DRAFT MORTGAGE

Scope and Content

1.George Pugh [crossed out and replaced with Ernest Edgar Bone] of Llandudno, solicitor

2. Felix Hadley of Gorphwysfa, Conway, gent

Re 4000 [crossed out and replaced with 120] shares of £10 each in the capital of The Craig-y-Don & District Land Company, for securing £3,000 [crossed out and replaced with £1000]