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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001104659-07-007031.txt : 20070205
<SEC-HEADER>0001104659-07-007031.hdr.sgml : 20070205
<ACCEPTANCE-DATETIME>20070205094955
ACCESSION NUMBER:		0001104659-07-007031
CONFORMED SUBMISSION TYPE:	T-3/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20070205
DATE AS OF CHANGE:		20070205

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LUXFER HOLDINGS PLC
		CENTRAL INDEX KEY:			0001096056
		STANDARD INDUSTRIAL CLASSIFICATION:	BLANK CHECKS [6770]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			X0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		T-3/A
		SEC ACT:		1939 Act
		SEC FILE NUMBER:	022-28826
		FILM NUMBER:		07578559

	BUSINESS ADDRESS:	
		STREET 1:		THE VICTORIA HARBOUR CITY
		STREET 2:		SALFORD QUAYS MANCHESTER
		CITY:			UNITED KINGDOM
		STATE:			X0
		ZIP:			M52SP
		BUSINESS PHONE:		441619118840
</SEC-HEADER>
<DOCUMENT>
<TYPE>T-3/A
<SEQUENCE>1
<FILENAME>a07-2145_1t3a.htm
<DESCRIPTION>T-3/A
<TEXT>
<html>

<head>







</head>

<body lang="EN-US" style=" text-justify-trim:punctuation">

<div style="font-family:Times New Roman;">
 <div style="border:none;border-top:double windowtext 6.0pt;padding:0pt 0pt 0pt 0pt;"> <p style="border:none;margin:0pt 0pt .0001pt;padding:0pt;"><a name="scotch"></a><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p> </div>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;letter-spacing:-.1pt;">UNITED STATES</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;letter-spacing:-.1pt;">SECURITIES AND EXCHANGE COMMISSION</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">Washington,
D.C.&#160; 20549</font></b></p>



<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">AMENDMENT No. 2 </font></b></p>



<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">TO </font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;letter-spacing:-.1pt;">FORM T-3</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;letter-spacing:-.1pt;">&nbsp;</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;letter-spacing:-.1pt;">FOR APPLICATIONS FOR QUALIFICATION OF INDENTURES</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;letter-spacing:-.1pt;">UNDER THE TRUST INDENTURE ACT OF 1939</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;letter-spacing:-.1pt;">Luxfer Holdings PLC</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(Name of applicant)</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">&nbsp;</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">The Victoria, 150-182 Harbour City, Salford Quays,
Salford, M50 3SP, United Kingdom</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(Address of principal executive offices)</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">&nbsp;</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">Securities to be
Issued Under the Indentures to be Qualified</font></b></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="48%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><!-- SET mrlNoTableShading --><b>Title of Class</b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Amount</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="border:none;padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Floating Rate
  Senior Notes due 2012</font></p>
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(the &#147;New
  Notes&#148;)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="border:none;padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Aggregate
  principal amount currently expected to be up to &#163;72,000,000</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(plus the amount
  of any additional New Notes issued in lieu of payment of interest thereon)</font></p>
  </td>
 </tr>
</table>

</div>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Approximate date of proposed public offering:</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Upon the effectiveness of the Company&#146;s planned schemes of arrangement,</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">presently anticipated to be on or about February&nbsp;6, 2007</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Name and Address of Agent for Service:</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Corporation Service Company</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">1133 Avenue of the Americas, Suite 3100</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">New York, NY 10036</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">With a copy to:</font></p>

<div align="center">



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Linda F. Seddon</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Glen M. Scarcliffe,
  Esq.</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Luxfer Holdings PLC</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cleary Gottlieb Steen
  &amp; Hamilton LLP</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Victoria</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">City Place House</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">150-182 Harbour
  City</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">55 Basinghall Street</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Salford Quays</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">London EC2V 5EH</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Salford M50 3SP</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">United Kingdom</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">United Kingdom</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>



</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman" style="letter-spacing:-.1pt;">&nbsp;</font></p>


 <div style="border:none;border-bottom:double windowtext 6.0pt;padding:0pt 0pt 0pt 0pt;"> <p style="border:none;margin:0pt 0pt .0001pt;padding:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p> </div>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='',FILE='C:\Fc\328621715_P66501CHE_1660534\2145-1-be.htm',USER='jmsproofassembler',CD='Feb  1 08:06 2007' -->



<br clear="all" style="page-break-before:always;">
<div>

<p align="center" style="margin:0pt 0pt 12.0pt 18.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">GENERAL</font></b></p>

<p style="margin:0pt 0pt 12.0pt 18.0pt;text-indent:-18.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">1.&#160;&#160;&#160;&#160; General
Information.</font></b></p>



<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(a)&#160;&#160; Luxfer Holdings PLC (&#147;Luxfer Holdings&#148; or the &#147;Company&#148;) is a
public limited company.</font></p>



<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(b)&#160;&#160; Luxfer Holdings is organized under the laws
of England and Wales.</font></p>

<p style="margin:0pt 0pt 12.0pt 18.0pt;text-indent:-18.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">2.&#160;&#160;&#160;&#160; Securities Act
Exemption Applicable.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Registration of the New Notes under the Securities Act of
1933, as amended (the &#147;Securities Act&#148;), is not required by reason of the
exemption from registration provided by Section&nbsp;3(a)(10) of the Securities
Act.</font></p>



<p style="margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">The New Notes are being issued as
part of a reorganization of the capital structure of the Company being
conducted under noteholder and shareholder schemes of arrangement under
Section&nbsp;425 of the Companies Act 1985 (United Kingdom), as amended (the &#147;Companies
Act&#148;), between the Company and, respectively, (i)&nbsp;its creditors with
respect to the Company&#146;s 10.125% Senior Notes due 2009 (the &#147;Existing Notes&#148;)
and (ii)&nbsp;the holders of the Company&#146;s Ordinary Shares and Preference
Shares (each, as defined below). The High Court of Justice in England and Wales
(the &#147;Court&#148;) ruled on the fairness of, and sanctioned, the schemes on February
5, 2007. Following completion of the schemes of arrangement, the ultimate
beneficial owners of the Company&#146;s Existing Notes (other than Luxfer Group
Limited, a subsidiary of the Company that owns a portion of the Existing Notes)
will hold (i)&nbsp;with respect to each &#163;1,000 principal amount of Existing
Notes, an aggregate principal amount of New Notes equal to &#163;521.49 plus the
equivalent of &#163;0.2143 per day from November&nbsp;1, 2006 to the date on which
the office copies of the orders of the Court sanctioning the schemes of
arrangement pursuant to Section&nbsp;425 of the Companies Act are delivered to
the Registrar of Companies in England and Wales (the &#147;Registrar&#148;) for
registration (the &#147;Effective Date&#148;); (ii)&nbsp;a combination of the Company&#146;s
new ordinary shares, par value &#163;1.00 per share, and deferred shares, par value
&#163;0.0001 per share, representing in aggregate 87% of the Company&#146;s new ordinary
share capital; and (iii)&nbsp;cash equal to &#163;18,379.7192 per day for each day
from November&nbsp;1, 2006 to the Effective Date.</font></p>





<p style="margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Further details of the schemes of
arrangement and the overall reorganization of the Company are set out in the
scheme document included as Exhibit T3E and the amendment thereto included as
Exhibit T3E.1 (collectively, the &#147;Scheme Document&#148;), each of which was
previously filed. The Scheme Document includes an explanatory statement
required by English law to set out all information that scheme creditors and shareholders
would need to know in order to be able to properly consider whether to vote in
favor of the Company&#146;s schemes of arrangement at meetings of creditors and
shareholders convened by the Court. Each scheme of arrangement is subject to
certain conditions precedent, including approval of the relevant scheme by a
majority in number and three-fourths in value of the relevant classes of
creditors and shareholders present and voting at the relevant meeting and sanctioning
of the schemes by the Court following a hearing on the fairness of the
transactions, which have already taken place, and the filing of the relevant
court orders with the Registrar for registration, all as more fully set out in
the Scheme Document. The noteholder scheme includes a covenant to file the
court order sanctioning the shareholder scheme with the Registrar, and is also
conditional on the court sanctioning the shareholder scheme. The shareholder
scheme is similarly conditional on the noteholder scheme becoming effective.
The Company distributed the initial scheme document to relevant scheme
creditors and shareholders on December 20, 2006, shortly after this application
had initially been filed. The amendment to the schemes of arrangement was dispatched
to scheme creditors and shareholders on January 12, 2007.</font></p>



<p style="margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Section&nbsp;3(a)(10) of the Securities Act provides an
exemption from the registration provisions of the Securities Act for:</font></p>

<p style="margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">[A]ny security which is issued in
exchange for one or more bona fide outstanding securities, claims or property
interests . . . where the terms and conditions of such issuance or exchange are
approved, after a hearing upon the fairness of such terms and conditions at
which all persons to whom it is proposed to issue securities in such exchange
shall have the right to appear, by any court . . . .</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">In Revised Staff Legal Bulletin No.&nbsp;3, the Staff of
the Securities and Exchange Commission (the &#147;Commission&#148;) has identified eight
factors that must be satisfied before a company may rely on the
Section&nbsp;3(a)(10) exemption:</font></p>



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 38.0pt;text-indent:-20.0pt;"><!-- SET mrlNoTableShading -->I.&#160;&#160;&#160;&#160;&#160; THE SECURITIES MUST BE ISSUED IN EXCHANGE FOR SECURITIES,
CLAIMS OR PROPERTY INTERESTS</p>



<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt 38.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">As described above, if the New
Notes are issued, they will be issued together with the other elements of
scheme consideration, being cash and ordinary and deferred shares, in
consideration of the cancellation and release of the claims of the relevant
scheme creditors, as set forth in the Scheme Document.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 38.0pt;text-indent:-20.0pt;"><!-- SET mrlNoTableShading -->II.&#160;&#160;&#160;&#160; A COURT OR AUTHORIZED GOVERNMENTAL ENTITY MUST APPROVE THE
FAIRNESS OF THE TERMS AND CONDITIONS OF THE EXCHANGE</p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt 38.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Staff Legal Bulletin No.&nbsp;3
sets forth the view of the Commission that the term &#147;court&#148; in
section&nbsp;3(a)(10) includes a foreign court. In addition, the Staff of the
Commission has recognized the Court acting under Section&nbsp;425 of the
Companies Act as a court qualified to approve the fairness of an exchange
pursuant to Section&nbsp;3(a)(10). See, e.g., Xyratex Group Limited No-Action
Letter (available May&nbsp;29, 2002); Global Telesystems No-Action Letter
(available June&nbsp;14, 2001).</font></p>



<p style="margin:0pt 0pt 12.0pt 38.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Measures have been taken to provide relevant information to scheme
creditors and shareholders. The Court has issued orders convening meetings of
the Company&#146;s scheme creditors and shareholders. In advance of these meetings
and in furtherance of the relevant Court orders, the Scheme Document and
certain updates thereto were circulated to the respective scheme creditors and
shareholders in a manner designed to give timely and effective notice to these
parties of the relevant meetings. On the day fixed by the Court, meetings of
the scheme creditors and scheme shareholders were held, and such parties voted
to approve their respective schemes of arrangement by the statutorily requisite
majorities. The Court conducted a sanction hearing on February 5, 2007, and
issued orders approving the schemes of arrangement that same day.</font></p>



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 38.0pt;text-indent:-20.0pt;"><!-- SET mrlNoTableShading -->III.&#160;&#160; THE REVIEWING COURT OR AUTHORIZED GOVERNMENTAL ENTITY MUST FIND,
BEFORE APPROVING THE TRANSACTION, THAT THE TERMS AND CONDITIONS OF THE EXCHANGE
ARE FAIR TO THOSE TO WHOM SECURITIES WILL BE ISSUED AND BE ADVISED BEFORE THE
HEARING THAT THE ISSUER WILL RELY ON THE SECTION 3(A)(10) EXEMPTION BASED ON
THE COURT&#146;S OR AUTHORIZED GOVERNMENTAL ENTITY&#146;S APPROVAL OF THE TRANSACTION</p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>



<p style="margin:0pt 0pt 12.0pt 38.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">The Court determined that the schemes of arrangement were fair from both
a procedural and a substantive standpoint. The Court was advised that its
ruling will be the basis for claiming an exemption from registration under the
Securities Act by reason of the exemption afforded by Section&nbsp;3(a)(10)
thereof.</font></p>



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 38.0pt;text-indent:-20.0pt;"><!-- SET mrlNoTableShading -->IV.&#160;&#160; THE COURT OR AUTHORIZED GOVERNMENTAL ENTITY MUST HOLD A HEARING
BEFORE APPROVING THE FAIRNESS OF THE TERMS AND CONDITIONS OF THE TRANSACTION</p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>



