<SEC-DOCUMENT>0001299933-14-001328.txt : 20140827
<SEC-HEADER>0001299933-14-001328.hdr.sgml : 20140827
<ACCEPTANCE-DATETIME>20140827163549
ACCESSION NUMBER:		0001299933-14-001328
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20140822
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
FILED AS OF DATE:		20140827
DATE AS OF CHANGE:		20140827

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MITCHAM INDUSTRIES INC
		CENTRAL INDEX KEY:			0000926423
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EQUIPMENT RENTAL & LEASING, NEC [7359]
		IRS NUMBER:				760210849
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-25142
		FILM NUMBER:		141068796

	BUSINESS ADDRESS:	
		STREET 1:		8141 SH 75 SOUTH
		STREET 2:		PO BOX 1175
		CITY:			HUNTSVILLE
		STATE:			TX
		ZIP:			77342
		BUSINESS PHONE:		9362912277

	MAIL ADDRESS:	
		STREET 1:		P O BOX 1175
		CITY:			HUNTSVILLE
		STATE:			TX
		ZIP:			77342
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>htm_50395.htm
<DESCRIPTION>LIVE FILING
<TEXT>
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<TITLE> Mitcham Industries, Inc. (Form: 8-K) </TITLE>
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		UNITED STATES<BR>
	SECURITIES AND EXCHANGE COMMISSION
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<BR>
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	WASHINGTON, D.C. 20549
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	FORM 8-K
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	CURRENT REPORT
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	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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	Date of Report (Date of Earliest Event Reported):
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	&nbsp;
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	August 22, 2014
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	Mitcham Industries, Inc.
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<BR>__________________________________________<BR>
	(Exact name of registrant as specified in its charter)
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	Texas
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	000-25142
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	76-0210849
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_____________________<BR>
	(State or other jurisdiction
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_____________<BR>
	(Commission
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______________<BR>
	(I.R.S. Employer
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	of incorporation)
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	File Number)
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	Identification No.)
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	&nbsp;&nbsp;
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	8141 SH 75 South, P.O. Box 1175, Huntsville, Texas
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	&nbsp;
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	77342
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_________________________________<BR>
	(Address of principal executive offices)
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	&nbsp;
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___________<BR>
	(Zip Code)
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	Registrant&#146;s telephone number, including area code:
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	&nbsp;
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	936-291-2277
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<FONT SIZE="2">
	Not Applicable
<BR>______________________________________________<BR>
	Former name or former address, if changed since last report
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<P ALIGN="CENTER">
<FONT SIZE="2">
	&nbsp;
</FONT>
<!-- CoverPageRegistrant END --><P><FONT SIZE="2">
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:</FONT>
</P>
<P><FONT SIZE="2">
[&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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<B>
	Item 1.01 Entry into a Material Definitive Agreement.
</B>
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On August 22, 2014, Seamap Pte Ltd. ("Seamap Singapore"),a wholly-owned subsidiary of Mitcham Industries, Inc, completed a $15.0 million credit facility (the "Seamap Credit Facility") with The Hongkong and Shanghai Banking Corporation Limited ("HSBC-Singapore"). The agreement is dated August 15, 2014, but became effective on August 22, 2014.The facility consists of a $10.0 million term loan, a $3.0 million revolving credit facility, and a $2.0 million banker&#x2019;s guarantee facility. <br><br>The term portion of the Seamap Credit Facility provides for eleven quarterly principal payments of $800,000 and a final payment of $1.2 million on or before August 22, 2017. Interest on the term facility is payable quarterly at LIBOR plus 2.75%. Under the Seamap Credit Facility, Seamap Singapore may borrow up to $3.0 million from time to time, for periods of from one to three months, for working capital and other general corporate purposes.  Borrowings under the revolving credit facility bear interest at LIBOR plus 3.00%. Under the banker's guarantee facility, HSBC-Singapore will, from time to time, issue guarantees on behalf of Seamap Singapore for bid bonds, performance bonds, customs bonds and similar obligations.<br><br>The Seamap Credit Facility contains financial covenants that require Seamap Singapre to maintain a minimum shareholder's equity of S$15 million and a minimum ratio of debt to EBITDA of not less than 125% for each fiscal year, both as defined in the Seamap Credit Facility. Terms used in this Form 8-K and not defined herein have the meanings ascribed to them in the Seamap Credit Facility, which is filed with this Form 8-K as Exhibit 10.1. <br><br>Obligations under the Seamap Credit Facility are secured by security interests created under a Security Deed and a guarantee by Mitcham Industries, Inc.  Under the Security Deed, Seamap Singapore has granted a security interest in substantially all of its assets.<br><br> The Seamap Credit Facility contains customary representations and warranties, conditions precedent to credit extensions, affirmative and negative covenants, and events of default.  The negative covenants include restrictions on liens, additional indebtedness, acquisitions, fundamental changes, dispositions of property, restricted payments, and transactions with affiliates. The Seamap Credit Facility also requires Mitcham Industries, Inc., as guarantor, to comply with financial covenants contained in its credit agreement dated August 2, 2013 with HSBC Bank USA, N.A.<br><br>The descriptions of the Seamap Credit Facility and the Security Deed set forth above do not purport to be complete statements of the parties&#x2019; rights under the agreements and are qualified in their entirety by reference to the full text of the Seamap Credit Facility and the Security Deed, which are filed as Exhibits 10.1 and 10.2 with this Form 8-K.
</FONT>
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	Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
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As described above in Item 1.01, on August 22, 2014, Seamap Singapore completed a $15.0 million credit agreement.
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<FONT SIZE="2">Top of the Form</FONT>
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<B>
	SIGNATURES
</B>
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	Pursuant to the requirements of the Securities Exchange Act of 1934, the
	registrant has duly caused this report to be signed on its behalf by the
	undersigned hereunto duly authorized.
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	&nbsp;
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<FONT SIZE="2">
	Mitcham Industries, Inc.
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	&nbsp;&nbsp;
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	&nbsp;
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	&nbsp;
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	&nbsp;
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	&nbsp;
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<I>
	August 27, 2014
</I>
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	&nbsp;
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<I>
	By:
</I>
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	&nbsp;
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<I>
	Robert P. Capps
</I>
<BR>
</FONT>
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	&nbsp;
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</TD>
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	&nbsp;
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	&nbsp;
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	&nbsp;
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	&nbsp;
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	&nbsp;
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<I>
	Name: Robert P. Capps
</I>
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	&nbsp;
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<I>
	Title: Executive Vice President and Chief Financial Officer
</I>
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	Exhibit&nbsp;Index
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<B>
	Exhibit No.
</B>
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	&nbsp;
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<B>
	Description
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	10.1
</DIV>
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<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="TOP" WIDTH="77%">
<FONT SIZE="2">
Facilities Agreement dated 15 August, 2014 between Seamap Pte Ltd as Company and Mitcham industries, Inc. as Guarantor and The HongKong and Shanghai Banking Corporation Limited as Lender
</FONT>
</TD>
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	10.2
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<FONT SIZE="2">
	&nbsp;
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<FONT SIZE="2">
Security Deed dated 15 August, 2014 between Seamap Pte Ltd as Chargor and The HongKong and Shanghai Banking Corporation Limited as Lender
</FONT>
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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>exhibit1.htm
<DESCRIPTION>EX-10.1
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<TITLE> EX-10.1 </TITLE>
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<BODY style="font-family: 'Times New Roman',Times,serif">

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    <TD width="100%">&nbsp;</TD>
</TR>

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    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 11pt"><B>EXECUTION VERSION</B></FONT></DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px"><FONT style="font-size: 16pt"><B>FACILITIES AGREEMENT</B></FONT></DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 16pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><FONT style="font-size: 11pt">DATED 15 August, 2014</FONT></DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:40px; text-indent:-10px"><FONT style="font-size: 11pt">between
<B>SEAMAP PTE LTD</B>
as Company
- and -
<B>MITCHAM INDUSTRIES, INC.</B>
as Guarantor
- and -</FONT></DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 11pt"><B>THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED</B>
as Lender</FONT></DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 11pt">relating to credit facilities<BR>
in the aggregate of US$15,000,000





