Grosvenor Properties

THE TOTAL AMOUNT PAYABLE BY GROSVENOR ES TATE HOLDINGS UNDER THE TRUST DEEDS REFE RED TO BELOW NAMELY THE PRINCIPAL OF, AN D PREMIUM (IF ANY) AND INTEREST ON, THE £50,000,000 10.42 PER CENT. FIRST MORTGA GE DEBENTURE STOCK DUE 2034 OF HOLDINGS (THE "EXISTING STOCK") AND ALL (IF ANY) FURTHER FIRST MORTGAGE DEBENTURE STOCK W HICH MAY BE CREATED AND ISSUED BY HOLDIN GS (TOGETHER WITH THE EXISTING STOCK, TH E STOCK) AND ALL OTHER MONEYS INTENDED T O BE SECURED, IN EACH CASE UNDER OR BY T HE TRUST DEEDS (WHETHER OR NOT SUBSISTIN G OR ENTERED INTO IN THE FUTURE) CONSTIT UTING AND SECURING THE STOCK