<p style="margin:0pt 0pt 12.0pt 38.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Consummation of the schemes of arrangement was subject to the approval
of the Court following the fairness hearings described above, which such approval
was granted on February 5, 2007.</font></p>



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 38.0pt;text-indent:-20.0pt;"><!-- SET mrlNoTableShading -->V.&#160;&#160;&#160;&#160; A GOVERNMENTAL ENTITY MUST BE EXPRESSLY AUTHORIZED BY LAW TO
HOLD THE HEARING, ALTHOUGH IT IS NOT NECESSARY THAT THE LAW REQUIRE THE HEARING</p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>



<p style="margin:0pt 0pt 12.0pt 38.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">The fairness hearings were expressly authorized by Section&nbsp;425 of
the Companies Act.</font></p>




 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 38.0pt;text-indent:-20.0pt;"><!-- SET mrlNoTableShading -->VI.&#160;&#160; THE FAIRNESS HEARING MUST BE OPEN TO EVERYONE TO WHOM SECURITIES
WOULD BE ISSUED IN THE PROPOSED EXCHANGE</p>



<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>



<p style="margin:0pt 0pt 12.0pt 38.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">At the fairness hearing, which was open to all scheme creditors and
shareholders with no improper impediments to appearance, dissenting creditors and
shareholders had the opportunity to voice objections to the sanction of the
respective schemes of arrangement.</font></p>



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 38.0pt;text-indent:-20.0pt;"><!-- SET mrlNoTableShading -->VII.&#160; ADEQUATE NOTICE MUST BE GIVEN TO EVERYONE TO WHOM SECURITIES WOULD
BE ISSUED IN THE PROPOSED EXCHANGE</p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>



<p style="margin:0pt 0pt 12.0pt 38.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">The Scheme Document, updates thereto and notices convening the relevant
creditor and shareholder meetings were circulated to scheme creditors and shareholders
in a manner designed to give such persons timely and effective notice of the
relevant meetings. </font></p>



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 38.0pt;text-indent:-20.0pt;"><!-- SET mrlNoTableShading -->VIII.THERE CANNOT BE ANY IMPROPER IMPEDIMENTS TO THE APPEARANCE BY THOSE
PERSONS AT THE HEARING</p>

<p style="margin:0pt 0pt .0001pt 34.0pt;text-indent:-34.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0pt 0pt 12.0pt 38.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">There were no such impediments.</font></p>




 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">AFFILIATIONS</font></b></p>

<p style="margin:0pt 0pt 12.0pt 18.0pt;text-indent:-18.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">3.&#160;&#160;&#160;&#160; Affiliates.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Set forth below is a list of the direct and indirect
subsidiaries of the Company (the &#147;Subsidiaries&#148; and each a &#147;Subsidiary&#148;) as of January
22, 2007. Unless stated otherwise, each Subsidiary is wholly owned by the
Company or another Subsidiary. </font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="37%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:37.72%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Name of company</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="21%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:21.48%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Country of</font></b></p>
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">incorporation</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:18.02%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Proportion of</font></b></p>
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">voting rights</font></b></p>
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">and shares held</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:15.76%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Nature of business</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="37%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:37.72%;">
  <p style="margin:0pt 0pt .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Subsidiary
  companies</font></i></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:18.02%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.72%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Architectural Distribution Systems Limited</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">(1)(2)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Eire</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:18.02%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100%</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dormant</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.72%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BA Holdings, Inc.</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">(1)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Delaware</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:18.02%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100%</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Holding company</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.72%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Biggleswick Limited</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">(1)(3)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">England and Wales</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:18.02%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">80%</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Non-trading</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.72%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BA Tubes Limited</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">(1)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">England and Wales</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:18.02%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100%</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Engineering</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.72%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BAL 1996 Limited</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">(1)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">England and Wales</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:18.02%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100%</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dormant</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.72%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hart Metals, Inc.</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">(1)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Delaware</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:18.02%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100%</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Manufacturing</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.72%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">HD Plastics Limited</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">(1)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">England and Wales</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:18.02%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100%</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dormant</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.72%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">LGL 1996 Limited</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">(1)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">England and Wales</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:18.02%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100%</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dormant</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.72%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">LGL Manufacturing Limited</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">(1)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">England and Wales</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:18.02%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">66.7%</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dormant</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.72%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lumina Trustee Limited</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">England and Wales</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:18.02%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100%</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee company</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.72%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Luxfer Australia Pty Limited</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">(1)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Australia</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:18.02%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100%</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Engineering</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.72%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Luxfer Gas Cylinders China Holdings Limited</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">(1)(4)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">England and Wales</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:18.02%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100%</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Holding company</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.72%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Luxfer Gas Cylinders Limited</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">(1)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">England and Wales</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:18.02%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100%</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Engineering</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.72%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Luxfer Gas Cylinders S.A.S.</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">(1)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">France</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:18.02%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100%</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Engineering</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.72%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Luxfer Gas Cylinders Shanghai Co. Ltd.</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">(1)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">People&#146;s Republic of China</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:18.02%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100%</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Engineering</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.72%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Luxfer Group Limited</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">England and Wales</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:18.02%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100%</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Holding company</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.72%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Luxfer Group 2000 Limited</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">England and Wales</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:18.02%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100%</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Holding company</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.72%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Luxfer Inc.</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">(1)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Delaware</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:18.02%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100%</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Engineering</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.72%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Luxfer Japan, Limited</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">(1)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Japan</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:18.02%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100%</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Distribution</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.72%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Luxfer Overseas Holdings Limited</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">(1)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">England and Wales</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:18.02%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100%</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Holding company</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.72%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Magnesium Elektron
  Recycling CZ s.r.o.</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">(1)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Czech Republic</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:18.02%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100%</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Recycling</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.72%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Magnesium Elektron Limited</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">(1)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">England and Wales</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:18.02%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100%</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Manufacturing</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.72%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Magnesium Elektron, Inc.</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">(1)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">United States</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:18.02%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100%</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Manufacturing</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.72%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Magnesium Elektron North America, Inc.</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">(1)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Delaware</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:18.02%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100%</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Manufacturing</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.72%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mel Chemicals China Limited</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">(1)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">England and Wales</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:18.02%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100%</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dormant</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.72%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Niagara Metallurgical Products Limited</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">(1)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Canada</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:18.02%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100%</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Manufacturing</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.72%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Nihon-Luxfer KK</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">(1)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Japan</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:18.02%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100%</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Distribution</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.72%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reade Manufacturing Company</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">(1)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">United States</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:18.02%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100%</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Manufacturing</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.72%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Zitzmann China Limited</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">(1)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">England and Wales</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:18.02%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100%</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dormant</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.72%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:18.02%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.72%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Other investments</font></i></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:18.02%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="37%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.72%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Nikei-MEL Co Limited</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">(1)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Japan</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:18.02%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50%</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Distribution</font></p>
  </td>
 </tr>
</table>



<div style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><hr size="1" width="160" noshade color="black" align="left" style="width:120.0pt;"></div>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Held
by a subsidiary undertaking.</p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160;&#160; Architectural
Distribution Systems Limited became dormant in 2001 following the sale of its
trading operations in 2000 as part of the sale of businesses to Alcoa and is
currently in the process of dissolution.</font></p>

<p style="margin:0pt 0pt 12.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160;&#160;&#160; Following
the sale of the Baco Consumer Products business, Biggleswick Limited ceased its
trading operations and, <font style="letter-spacing:-.1pt;">except for holding cash reserves that earn interest income, is
essentially dormant.</font></font></p>

<p style="margin:0pt 0pt 12.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&#160;&#160;&#160; Luxfer Gas
Cylinders China Holdings Limited was incorporated in November&nbsp;2004 as an
intermediate holding <font style="letter-spacing:-.1pt;">company in connection with the Gas Cylinders division&#146;s investment in
manufacturing facilities in China.</font></font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Following consummation of the schemes of arrangement, the
list of all direct and indirect subsidiaries to the Company will remain the
same.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Certain directors and executive officers of the Company
may also be deemed to be &#147;affiliates&#148; of the Company by virtue of their
positions with the Company. See Item 4, &#147;Directors and Executive Officers.&#148;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">The principal shareholders of the Company are funds
advised by CVC Capital Partners Group Sarl and its affiliates (&#147;CVC&#148;) and by
Morgan Grenfell Private Equity Limited (&#147;Morgan Grenfell&#148;), and Mr.&nbsp;Ian
Bannochie McKinnon. Following the Effective Date of the schemes of arrangement,
the Company currently anticipates that certain of the holders of its Existing
Notes will become affiliates of the Company. See Item 5, &#147;Principal Owners of
Voting Securities.&#148;</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">MANAGEMENT AND
CONTROL</font></b></p>

<p style="margin:0pt 0pt 12.0pt 18.0pt;text-indent:-18.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">4.&#160;&#160;&#160;&#160; Directors and
Executive Officers.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">The following table sets forth the names of and all
offices held by the executive officers and directors of the Company as of January
22, 2007. The mailing address for each executive officer and director listed
below is The Victoria, 150-182 Harbour City, Salford Quays, Salford, M50 3SP,
United Kingdom. </font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="51%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.58%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Name</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="45%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:45.44%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Position</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="51%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:51.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Peter Joseph
  Kinder Haslehurst</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Non-Executive Chairman</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="51%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Brian Gordon
  Purves</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Executive</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="51%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stephen Norman
  Williams</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Group Finance Director</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="51%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Graham Daniel
  Medley Thomas</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">(1)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Non-Executive Special Director</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="51%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">David Betts</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Managing Director of BA Tubes</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="51%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Christopher
  Dagger</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Managing Director of Magnesium Division</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="51%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Edward Haughey</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Managing Director of Zirconium Division</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="51%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">John Rhodes</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President of Gas Cylinders Division</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="51%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Andrew Beaden</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Group Financial Controller</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="51%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Linda Seddon</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Company Secretary and Legal Adviser</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="51%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Iain Smith</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Treasurer</font></p>
  </td>
 </tr>
</table>

<div style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><hr size="1" width="160" noshade color="black" align="left" style="width:120.0pt;"></div>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(1)</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">Mr.&nbsp;Thomas is appointed as a special director
by the funds advised by Morgan Grenfell pursuant to their rights to do so
pursuant to an investment agreement and the Company&#146;s articles of association.
The rights of Morgan Grenfell to appoint a director will expire when it no
longer owns shares in the Company under the terms of the investment agreement
and the Company&#146;s articles of association. As part of the schemes of
arrangement, the funds managed by Morgan Grenfell will cease to own their
entire stake in the Company. Funds advised by CVC also have a right to appoint
a special director pursuant to the investment agreement and the Company&#146;s
articles of association, however CVC has not had an appointee on the Board of
Directors since April&nbsp;2006.</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Following approval of the schemes of arrangement, it is
expected that Mr.&nbsp;Thomas will resign from the Board of Directors and that
two new non-executive directors will be appointed by the holders of the New
Ordinary Shares who are not members of management.</font></p>

<p style="margin:0pt 0pt 12.0pt 18.0pt;text-indent:-18.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">5.&#160;&#160;&#160;&#160; Principal Owners
of Voting Securities.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">As of January 22, 2007, the Company believes that the
following persons own 10% or more of the Company&#146;s &#163;0.6487 ordinary shares (the
&#147;Ordinary Shares&#148;), which constitute the only class of securities presently
entitled to vote in the direction or management of the affairs of the Company: </font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="51%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.58%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Name&nbsp;and&nbsp;Complete&nbsp;Mailing&nbsp;Address</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:13.26%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Title&nbsp;of</font></b></p>
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Class&nbsp;Owned</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:13.1%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Amount</font></b></p>
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Owned</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:13.1%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">%&nbsp;of&nbsp;Voting</font></b></p>
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Securities</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="51%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:51.58%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Funds advised by
  CVC</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">(1)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.26%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ordinary Shares</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.1%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">341,736</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.1%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25.5</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="51%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.58%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Funds advised by
  Morgan Grenfell</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">(2)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.26%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ordinary Shares</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.1%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">341,736</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.1%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25.5</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="51%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.58%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr. Ian Bannochie
  McKinnon</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">(3)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.26%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ordinary Shares</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.1%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">180,034</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.1%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.4</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<div style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><hr size="1" width="160" noshade color="black" align="left" style="width:120.0pt;"></div>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(1)</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">Includes 210,678 Ordinary Shares held by CVC
European Equity Partners LP and 8,644 Ordinary Shares held by CVC European
Equity Partners (Jersey) L.P., each with an address c/o Mourant&nbsp;&amp; Co.
Limited, P.O.&nbsp;Box 87, 22 Grenville Street, St. Helier, Jersey, JE4 8PX;
92,013 Ordinary Shares held by Citicorp Capital Investors Europe Limited, with
an address at Operations 1 Building, One Penns Way, New Castle Corporate
Commons, New Castle, Delaware, 19720, United States; and 30,401 Ordinary Shares
held by Capital Ventures Nominees Limited, with an address at 111 Strand,
London WC2R 0AG, United Kingdom.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Includes
131,699 Ordinary Shares held by Morgan Grenfell Development Capital Nominees
Limited a/c MGEPI, 120,800 Ordinary Shares held by Morgan Grenfell Development
Capital Nominees Limited a/c MGEPII, 30,881 Ordinary Shares held by Morgan
Grenfell Development Capital Nominees Limited a/c MGEPIII, 19,074 Ordinary
Shares held by Morgan Grenfell Development Capital Nominees Limited a/c MGEPIV,
and 15,440 Ordinary Shares held by Morgan Grenfell Development Capital Nominees
Limited a/c MGEPV, each with an address at 23 Great Winchester Street, London,
EC2P 2AX, United Kingdom; and 23,842 Ordinary Shares held by Deutsche Bank
Nominees (Guernsey) Limited, with an address at Morgan Grenfell House, Lefevre
Street, St. Peter Port, Guernsey.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Mr.&nbsp;McKinnon
has an address of 219 Inner Promenade, Lytham St. Annes, Lancashire FY8 1EA,
United Kingdom.</p>