<P align="center" style="font-size: 10pt; display: none">1
<!-- PAGEBREAK -->




<P align="center" style="font-size: 11pt"><B>CONTENTS</B>



<P align="left" style="font-size: 11pt"><B>Clauses Page</B>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
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    <TD width="80%">&nbsp;</TD>
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    <TD width="15%">&nbsp;</TD>
</TR>

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<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>THIS AGREEMENT </B>is dated<BR>
<B>BETWEEN:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">, 2014<BR>
<BR></TD>
</TR>
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</TABLE>
</DIV>


<P>
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<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>(1)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>SEAMAP PTE LTD </B>(Singapore company registration no. 198703191M), having its registered office
at 51 Changi North Crescent, Singapore 499626 (the <B>Company</B>);</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>(2)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>MITCHAM INDUSTRIES, INC.</B>, a company incorporated under the laws of Texas, United States of
America, having its registered address at 8141 Highway 75 South, Huntsville, Texas 77340 (the
<B>Guarantor</B>); and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>(3)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED </B>having its registered address at 21
Collyer Quay, #14-01, HSBC Building, Singapore 049320 as lender (the <B>Lender</B>).</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 11pt; text-indent: 4%"><B>IT IS AGREED </B>as follows:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>INTERPRETATION</B></TD>
</TR>

</TABLE>

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<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>1.1</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Definitions</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">In this Agreement:</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Account </B>means:</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the operating accounts in the name of the Company with the Lender with account
number 260-866728-178;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the operating accounts in the name of the Company with the Lender with account
number 052-137783-001, or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any other account (with that or another office of the Lender or with a bank or
financial institution other than the Lender) which is designated by the Lender as an
Account for the purposes of this Agreement.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Adjusted Shareholder&#146;s Equity </B>means at any time the aggregate of the amounts paid up or
credited as paid up on the issued ordinary share capital of the Company and the amount
standing to the credit of the reserves of the Company, including any net loans (non-trade)
due to shareholder(s) or related party(ies) and any amount credited to the share premium
account, as reflected in the Company&#146;s most recent financial statements delivered to the
Lender in accordance with Clause 17.1, but deducting:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any debit balance on the profit and loss account of the Company;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(to the extent included) any provision for deferred taxation;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(to the extent included) any amounts arising from an upward revaluation of
assets made at any time; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any amount in respect of any dividend or distribution declared, recommended or
made by the Company and to the extent such distribution is not provided for in the most
recent financial statements,</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt">and so that no amount shall be included or excluded more than once.



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Affiliate </B>means a Subsidiary or a Holding Company of a person or any other Subsidiary
of that Holding Company.



<P align="left" style="margin-left:4%; font-size: 11pt"><B>Availability Period </B>means the period from and including the date of this Agreement to and
including:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in respect of the Term Loan, 31 August&nbsp;2014; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in respect of a Short Term Revolving Loan or a Banker&#146;s Guarantee under the
Banker&#146;s Guarantee Facilities, the Final Maturity Date (unless the relevant Facility
has been varied or cancelled by the Lender pursuant to Clause 2.5),</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt">or such other date as may be agreed between the Company and the Lender.



<P align="left" style="margin-left:4%; font-size: 11pt"><B>Banker&#146;s Guarantee </B>means a banker&#146;s guarantee in form and substance to be agreed by the
Lender.



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Banker&#146;s Guarantee Facility </B>means Banker&#146;s Guarantee Facility 1 or Banker&#146;s Guarantee
Facility 2, as the context so requires.



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Banker&#146;s Guarantee Facility 1 </B>means the banker&#146;s guarantee facility made available
under this Agreement as set out in Clause 2.3.



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Banker&#146;s Guarantee Facility 2 </B>means the banker&#146;s guarantee facility made available
under this Agreement as set out in Clause 2.4.



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>BGF Limit </B>means BGF Limit 1 or BGF Limit 2, as the context so requires.



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>BGF Limit 1 </B>has the meaning ascribed to it in Clause 2.3.



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>BGF Limit 2 </B>has the meaning ascribed to it in Clause 2.4.



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Borrowings </B>means, at any time, the outstanding principal, capital or nominal amount and
any fixed or minimum premium payable on prepayment or redemption of any indebtedness for or
in respect of Financial Indebtedness (other than in respect of paragraph (h)&nbsp;of that
definition) and any amount raised by the issue of redeemable shares which are redeemable
before the Final Maturity Date.



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Break Costs </B>means the amount (if any) which the Lender is entitled to receive under
Clause&nbsp;23.3 (Break Costs) as compensation if any part of a Loan or overdue amount is repaid
or prepaid.



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Business Day </B>means a day (other than a Saturday, Sunday or a gazetted public holiday)
on which banks are open for general business in Singapore and in any relevant financial
centre for the currency and transaction involved.



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Debenture </B>means a deed creating security over all the assets of the Company dated on or
about the date of this Agreement in favour of the Lender.



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Debt </B>means the current portion of the aggregate amount of:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all obligations of the Company for or in respect of Borrowings; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Finance Charges,</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt">as reflected in the Company&#146;s most recent financial statements delivered to the Lender in
accordance with Clause 17.1.



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Default </B>means:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an Event of Default; or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an event which would be (with the expiry of a grace period, the giving of
notice or the making of any determination under the Finance Documents or any
combination of them) an Event of Default.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>EBITDA </B>means the operating profits of the Company before taxation at any time:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>before deducting any Finance Charges;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>before taking in account any items treated as exceptional or extraordinary
items; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>before deducting any amount attributable to amortisation of goodwill and other
intangible assets or depreciation of tangible assets,</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt">in each case, to the extent added, deducted or taken into account, as the case may be, for
the purposes of determining the profits of the Company from ordinary activities before
taxation, as reflected in the Company&#146;s most recent financial statements delivered to the
Lender in accordance with Clause 17.1.



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Event of Default </B>means an event or circumstance specified as such in Clause&nbsp;20
(Default).



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Facility </B>means a credit facility made available under this Agreement.



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Facility Office </B>means the office(s) through which the Lender will perform its
obligations under this Agreement.



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Final Maturity Date </B>means the date falling 36&nbsp;months after the Utilisation Date in
respect of the Term Loan.



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Finance Charges </B>means, at any time, the aggregate amount of interest, commission, fees,
discounts, prepayment penalties or premiums and other finance payments in respect of
Borrowings whether accrued, paid or payable and whether or not capitalised by the Company:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>including the interest element of leasing and hire purchase payments;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>including any amounts paid, payable or accrued by the Company to counterparties
under any interest rate hedging instrument;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>deducting any amounts paid, payable or accrued by counterparties to the Company
under any interest rate hedging instrument; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>deducting any interest paid, payable to or accrued to the benefit of the
Company on any deposit or bank account.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Finance Document </B>means:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>this Agreement;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any Security Document; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any other document designated as such by the Lender and the Company.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Financial Indebtedness </B>means (without double counting) any indebtedness for or in
respect of:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>moneys borrowed;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any acceptance credit (including any dematerialised equivalent);</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any bond, note, debenture, loan stock or other similar instrument;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any redeemable preference share;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any agreement treated as a finance or capital lease in accordance with
generally accepted accounting principles in the jurisdiction of incorporation of the
Company;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>receivables sold or discounted (otherwise than on a non-recourse basis);</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the acquisition cost of any asset to the extent payable after its acquisition
or possession by the party liable where the deferred payment is arranged primarily as a
method of raising finance or financing the acquisition of that asset;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>for the purposes of Clause 20.5 (cross-default) only, any derivative
transaction protecting against or benefiting from fluctuations in any rate or price
(and, except for non-payment of an amount, the then mark to market value of the
derivative transaction will be used to calculate its amount);</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any other transaction (including any forward sale or purchase agreement)
required by the generally accepted accounting principles in the jurisdiction of
incorporation of the Company to be shown a borrowing in the consolidated financial
statements of the Company;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any counter-indemnity obligation in respect of any guarantee, indemnity, bond,
Banker&#146;s Guarantee or any other instrument issued by a bank or financial institution,
in each case in respect of an indebtedness of a type referred to in the above
paragraph; or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any guarantee, indemnity or similar assurance against financial loss of any
person in respect of any item referred to in the above paragraphs.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Group </B>means the Company and its Subsidiaries.



