DRAFT DEED OF COVENANT

Scope and Content

1. William Arthur Pughe of Burbage Rectory, Hinckley, Leic., Esq.

2. Owen Rowland of Glyndwr, Conway, retired bank manager, Rev. William Morgan of St Anne's Vicarage, Bethesda, Clerk in Holy Orders and Herbert Austin Pughe of The National Provincial Bank, Llandovery, co. Carmarthen, bank manager. ("the Trustees")

Re: freehold hereditaments known as Hogue Hall Farm, pa. Burbage, Leic. conveyed to the Trustees for a price of £4200. WAP covenants to pay the difference between this and sale price if property sells for less than £4200 at any time during course of settlement.