<p style="margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">The Company&#146;s principal
shareholders and the Company are parties to an investment agreement that sets
forth certain special voting percentages for shareholder approval of certain
transactions and requires that special directors appointed by certain
shareholders approve various matters. The investment agreement will terminate
pursuant to operation of the schemes of arrangement, if they become effective.</font></p>



<p style="margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">On the Effective Date of the schemes of arrangement, the
Company&#146;s existing Ordinary Shares and its redeemable cumulative preference
shares, par value &#163;0.6487 each (the &#147;Preference Shares&#148;), will be converted
into a combination of new ordinary shares, par value &#163;1.00 each (the &#147;New
Ordinary Shares&#148;) and deferred shares, par value &#163;0.0001 each (the &#147;Deferred
Shares&#148;). The New Ordinary Shares will be the sole class of the Company&#146;s
voting securities outstanding following the Effective Date.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">As
part of the Company&#146;s schemes of arrangement, the Company&#146;s existing
non-management shareholders will cease to own their Ordinary Shares and
Preference Shares and New Ordinary Shares and Deferred Shares will be owned by
holders of the Company&#146;s Existing Notes and the Company&#146;s employee benefit
trust and existing members of management, such that, after the Effective Date,
the holders of the Company&#146;s Existing Notes as of the relevant record date will
hold approximately 87% of </font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">each of the New Ordinary Shares and Deferred Shares of the Company, with
the remainder of the New Ordinary Shares and Deferred Shares held by members of
the Company&#146;s management and employee benefit trust. More specifically, holders
of the Existing Notes will receive 66.2085 New Ordinary Shares and
4,960,585.976 Deferred Shares for every &#163;1,000 aggregate principal amount of
Existing Notes owned by them on the relevant record date.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">As a result of these transactions, the Company
anticipates that certain of the holders of its Existing Notes will become
affiliates of the Company. Based on the information currently available to the
Company as of the date hereof, the Company expects that the holders of the
Existing Notes set forth below will own more than 10% of the Company&#146;s New
Ordinary Shares immediately following the effectiveness of the schemes of
arrangement.&#160; The following list may not
be complete and is subject to change, however, because, among other factors,
not all of the holders of Existing Notes have been identified and it is
possible that either current identified or unidentified holders of the Existing
Notes may change their holdings prior to the date the schemes become effective.
</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="49%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:49.88%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Name&nbsp;and&nbsp;Complete&nbsp;Mailing&nbsp;Address</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:17.46%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Title&nbsp;of</font></b></p>
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Class&nbsp;Owned</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:13.86%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Estimated&nbsp;Amount</font></b></p>
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">to&nbsp;be&nbsp;Owned</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:13.86%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Estimated&nbsp;%&nbsp;of&nbsp;Voting<br>
  Securities</font></b><font size="1" style="font-size:5.0pt;position:relative;top:-2.0pt;">(1)</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.8%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="49%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:49.88%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Funds advised by
  Avenue Europe Management, LLP</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">(2)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:17.46%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New
  Ordinary Shares</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.86%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,390,379</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.86%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.9%</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.8%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.88%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Funds advised by
  Longacre Fund Management, LLC and Longacre European Fund Management, LLC</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">(3)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:17.46%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New
  Ordinary Shares</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.86%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,281,136</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.86%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.8%</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.8%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0pt 0pt .0001pt;"><hr size="1" width="25%" noshade color="black" align="left"></div>



<p style="margin:0pt 0pt 12.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160;&#160; Members of Company management are expected
to undertake contractually not to vote 800,000 New Ordinary Shares that they
are expected to hold following the effectiveness of the schemes in connection
with the election of non-executive members of the Board of Directors.&#160; The number of New Ordinary Shares subject to
this restriction may decline over time upon the achievement of certain business
performance criteria.</font></p>





<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160;&#160; Expected to include 1,001,669 New Ordinary
Shares that will initially be held by Avenue Europe International, Ltd., with
an address c/o Admiral Administration, Ltd., Admiral Financial Center, 90 Fort Street,
Grand Cayman, Cayman Islands; and 388,710 New Ordinary Shares that will
initially be held by Avenue Europe Investments, L.P., with an address at 535
Madison Avenue, 14</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">th</font>&#160;Floor, New York, New York 10022, United
States.</p>





<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160;&#160;&#160; Expected to include 939,367 New Ordinary
Shares that will initially be held by Longacre Master Fund, Ltd., 196,110 New
Ordinary Shares that will initially be held by Longacre Capital Partners (QP),
L.P., 129,107 New Ordinary Shares that will initially be held by Longacre
European Master Fund, L.P. and 16,552 New Ordinary Shares that will initially
be held by Longacre Europe II, Ltd., each with an address at 810 Seventh
Avenue, 22</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">nd</font>&#160;Floor, New York, New York 10019, United
States.</p>



<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">UNDERWRITERS</font></b></p>

<p style="margin:0pt 0pt 12.0pt 18.0pt;text-indent:-18.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">6.&#160;&#160;&#160;&#160; Underwriters.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Not applicable.</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">CAPITAL
SECURITIES</font></b></p>

<p style="margin:0pt 0pt 12.0pt 18.0pt;text-indent:-18.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">7.&#160;&#160;&#160;&#160; Capitalization</font></b></p>

<p style="margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(a)&#160;&#160; The following
table sets forth certain information with respect to each authorized and outstanding
class of securities of the Company, as of January 22, 2007:</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="47%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:47.56%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Title of Class</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="23%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:23.78%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Amount Authorized</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="24%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:24.7%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Amount Outstanding</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="47%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:47.56%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#163;0.6487 Ordinary
  Shares</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:23.78%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,410,778 shares</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,340,240 shares</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">(1)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="47%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.56%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#163;0.6487
  Preference Shares</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:23.78%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">132,683,760 shares</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">132,683,760 shares</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">(2)</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="47%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.56%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#163;1 Redeemable
  Cumulative B Preference Shares<br>
  (&#147;B&nbsp;Preference Shares&#148;)</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:23.78%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50,000 shares</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50,000 partly paid shares</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">(3)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="47%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.56%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#163;0.0001 Deferred
  Shares</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:23.78%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,000,000 shares</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20,000 shares</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="47%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.56%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.125% Senior
  Notes due 2009</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:23.78%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#163;160,000,000</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#163;160,000,000</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">(4)</font></p>
  </td>
 </tr>
</table>



<div style="margin:0pt 0pt 12.0pt;page-break-after:avoid;"><hr size="1" width="25%" noshade color="black" align="left"></div>

<p style="margin:0pt 0pt 12.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160;&#160; As of January
22, 2007, 42,888 options were outstanding to acquire an equal number of
currently outstanding Ordinary Shares of the Company from the Company&#146;s
employee benefit trust, none of which were in the money based on a price per
Ordinary Share of &#163;0.074, which is the conversion value being assigned to such
shares in the Company&#146;s schemes of arrangement. </font></p>



<p style="margin:0pt 0pt 12.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160;&#160; As of January 22, 2007, 6,973,392 options
were outstanding to acquire an equal number of currently outstanding Preference
Shares of the Company from the Company&#146;s employee benefit trust, of which
4,052,466 were in the money based on a price per Preference Share of &#163;0.074,
which is the conversion value being assigned to such shares in the Company&#146;s
schemes of arrangement.&#160; As of January
22, 2007, the 4,052,466 options that are in the money were exercised by the
holders thereof, which exercise was conditional upon the Court&#146;s sanction of
the schemes of arrangement.</font></p>



<p style="margin:0pt 0pt 12.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160;&#160;&#160; As of January
22, 2007, the B Preference Shares are 25% paid up. </font></p>

<p style="margin:0pt 0pt 12.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&#160;&#160;&#160; As of January
22, 2007, &#163;28,597,000 of the Company&#146;s Existing Notes were held by a wholly
owned subsidiary, Luxfer Group Limited. </font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(b)&#160;&#160; The following is a brief outline of the
voting rights of each class of voting securities:</font></p>

<p style="margin:0pt 0pt .0001pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Each
holder of Ordinary Shares is entitled to one vote for each share held of record
on all matters submitted to a vote of stockholders.</font></p>

<p style="margin:0pt 0pt .0001pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">No
other holders of securities of the Company are entitled to vote on matters
submitted to a vote of stockholders. Holders of Preference Shares and B
Preference Shares, however, are entitled to receive notice of and to attend the
Company&#146;s general meetings, although they are not entitled to vote on any
resolution proposed at any such general meeting.</font></p>

<p style="margin:0pt 0pt .0001pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(c)</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">Following the Effective Date of the schemes, the Company&#146;s existing
Ordinary Shares and Preference Shares will be converted into a combination of
New Ordinary Shares and Deferred Shares. See Item 5, &#147;Principal Owners of Voting
Securities.&#148; Assuming the schemes of arrangement are effected and the other
elements of the Company&#146;s reorganization are otherwise implemented, the Company&#146;s
authorized and outstanding classes of securities immediately following the
Effective Date would be as follows:</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="28%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:28.3%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Title of
  Class</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="32%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:32.44%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Amount Authorized</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="34%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:34.5%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Amount Outstanding</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="28%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:28.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#163;1 New Ordinary
  Shares</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,000,000 shares</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="34%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:34.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,000,000 shares</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">(1)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="28%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:28.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#163;1 B Preference
  Shares</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50,000 shares</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="34%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:34.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50,000 partly paid shares</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">(2)</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="28%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:28.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#163;0.0001 Deferred
  Shares</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">769,423,680,000 shares</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="34%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:34.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">769,413,708,000 shares</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="28%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:28.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Floating Rate
  Senior Notes due 2012</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#163;71,575,000 plus an amount equivalent to &#163;2,816.0959
  per day from November 1, 2006 to the Effective Date plus the amount of any
  additional New Notes issued in lieu of payment of interest</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">(3)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="34%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:34.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#163;71,575,000 plus an amount equivalent to &#163;2,816.0959
  per day from November 1, 2006 to the Effective Date</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">(3)</font></p>
  </td>
 </tr>
</table>

<div style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><hr size="1" width="160" noshade color="black" align="left" style="width:120.0pt;"></div>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(1)</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">The Company expects that approximately 79,300 of
the New Ordinary Shares held by the Company&#146;s employee benefit trust will be
subject to options held by members of management pursuant to a new share option
plan.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>As
of January 22, 2007, the B Preference Shares are 25% paid up. </p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Includes
&#163;3.05&nbsp;million aggregate principal amount of New Notes that are expected to
be subscribed for separately, outside of the Company&#146;s schemes of arrangement.</p>



<p style="margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Under the Company&#146;s expected new
capital structure, each holder of New Ordinary Shares will be entitled to one
vote for each share held of record on all matters submitted to a vote of
stockholders. Members of management are expected to undertake contractually not
to vote 800,000 New Ordinary Shares that they are expected to hold following
the effectiveness of the schemes in connection with the election of
non-executive members of the Board of Directors. The number of shares subject
to this restriction may decline over time upon the achievement of certain
business performance criteria.</font></p>



<p style="margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">No other holders of securities of the Company will be
entitled to vote on matters submitted to a vote of stockholders. Holders of B
Preference Shares, however, will continue to be entitled to receive notice of
and to attend the Company&#146;s general meetings, although they will not entitled
to vote on any resolution proposed at any such general meeting.</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">INDENTURE
SECURITIES</font></b></p>

<p style="margin:0pt 0pt 12.0pt 18.0pt;text-indent:-18.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">8.&#160;&#160;&#160;&#160; Analysis of
indenture provisions.</font></b></p>