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Guarantee </B>means:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the initial US$15,000,000 corporate guarantee dated on or about the date of
this Agreement provided by the Guarantor in favour of the Lender, which will remain in
force until such time a subsequent corporate guarantee referred to in paragraph (b)
below is issued; or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>subject to the consent of the Lender (such consent not to be unreasonably
withheld), any subsequent corporate guarantee provided by the Guarantor in favour of
the Lender for an amount based on the outstanding principal amount under this Agreement
at the time such guarantee is issued, provided that the first such subsequent corporate
guarantee shall not be issued earlier than 12&nbsp;months after the date of the initial
corporate guarantee referred to in paragraph (a), and each subsequent corporate
guarantee thereafter shall not be not earlier than 12&nbsp;months after the date of the last
corporate guarantee.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Holding Company </B>of any other person, means a company in respect of which that other
person is a Subsidiary.



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Increased Cost </B>means:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an additional or increased cost;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a reduction in the rate of return from the Facilities or on its overall capital
(including, without limitation, as a result of any reduction in the rate of return on
capital brought about by more capital being required to be allocated by the Lender)
which the Lender (acting reasonably) considers material; or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a reduction of an amount due and payable under any Finance Document,</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">which is incurred or suffered by the Lender or any of its Affiliates but only to the
extent attributable to the Lender having entered into any Finance Document or funding or
performing its obligations under any Finance Document.



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Intangible Assets </B>means any amount attributable in respect of goodwill, patents,
rights, intellectual property assets, licences, trademarks or other intangible assets
classified as such in the Company&#146;s most recent financial statements delivered to the Lender
in accordance with Clause 17.1.



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>LIBOR </B>means, in relation to any Loan (other than a Loan in respect of a Banker&#146;s
Guarantee Facility):


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the applicable Screen Rate; or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(if no Screen Rate is available for the currency or Term of that Loan) the
Reference Bank Rate,</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt">as at 11 a.m. on the Rate Fixing Day for the currency of that Loan and for a period
comparable to the Term of that Loan.



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Loan </B>means, unless otherwise stated in this Agreement, the principal amount of each
borrowing under the relevant Facility (other than a Banker&#146;s Guarantee Facility) made
available under this Agreement or the principal amount outstanding of that borrowing.



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Margin </B>means:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in relation to the Term Loan, 2.75 per cent.; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in relation to a Short Term Revolving Loan, 3.00 per cent.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Material Adverse Effect </B>means a material adverse effect on:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the business or financial condition of any Obligor, any member of the Group or
the Group as a whole;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the ability of any Obligor to perform its payment obligations under any Finance
Document;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the validity or enforceability of any Finance Document; or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any right or remedy of the Lender in respect of a Finance Document.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Maturity Date </B>means, for a Short Term Revolving Loan and Banker&#146;s Guarantee, the last
day of its Term.



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Maximum Validity Period </B>means:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in relation to a Banker&#146;s Guarantee issued or to be issued under Banker&#146;s
Guarantee Facility 1, 2&nbsp;years from the date of the Utilisation Date; or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in relation to a Banker&#146;s Guarantee issued or to be issued under Banker&#146;s
Guarantee Facility 2, 3&nbsp;years from the date of the Utilisation Date</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Obligor </B>means:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Guarantor; or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any other party to a Security Document other than the Lender.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Original Financial Statements </B>means the audited consolidated financial statements of
the Company for the year ended 31 January&nbsp;2013.



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Parent </B>means Seamap International Holdings Pte Ltd (Singapore company registration no.
199600338N).



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Party </B>means a party to this Agreement.



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Rate Fixing Day </B>means the second Business Day before the first day of a Term or such
other day as the Lender determines is generally treated as the rate fixing day in
consideration of the circumstances then prevailing.



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Reference Bank Rate </B>means the arithmetic mean of the rates (rounded upwards to four
decimal places) as supplied to the Lender at its request by the Reference Banks as the rate
at which the relevant Reference Bank could borrow funds in the London interbank market in US
Dollars for the relevant period, were it to do so by asking for and then accepting interbank
offers for deposits in reasonable market size in that currency and for that period.



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Reference Banks </B>means such banks as may be appointed by the Lender in its sole and
absolute discretion.



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Repayment Instalment </B>means each instalment for repayment of the Term Loan.



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Repeating Representations </B>means the representations which are deemed to be repeated
under Clause 16.17 (Times for making representations).



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Request </B>means a request for a Loan or a Banker&#146;s Guarantee (as the case may be),
substantially in the form of Schedule&nbsp;2 (Form of Request).



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Rollover Loan </B>means one or more Short Term Revolving Loans:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to be made on the same day that a maturing Short Term Revolving Loan is due to
be repaid;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the aggregate amount of which is equal to or less than the maturing Revolving
Creit Loan; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to be made for the purpose of refinancing a maturing Short Term Revolving Loan.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Screen Rate </B>means the London interbank offered rate administered by ICE Benchmark
Administration Limited (or any other person which takes over the administration of that
rate) for US Dollars for the relevant period displayed on pages LIBOR01 or LIBOR02 of the
Reuters screen (or any replacement Reuters page which displays that rate) or on the
appropriate page of such other information service which publishes that rate from time to
time in place of Reuters. If such page or service ceases to be available, the Lender may
specify another page or service displaying the relevant rate after consultation with the
Company.



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Security Document </B>means:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Guarantee;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Debenture; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any other document evidencing or creating security to secure any obligation of
the Company to the Lender under the Finance Documents.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Security Interest </B>means any mortgage, pledge, lien, charge, assignment, hypothecation
or security interest or any other agreement or arrangement having a similar effect.



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Short Term Revolving Facility </B>means the short term revolving facility made available
under this Agreement as set out in Clause 2.2.



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Short Term Revolving Loan </B>means each Loan under the Short Term Revolving Facility.



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Singapore Dollar(s) </B>or <B>S$ </B>means the lawful currency of Singapore.



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Subsidiary </B>means a subsidiary within the meaning of section 5 of the Companies Act,
Chapter&nbsp;50 of Singapore.



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Tax </B>means any tax, levy, impost, duty or other charge or withholding of a similar
nature (including any related penalty or interest).



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Tax Deduction </B>means a deduction or withholding for or on account of Tax from a payment
under a Finance Document.



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Tax Payment </B>means a payment made by the Company to the Lender in any way related to a
Tax Deduction or under any indemnity given by the Company in respect of Tax under any
Finance Document.



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Term </B>means:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in relation to the Term Loan or a Short Term Revolving Loan, each period
determined under this Agreement by reference to which interest on the Term Loan, that
Short Term Revolving Loan or an overdue amount is calculated; or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in relation to a Banker&#146;s Guarantee, the period from the date of issue of that
Banker&#146;s Guarantee to its expiry date as agreed by the Lender in its sole and absolute
discretion.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Term Loan </B>means the Loan under the Term Loan Facility.



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Term Loan Facility </B>means the term loan facility made available under this Agreement as
set out in Clause 2.1.



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Term Loan Facility Commitment </B>means US$10,000,000 to the extent not cancelled,
transferred or reduced under this Agreement.



<P align="left" style="margin-left:4%; font-size: 11pt"><B>US Dollar(s) </B>or <B>US$ </B>means the lawful currency of the United States of America.



