PART II U.K. SPECIFIED ACTIVITIES

Valid from 21/08/2002

Chapter XV U.K. Regulated Mortgage Contracts

Exclusions U.K.

Valid from 01/09/2002

Administration pursuant to agreement with authorised person U.K.

63.  A person who is not an authorised person does not carry on an activity of the kind specified by article 61(2) in relation to a regulated mortgage contract where he administers the contract pursuant to an agreement with an authorised person who has permission to carry on an activity of that kind.