Deed of Substitution

Scope and Content

PARTIES:

1. Halls Oxford Brewery, Ltd.

2. The Brewery and Commercial Investment Trust, Ltd., of 19-21 Moorgate, London.

PROPERTY: As in 3D/11 above.

COMMENTS: As part of a security for a loan from 2 to 1, 1 assigns the above property to 2.

The deed bears an endorsement, dated 22 Feb 1950, in which 2 reconveys the above property, to 1, having received payment for its loan.