<P align="left" style="margin-left:4%; font-size: 11pt"><B>Utilisation Date </B>means the date of the utilisation of a Facility, being the date on which
the relevant Loan is made or a Banker&#146;s Guarantee is issued, as the context so requires.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>1.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Construction</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In this Agreement, unless the contrary intention appears, a reference to:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an <B>amendment </B>includes a supplement, novation, restatement or re-enactment and
<B>amended </B>will be construed accordingly;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>assets </B>includes present and future properties, revenues and rights of every
description;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an <B>authorisation </B>includes an authorisation, consent, approval, resolution,
licence, exemption, filing, registration or notarisation;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>disposal </B>means a sale, transfer, grant, lease or other disposal, whether
voluntary or involuntary, and <B>dispose </B>will be construed accordingly;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>indebtedness </B>includes any obligation (whether incurred as principal or as
surety) for the payment or repayment of money;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>know your customer requirements </B>are the identification checks that the Lender
requests in order to meet its obligations under any applicable law or regulation to
identify a person who is (or is to become) its customer;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a <B>person </B>includes any individual, company, corporation, unincorporated
association or body (including a partnership, trust, joint venture or consortium),
government, state, agency, organisation or other entity whether or not having separate
legal personality;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(viii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a <B>regulation </B>includes any regulation, rule, official directive, request or guideline
(whether or not having the force of law but, if not having the force of law, being of a
type with which any person to which it applies is accustomed to comply) of any
governmental, inter-governmental or supranational body, agency, department or
regulatory, self-regulatory or other authority or organisation;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ix)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a currency is a reference to the lawful currency for the time being of the
relevant country;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(x)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Default being <B>outstanding </B>means that it has not been remedied or waived and
an Event of Default being <B>outstanding </B>means that it has not been remedied or waived;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(xi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a provision of law is a reference to that provision as extended, applied,
amended or re-enacted and includes any subordinate legislation;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(xii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Clause, a Subclause or a Schedule is a reference to a clause or subclause
of, or a schedule to, this Agreement;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(xiii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Party or any other person includes its successors in title, permitted assigns and
permitted transferees;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(xiv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Finance Document or another document is a reference to that Finance Document
or other document as amended, modified or supplemented;</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="9%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="86%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(xv)<BR>
(xvi)<BR>
(xvii)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">a time of day is a reference to Singapore time;<BR>
words importing the singular include the plural and vice versa; and<BR>
words importing one gender shall include all other genders.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Unless the contrary intention appears, a reference to a <B>month </B>or <B>months </B>is a reference to a
period starting on one day in a calendar month and ending on the numerically corresponding day
in the next calendar month or the calendar month in which it is to end, except that:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if the numerically corresponding day is not a Business Day, the period will end
on the next Business Day in that month (if there is one) or the preceding Business Day
(if there is not);</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if there is no numerically corresponding day in that month, that period will
end on the last Business Day in that month; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>notwithstanding sub-paragraph (i)&nbsp;above, a period which commences on the last
Business Day of a month will end on the last Business Day in the next month or the
calendar month in which it is to end, as appropriate.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Unless expressly provided to the contrary in a Finance Document, a person who is not a party
to a Finance Document may not enforce any of its terms under the Contracts (Rights of Third
Parties) Act, Chapter&nbsp;53B of Singapore and, notwithstanding any term of any Finance Document,
no consent of any third party is required for any variation (including any release or
compromise of any liability) or termination of any Finance Document.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Unless the contrary intention appears:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a reference to a Party will not include that Party if it has ceased to be a
Party under this Agreement;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a word or expression used in any other Finance Document or in any notice given
in connection with any Finance Document has the same meaning in that Finance Document
or notice as in this Agreement; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any obligation of an Obligor under the Finance Documents which is not a
payment obligation remains in force for so long as any payment obligation of an Obligor
is or may be outstanding under the Finance Documents.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The headings in this Agreement do not affect its interpretation.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>FACILITIES</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>2.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Term Loan Facility</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">Subject to the terms of this Agreement, the Lender makes available to the Company a
committed term loan facility in an aggregate amount equal to the Term Loan Facility
Commitment.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>2.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Short Term Revolving Facility</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt">Subject to the terms of this Agreement, the Lender makes available to the Company an
uncommitted multi-currency short term revolving facility up to an aggregate amount equal
to</FONT><FONT style="font-size: 10pt"> </FONT><FONT style="font-size: 11pt">US$3,000,000 (the <B>Short Term Revolving Facility Limit</B>).
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>2.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Banker&#146;s Guarantee Facility 1</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt">Subject to the terms of this Agreement, the Lender makes available to the Company an
uncommitted banker&#146;s guarantee facility under which the Company may request the Lender to
issue Banker&#146;s Guarantees up to an aggregate amount of US$5,000,000 (the <B>BGF 1 Limit</B>).


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>2.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Banker&#146;s Guarantee Facility 2</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt">Subject to the terms of this Agreement, the Lender makes available to the Company an
uncommitted banker&#146;s guarantee facility under which the Company may request the Lender to
issue Banker&#146;s Guarantees up to an aggregate amount of US$500,000 (the <B>BGF 2 Limit</B>).