<p style="margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">The New Notes will be subject to
the Indenture between the Company and The Bank of New York, dated as of the
Effective Date (the &#147;Indenture&#148;), a form of which has been previously filed as
Exhibit T3C hereto. The following is a general description of certain
provisions of the Indenture to be qualified. All capitalized terms not defined
herein shall have the meanings ascribed to them in the Indenture and all
sections described below shall correspond to those sections of the Indenture.</font></p>



<p style="margin:0pt 0pt 12.0pt 18.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(A)&#160; Events of Default:</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">The following events will be defined as &#147;Events of
Default&#148; in the Indenture:</font></p>

<p style="margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(a)&#160;&#160; default in the
payment of principal of (or premium, if any, on) any New Note when the same
becomes due and payable at maturity, upon acceleration, redemption or
otherwise;</font></p>

<p style="margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(b)&#160;&#160; default in the
payment of interest on any New Note when the same becomes due and payable, and
such default continues for a period of 30&nbsp;days;</font></p>

<p style="margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(c)&#160;&#160; default in the
performance or breach of the provisions of the Indenture applicable to mergers,
consolidations and transfers of all or substantially all of the assets of the
Company or the failure to make or consummate an Offer to Purchase in accordance
with the &#147;Limitation on Asset Sales&#148; (Section&nbsp;4.16 of the Indenture) or &#147;Repurchase
of New Notes upon a Change of Control&#148; (Section&nbsp;4.18 of the Indenture)
covenants;</font></p>

<p style="margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(d)&#160;&#160; the Company
defaults in the performance of or breaches any other covenant or agreement of
the Company in the Indenture or under the New Notes (other than a default
specified in clause&nbsp;(a), (b)&nbsp;or (c)&nbsp;above) and such default or breach
continues for a period of 30 consecutive days after written notice by the
Trustee or the holders of 25% or more in aggregate principal amount of the New
Notes;</font></p>

<p style="margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(e)&#160;&#160; there occurs
with respect to any issue or issues of Indebtedness of the Company or any
Significant Subsidiary (or group of Restricted Subsidiaries that, taken
together, would constitute a Significant Subsidiary) having an outstanding principal
amount of &#163;5&nbsp;million or more in the aggregate for all such issues of all
such Persons, whether such Indebtedness now exists or shall hereafter be
created, (I)&nbsp;an event of default that has caused the holders thereof to declare
such Indebtedness to be due and payable prior to its Stated Maturity and such
Indebtedness has not been discharged in full or such acceleration has not been
rescinded or annulled within 30&nbsp;days of such acceleration and/or (II)&nbsp;the
failure to make a principal payment at the final (but not any interim) fixed
maturity and such defaulted payment shall not have been made, waived or
extended within 30&nbsp;days of such payment default;</font></p>

<p style="margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(f)&#160;&#160;&#160; any final
judgment or order (not covered by insurance to the satisfaction of the Trustee)
for the payment of money in excess of &#163;5&nbsp;million in the aggregate for all
such final judgments or orders against all such Persons (treating any deductibles,
self-insurance or retention as not so covered) shall be rendered against the
Company or any Significant Subsidiary (or group of Restricted Subsidiaries
that, taken together, would constitute a Significant Subsidiary) and shall not
be paid or discharged, and there shall be any period of 30 consecutive days
following entry of the final judgment or order that causes the aggregate amount
for all such final judgments or orders outstanding and not paid or discharged against
all such Persons to exceed &#163;5&nbsp;million during which a stay of enforcement
of such final judgment or order, by reason of a pending appeal or otherwise,
shall not be in effect;</font></p>

<p style="margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(g)&#160;&#160; a court of competent jurisdiction enters a Bankruptcy Order under
any Bankruptcy Law that:</font></p>




 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(A)&#160; is for relief
against the Company or any Significant Subsidiary (or group of Restricted
Subsidiaries that, taken together, would constitute a Significant Subsidiary)
in an involuntary case or proceeding;</font></p>

<p style="margin:0pt 0pt .0001pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(B)&#160;&#160; appoints a Custodian
of the Company or any Significant Subsidiary (or group of Restricted
Subsidiaries that, taken together, would constitute a Significant Subsidiary)
or for all or substantially all of its properties; or</font></p>

<p style="margin:0pt 0pt .0001pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(C)&#160;&#160; orders the
liquidation of the Company or any Significant Subsidiary (or group of
Restricted Subsidiaries that, taken together, would constitute a Significant
Subsidiary); and in each case such order or decree remains unstayed and in effect
for a period of 30 consecutive days;</font></p>

<p style="margin:0pt 0pt .0001pt 72.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(h)&#160;&#160; the Company or
any Significant Subsidiary (or group of Restricted Subsidiaries that, taken
together, would constitute a Significant Subsidiary) pursuant to or within the
meaning of any Bankruptcy Law:</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(A)&#160; commences a
voluntary case or proceeding (including, without limitation, passing any
resolution for its winding-up or liquidation);</font></p>

<p style="margin:0pt 0pt .0001pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(B)&#160;&#160; consents to the entry of a Bankruptcy Order
for relief against it in an involuntary case or proceeding;</font></p>

<p style="margin:0pt 0pt 12.0pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(C)&#160;&#160; consents to the appointment of a Custodian of
it or for all or substantially all of its property; or</font></p>

<p style="margin:0pt 0pt .0001pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(D)&#160; makes a general
assignment for the benefit of its creditors or files a proposal or scheme of
arrangement involving the rescheduling or composition of its indebtedness; or</font></p>

<p style="margin:0pt 0pt .0001pt 72.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(i)&#160;&#160;&#160; any
administrative or other receiver or any manager of the Company or any
Significant Subsidiary (or group of Restricted Subsidiaries that, taken
together, would constitute a Significant Subsidiary) or all or substantially
all of its assets is appointed.</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">If any Default or any Event of Default with respect to
the Notes occurs and is continuing and is known to the Trustee, the Trustee
shall give notice of the Default or Event of Default within 90&nbsp;days after
the occurrence thereof to the Holders of the Notes. Except in the case of a
Default or an Event of Default in the payment of principal, premium, if any, or
interest on any Note, the Trustee may withhold the notice to the Holders if a
committee of its Responsible Officers in good faith determines that withholding
the notice is in the interest of Holders.</font></p>

<p style="margin:0pt 0pt 12.0pt 18.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(B)&#160;&#160; Authentication and Delivery of the Notes and
Application of Proceeds</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Two Officers shall execute the New Notes as a deed by the
Company. If an Officer whose signature is on a New Note no longer holds that
office at the time the Trustee authenticates the New Note or at any time
thereafter, the New Note shall be valid nevertheless. The New Notes will be in
registered form and have minimum denominations of &#163;1.00 and integral multiples
of &#163;1.00, but will be distributed and may only be traded in minimum amounts of
&#163;1,000 and integral multiples of &#163;1.00 in excess thereof. </font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">A New Note shall not be valid until an authorized
signatory of the Trustee manually signs the certificate of authentication on
the New Note. Such signature shall be conclusive evidence that the New Note has
been authenticated under the Indenture.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">The Trustee shall initially authenticate New Notes for
original issue in an aggregate principal amount not to exceed &#163;71,575,000 plus
an amount equivalent to &#163;2,816.0959 per day from November&nbsp;1, 2006 to the
Effective Date (rounded to the nearest pound) upon receipt of an Officers&#146;
Certificate signed by two Officers directing the Trustee to authenticate the
New Notes and certifying that all</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">conditions precedent to the issuance of the New Notes contained herein
have been complied with. Additional Notes may be issued, authenticated and
delivered from time to time under the Indenture in accordance with
Section&nbsp;2.16 thereof if the Company elects, in its sole discretion, to pay
the PIK Interest in the form of Additional Notes.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">The Trustee may appoint an authenticating agent
reasonably acceptable to the Company to authenticate New Notes. Unless limited
by the terms of such appointment, an authenticating agent may authenticate New
Notes whenever the Trustee may do so. Each reference in this Indenture to
authentication by the Trustee includes authentication by such agent. Such
authenticating agent shall have the same rights as the Trustee in any dealings
hereunder with the Company or with any of the Company&#146;s Affiliates.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">The New Notes will be issued in part consideration for
the release and cancellation of the claims of the scheme creditors with respect
to the Existing Notes under the Company&#146;s schemes of arrangement. Consequently,
the Company will receive no proceeds from the issuance of the New Notes that
are issued as part of the schemes of arrangement. The Company will, however,
receive proceeds of &#163;3.05&nbsp;million from the separate subscription for New
Notes being conducted outside of the schemes of arrangement, which it expects
to use to fund certain obligations of the Company and its subsidiaries.</font></p>

<p style="margin:0pt 0pt 12.0pt 18.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(C)&#160;&#160; Release of Property Subject to Lien</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Not applicable.</font></p>

<p style="margin:0pt 0pt 12.0pt 18.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(D)&#160; Satisfaction and Discharge of Indenture</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">When (i)&nbsp;all outstanding New Notes have been
delivered to the Trustee for cancellation and the Company has paid all sums
payable by it under the Indenture, or (ii)&nbsp;all outstanding New Notes have
become due and payable, mature within one year or all of them are to be called
for redemption within one year under arrangements satisfactory to the Trustee
for giving notice of redemption and, in the case of clause&nbsp;(ii),
(A)&nbsp;the Company deposits with the Trustee, in trust during such one-year
period, money and/or Government Obligations that will provide money in an amount
sufficient to pay principal, premium, if any, and interest on the New Notes to
maturity or redemption, as the case may be, and to pay all other sums payable
by the Company under the Indenture, (B)&nbsp;there is no Default or Event of
Default with respect to the New Notes that shall have occurred and be
continuing on the date of such deposit, (C)&nbsp;such deposit will not result
in a breach or violation of, or constitute a default under, the Indenture or
any other agreement or instrument to which the Company is a party or by which
it is bound, and (D)&nbsp;the Company has delivered to the Trustee an officers&#146;
certificate and an opinion of counsel, in each case stating that all conditions
precedent provided for herein relating to the satisfaction and discharge of the
Indenture have been complied with, then the Indenture shall, subject to certain
exceptions (including, among other matters, with respect to deposits under
clause&nbsp;(ii) above until the New Notes are no longer outstanding,
obligations to register the transfer or exchange of the New Notes, to replace
stolen, lost or mutilated New Notes, to maintain paying agencies and to hold
monies for payment in trust) cease to be of further effect.</font></p>

<p style="margin:0pt 0pt 12.0pt 18.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(E)&#160;&#160; Compliance Certificates</font></p>

<p style="margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(1)&#160;&#160; The Indenture
will require certain officers of the Company to certify, on or before a date
not more than 90&nbsp;days after the end of each fiscal year, that a review has
been conducted of the activities of the Company and its Restricted Subsidiaries
and the Company&#146;s and its Restricted Subsidiaries&#146; performance under the
Indenture and that the Company has fulfilled all obligations thereunder, or, if
there has been a default in the fulfilment of any such obligation, specifying
each such default and the nature and status thereof. The Company will also be
obligated to notify the Trustee of any default or defaults in the performance
of any covenants or agreements under the Indenture.</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(2)&#160;&#160; The Company
shall deliver to the Trustee, promptly after any Officer of the Company becomes
aware of any Default or Event of Default, an Officers&#146; Certificate specifying
such Default or Event of Default and what action the Company is taking or
proposes to take with respect thereto.</font></p>

<p style="margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(3)&#160;&#160; Upon any
request or application by the Company to the Trustee to take any action under
the Indenture, the Company shall, if requested by the Trustee, furnish to the
Trustee (a)&nbsp;an Officers&#146; Certificate stating that, in the opinion of the signers,
all conditions precedent, if any, provided for in the Indenture relating to the
proposed action have been complied with, (b)&nbsp;an Opinion of Counsel stating
that, in the opinion of counsel, all such conditions have been complied with
and (c)&nbsp;where applicable, a certificate or opinion by an accountant that
complies with TIA Section&nbsp;314(c).</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt 18.0pt;text-indent:-18.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">9.&#160;&#160;&#160;&#160; Other obligors.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">There is no other person or entity that is an obligor
under the indenture to be qualified.</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">CONTENTS OF
APPLICATION FOR QUALIFICATION</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">This application for qualification comprises:</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(a)&#160;&#160; Pages numbered 1 to 14 consecutively.</font></p>



<p style="margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(b)&#160;&#160; The statement of eligibility and qualification on Form&nbsp;T-1 of
The Bank of New York under the indenture to be qualified (previously filed as
Exhibit&nbsp;T3G hereto).</font></p>



