Peel Securities (S.w.) Limited

THE PRINCIPAL AND INTEREST ON £20,000 ,000 10% FIRST MORTGAGE DEBENTURE STOCK 2026 OF LONDON SHOP PROPERTY TRUST PLC A ND ALL OTHER MONEYS SECURED ON PROPERTY ACQUIRED BY PEEL SECURITIES (S.W.) LIMIT ED ON 6/7/89.

THE PRINCIPAL OF AND INTEREST ON £35, 000,000 9 7/8% FIRST MORTGAGE STOCK 2011 OF PEEL HOLDINGS PLC CREATED BY RESOLUT IONS DATED 1/4/86 AND 13/5/87, £30,000 ,000 9 7/8% FIRST MORTGAGE DEBENTURE STO CK 2011 OF PEEL HOLDINGS PLC CREATED BY RESOLUTION DATED 20/4/88, £100,000,00 0 9 7/8% FIRST MORTGAGE DEBENTURE STOCK 2011 OF PEEL HOLDINGS PLC CREATED BY RES OLUTION DATED 3/4/89 AND ALL OTHER MONEY S SECURED BY A TRUST DEED DATED 7/4/86 A ND SUPPLEMENTAL TRUST DEEDS DATED 15/4/8 7, 22/4/88 AND 5/4/89 SECURED ON PROPERT Y ACQUIRED BY PEEL SECURITIES (S.W.) LIM ITED ON 17/7/89

THE PRINCIPAL OF AND INTEREST ON THE 100,000,000 9 7/8% FIRST MORTGAGE DEBEN TURE STOCK 2011 OF PEEL HOLDINGS PLC AND ALL OTHER MONEYS DUE OR TO BECOME DUE T O THE CHARGEE UNDER THE TERMS OF THIS DE ED AND THE DEEDS DEFINED THEREIN

TRUST DEED FOR SECURING £10,000,000 1 2.5% FIRST MORTGAGE DEBENTURE STOCK 2015 /2020 OF LONDON SHOP PROPERTY TRUST PLC AND ALL OTHER MONEYS INTENDED TO BE SECU RED BY THE TRUST DEED