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>2.5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Lender&#146;s right of review</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">Notwithstanding anything herein to the contrary, express or implied, the Short Term
Revolving Facility and the Banker&#146;s Guarantee Facilities (the <B>Uncommitted Facilities</B>) hereby
made or agreed to be made available from time to time to the Company shall at the absolute
discretion of the Lender be reviewed from time to time and at any such time, such review may
result in the variation, reduction or cancellation of the Uncommitted Facilities or any of
them or any part thereof subject to such terms and conditions as the Lender in its absolute
discretion deems fit (including the repayment on demand of any amount thereunder), and
nothing in this Agreement shall be deemed to impose on the Lender any obligation either at
law or in equity to make or continue to make the Uncommitted Facilities or any of them or
any part thereof available to the Company or to allow the Company to utilise or continue to
utilise the Uncommitted Facilities or any of them or any part thereof.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>3.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>PURPOSE</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>3.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Term Loan</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt">The Term Loan may only be drawn in a single tranche and used to repay amounts advanced
from Affiliates related to the acquisition of assets from Ion Geophysical Corporation.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>3.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Short Term Revolving Loan</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt">Each Short Term Revolving Loan may only be drawn in US Dollars, Singapore Dollars or such
other currency which the Lender may in its sole and absolute discretion agree for working
capital purposes.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>3.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Banker&#146;s Guarantee</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Banker&#146;s Guarantees requested under Banker&#146;s Guarantee Facility 1 may only be issued for the
purposes of performance bonds in respect of commercial contracts entered into by the Company
and any third party approved by the Lender (acting reasonably).</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Banker&#146;s Guarantees requested under Banker&#146;s Guarantee Facility 2 may only be issued for the
purposes of rental bonds in respect of lease agreements entered into by the Company and any
third party approved by the Lender (acting reasonably).</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>3.4</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>No obligation to monitor</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Lender is not bound to monitor or verify the utilisation of a Facility.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>4.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>CONDITIONS PRECEDENT</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>4.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Conditions precedent documents</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Request under a Facility may not be given until the Lender has notified the Company that it
has received all of the documents and evidence set out in the relevant Part of Schedule&nbsp;1
(Conditions precedent documents) in form and substance satisfactory to the Lender, unless the
requirement to deliver any document or evidence in Schedule&nbsp;1 has been waived by the Lender.
If the Lender permits a Loan to be borrowed before any of the conditions precedent referred to
in this Clause 4 has been satisfied, the Company shall ensure that that condition is satisfied
within the time stipulated in writing by the Lender in its sole and absolute discretion.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>4.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Further conditions precedent</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">The obligations of the Lender to make any Loan are subject to the further conditions
precedent that on both the date of the Request and the Utilisation Date for the Loan:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Repeating Representations are correct in all material respects; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>no Default is outstanding or, in the case of a Rollover Loan, would result from
the Rollover Loan.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>5.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>UTILISATION</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>5.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Giving of Requests</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company may borrow a Loan by giving to the Lender a duly completed Request.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Unless the Lender otherwise agrees, the latest time for receipt by the Lender of a duly
completed Request is 11.00 a.m. one Business Day before the Rate Fixing Day for the proposed
borrowing.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each Request is irrevocable.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>5.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Completion of Requests</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt">A Request for a Loan will not be regarded as having been duly completed unless:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it identifies the Facility the Loan applies to;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Utilisation Date is a Business Day falling within the Availability Period;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in respect of a Short Term Revolving Loan, it specifies the currency of such
Loan (which shall be US Dollars, Singapore Dollars or such other currency as the Lender
may in its sole and absolute discretion agree);</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the amount of the Loan requested:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is a minimum of US$200,000 and an integral multiple of
US$100,000, or its equivalent in Singapore Dollars, or such other amount the
Lender may in its sole and absolute discretion agree; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>does not exceed the maximum undrawn amount available under the
relevant Facility on the proposed Utilisation Date; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the proposed Term complies with this Agreement.</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>5.3</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Only one Loan may be requested in a Request.<BR>
<B>Advance of Loan</B></DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Lender is not obliged to make a Loan if as a result:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the case of the Term Loan, the Term Loan Facility Commitment would be
exceeded;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the case of a Short Term Revolving Loan:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the aggregate of all Short Term Revolving Loans would exceed
the Short Term Revolving Facility Limit; or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the aggregate of all Short Term Revolving Loans and outstanding
Banker&#146;s Guarantees issued by the Lender under the Banker&#146;s Guarantee
Facilities would exceed US$5,000,000; or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the aggregate of the Loans under the Term Loan Facility, the Short Term
Revolving Facility and the outstanding amount of all Banker&#146;s Guarantees issued by the
Lender under the Banker&#146;s Guarantee Facilities would exceed US$15,000,000.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the conditions set out in this Agreement have been met, the Lender shall make the Loan
available to the Company on the Utilisation Date.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>6.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>UTILISATION &#150; BANKER&#146;S GUARANTEE</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>6.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Giving of Requests</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company may request a Banker&#146;s Guarantee to be issued by giving to the Lender a duly
completed Request.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Unless the Lender otherwise agrees, the latest time for receipt by the Lender of a duly
completed Request is 11.00 a.m. 3 Business Days before the proposed Utilisation Date.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each Request is irrevocable.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>6.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Completion of Requests</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">A Request for a Banker&#146;s Guarantee will not be regarded as being duly completed unless:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it identifies the relevant Banker&#146;s Guarantee Facility under which the Banker&#146;s
Guarantee is to be issued;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Utilisation Date is a Business Day falling within the Availability Period;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the amount of the Banker&#146;s Guarantee requested is:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>when aggregated with all other outstanding Banker&#146;s Guarantees
issued under the same Banker&#146;s Guarantee Facility, less than the relevant BGF
Limit; or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such other amount as the Lender may agree;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the proposed beneficiary is approved by the Lender;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the form of the Banker&#146;s Guarantee is attached;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the expiry date of the Banker&#146;s Guarantee:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>does not cause the Term of the Banker&#146;s Guarantee to exceed the
relevant Maximum Validity Period; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>falls on or before the Final Maturity Date; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the delivery instructions for the Banker&#146;s Guarantee are specified.</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>6.3</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Only one Banker&#146;s Guarantee may be requested in a Request.<BR>
<B>Issue of Banker&#146;s Guarantee</B></DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">If the conditions set out in this Agreement have been met, the Lender shall issue the
Banker&#146;s Guarantee on the Utilisation Date.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>6.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Extension of a Banker&#146;s Guarantee</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company may request that a Banker&#146;s Guarantee issued on its behalf is extended by
delivery to the Lender of a notice specifying the new proposed Maturity Date three Business
Days before the Maturity Date of that Banker&#146;s Guarantee.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The terms of each extended Banker&#146;s Guarantee will remain the same as before the extension,
except that:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>its amount may be reduced; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>its Maturity Date will be the date specified in the extension request (subject
to the requirements pertaining to the expiry date set out in Clause 6.2(f)).</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the conditions set out in this Agreement have been met, the Lender shall extend the
Banker&#146;s Guarantee in the manner requested.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>6.5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Conditions precedent</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Lender is not obliged to issue or extend any Banker&#146;s Guarantee unless and until the
Company has paid to the Lender the Banker&#146;s Guarantee fee referred to in Clause 7.2.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Lender is not obliged to issue or extend any Banker&#146;s Guarantee if as a result:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the relevant BGF Limit would be exceeded;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the aggregate of all Short Term Revolving Loans and outstanding Banker&#146;s
Guarantees issued by the Lender under the Banker&#146;s Guarantee Facilities would exceed
US$5,000,000; or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the aggregate of the Loans under the Term Loan Facility, the Short Term
Revolving Facility and the outstanding amount of all Banker&#146;s Guarantees issued by the
Lender under the Banker&#146;s Guarantee Facilities would exceed US$15,000,000.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Lender is not obliged to issue or extend any Banker&#146;s Guarantee if either on the date of
the Request or extension request or the Utilisation Date or extension date:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Repeating Representations are not correct in all material respects; and/or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Default or in the case of an extension, an Event of Default is outstanding or
would result from the issuance or extension of that Banker&#146;s Guarantee.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>7.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>BANKER&#146;S GUARANTEE</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>7.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>General</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Banker&#146;s Guarantee is <B>repaid </B>or <B>prepaid </B>if:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company provides cash cover for that Banker&#146;s Guarantee;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the maximum amount payable under the Banker&#146;s Guarantee is reduced in
accordance with its terms; or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Lender is satisfied that it has no further liability under that Banker&#146;s
Guarantee.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">The amount by which a Banker&#146;s Guarantee is repaid or prepaid under sub-paragraphs (i)
and (ii)&nbsp;above is the amount of the relevant cash cover or reduction.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If a Banker&#146;s Guarantee or any amount outstanding under a Banker&#146;s Guarantee becomes
immediately payable under this Agreement, the Company must repay or prepay that amount
immediately.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Cash cover </B>is provided for a Banker&#146;s Guarantee if the Company pays an amount in the currency
of the Banker&#146;s Guarantee to the Lender in the name of the Company and the following
conditions are met:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>until no amount is or may be outstanding under that Banker&#146;s Guarantee,
withdrawals from the account may only be made to pay the Lender amounts under this
Clause; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company has executed a security document over that account, in form and
substance satisfactory to the Lender, creating a first ranking security interest over
that account.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The <B>outstanding </B>or <B>principal </B>amount of a Banker&#146;s Guarantee at any time is the maximum amount
that is or may be payable by the Company in respect of that Banker&#146;s Guarantee at that time.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>7.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Fees in respect of Banker&#146;s Guarantees</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company must pay to the Lender a Banker&#146;s Guarantee fee computed at 1% per annum of the
face value of each Banker&#146;s Guarantee requested by it for the period from the issue or
extension of that Banker&#146;s Guarantee until its Maturity Date, subject to a minimum charge as
prescribed in the Lender&#146;s applicable standard tariffs.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All Banker&#146;s Guarantee fees are payable upfront in advance (prior to the issue or extension
of the relevant Banker&#146;s Guarantee).</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>7.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Indemnities</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company hereby undertakes to indemnify and hold harmless the Lender from and against all
liabilities, costs, losses, damages and expenses which the Lender may incur or sustain by
reason of, or arising in connection with, or by reference to, the issue of any Banker&#146;s
Guarantee or the performance by it of the obligations expressed to be assumed by it under this
Agreement in connection with the issue of any Banker&#146;s Guarantee, other than as a result of
gross negligence, wilful misconduct or wilful default on the part of the Lender.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company unconditionally and irrevocably:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>confirms that the Lender is entitled to pay any demand made on it which appears
on its face to be in order and which is made in accordance with the Banker&#146;s Guarantee
under or by reference to such Banker&#146;s Guarantee without requiring proof or the
agreement of any Obligor that the amounts so demanded or paid are or were due and
notwithstanding that any Obligor or any other person may dispute the validity of any
such request, demand or payment;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>authorises the Lender to exercise the rights and powers conferred on it by the
Banker&#146;s Guarantee and confirms that the Lender shall deal in documents only and shall
not be concerned with the legality of the claim or any other underlying transaction or
any set-off, counterclaim or defence as between the Obligor and any beneficiary of a
Banker&#146;s Guarantee;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>agrees that the Lender need not have regard to the sufficiency, accuracy or
genuineness of any demand or any certificate or statement in connection with any demand
or any incapacity of or limitation upon the powers of any person signing or issuing
such demand, certificate or statement which appears on its face to be in order and
agrees that the Lender shall not be obliged to enquire as to any such matters and may
assume that any such demand, certificate or statement which appears on its face to be
in order is correct and properly made; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>agrees to reimburse the Lender promptly after demand all moneys whatsoever paid by the Lender
as contemplated by sub-paragraph&nbsp;(i) above, together with interest from the time of payment to
the date of reimbursement at the rate specified in Clause&nbsp;10.3 (<I>Interest on overdue amounts</I>),
provided that this indemnity shall not apply to any amounts which, as a result of the gross
negligence, wilful misconduct or wilful default of the Lender (as the case may be), are paid
to a person other than the beneficiary of the relevant Banker&#146;s Guarantee specified in the
relevant demand.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>7.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Demands under a Banker&#146;s Guarantee</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">If the Lender receives a demand for payment under a Banker&#146;s Guarantee, it shall notify
the Company forthwith of:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the amount demanded; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the date on which it is payable,</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>7.5</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">and the Company shall on demand pay to the Lender such amount.<BR>
<B>Continuing indemnity</B></DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">Clauses&nbsp;7.3 and 7.4 shall operate as a continuing guarantee and indemnity, shall extend
to the ultimate balance of the obligations and liabilities of the Company hereunder and
shall continue in force notwithstanding any intermediate payment in part of such obligations
or liabilities.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>7.6</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Additional security</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">The obligations of the Company under Clauses&nbsp;7.3 and 7.4 shall be in addition to and
shall not be in any way prejudiced by any collateral or other security now or hereafter held
by the Lender as security or any lien to which the Lender may be entitled.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>7.7</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Preservation of rights</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt">No invalidity or unenforceability of all or any part of this Agreement (including, without
limitation, Clauses&nbsp;7.3 and 7.4) shall affect any rights of indemnity or otherwise which the
Lender would or may have in the absence of or in addition to this Agreement.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>8.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>REPAYMENT</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>8.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Repayment of Term Loan</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall repay the Term Loan in full by 11 equal quarterly Repayment Instalments of
US$800,000 each, and a final Repayment Instalment of US$1,200,000.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The first Repayment Instalment shall be repaid on the date falling 3&nbsp;months after the
Utilisation Date and the final Repayment Instalment shall be repaid on or before the Final
Maturity Date.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company irrevocably authorises the Lender to debit such amounts from the Accounts (or any
of them) or such other account in the name of the Company with the Lender as the Lender in its
sole and absolute discretion deems necessary to repay the instalments as set out in paragraph
(a)&nbsp;above.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No amount of the Term Loan which is repaid may be re-borrowed.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>8.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Repayment of Short Term Revolving Loan</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to Clause 2.5, the Company must repay each Short Term Revolving Loan in full on its
Maturity Date.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the other terms of this Agreement, any amounts repaid under paragraph (a)&nbsp;above
may be re-borrowed.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>8.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Repayment of Banker&#146;s Guarantees</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to Clause 2.5, the Company must repay each Banker&#146;s Guarantee in full on its Maturity
Date.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the other terms of this Agreement, any amounts repaid under paragraph (a)&nbsp;above
may be re-utilised.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>9.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>PREPAYMENT AND CANCELLATION</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>9.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Mandatory prepayment &#151; illegality</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Lender must notify the Company promptly if it becomes aware that it is unlawful in any
jurisdiction for the Lender to perform any of its obligations under a Finance Document, to
fund or maintain any Loan or to have outstanding any Banker&#146;s Guarantee.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>After notification under paragraph (a)&nbsp;above:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in respect of all outstanding Banker&#146;s Guarantees:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company must use its best endeavours to ensure the release
of the liability of the Lender under each outstanding Banker&#146;s Guarantee;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>failing this, the Company must repay or prepay the Lender each
Banker&#146;s Guarantee requested by it on the date specified in paragraph (c)
below; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(C)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>no further Banker&#146;s Guarantees will be issued.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in respect of all Loans under the Term Loan Facility and the Short Term
Revolving Facility:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company must repay or prepay the Lender each Loan on the
date specified in paragraph (c)&nbsp;below;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Term Loan Facility Commitment will be immediately
cancelled; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(C)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>no further Loan under the Short Term Revolving Facility may be
borrowed.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The date for repayment or prepayment of a Loan or the Banker&#146;s Guarantee will be:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the case of a Loan:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the last day of the current Term for that Loan; or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if earlier, the date specified by the Lender in the
notification under paragraph (a)&nbsp;above and which must not be earlier than the
last day of any applicable grace period allowed by law; or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the case of a Banker&#146;s Guarantee, the date specified by the Lender in the
notification under paragraph (a)&nbsp;above.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>9.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Mandatory prepayment &#151; change of ownership</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company must promptly notify the Lender if the Guarantor disposes of all or any part of
its interest (whether direct or indirect) in all of the issued shares of the Company (a <B>change
of ownership</B>).</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>After a change of ownership, the Lender may, by notice to the Company:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>cancel the Term Loan Commitment; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>declare the Term Loan, together with accrued interest and all other amounts
accrued under the Finance Documents in relation to the Term Loan, to be immediately due
and payable.</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>9.3</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Any such notice will take effect in accordance with its terms.<BR>
<B>Mandatory prepayment &#150; disposal of assets</B></DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In this Subclause:</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>net proceeds </B>means any amount received by the Company as consideration for a relevant
disposal to a person which is not a member of the Group, including the amount of any
intercompany loan repaid or prepaid to continuing members of the Group, less all Taxes and
reasonable costs and expenses incurred by the Company in connection with the relevant
disposal; and



