TAB Feb 2019

Strictly Private & Confidential

19 February 2019

Assumptions

1. Farmhouse –

i. Tom Walton lives in the farmhouse as tenant (Director of G.H. Walton & Son LTD). ii. We are assessing the holding on the basis that the tenancy is FRI.

2. Buildings let on 1954 act (units and offices in yard) – We have assumed this is with Landlord written consent.

3. Part unit 5 – Tenant improvement – We have worked on the basis that the black patch approach is used on tenant’s improvements up-until the point that the building is sublet (taking a ground rent for the sublet rent).

4. Barns converted to two dwellings – We have assumed this is with Landlord written consent.

BROWN&CO | Calculations

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