<p style="margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(c)&#160;&#160; The following
exhibits in addition to those filed as part of the Form&nbsp;T-1 statement of
eligibility and qualification of trustee:</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:15.88%;">
  <p align="left" style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><!-- SET mrlNoTableShading -->Exhibit Number</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="82%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:82.14%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Description</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="15%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:15.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit T3A.1</font><font size="1" style="font-size:7.0pt;position:relative;top:-3.0pt;">*</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="82%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:82.14%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Memorandum of Association of Luxfer Holdings PLC
  as in effect until the date hereof</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="82%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.14%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit T3A.2</font><font size="1" style="font-size:7.0pt;position:relative;top:-3.0pt;">*</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="82%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.14%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of new Memorandum of Association of Luxfer
  Holdings PLC to be effective on the Effective Date</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="82%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.14%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit T3B.1</font><font size="1" style="font-size:7.0pt;position:relative;top:-3.0pt;">*</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="82%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.14%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Articles of Association of Luxfer Holdings PLC,
  incorporated on December 31, 1998 as a private limited company and
  subsequently converted into a public limited company on April 1, 1999, as in
  effect until the date hereof</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="82%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.14%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit T3B.2</font><font size="1" style="font-size:7.0pt;position:relative;top:-3.0pt;">*</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="82%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.14%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of new Articles of Association of Luxfer
  Holdings PLC to be effective on the Effective Date</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="82%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.14%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit T3C</font><font size="1" style="font-size:7.0pt;position:relative;top:-3.0pt;">*</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="82%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.14%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Indenture between Luxfer Holdings PLC and
  The Bank of New York for the Floating Rate Senior Notes due 2012</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="82%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.14%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit T3D</font><font size="1" style="font-size:7.0pt;position:relative;top:-3.0pt;">**</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="82%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.14%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Findings of the Court</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="82%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.14%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit T3E</font><font size="1" style="font-size:7.0pt;position:relative;top:-3.0pt;">*</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="82%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.14%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Scheme Document</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="82%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.14%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:15.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit T3E.1</font><font size="1" style="font-size:7.0pt;position:relative;top:-3.0pt;">*</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="82%" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:82.14%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Letter dated January 12, 2007 from Brian Purves,
  Chief Executive Officer of Luxfer Holdings PLC to the ultimate beneficial
  holders of the 10.125% senior notes of Luxfer Holdings PLC due in 2009 (ISIN
  numbers XS0102103990, XS0104021158 and XS0096433973); all non-management
  shareholders (as defined in the Scheme Document dated December 20, 2006); and
  all Management Shareholders (as defined in the Scheme Document dated December
  20, 2006) </font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:15.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="82%" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:82.14%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit T3F</font><font size="1" style="font-size:7.0pt;position:relative;top:-3.0pt;">*</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="82%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.14%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trust Indenture Act Cross-Reference Table
  (included as part of Exhibit T3C)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="82%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.14%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit T3G</font><font size="1" style="font-size:7.0pt;position:relative;top:-3.0pt;">*</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="82%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.14%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Statement of Eligibility and Qualification of the
  Trustee on Form&nbsp;T-1</font></p>
  </td>
 </tr>
</table>



<div style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><hr size="1" width="160" noshade color="black" align="left" style="width:120.0pt;"></div>



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 20.0pt;text-indent:-20.0pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;position:relative;top:-3.0pt;">*</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Previously
filed. </p>





<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 20.0pt;text-indent:-20.0pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;position:relative;top:-3.0pt;">**</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Filed
herewith. </p>




 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<div style="font-family:Times New Roman;">


<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">SIGNATURE</font></b></p>



<p style="margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Pursuant to the requirements of
the Trust Indenture Act of 1939, the applicant, Luxfer Holdings PLC, a public
limited company organized and existing under the laws of England and Wales, has
duly caused this amendment to the application to be signed on its behalf by the
undersigned, thereunto duly authorized, and its seal to be hereunto affixed and
attested, all in the city of Salford, United Kingdom, on the 5th day of February,
2007.</font></p>



<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="52%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:52.06%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:23.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">LUXFER HOLDINGS PLC</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.02%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="52%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:52.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:41.48%;">
  <p style="margin:0pt 0pt .0001pt 50.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="52%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:52.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="41%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:41.48%;">
  <p style="margin:0pt 0pt .0001pt 50.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ BRIAN GORDON
  PURVES</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="52%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:52.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:41.56%;">
  <p align="center" style="margin:0pt 0pt .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Brian Gordon Purves</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="52%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:52.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:41.56%;">
  <p align="center" style="margin:0pt 0pt .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;letter-spacing:-.1pt;">Chief
  Executive</font></i></p>
  </td>
 </tr>
 <tr height="0">
  <td width="389" style="border:none;"></td>
  <td width="18" style="border:none;"></td>
  <td width="30" style="border:none;"></td>
  <td width="1" style="border:none;"></td>
  <td width="143" style="border:none;"></td>
  <td width="18" style="border:none;"></td>
  <td width="150" style="border:none;"></td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.94%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading -->Attest:</p>
  </td>
  <td width="51%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.52%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ STEPHEN
  NORMAN WILLIAMS</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:24.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="51%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:51.52%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stephen Norman
  Williams</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:24.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.94%;">
  <p style="margin:0pt 0pt .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="51%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.52%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Group
  Finance Director</font></i></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.28%;">
  <p style="margin:0pt 0pt .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="24%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:24.26%;">
  <p style="margin:0pt 0pt .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">Exhibit Index</font></b></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:17.86%;">
  <p align="left" style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><!-- SET mrlNoTableShading -->Exhibit Number</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="80%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:80.14%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Description</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:17.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit T3A.1</font><font size="1" style="font-size:7.0pt;position:relative;top:-3.0pt;">*</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:80.14%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Memorandum of Association of Luxfer Holdings PLC
  as in effect until the date hereof</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:80.14%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit T3A.2</font><font size="1" style="font-size:7.0pt;position:relative;top:-3.0pt;">*</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:80.14%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of new Memorandum of Association of Luxfer
  Holdings PLC to be effective on the Effective Date</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:80.14%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit T3B.1</font><font size="1" style="font-size:7.0pt;position:relative;top:-3.0pt;">*</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:80.14%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Articles of Association of Luxfer Holdings PLC,
  incorporated on December 31, 1998 as a private limited company and
  subsequently converted into a public limited company on April 1, 1999, as in
  effect until the date hereof</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:80.14%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit T3B.2</font><font size="1" style="font-size:7.0pt;position:relative;top:-3.0pt;">*</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:80.14%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of new Articles of Association of Luxfer
  Holdings PLC to be effective on the Effective Date</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:80.14%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit T3C</font><font size="1" style="font-size:7.0pt;position:relative;top:-3.0pt;">*</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:80.14%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Indenture between Luxfer Holdings PLC and
  The Bank of New York for the Floating Rate Senior Notes due 2012</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:80.14%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit T3D</font><font size="1" style="font-size:7.0pt;position:relative;top:-3.0pt;">**</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:80.14%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Findings of the Court</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:80.14%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit T3E</font><font size="1" style="font-size:7.0pt;position:relative;top:-3.0pt;">*</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:80.14%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Scheme Document</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:80.14%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit T3E.1</font><font size="1" style="font-size:7.0pt;position:relative;top:-3.0pt;">*</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:80.14%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Letter dated January 12, 2007 from Brian Purves,
  Chief Executive Officer of Luxfer Holdings PLC to the ultimate beneficial
  holders of the 10.125% senior notes of Luxfer Holdings PLC due in 2009 (ISIN
  numbers XS0102103990, XS0104021158 and XS0096433973); all non-management
  shareholders (as defined in the Scheme Document dated December 20, 2006); and
  all Management Shareholders (as defined in the Scheme Document dated December
  20, 2006)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:80.14%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit T3F</font><font size="1" style="font-size:7.0pt;position:relative;top:-3.0pt;">*</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:80.14%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trust Indenture Act Cross-Reference Table
  (included as part of Exhibit T3C)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:80.14%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit T3G</font><font size="1" style="font-size:7.0pt;position:relative;top:-3.0pt;">*</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:80.14%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Statement of Eligibility and Qualification of the
  Trustee on Form T-1</font></p>
  </td>
 </tr>
</table>



<div style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><hr size="1" width="160" noshade color="black" align="left" style="width:120.0pt;"></div>



<p style="font-size:10.0pt;margin:0pt 0pt .0001pt 20.0pt;text-indent:-20.0pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;position:relative;top:-3.0pt;">*</font>&#160;&#160;&#160;&#160;&#160;&#160; Previously
filed.</p>





<p style="font-size:10.0pt;margin:0pt 0pt .0001pt 20.0pt;text-indent:-20.0pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;position:relative;top:-3.0pt;">**</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Filed
herewith.</p>



<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.T3D
<SEQUENCE>2
<FILENAME>a07-2145_1ex99dt3d.htm
<DESCRIPTION>FINDINGS OF COURT
<TEXT>
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<div>



<p align="right" style="font-weight:bold;line-height:normal;margin:0pt 0pt 12.0pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal !important;">Exhibit T3D</font></b></p>





<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:85.36%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --><b>IN THE HIGH COURT OF JUSTICE</b></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.0%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.64%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">No.&nbsp;728
  of 2007</font></b></p>
  </td>
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  <td width="85%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:85.36%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CHANCERY
  DIVISION</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.0%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.64%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
</table>



<p style="font-weight:bold;line-height:normal;margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal !important;">COMPANIES
COURT</font></b></p>



<p style="font-weight:bold;margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal !important;">THE
HONOURABLE MR JUSTICE RIMER</font></b></p>





<p style="font-weight:bold;margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal !important;">5
FEBRUARY 2007</font></b></p>



<p style="font-weight:bold;margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal !important;">IN THE
MATTER OF LUXFER HOLDINGS PLC</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal !important;">AND IN THE
MATTER OF THE COMPANIES ACT 1985</font></b></p>

<p style="border:none;font-weight:bold;margin:0pt 72.0pt 12.0pt;padding:0pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ORDER</font></b></p>

<p style="font-family:Times New Roman;margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">UPON THE PETITION </font></b><font size="2" style="font-size:10.0pt;">of the above-named Luxfer Holdings PLC
whose registered office is situate at The Victoria, 150-182 Harbour City,
Salford Quays, Salford M50 3SP presented to this Court on 29 January 2007</font></p>

<p style="font-family:Times New Roman;margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AND UPON HEARING</font></b><font size="2" style="font-size:10.0pt;"> Counsel for the Petitioner</font></p>

<p style="font-family:Times New Roman;margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AND UPON READING</font></b><font size="2" style="font-size:10.0pt;"> the said Petition and the evidence </font></p>

<p style="font-family:Times New Roman;margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AND UPON</font></b><font size="2" style="font-size:10.0pt;"> Luxfer Group Limited undertaking
(counsel for the Petitioner being counsel for Luxfer Group Limited for the
purpose of giving this undertaking) to be bound by the Scheme of Arrangement
hereinafter sanctioned </font></p>



<p style="font-family:Times New Roman;margin:0pt 0pt 6.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">THE COURT HEREBY SANCTIONS </font></b><font size="2" style="font-size:10.0pt;">the Scheme of Arrangement, as amended at
the meeting of creditors convened pursuant to the Order of the Court dated 18
December 2006, which Scheme as so amended and sanctioned is set forth in the
Schedule to the said Petition and in the Schedule hereto</font></p>





<p style="font-family:Times New Roman;margin:0pt 0pt 24.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AND IT IS
ORDERED </font></b><font size="2" style="font-size:10.0pt;">that the
above-named Company do deliver an office copy of this Order to the Registrar of
Companies</font></p>




 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">1</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SCHEDULE</font></u></b></p>




 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">2</font></p>
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<div>




<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PART FIVE<br>
SECTION I</font></b></p>



