SCHEDULES

SCHEDULE 5 U.K. Stamp duty land tax: amount of tax chargeable: rent

Valid from 10/07/2003

Net present value of rent payable over term of lease U.K.

3 U.K. The net present value (v) of the rent payable over the term of a lease is calculated by applying the formula:

where—

• ri is the rent payable (see paragraphs 4 and 5) in year i,

• i is the first, second, third, etc year of the term,

• n is the term of the lease (see paragraphs 6 and 7), and

• T is the temporal discount rate (see paragraph 8).