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>relevant disposal </B>means a disposal of any asset or business (whether by way of a share
or asset sale) acquired from ION Geophysical Corporation, other than sales of inventory in
the normal course of business.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company must procure that the net proceeds are applied towards prepaying the Term Loan.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any prepayment under this Subclause must be made on or before the last day of the Term of the
Term Loan in which the relevant disposal occurred.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>9.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Voluntary prepayment</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company may, by giving not less than 10 Business Days&#146; prior written notice to the
Lender, prepay any Loan at any time in whole or in part.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A prepayment of part of a Loan must be in a minimum amount of US$1,000,000 and an integral
multiple of US$1,000,000, or the amount outstanding under the Loan.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>9.5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Automatic cancellation</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">The Term Loan Facility Commitment will be automatically cancelled at the close of
business on the last day of its Availability Period.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>9.6</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Voluntary cancellation</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company may, by giving not less than 10 Business Days&#146; prior notice to the Lender, cancel
the unutilised amount of the Term Loan Facility Commitment in whole or in part.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Partial cancellation of the Term Loan Facility Commitment must be in a minimum amount of
US$1,000,000.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>9.7</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Involuntary prepayment and cancellation</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the Company is, or will be, required to pay to the Lender:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Tax Payment; or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an Increased Cost,</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">the Company may, while the requirement continues, give notice to the Lender requesting
prepayment and cancellation.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>After notification under paragraph (a)&nbsp;above:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company must repay or prepay each Loan and Banker&#146;s Guarantee on the date
specified in paragraph (c)&nbsp;below;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Term Loan Facility Commitment will be immediately cancelled; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>no further Loan under the Short Term Revolving Facility may be borrowed and no
further Banker&#146;s Guarantee will be issued.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The date for repayment or prepayment of a Loan and/or Banker&#146;s Guarantee will be:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the last day of the current Term for that Loan or in the case of a Banker&#146;s
Guarantee, 5 Business Days after the date of the notification; or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if earlier, the date specified by the Company in its notification.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>9.8</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Partial prepayment of Term Loan</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except where this Clause expressly provides otherwise, any partial prepayment of the Term
Loan will be applied against the remaining Repayment Instalments pro rata.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any voluntary prepayment of a Term Loan will be applied against the remaining Repayment
Instalments in inverse order of maturity.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No amount of a Term Loan prepaid under this Agreement may subsequently be re-borrowed.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>9.9</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Re-borrowing of Short Term Revolving Loans</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt">Any voluntary prepayment of a Short Term Revolving Loan may be re-borrowed on the terms of
this Agreement. Any mandatory or involuntary prepayment of a Short Term Revolving Loan may
not be re-borrowed.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>9.10</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Miscellaneous provisions</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any notice of prepayment and/or cancellation under this Agreement is irrevocable and must
specify the relevant date(s)</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All prepayments under this Agreement must be made with accrued interest on the amount prepaid
and the applicable fees in respect of the prepayment. No premium or penalty is payable in
respect of any prepayment except for Break Costs.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No prepayment or cancellation is allowed except in accordance with the express terms of this
Agreement.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No amount of the Term Loan Facility Commitment cancelled under this Agreement may
subsequently be reinstated.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>10.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>INTEREST</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>10.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Calculation of interest</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">The rate of interest on each Loan for each Term is the percentage rate per annum equal
to the aggregate of the applicable:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Margin; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>LIBOR.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>10.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Payment of interest</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">Except where it is provided to the contrary in this Agreement, the Company must pay
accrued interest on the Loan on the last day of each Term and also, if the Term is longer
than three months, on the dates falling at three-monthly intervals after the first day of
that Term.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>10.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Interest on overdue amounts</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the Company fails to pay any amount payable by it under the Finance Documents, it must
immediately on demand by the Lender pay interest on the overdue amount from its due date up to
the date of actual payment, both before, on and after judgment.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Interest on an overdue amount is payable at a rate of the Lender&#146;s prime lending rate (as
published on the Lender&#146;s website from time to time) plus 4.75 per cent. per annum. For this
purpose, the Lender may:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>select successive Terms of any duration of up to three months; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>determine the appropriate Rate Fixing Day for that Term.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding paragraph (b)&nbsp;above, if the overdue amount is a principal amount of the Loan
and becomes due and payable before the last day of its current Term, then:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the first Term for that overdue amount will be the unexpired portion of that
Term; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the rate of interest on the overdue amount for that first Term will be at a
rate of the Lender&#146;s prime lending rate (as defined in Clause 10.3(b)) plus 4.75 per
cent. per annum.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">After the expiry of the first Term for that overdue amount, the rate on the overdue
amount will be calculated in accordance with paragraph (b)&nbsp;above.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Interest (if unpaid) on an overdue amount will be compounded with that overdue amount at the
end of each of its Terms but will remain immediately due and payable.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>10.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Notification of rates of interest</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt">The Lender must promptly notify the Company of the determination of a rate of interest under
this Agreement.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>10.5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Deduction of interest payments from Company&#146;s account(s)</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt">Notwithstanding anything to the contrary in this Clause 10, the Company irrevocably
authorises the Lender to debit such amounts from the Accounts (or any of them) or such other
account in the name of the Company with the Lender as the Lender in its sole and absolute
discretion deems necessary to pay any interest due from the Company under this Clause 10.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>11.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>TERMS</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>11.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Term Loan</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Term Loan shall have successive Terms, each of a period of 3&nbsp;months or such other period
as may be agreed to by the Lender in its sole and absolute discretion.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The first Term for the Term Loan will start on the Utilisation Date in relation to the Term
Loan and each subsequent Term shall start on the expiry of its preceding Term.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>11.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Short Term Revolving Loans</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each Short Term Revolving Loan has one Term only.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company must select the Term for a Short Term Revolving Loan in the relevant Request.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the following provisions of this Clause, each Term for a Short Term Revolving Loan
will be 1, 2 or 3&nbsp;months or any other period agreed by the Company and the Lender.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>11.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>No overrunning the Final Maturity Date</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">If a Term would otherwise overrun the Final Maturity Date, it will be shortened so that
it ends on the Final Maturity Date.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>11.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Other adjustments</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">The Lender and the Company may enter into such other arrangements as they may agree for
the adjustment of Terms and the consolidation and/or splitting of Loans.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>11.5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Notification</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">The Lender must notify the Company of the duration of each Term promptly after
ascertaining its duration.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>12.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>MARKET DISRUPTION</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>12.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Market disruption</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If a Market Disruption Event occurs in relation to a Loan for any Term, the Lender shall
promptly notify the Company and the rate of interest on that Loan for that Term shall be the
rate per annum which is the sum of:</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 11pt; text-indent: 4%">(i)&nbsp;the Margin; and


