Purpose

To approve the assignment of the leasehold
interests in the Premises to Festival Retail Properties
Limited.

Decision

To approve the assignment of the leasehold
interests in the Premises to Festival Retail Properties
Limited.

Reasons for the decision

To comply with the alienation obligations
under the terms of the leases forming the Premises.

Alternative options considered

This assignment is Business as Usual and there
are no grounds to refuse.