<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">IN THE HIGH COURT OF JUSTICE</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">CHANCERY DIVISION</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">COMPANIES COURT</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">IN THE MATTER OF
LUXFER HOLDINGS PLC</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">&#151;and&#151;</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">IN THE MATTER OF THE COMPANIES ACT 1985</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">SCHEME OF ARRANGEMENT</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">(under
section&nbsp;425 of the Companies Act 1985)</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">&#151;between&#151;</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">LUXFER HOLDINGS PLC</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(Incorporated and registered in England and Wales
with number 3690830)</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">&#151;and&#151;</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">SCHEME CREDITORS</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">1.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">&#160;Interpretation</font></b></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">In this Noteholder Scheme, unless inconsistent with the
subject or context, the following expressions bear the following meanings:</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Agreed Share
  Entitlement&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means a Share Entitlement which has been agreed by
  the Company in accordance with clauses 4.19 and 4.21 of this Noteholder
  Scheme;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;B Preference
  Shares&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means the redeemable cumulative B preference shares
  of &#163;1 each in the share capital of the Company;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Bare Trustee&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means a special purpose vehicle to be set up by the
  Company to act as bare trustee on behalf of the Scheme Creditors other than
  Luxfer Group Limited and, where appropriate, the ESOP, in connection with the
  Schemes, pursuant to the Schemes and the Bare Trustee Appointment Agreement;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Bare Trustee
  Appointment Agreement&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means the Bare Trustee Appointment Agreement to be
  entered into between the Company and the Bare Trustee;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Board&#148; or
  &#147;Directors&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means the directors of the Company, from time to
  time, the names of the current directors being set out in section E of Part
  Six of this document;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Business Day&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means a day (excluding Saturday or Sunday or public
  holidays) on which banks in England and Wales generally are open for the
  transaction of normal banking business;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Cash Proceeds&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means a sum of &#163;8.5 million in cash (comprising part
  of the Interest Payment) to be paid by the Bare Trustee (acting on behalf of
  the Scheme Creditors, other than Luxfer Group Limited) to the Non-Management
  Shareholders, as consideration for the sale of 8,700,000 New Ordinary Shares
  and 651,835,878,949 Deferred Shares by the Non-Management Shareholders
  to the Bare Trustee (acting on behalf of the Scheme Creditors, other than
  Luxfer Group Limited) and to pay stamp duty costs related thereto;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Clearstream&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means Clearstream Banking, soci&#233;t&#233; anonyme;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Close Brothers&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means Close Brothers Corporate Finance Limited;</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">1</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Committee&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means the informal ad hoc committee of Noteholders
  from time to time, currently comprising Avenue Europe
  International&nbsp;Ltd., Avenue Europe Investments&nbsp;L.P., Cypress
  Management Advisors,&nbsp;LLC, ORN European Debt Fund,&nbsp;L.P., and
  Standard Life Investments;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Committee&#146;s
  Advisers&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means Houlihan Lokey Howard &amp; Zukin and Bingham
  McCutchen&nbsp;LLP;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Common
  Depositary&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means The Bank of New York as common depositary for
  Euroclear and Clearstream with respect to the depositary interests issued
  with respect to the Senior Notes;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Companies Act&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means the Companies Act 1985, as amended;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Company&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means Luxfer Holdings PLC, a public limited company
  incorporated in England and Wales with registered number 3690830;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Company&#146;s
  Advisers&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means Close Brothers and Cleary Gottlieb Steen &amp;
  Hamilton&nbsp;LLP;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Consenting
  Noteholders&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means certain holders of the Senior Notes as defined
  in the Reorganisation Agreement;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Court&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means the High Court of Justice in England and
  Wales;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Creditor&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means a creditor of the Company, whether actual or
  contingent;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Custodian&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means The Bank of New York, London Branch, as
  custodian with respect to the Senior Notes in global form;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Deed of
  Release&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means the deed of release in favour of the Company,
  the Company&#146;s Advisers, the Consenting Noteholders, the Committee and the
  Committee&#146;s Advisers to be executed by the Depositary for itself and on
  behalf of all the Scheme Creditors, and The Bank of New York, London Branch,
  in its capacity as the Custodian, Common Depositary and Trustee, pursuant to
  the Noteholder Scheme;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Deferred
  Shareholders&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means the registered holders of one or more Deferred
  Shares;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Deferred
  Shares&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means the 20,000 deferred shares of &#163;0.0001 each in
  the share capital of the Company, and such further deferred shares to be
  issued pursuant to the Reorganisation;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Depositary&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means The Bank of New York Trust Company (Cayman)
  Limited, as Book-Entry Depositary (as defined in the Indenture);</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Deposit
  Agreement&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means the Book-Entry Deposit Agreement dated
  as of 9&nbsp;April 1999 between the Company, the Depositary, the Custodian
  and the Holder and Beneficial Owners referred to therein;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Disputed Share
  Entitlement&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means a Scheme Claim for a Share Entitlement which
  has been rejected by the Company in accordance with clause 4.26;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Distribution
  Notice&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means a distribution notice in the form attached as
  Appendix XX to the scheme document;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Effective Date&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means, with respect to each of the Schemes, the date
  on which the office copy of the order of the Court sanctioning the Scheme
  pursuant to section 425 of the Companies Act is delivered to the Registrar of
  Companies in England and Wales for registration, which is expected to be on
  or about 6 February 2007;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Effective Time&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means the time when both the Schemes have come into
  effect (the Effective Date having occurred in respect of each of them);</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;ESOP&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means the employee benefit trust known as The Luxfer
  Group Employee Share Ownership Plan 1997 established by the Company, with
  Halifax EES Trustees International Limited as trustees;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Euroclear&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means Euroclear Bank&nbsp;S.A.&nbsp;/&nbsp;N.V., as
  operator of the Euroclear system;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Explanatory
  Statement&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means the statement set out at Parts One and Two of
  the scheme document in accordance with section&nbsp;426(2) of the Companies
  Act;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Form of
  Noteholders&#146; Proxy&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means the form of proxy for use by Scheme Creditors
  in connection with the Scheme Creditors&#146; Meeting, attached as
  Appendix&nbsp;XII to the scheme document;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Form of
  Shareholders&#146; Proxy&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means the form of proxy for use by Scheme
  Shareholders in connection with the meetings of such shareholders for the
  purpose of the Shareholder Scheme, attached in Appendices&nbsp;XIII, XIV, XV
  and XVI to the scheme document;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Forms of Proxy&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means, as applicable, the Form of Noteholders&#146; Proxy
  and the Form of Shareholders&#146; Proxy;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Group&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means the Company and its Subsidiaries from time to
  time;</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">2</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Indenture&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means the indenture under which the Senior Notes
  were issued, dated as of 9 April 1999, between the Company and the Trustee;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Inter-company
  Loan Agreement&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means an agreement to be entered into between Luxfer
  Group Limited (as lender) and the Company (as borrower);</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Interest
  Payment&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means a sum of cash in full and final settlement of
  the outstanding interest due under the Senior Notes from 2&nbsp;May 2006 to
  the Effective Date and cancellation of all rights and claims in respect
  thereof; such aggregate cash sum calculated as &#163;8.5&nbsp;million, plus a
  further aggregate sum of &#163;18,379.7192 per day for each day from 1&nbsp;November
  2006 to the Effective Date (inclusive);</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Luxfer Group
  Limited&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means Luxfer Group Limited, a private company
  registered in England and Wales with registration number 3944037;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Management
  Shareholders&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means the following Shareholders holding Ordinary
  Shares and/or Preference Shares: (i)&nbsp;Brian Purves; (ii)&nbsp;Stephen
  Williams; (iii)&nbsp;B G Purves Retirement Trust; (iv)&nbsp;Christopher
  Dagger; (v)&nbsp;Linda Seddon; (vi)&nbsp;Andrew Butcher; (vii)&nbsp;Dick
  Hirons; (viii)&nbsp;Duncan Banks; (ix)&nbsp;James Gardella; (x)&nbsp;John
  Dibble; (xi)&nbsp;John Rhodes; (xii)&nbsp;Neil Kershaw; (xiii)&nbsp;Robert
  Bailey; and (xiv)&nbsp;Halifax EES Trustees International Limited, Trustees
  of the ESOP;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;MIP Members&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means: (i) all Management Shareholders; and (ii)
  Peter Haslehurst; and (iii) Edward Haughey; and (iv) Andrew Beaden, and (v)
  David Rix; and (vi) Michael Edwards; and (vii) Bruno Arfaoui; and (viii)
  Simon Tarmey; and (ix) Graham Wardlow; and (x) Christopher Barnes; and (xi)
  Peter Moles; and (xii) after the Effective Date, certain other senior
  managers of members of the Group from time to time; and / or (xiii) any
  pension trust or scheme holding New Ordinary Shares for the benefit of any of
  the above persons;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;New Indenture&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means the indenture under which the New Notes will
  be issued, to be dated as of the Effective Date, between the Company and the
  Trustee;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;New Notes&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means notes of the Company due in 2012 to be issued
  pursuant to the Noteholder Scheme under the terms and conditions of the New
  Indenture, in minimum denominations of &#163;1.00 each and integral multiples of
  &#163;1.00 in excess thereof, the terms of which are more fully described in Part
  Three of the scheme document;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;New Ordinary
  Shares&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means ordinary shares of &#163;1 each in the share
  capital of the Company resulting from the conversion of certain Ordinary
  Shares and Preference Shares of the Company pursuant to the Schemes;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Non-Management
  Shareholders&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means Ordinary Shareholders and Preference
  Shareholders, other than MIP Members;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Noteholder&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means the person with the ultimate beneficial
  interest in any Senior Notes (including in the form of a book-entry
  interest in a depositary interest in such Senior Notes), as well as (without
  limitation), all and any rights and authorities given to them by the
  Depositary pursuant to an undertaking in this regard and/or pursuant to the
  Indenture;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Noteholder
  Scheme&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means this scheme of arrangement between the Company
  and the Scheme Creditors under section 425 of the Companies Act, with any
  modification, addition or condition that the Court may think fit to approve
  or impose;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Ordinary
  Shareholder&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means a registered holder of one or more Ordinary
  Shares;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Ordinary
  Shares&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means the ordinary shares of &#163;0.6487 each in the
  share capital of the Company;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Post-Reorganisation
  Board&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means, as of the Effective Date, Brian Purves (as
  the Chief Executive Officer) and Stephen Williams (as the Finance Director)
  as Executive Directors, and Peter Haslehurst as Chairman, and two non-executive
  directors initially to be appointed by the Board in consultation with
  representatives of holders of New Ordinary Shares (other than MIP Members);</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Preference
  Shareholder&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means a registered holder of one or more Preference
  Shares;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Preference
  Shares&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means the redeemable cumulative preference shares of
  &#163;0.6487 each in the share capital of the Company;</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">3</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Principal
  Amount&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means the amount which is equivalent to the sum of
  &#163;68.525 million plus a further amount equivalent to &#163;2,816.0959 per day for
  each day from 1&nbsp;November 2006 to the Effective Date (inclusive);</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Record Date&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means 6.30 p.m. London time on the Business Day
  immediately preceding the Effective Date;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Reorganisation&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means the reorganisation of the Company as described
  in Part Two of the scheme document;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Reorganisation
  Agreement&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means the reorganisation agreement dated
  13&nbsp;October 2006 in relation to the Reorganisation between the Company
  and the Consenting Noteholders;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Scheme Claim&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means any claim against the Company in respect of
  any liability of the Company arising directly or indirectly in relation to
  the Senior Notes including any liability of the Company in respect of loss or
  damage suffered or incurred by any person as a result of investing in the
  Senior Notes, or pursuant to or under the terms of the Indenture, excluding,
  however, any claims against the Company by the Trustee pursuant to section
  7.7 of the Indenture and any claims against the Company by the Depositary
  pursuant to section 3.06 of the Deposit Agreement;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Scheme
  Creditor&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means a Creditor in respect of a Scheme Claim;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Scheme
  Creditors&#146; Meeting&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means a meeting of Scheme Creditors (other than
  Luxfer Group Limited) to approve the Noteholder Scheme convened by order of
  the Court for 9:30 a.m on 23&nbsp;January 2007, notice of which is set out in
  Appendix VII to the scheme document, and any adjournment of that meeting;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Scheme
  Creditors&#146; Resolution&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means a resolution of a majority in number of Scheme
  Creditors (other than Luxfer Group Limited) representing three-fourths
  in value of the Senior Notes, present and voting either in person or by
  proxy, at the Scheme Creditors&#146; Meeting to approve the Noteholder Scheme;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Schemes&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means the Noteholder Scheme and the Shareholder
  Scheme;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Scheme
  Shareholders&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means a registered holder of one or more Ordinary
  Shares and/or Preference Shares at the Voting Date;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Senior Notes&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means the 10.125% Senior Notes due in 2009 issued
  under the Indenture, with ISIN numbers XS0102103990, XS0104021158 and
  XS0096433973;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Shareholder&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means a registered holder of one or more Shares;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Share
  Entitlement&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means the New Ordinary Shares and Deferred Shares
  that each Scheme Creditor (other than Luxfer Group Limited) is entitled to
  receive in accordance with clauses 4.18 to 4.25 of this Noteholder Scheme;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Shareholder
  Scheme&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means a scheme of arrangement between the Company
  and certain Shareholders pursuant to section 425 of the Companies Act in the
  form set out in Part Five of the scheme document, with any modification,
  addition or condition that the Court may think fit to approve or impose;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Shares&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means Deferred Shares, B Preference Shares, Ordinary
  Shares and Preference Shares;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Termination
  Date&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means the second anniversary of the Effective Date
  of the Noteholder Scheme;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Trustee&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means The Bank of New York, London Branch, as
  trustee with respect to, as applicable, the Senior Notes and New Notes;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Voting Date&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means 5.00 p.m. London time on the date which is
  three Business Days prior to the Scheme Creditors&#146; Meeting;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;2001 Scheme&#148;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">means the Luxfer Holdings Unapproved Executive Share
  Option Scheme 2001 established by a trust deed dated 13&nbsp;June 2001 (as
  amended from time to time).</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">2.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">Recitals</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">2.1</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">The Company is a public limited company
incorporated on 31 December&nbsp;1998. The authorised share capital of the
Company as at the date of this Noteholder Scheme is &#163;87,038,126.80, divided up
as follows:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(i)</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">1,410,778 Ordinary Shares of which 1,340,240 are
in issue;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(ii)</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">132,683,760 Preference Shares of which all are in
issue;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">4</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(iii)</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">50,000 partly paid (25%) B Preference Shares of which all are in issue;
and</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(iv)</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">10,000,000 Deferred Shares of which 20,000 are in issue.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">2.2</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">The Company is proposing a financial and capital
reorganisation by way of the Schemes, including this Noteholder Scheme.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">2.3</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">The Company has agreed to appear by counsel on the
hearing of the petition to sanction this Noteholder Scheme, to consent thereto
and to undertake to be bound thereby, and to execute or procure to be executed
all such documents, and to do or procure to be done all such acts and things,
as may be necessary or desirable to be executed or done by it, for the purpose
of giving effect to this Noteholder Scheme</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">3.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">Effective Date</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">3.1</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">The effectiveness of this Noteholder Scheme is
conditional upon the Shareholder Scheme being sanctioned by the Court. Subject
as aforesaid, this Noteholder Scheme will come into effect on the Effective
Date.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">3.2</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">The Company shall forthwith and no later than the
Business Day immediately following the Effective Date, deliver the office copy
of the order of the Court sanctioning the Shareholder Scheme pursuant to
section&nbsp;425 of the Companies Act to the Registrar of Companies in England
and Wales for registration.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">4.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">The Scheme</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">Cancellation of
Scheme Claims and Release of Liability</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">4.1</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">Immediately upon the Effective Time, all Scheme
Claims will be released and cancelled in full with effect from the Effective
Time.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">4.2</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">The Company will be completely and absolutely
released from any and all obligations to the Scheme Creditors in respect of any
and all Scheme Claims with effect from the Effective Time. The Noteholder
Scheme will also completely and absolutely release the Trustee and Depositary
from all liability in respect of the Senior Notes, the Indenture, and the
Deposit Agreement, and will bind all Scheme Creditors and any person who
acquires Notes after the Record Date.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">4.3</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">Each of the Scheme Creditors hereby
unconditionally authorises and directs the Depositary, on the Effective Date,
to enter into, execute and deliver as a deed for itself and on behalf of each
Scheme Creditor and any person to whom a Scheme Creditor has transferred Senior
Notes after the Record Date, the Deed of Release, whereby any and all
obligations and claims against the Company, the Company&#146;s Advisers, the
Trustee, the Depositary, the Consenting Noteholders, the Committee and the
Committee&#146;s Advisers, and each of their respective principals, agents,
officers, employees and shareholders, in relation to or arising out of or in
connection with any and all Scheme Claims and the Indenture, shall be released
and cancelled fully and absolutely on and from the Effective Time pursuant to
the terms thereof. The Scheme Creditors also hereby unconditionally authorise
and direct The Bank of New York in its capacity as Custodian, Common Depositary
and Trustee to enter into, execute and deliver, the Deed of Release.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">4.4</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">If so requested by the Company, and at the cost of
the Company, a Scheme Creditor will execute and deliver the Deed of Release but
amended <i>mutatis mutandis</i> to
reflect the fact that such Scheme Creditor will execute it on its own behalf.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">4.5</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">Each of the Scheme Creditors hereby authorises and
directs the Trustee, Common Depositary and the Custodian to enter into such
further deeds, agreements or instruments or carry out such further acts,
including, without limitation, the cancellation of the aggregate principal amount
of the Senior Notes and accrued interest thereon, the rescission of any
acceleration of the Senior Notes and the discharge of the Indenture as may be
necessary or appropriate to carry out and give effect to the implementation of
the Schemes.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">5</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">4.6</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">Each of the Scheme Creditors hereby authorises and
directs the Depositary to enter into such further deeds, agreements or
instruments or carry out such further acts, including, without limitation,
instructing Euroclear and Clearstream to cancel all book-entry interests in the
depositary interests in the Senior Notes, cancelling the depositary interests
with respect to the Senior Notes, delivering the Senior Notes to the Trustee
for cancellation, terminating the Deposit Agreement, as may be necessary or appropriate
to carry out and give effect to the implementation of the Schemes.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">Issue of New Notes</font></b></p>