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the rate notified by the Lender to the Company as soon as practicable and in
any event, before interest is due to be paid in respect of that Term, to be that which
expresses as a percentage rate per annum the cost to the Lender of funding that Loan
from whatever source it may reasonably select.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In this Agreement &#147;<B>Market Disruption Event</B>&#148; means:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>at or about 11.00 a.m. on the Rate Fixing Day for the relevant Term the Screen
Rate is not available or the Screen Rate is zero or negative and the Lender (in its
absolute discretion) determines that adequate and fair means do not exist for
ascertaining LIBOR for the relevant Term; or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>before close of business in Singapore on the Rate Fixing Day for the relevant
Term, the Lender notifies the Company that the cost to the Lender of obtaining matching
deposits in the relevant Interbank market would be in excess of LIBOR.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>12.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Alternative basis</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If a Market Disruption Event occurs and the Lender so requires, the Company and the Lender
shall enter into negotiations for a period of not more than 30&nbsp;days with a view to agreeing an
alternative basis for determining the rate of interest and/or funding for the affected Loan.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any alternative basis agreed will be binding on each Party.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>13.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>TAXES</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>13.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Tax gross-up</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each Obligor must make all payments to be made by it under the Finance Documents without any
Tax Deduction, unless a Tax Deduction is required by law.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If an Obligor or the Lender is aware that the Company must make a Tax Deduction (or that
there is a change in the rate or the basis of a Tax Deduction) then it must promptly notify
the other Party.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If a Tax Deduction is required by law to be made by an Obligor, the amount of the payment due
from the Company will be increased to an amount which (after making the Tax Deduction) leaves
an amount equal to the payment which would have been due if no Tax Deduction had been
required.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If an Obligor is required to make a Tax Deduction, it must make the minimum Tax Deduction
allowed by law and must make any payment required in connection with that Tax Deduction within
the time allowed by law.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Within 30&nbsp;days of making either a Tax Deduction or a payment required in connection with a
Tax Deduction, the Obligor making that Tax Deduction or payment must deliver to the Lender
evidence satisfactory to the Lender that the Tax Deduction has been made or (as applicable)
the appropriate payment has been paid to the relevant taxing authority.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>13.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Tax indemnity</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except as provided below, the Company must indemnify the Lender against any loss or liability
which the Lender determines has been suffered (directly or indirectly) by it for or on account
of Tax in relation to a payment received (or any payment deemed to be received) under a
Finance Document.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Paragraph (a)&nbsp;above does not apply to:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any Tax assessed on the Lender under the laws of the jurisdiction in which:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Lender is incorporated or, if different, the jurisdiction
(or jurisdictions) in which the Lender is treated as resident for tax purposes;
or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Lender&#146;s Facility Office is located in respect of amounts
received or receivable in that jurisdiction,</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:8%; font-size: 11pt; text-indent: 4%">if that Tax is imposed on or calculated by reference to the net income received
or receivable by the Lender; or


