SHAREHOLDERS

APPENDIX 2Bases and sourcesA. The estimated present value of the minimum gross cash receipts from the proposed developmentproject assumes cash receipts of £44.5 million are received over 10 years in equal amounts at theend of each year (i.e. £4.45 million per annum) and an annual cost of money of 8.00 per cent..B. The July 2007 Property Market Report by Valuation Office Agency, an executive agency of HMRevenues & Customs, discloses Autumn 2002 and July 2007 South West England ResidentialBuilding Land Index values of 929.7 and 1,454.1 respectively.C. The debt and other liabilities of £13.33 million are sourced from the Newbury RacecourseUnaudited Consolidated Balance Sheet at 30 June 2007: Creditors with amounts falling duewithin one year £3.99 million, Creditors with amounts falling due after more than one year£4.68 million, Provisions for liabilities and charges £0.84 million, Pension liability £0.08 million,Accruals and deferred income £3.75 million.9