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">4.7</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">In consideration for the release and cancellation
of the Senior Notes and all Scheme Claims, the Company shall issue and the
Trustee shall deliver to the Scheme Creditors, other than Luxfer Group Limited,
New Notes of an aggregate amount equal to the Principal Amount, in accordance
with the New Indenture. Each Scheme Creditor, other than Luxfer Group Limited,
will receive New Notes issued by the Company in exchange for each &#163;1,000 of
principal face amount of the Senior Notes beneficially owned by it as at the
Record Date in the following amounts:</font></p>





<table border="1" cellspacing="0" cellpadding="0" style="border:none;border-collapse:collapse;font-family:Times New Roman;margin-left:36.0pt;">
 <tr style="page-break-inside:avoid;">
  <td width="237" valign="top" style="border:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:177.6pt;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlHTMLTableLeft --><!-- SET mrlNoTableShading -->By reference to each &#163;1,000 of principal face
  amount of the Senior Notes beneficially owned by the Scheme Creditor as at
  the Record&nbsp;Date</p>
  </td>
  <td width="109" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0pt .7pt 0pt 0pt;width:81.4pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="278" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0pt .7pt 0pt 0pt;width:208.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Aggregate principal face amount of New Notes
  equivalent to the sum of &#163;521.49 plus a further amount equivalent to 2.143
  pence per day for each day from 1&nbsp;November 2006 to the Effective Date
  (inclusive)</font></p>
  </td>
 </tr>
</table>



<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">The New Notes will be distributed
to each Scheme Creditor through Euroclear and Clearstream at the Effective
Time. New Notes will be issued in minimum denominations of &#163;1.00 and integral
multiples of &#163;1.00 in excess thereof. The New Notes will be distributed and may
be traded in minimum amounts of &#163;1,000 and integral multiples of &#163;1.00 in
excess thereof. Where the aggregate principal face amount of New Notes that a
Scheme Creditor is entitled to receive includes a fraction, such fraction will
be rounded down to the nearest &#163;1.00.</font></p>



<p style="margin:0pt 0pt 12.0pt 36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">Payment of the Interest Payment by the Company to the Scheme
Creditors (other than Luxfer Group Limited)</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">4.8</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">At the Effective Time, the Company shall pay to
Scheme Creditors other than Luxfer Group Limited, the Interest Payment, in the
following manner:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(i)</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">a sum equivalent to &#163;18,379.7192 per day for each
day from 1 November&nbsp;2006 to the Effective Date (inclusive) to be
distributed through Euroclear and Clearstream to each Scheme Creditor to the
extent of its respective entitlement determined by reference to the
proportionate principal face amount of Senior Notes beneficially owned by it on
the Record Date; and</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(ii)</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">an aggregate sum of &#163;8.5&nbsp;million to be paid
to the Bare Trustee (acting on behalf of the Scheme Creditors other than Luxfer
Group Limited) to be utilised by the Bare Trustee as the Cash Proceeds to
purchase on behalf of such Scheme Creditors (pursuant to the Shareholder Scheme)
8,700,000 New Ordinary Shares and 651,835,878,949 Deferred Shares from
Non-Management Shareholders (as of the Record Date) and to bear the relevant
stamp duty costs in respect of such purchases.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">Authorisation of Bare Trustee</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">4.9</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">The Scheme Creditors (other than Luxfer Group
Limited) authorise the Bare Trustee to act on their behalf as their
representative and nominee in relation to receipt of the Interest Payment and
to utilise &#163;8.5&nbsp;million of such Interest Payments to purchase 8,700,000
New Ordinary Shares and 651,835,878,949 Deferred Shares from the Non-Management
Shareholders (as of the Record Date) and pay associated stamp duty costs,
pursuant to the Shareholder Scheme.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">Purchase of Shares under the Shareholder Scheme</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">4.10</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">The Company will procure that the Bare Trustee
will (i)&nbsp;on behalf of Scheme Creditors, other than Luxfer Group Limited,
purchase (pursuant to the Shareholder Scheme) 8,700,000 New Ordinary Shares and
651,835,878,949 Deferred Shares held by the Non-Management Shareholders as of the
Record Date, for</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">6</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">the payment of &#163;8.45&nbsp;million
out of the Cash Proceeds; and (ii)&nbsp;pay all related stamp duty costs
arising on such purchase from out of the balance Cash Proceeds.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">Transfer by Bare Trustee</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">4.11</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">The Company will procure that the Bare Trustee
will, after the Effective Time or as soon as practicable thereafter, transfer
to the Scheme Creditors (other than Luxfer Group Limited) with Agreed Share
Entitlements, up to 8,700,000 New Ordinary Shares and 651,835,878,949 Deferred
Shares purchased pursuant to the Shareholder Scheme from the Non-Management
Shareholders (as of the Record Date), such that each Scheme Creditor (other
than Luxfer Group Limited) with an Agreed Share Entitlement will receive
66.2085 New Ordinary Shares and 4,960,585.976 Deferred Shares for each &#163;1,000
principal face amount of Senior Notes beneficially owned by it on the Record
Date. Fractional entitlements of Scheme Creditors to the New Ordinary Shares
and/or Deferred Shares shall be aggregated and allocated by the Company in good
faith.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">4.12</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">Pursuant to the Bare Trustee Appointment
Agreement, the Bare Trustee will irrevocably appoint Linda Frances Seddon,
Company Secretary of the Company, to effect and execute the transfers described
in clause&nbsp;4.11, as its attorney in its name and to act on its behalf to
execute any documents in this respect, and the Bare Trustee will agree that
such power of attorney will be given by way of security and will be irrevocable
and in accordance with section&nbsp;4 of the Powers of Attorney Act 1971.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">4.13</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">The Company shall pay the fees and expenses that
the Bare Trustee incurs in performing its duties under the terms of this
Noteholder Scheme and shall indemnify the Bare Trustee in this regard.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">Authorisation</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">4.14</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">Each of the Scheme Creditors (other than Luxfer
Group Limited) hereby authorises and directs the Bare Trustee to enter into
such further deeds, agreements or instruments or to carry out such further acts
as may be necessary or appropriate to carry out and give effect to the
implementation of the Schemes.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">Cancellation of Luxfer Group Limited Notes</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">4.15</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">Luxfer Group Limited will receive in cash interest
due in full for the period 2&nbsp;May 2006 to the Effective Date on the Senior
Notes held by it. With effect from the Effective Time, all and any Scheme
Claims of Luxfer Group Limited shall be released and cancelled in consideration
of a new inter-company loan between Luxfer Group Limited (as lender) and
the Company (as borrower) of an amount equivalent to &#163;28,597,000, being the
principal face amount of Senior Notes beneficially owned by Luxfer Group
Limited as of the Record Date, at a fixed rate of interest at 9.50% per annum
(payable six monthly in arrears) and repayable after a period of six years from
the Effective Date, in accordance with the Inter-company Loan Agreement.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">Board of Directors</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">4.16</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">The Board will, in consultation with
representatives of the holders of New Ordinary Shares (other than MIP Members),
initially appoint two new non-executive directors to the Post-Reorganisation
Board as soon as reasonably practicable after the Effective Date, and existing
directors other than the Post-Reorganisation Board members will resign.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">Multiple Demands for Scheme Entitlements</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">4.17</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">Where there is more than one demand in respect of
a Senior Note, the Company will be entitled not to deliver New Ordinary Shares,
Deferred Shares, and New Notes or make any Interest Payment under the
Noteholder Scheme in consideration for the relevant Senior Note unless and
until it has been determined to its reasonable satisfaction which claimant is
appropriately entitled to the relevant New Ordinary Shares, Deferred Shares,
New Notes and Interest Payment under the Noteholder Scheme and in what
proportions.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">7</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt 36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">Determination of Share Entitlements</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">4.18</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">All Share Entitlements will be determined by
reference to the principal face amount of Senior Notes beneficially owned by a
Scheme Creditor as at the Record Date and will be calculated in accordance with
clause&nbsp;4.11.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">4.19</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">Share Entitlements will be determined and agreed
by the Company on the basis of and subject to its review of a duly completed
Form of Noteholders&#146; Proxy or Distribution Notice submitted to the Company by a
Scheme Creditor.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">4.20</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">The Company will promptly record in its register
of members the Share Entitlement of each Scheme Creditor with an Agreed Share
Entitlement in accordance with the details set out in such Noteholders&#146; Form of
Proxy or Distribution Notice, or as may otherwise be determined by the Company
to be appropriate in the circumstances, and will promptly send a letter to the
relevant Scheme Creditor confirming such recording.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">4.21</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">A Scheme Creditor who has submitted a Noteholders&#146;
Proxy Form or a Distribution Notice will provide information reasonably
required by the Company to enable the Company, in its sole discretion, to
determine the extent of such Scheme Creditor&#146;s Share Entitlement in a final and
binding manner.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">4.22</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">Share Entitlements of those Scheme Creditors who
do not submit a duly completed Form of Noteholders&#146; Proxy within the prescribed
time, will be determined on the basis of a duly completed Distribution Notice
submitted to the Company no later than the Termination Date.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">4.23</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">Where a Distribution Notice is received by the
Company before the Termination Date from a Scheme Creditor, the Company will
use its reasonable endeavours to reach agreement with the Scheme Creditor
concerned as to the validity of its claim and the amount of its Share
Entitlement before the Termination Date, or as soon as practicable thereafter.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">4.24</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">Where a Scheme Creditor has not returned a
Distribution Notice on or before the Termination Date, the Company will be
under no obligation to consider whether and the extent to which it has a Share
Entitlement and the Bare Trustee and the Company will be under no obligation to
distribute the New Ordinary Shares or Deferred Shares to such Scheme Creditor.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">4.25</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">Scheme Creditors who have submitted a Form of
Noteholders&#146; Proxy or a Distribution Notice will not be entitled to amend or
provide further information in respect of a Scheme Claims except in response to
a request for information from the Company, or as the Company shall permit in
its sole discretion.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">Disputed Share Entitlements</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">4.26</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">The Company may reject a Form of Noteholders&#146;
Proxy or a Distribution Notice in whole or in part if it is not correctly
completed and signed or is invalid for any reason under any applicable law, or
if the claimant has not satisfied the Company that it is a Scheme Creditor. Any
Scheme Claim in respect of which a Form of Noteholders&#146; Proxy or Distribution
Notice has been rejected will, until it has become an Agreed Share Entitlement,
be a Disputed Share Entitlement. A person with a Disputed Share Entitlement
will not become entitled to New Ordinary Shares or Deferred Shares in
accordance with this Noteholder Scheme, unless prior to the Termination Date
its Scheme Claim becomes an Agreed Share Entitlement.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">Termination Date</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">4.27</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">On the Termination Date or as soon as practicable
thereafter, any New Ordinary Shares and Deferred Shares remaining with the Bare
Trustee and not attributable to any Agreed Share Entitlement or the subject of
any outstanding but unresolved Scheme Claim (which claim can be determined by
the Company in its sole discretion in a final and binding manner), shall be
transferred to a trust vehicle nominated or set up by the Company.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">8</font></p>
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<div>


