Purpose

Aequus Shareholder’s agreement to the
creation of a charge security or encumbrance in respect of the
Obligor responsibilities and the share charge/debenture in respect
of the Development Facility.

Decision

To amend the Aequus “Facility
Agreement” to allow Aequus Bath Quays Regeneration LLP to
access the funding.

Reasons for the decision

The LLP was created with the intention to
regenerate the Bath Quays site, and its primary purpose therefore
relates to its strategic and socio-economic
responsibilities.  Access to the funding
that this decision would permit will further that purpose.

Alternative options considered

None.