Following a competitive tender, leading Chartered Surveyors J&E Shepherd
has retained the contract as Estates Management Consultants for Royal
Mail's Scottish portfolio of more than 300 properties.

Having acted as Estates Management Consultants to Royal Mail's Scottish
portfolio for the last four years, Shepherd's contract retention means
that it will continue to manage the postal group's estate for the next two
years, with an option for a further two years beyond that.

Ian Hannon, Managing partner and Head of Shepherd's commercial department
in Edinburgh, said, "Given its competitive nature, and the volume of
commercial property involved, this reappointment represents a substantial
business win for Shepherd's. We are delighted with this contract renewal,
which represents validation of the estate management services we have been
providing to Royal Mail since 2004."

That comprehensive estate management service encompasses all Royal Mail
delivery offices, mail centres, post office branches and other sundry
operational and investment properties in Scotland and involves undertaking
rent reviews, lease renewals and ongoing asset management. Outwith the
estate management contract, J&E Shepherd has also advised Royal Mail on
various key property acquisitions and disposals throughout Scotland.
Dennis McCafferty, Royal Mail Estates Management Team Leader North, said,
"J&E Shepherd has been providing us with a high quality estate management
service in Scotland for several years now. The fact that the firm has
retained this contract, after a fiercely fought competitive tender
process, is evidence of Royal Mail's high satisfaction with the quality of
work undertaken by Shepherd on our behalf."

In each of the past three years, Royal Mail has presented J&E Shepherd
with a coveted Silver Award in recognition of the first class supplier
service it has provided to them.

J&E Shepherd, one of Scotland's leading firms of chartered surveyors,
valuers, property agents and managers, has been established for over 125
years and operates from a network of 28 offices throughout Scotland and
over 75 locations throughout England and Wales. The firm offers a multi
disciplinary property service to include valuation, sales and lettings,
building surveying, rent reviews, development and investment consultancy,
rating and property management.