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To approve the reviewed rent of the above
property leased to The Guide Association Trust Corporation.

In accordance with clause 2.3 of the lease dated 31/05/2012, the
annual passing rent of £563 (£0.72 per square metre of
land only) has been reviewed as at 01/11/2022, and it is proposed
to increase it to £616 per annum (£0.80 per square
metre of land only).

The indexation of the rent is defined by reference to the Retail
Price Index 2 months prior to the Review Date of 01/11/2022, i.e.,
01/09/2022, and the index 2 months prior to the equivalent
anniversary of the term of 01/03/2022, i.e., 01/01/2022.

This means that the indexation is the change in the index over an
8-month period only, rather than the more usual 5 years.

This represents an increase of approximately 9.4% in the total
annual rent.

A memorandum will be endorsed on the lease recording this
review

If you have any queries, then please contact Fiona Williams who
will be happy to provide further information.