hinckley Huntingd Huntingd Huntingd Huntingd Huntingd Huntingd Huntingd Huntingd Huntingd Kettering Kettering Kettering Kettering Kettering Kettering Kettering Kettering Kettering Leamington Spa Leamington Spa Leamington Spa Leamington Spa Leamington Spa Leamington Spa Leamington Spa Leamington Spa Leamington Spa Leek Leek Leek Leek Leek Leek Leek Leek Leek Lichfield Lichfield Lichfield Lichfield Lichfield Lichfield Lichfield Lichfield Lichfield Loughborough Loughborough Loughborough Loughborough Loughborough Loughborough Loughborough Loughborough Loughborough Matlock Matlock Matlock Matlock Matlock Matlock Matlock Matlock Matlock Melton Mowbray Melton Mowbray Melton Mowbray Melton Mowbray Melton Mowbray Melton Mowbray Melton Mowbray Melton Mowbray Melton Mowbray Newark-on-Trent Newark-on-Trent Newark-on-Trent Newark-on-Trent Newark-on-Trent Newark-on-Trent Newark-on-Trent Newark-on-Trent Newark-on-Trent Northampton Northampton Northampton Northampton Northampton Northampton Northampton Northampton Northampton Nottingham Nottingham Nottingham Nottingham Nottingham Nottingham Nottingham Nottingham Nottingham Nuneaton Nuneaton Nuneaton Nuneaton Nuneaton Nuneaton Nuneaton Nuneaton Nuneaton Oakham Oakham Oakham Oakham Oakham Oakham Oakham Oakham Oakham Peterborough Peterborough Peterborough Peterborough Peterborough Peterborough Peterborough Peterborough Peterborough Redditch Redditch Redditch Redditch Redditch Redditch Redditch Redditch Redditch Rugby Rugby Rugby Rugby Rugby Rugby Rugby Rugby Rugby Sleaford Sleaford Sleaford Sleaford Sleaford Sleaford Sleaford Sleaford Sleaford Spalding Spalding Spalding Spalding Spalding Spaldin Spaldin Spaldin Spalding St Neots St Neots St Neots St Neots St Neots St Neots St Neots St Neots St Neots Stafford Stafford Stafford Stafford Stafford Stafford Stafford Stafford Stafford Stamford Stamford Stamford Stamford Stamford Stamford Stamford Stamford Stamford Stoke-on-Trent (Hanley) Stoke-on-Trent (Hanley) Stoke-on-Trent (Hanley) Stoke-on-Trent (Hanley) Stoke-on-Trent (Hanley) Stoke-on-Trent (Hanley) Stoke-on-Trent (Hanley) Stoke-on-Trent (Hanley) Stoke-on-Trent (Hanley) Stone Stone Stone Stone Stone Stone Stone Stone Stone Stourbridge Stourbridge Stourbridge Stourbridge Stourbridge Stourbridge Stourbridge Stourbridge Stourbridge Uppingham Uppingham Uppingham Uppingham Uppingham Uppingham Uppingham Uppingham Uppingham Uttoxeter Uttoxeter Uttoxeter Uttoxeter Uttoxeter Uttoxeter Uttoxeter Uttoxeter Uttoxeter Walsall Walsall Walsall Walsall Walsall Walsall Walsall Walsall Walsall Wolverhampton Wolverhampton Wolverhampton Wolverhampton Wolverhampton Wolverhampton Wolverhampton Wolverhampton Wolverhampton

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CITY CENTRE MASTERPLAN

Extended retail
Science and technology park
Enhanced business quarter
Residential community
Waterside regeneration (11 miles of

waterfront)

Improved city centre environment

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OVERVIEW

£350 million total spend (60:40 joint venture with Hermes)
Anchored by John Lewis and 12-screen Cinema de Lux (new development);

Debenhams and House of Fraser (existing asset)

30,000 m² additional shop units; 6,000 m² cafés and restaurants; 140 residential

units

Two new public squares
120 fashion retailers; 15 restaurants and cafés
2000 retail and leisure jobs created in city centre

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PROJECT OBJECTIVES

Restore commercial and civic heart to Leicester Set new standards in environmental sustainability Enhance quality of built environment Create a vibrant evening economy Increase consumer spend and dwell time in existing centre Drive rents and other income

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MASTERPLANNING AND DESIGN

Upgrading of existing centre
Connectivity
Mix of uses
Diverse architecture

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ENVIRONMENTAL PROFILE

Environmental ratings include BREEAM Very Good; Ecohomes Very Good; Code

for Sustainable Homes Level 3

Upgrading of old: Decommissioning of air-conditioning units in existing centre;

maximised daylight

Occupiers: Green lease and Tenants’ Sustainability Guide
Transport: new transport hub to promote public transport use and connectivity
Energy: Installation of energy efficient lighting and sub-metering in shopping centres;

solar and gas heating in residential

Water: Incorporation of low-flow fittings, dual-flush WCs and sensor controlled taps to

improve water efficiency

Waste: 24-37% recycled content in projects under construction

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27

SOCIAL PROFILE: WORK HIGHCROSS

Charter for employment and training
“Work Highcross” initiative set up to fill 2,000

retail and leisure jobs

5,000 jobseekers now registered on

database

Intention to fill 65% of vacancies from local

unemployment pool

Guaranteed interviews for 250 John Lewis

jobs for “Work Highcross” participants

Follows similar Hammerson initiatives in

Reading, Southampton and Birmingham

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HIGHCROSS SUMMARY

Major element of Leicester city centre regeneration
Improvements to public realm
Upgrading of existing centre enhances attractiveness to retailers and efficiency of

resource use

Focus on environmental considerations in design and construction
Implementation of Hammerson pre-employment training programme
Completion scheduled for September 2008

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