<p style="margin:0pt 0pt 12.0pt 36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">Share Certificates</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">4.28</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">Not later than twenty (20)&nbsp;Business Days
after an Agreed Share Entitlement of a Scheme Creditor has been determined by
the Company, the Company shall procure that there are sent by post to the
Scheme Creditor concerned, a share certificate representing its Share
Entitlement. </font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">Stay of Proceedings</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">4.29</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">With effect from the Effective Time, no Scheme
Creditor will be entitled to take any proceeding against the Company, its
affiliates and their officers and directors, or any property of any of them in
any jurisdiction or against the Company&#146;s Advisers, the Trustee, the
Depositary, the Bare Trustee, the Committee and the Committee&#146;s Advisers, and
each of their respective principals, agents, officers, employees and
shareholders, whatsoever in respect of any liability or other claim in respect
of a Scheme Claim other than a proceeding to enforce the terms of the
Noteholder Scheme.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">4.30</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">Each Scheme Creditor agrees that, with effect from
the Effective Time, neither it nor any of its affiliates will seek or be
entitled to any award of equitable or monetary relief in any proceedings of any
nature brought by or on behalf of any such person with respect to the Senior
Notes, the Scheme Claims or the Indenture or the Deed of Release, and that it will
not instruct, finance, encourage or assist any other person or entity
(including the Trustee) in bringing any proceeding prohibited under this
clause.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">4.31</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">If and to the extent that a Scheme Creditor
obtains against the Company or any affiliate or officer or director, in
relation to a Scheme Claim, an order, judgment, decision or award of a court or
tribunal in contravention of the preceding clause, such order, judgment,
decision or award will not give rise to any liability and will be disregarded
when determining any right to receive entitlements under the Noteholder Scheme.
</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">Assignments or Transfers after the Record Date</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">4.32</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">No assignment or transfer of a Senior Note after
the Voting Date will be recognised by the Company for the purposes of determining
entitlements under the Noteholder Scheme, provided that where the Company has
received from the relevant parties notice in writing of such assignment or
transfer, the Company may, in its sole discretion and subject to the production
of such other evidence as it may require and to any other terms and conditions
which it may consider necessary or desirable, agree to recognise such
assignment or transfer for the purposes of determining entitlements under the
Noteholder Scheme. </font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">New Indenture</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">4.33</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">After the Effective Time or on a day as soon as is
reasonably practical thereafter (and, in any event, prior to the issuance of
the New Notes as provided in section&nbsp;4.7 above), the Company shall enter
into the New Indenture with the Trustee, which will govern the New Notes. </font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">Inter-company Loan Agreement</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">4.34</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">Immediately after the Effective Time, Luxfer Group
Limited and the Company shall execute the Inter-company Loan Agreement. </font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">Deposit Agreement</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">4.35</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">Upon the cancellation of the Notes, the Company
will procure that the Company and the Depositary shall terminate the Deposit
Agreement.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">5.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">General Scheme Provisions</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">5.1</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">Costs, etc.</font></b></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">The
Company shall pay in full all costs, charges, expenses and disbursements
incurred in connection with the negotiation, preparation and implementation of
this Noteholder Scheme as and when they arise, including, but not limited to,
the costs of holding the Scheme Creditors&#146; Meetings, the costs of obtaining the
sanction of the Court, the costs of placing the notices required by this Noteholder
Scheme, and the</font></p>


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<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">fees
and expenses that the Bare Trustee incurs in performing its duties under the
terms of this Noteholder Scheme.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">5.2</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">Modifications to the Noteholder Scheme</font></b></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">The
Company may, at any hearing to sanction this Noteholder Scheme, consent on
behalf of all Scheme Creditors to any modification of this Noteholder Scheme or
terms or conditions that the Court may think fit to approve or impose.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">5.3</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">Supremacy of the Noteholder Scheme</font></b></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">In
the event of any inconsistency or conflict between the terms of the Explanatory
Statement contained in Part Two of the scheme document, and this Noteholder
Scheme, the terms of this Noteholder Scheme shall prevail.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">5.4</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">Obligations on days other than a Business Day</font></b></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">If
any sum is due or obligation is to be performed under the terms of this
Noteholder Scheme on a date other than a Business Day, the relevant payment
shall be made, or obligation performed, on the next Business Day.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">5.5</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">Notice</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(a)</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">Any notice or other written communication to be
given under or in relation to this Noteholder Scheme shall be given in writing
and shall be deemed to have been duly given if it is delivered by hand or sent
by post, or disseminated through the Euroclear and Clearstream in the manner
that such notices are usually distributed by these clearing systems, or by
airmail where it is addressed to a different country from that in which it is
posted, to:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;letter-spacing:-.1pt;margin:0pt 0pt 12.0pt 36.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>in the case of
the Company, its registered office, marked for the attention of the Company
secretary; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;letter-spacing:-.1pt;margin:0pt 0pt 12.0pt 36.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>in the case of a
Scheme Creditor, its last known address according to the Company.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(b)</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">Any notice or other written communication to be
given under this Noteholder Scheme shall be deemed to have been served:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;letter-spacing:-.1pt;margin:0pt 0pt 12.0pt 36.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>if delivered by
hand, on the first Business Day following delivery; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;letter-spacing:-.1pt;margin:0pt 0pt 12.0pt 36.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>if sent by post,
on the second Business Day after posting if the recipient is in the country of
dispatch, otherwise on the seventh Business Day after posting;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;letter-spacing:-.1pt;margin:0pt 0pt 12.0pt 36.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>if distributed
through Euroclear and Clearstream, at the end of the same Business Day that
such notice was issued.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(c)</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">In proving service, it shall be sufficient proof,
in the case of a notice sent by post, that the envelope was properly stamped,
addressed and placed in the post; and</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(d)</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">The accidental omission to send any notice, written
communication or other document in accordance with this clause&nbsp;5.5 or the
non-receipt of any such notice by any Scheme Creditor, shall not affect the
provisions of this Noteholder Scheme.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">5.6</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">Future liquidation or administration</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(a)</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">In the event that the Company enters into
liquidation or administration after the Effective Date, the Company&#146;s
obligations under this Noteholder Scheme shall continue to be performed by the
Company in liquidation or administration.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(b)</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">This Noteholder Scheme shall be unaffected by any
liquidation or administration of the Company after the Effective Date and
shall, in these circumstances, continue according to its terms.</font></p>


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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">5.7</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">Effective Date</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(a)</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">This Noteholder Scheme shall become effective as
soon as an office copy of the Order of the Court sanctioning this Noteholder
Scheme under section&nbsp;425 of the Companies Act shall have been delivered by
or on behalf of the Company to the Registrar of Companies in England and Wales
for registration in the manner set out in clause&nbsp;3.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(b)</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">Unless this Noteholder Scheme shall have become
effective on or before 30&nbsp;April 2007 or such later date, if any, as the
Court may allow, it shall never become effective.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">5.8</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">Governing law and jurisdiction</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(a)</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">This Noteholder Scheme shall be governed by, and
construed in accordance with, the laws of England and Wales and the Scheme
Creditors hereby agree that the Court shall have exclusive jurisdiction to hear
and determine any suit, action or proceeding and to settle any dispute which
may arise out of the Explanatory Statement or any provision of this Noteholder
Scheme, or out of any action taken or omitted to be taken under this Noteholder
Scheme or in connection with the administration of this Noteholder Scheme and,
for such purposes, the Scheme Creditors irrevocably submit to the jurisdiction
of the Court, provided, however, that nothing in this clause&nbsp;5.8 shall
affect the validity of other provisions determining governing law and
jurisdiction as between the Company and any of its Scheme Creditors, whether
contained in any contract or otherwise.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(b)</font><font size="1" style="font-size:3.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">This Noteholder Scheme shall take effect subject
to any prohibition or condition imposed by law.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">11</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>





<table border="0" cellspacing="0" cellpadding="0" width="100%" bgcolor="white" style="background:white;border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
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  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="38%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:38.7%;">
  <p style="margin:0pt 0pt .0001pt;"><a name="CellsToJoin"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">IN THE HIGH COURT OF JUSTICE</font></b></a></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.62%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">No. 728 of 2007</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="41%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:41.68%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="51%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.74%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CHANCERY
  DIVISION</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.2%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="41%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:41.68%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="51%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.74%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">COMPANIES
  COURT</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.2%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="41%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:41.68%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="51%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.74%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.2%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="41%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:41.68%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="51%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.74%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">MR
  JUSTICE RIMER</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.2%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="41%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:41.68%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="51%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.74%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.2%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="41%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:41.68%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="51%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.74%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">5 FEBRUARY
  2007</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.2%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="41%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:41.68%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="51%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.74%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.2%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="41%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:41.68%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="51%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.74%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">IN THE
  MATTER OF LUXFER HOLDINGS PLC</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.2%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="41%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:41.68%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="51%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.74%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.2%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="41%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:41.68%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="51%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.74%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">AND IN
  THE MATTER OF THE COMPANIES ACT 1985</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.2%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="41%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:41.68%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="51%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.74%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.2%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="41%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:41.68%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="51%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.74%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ORDER</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.2%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="41%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:41.68%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="51%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.74%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.2%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="41%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:41.68%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="51%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.74%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">Cleary
  Gottlieb Steen &amp; Hamilton LLP</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.2%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="41%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:41.68%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="51%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.74%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.2%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="41%" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:41.68%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="51%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:51.74%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">City Place House</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:4.2%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="41%" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:41.68%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="51%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:51.74%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">55 Basinghall Street</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:4.2%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="41%" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:41.68%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="51%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:51.74%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">London EC2V 5EH</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:4.2%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="41%" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:41.68%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="51%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:51.74%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">020 7600 2200</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:4.2%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="41%" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:41.68%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="51%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:51.74%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:4.2%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="41%" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:41.68%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="51%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:51.74%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">REF: 08753-006</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:4.2%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="41%" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:41.68%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="51%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:51.74%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:4.2%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="41%" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:41.68%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="51%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:51.74%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">Solicitors
  For the Petitioner</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:4.2%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
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<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


 <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">12</font></p>
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