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to the extent a loss, liability or cost is compensated for by an increased
payment under Clause 13.1 (Tax gross-up).</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the Lender makes, or intends to make, a claim under paragraph (a)&nbsp;above, it must promptly
notify the Company of the event which will give, or has given, rise to the claim.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>13.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Stamp taxes</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">The Company must pay and indemnify the Lender against any stamp duty, stamp duty land
tax, registration or other similar Tax payable in connection with the entry into,
performance or enforcement of any Finance Document.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>13.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Goods and services tax</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any amount payable under a Finance Document by the Company is exclusive of any goods and
services tax or any other Tax of a similar nature which might be chargeable in connection with
that amount. If any such Tax is chargeable, the Company must pay to the Lender (in addition to
and at the same time as paying that amount) an amount equal to the amount of that Tax.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Where a Finance Document requires the Company to reimburse the Lender for any costs or
expenses, the Company must also at the same time pay and indemnify the Lender against all
goods and services tax or any other Tax of a similar nature incurred by the Lender in respect
of those costs or expenses.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>14.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>INCREASED COSTS</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>14.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Increased Costs</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">Except as provided below in this Clause, the Company must, within five Business Days of
a demand made by the Lender, pay to the Lender the amount of any Increased Cost incurred by
the Lender or any of its Affiliates as a result of:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the introduction of, or any change in, or any change in the interpretation,
administration or application of, any law or regulation; or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>compliance with any law or regulation made after the date of this Agreement.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>14.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Exceptions</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">The Company need not make any payment for an Increased Cost to the extent that the
Increased Cost is:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>compensated for under another Clause or would have been but for an exception to
that Clause; or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>attributable to the Lender or its Affiliate wilfully failing to comply with any
law or regulation.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>14.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Increased Cost Claims</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Lender, if intending to make a claim pursuant to Clause &#253;14.1 (Increased
Costs) shall promptly upon becoming aware of the same notify the Company of the event
giving rise to the claim.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Lender, together with its demand, shall provide a certificate confirming
the amount and basis of calculation (in reasonable detail) of its Increased Costs.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>15.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>PAYMENTS</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>15.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Place</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">Unless a Finance Document specifies that payments under it are to be made in another
manner, all payments by the Company under a Finance Document must be made to the Lender to
its account at such office or bank as it may notify to the Company for this purpose by not
less than five Business Days&#146; prior notice.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>15.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Funds</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">Payments under the Finance Documents to the Lender must be made for value on the due
date at such times and in such funds as the Lender may specify to the Company as being
customary at the time for the settlement of transactions in the relevant currency in the
place for payment.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>15.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Currency</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Unless a Finance Document specifies that payments under it are to be made in a different
manner, the currency of each amount payable under the Finance Documents is determined under
this Clause.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Interest is payable in the currency in which the relevant amount in respect of which it is
payable is denominated.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A repayment or prepayment of any principal amount is payable in the currency in which that
principal amount is denominated on its due date.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amounts payable in respect of Taxes, fees, costs and expenses are payable in the currency in
which they are incurred.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each other amount payable under the Finance Documents is payable in US Dollars, Singapore
Dollars or such other currency that was utilised.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>15.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>No set-off or counterclaim</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">All payments made by an Obligor under the Finance Documents must be made without
set-off, deduction, counterclaim, withholding or condition of any kind.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>15.5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Business Days</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If a payment under the Finance Documents is due on a day which is not a Business Day, the due
date for that payment will instead be the next Business Day in the same calendar month (if
there is one) or the preceding Business Day (if there is not).</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>During any extension of the due date for payment of any principal under this Agreement
interest is payable on that principal at the rate payable on the original due date.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>15.6</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Partial payments</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the Lender receives a payment insufficient to discharge all the amounts then due and
payable to it under the Finance Documents, the Lender shall apply that payment towards the
obligations of the Company under the Finance Documents in the following order:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>first</B>, in or towards payment pro rata of any unpaid fees, costs and expenses of
the Lender under the Finance Documents;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>secondly</B>, in or towards payment pro rata of any accrued interest or fee due but
unpaid under this Agreement;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>thirdly</B>, in or towards payment pro rata of any principal amount due but unpaid
under this Agreement; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>fourthly</B>, in or towards payment pro rata of any other sum due but unpaid under
the Finance Documents.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Lender may vary the order set out in sub-paragraphs (a)(ii) to (iv)&nbsp;above.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Subclause will override any appropriation made by the Company.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>15.7</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Timing of payments</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">If a Finance Document does not provide for when a particular payment is due, that
payment will be due within three Business Days of demand by the Lender.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>16.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>REPRESENTATIONS</B></TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="83%">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>16.1</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Representations</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>16.2</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Status</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The representations set out in this Clause are made by the Company to the Lender.<BR>
<BR></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each Obligor is a limited liability company, duly incorporated and validly existing under the
laws of its jurisdiction of incorporation.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each Obligor and member of the Group has the power to own its assets and, in the case of any
Obligor or member of the Group which is a legal entity, carry on its business as it is being
conducted.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>16.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Powers and authority</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">Each Obligor has the power to enter into and perform, and has taken all necessary
action to authorise the entry into and performance of, the Finance Documents to which it is
or will be a party and the transactions contemplated by those Finance Documents.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>16.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Legal validity</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each Finance Document to which each Obligor is a party is its legally binding, valid and
enforceable obligation.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each Finance Document to which each Obligor is a party is in the proper form for its
enforcement in, as the case may be, its jurisdiction of incorporation (in the case of an
Obligor which is a legal entity) or place of residence (in the case of an Obligor who is a
natural person).</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>16.5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Validity and admissibility in evidence</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt">All authorisations required:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to enable each Obligor to lawfully to enter into, exercise its rights and
comply with its obligations in the Finance Documents to which it is a party;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to make the Finance Documents to which it is a party admissible in evidence in,
as the case may be, and each Obligor&#146;s jurisdiction of incorporation (in the case of an
Obligor which is a legal entity) or place of residence (in the case of an Obligor who
is a natural person); and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>for each Obligor to carry on its business, and which are material,</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>16.6</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">have been obtained or effected and are in full force and effect, or will when required.<BR>
<B>Non-conflict</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">The entry into and performance by each Obligor of, and the transactions contemplated
by, the Finance Documents to which it is a party do not conflict with:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any law or regulation applicable to it;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>its constitutional documents (if applicable); or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any document which is binding upon it or its assets, a breach of which would
reasonably be expected to have a Material Adverse Effect.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>16.7</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Governing law and enforcement</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The choice of Singapore law or other applicable law as the governing law of the Finance
Documents to which each Obligor is a party will be recognised and enforced in, as the case may
be, that Obligor&#146;s jurisdiction of incorporation.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any judgment obtained in Singapore in relation to a Finance Document to which each Obligor is
a party will be recognised and enforced in its jurisdiction of incorporation.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any judgment obtained in any applicable jurisdiction referred to in a Finance Document in
relation to that Finance Document to which each Obligor (other than the Company) is a party
will be recognised and enforced in that Obligor&#146;s jurisdiction of incorporation.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>16.8</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>No default</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No Default is outstanding or would reasonably be expected to result from the execution of, or
the performance of any transaction contemplated by, any Finance Document; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No other event is outstanding which constitutes a default under any document which is binding
on any Obligor or member of the Group or the assets of any Obligor or member of the Group to
an extent or in a manner which has or is likely to have a Material Adverse Effect.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>16.9</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Deduction of Tax</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt">No Obligor is required under the law applicable where it is incorporated or resident or at
its address specified in this Agreement to make any deduction for or on account of Tax from
any payment it may make under any Finance Document.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>16.10</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>No filing or stamp taxes</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt">Under the law of each Obligor&#146;s jurisdiction of incorporation, it is not necessary that the
Finance Documents to which it is a party be filed, recorded or enrolled with any court or
other authority in that jurisdiction or that any stamp, registration or similar tax be paid
on or in relation to the Finance Documents or the transactions contemplated by the Finance
Documents, save for the registration of the Debenture with the Accounting and Corporate
Regulatory Authority of Singapore and payment of stamp duty thereon.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>16.11</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>No misleading information</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any written factual information provided by any Obligor or any member of the Group was true
and accurate in all material respects as at the date it was provided or as at the date (if
any) at which it is stated.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any financial projections have been prepared on the basis of recent historical information
and on the basis of reasonable assumptions.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Nothing has occurred and no information has been given or withheld that results in the
information being untrue or misleading in any material respect.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>16.12</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Financial statements</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">The Company&#146;s audited financial statements most recently delivered to the Lender
(which, at the date of this Agreement, are the Original Financial Statements):


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>have been prepared in accordance with accounting principles and practices
generally accepted in Singapore, consistently applied; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>fairly represent its financial condition and operations as at the date to which
they were drawn up,</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>16.13</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">except, in each case, as disclosed to the contrary in those financial statements.<BR>
<B>No material adverse change</B></DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">There has been no material adverse change in the consolidated financial condition of
the Company since the date to which the Original Financial Statements were drawn up.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>16.14</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Pari passu ranking</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt">The Company&#146;s payment obligations under the Finance Documents rank at least pari passu with
the claims of all its other unsecured and unsubordinated creditors, except for obligations
mandatorily preferred by law applying to companies generally.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>16.15</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Litigation</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">No litigation, arbitration or administrative proceedings are current or, to the
Company&#146;s knowledge, pending or threatened, which, if adversely determined (taking into
account the likelihood of success of those proceedings), would reasonably be expected to
have a Material Adverse Effect.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>16.16</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Information</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All written information supplied by the Company to the Lender in connection with the Finance
Documents is true and accurate in all material respects as at its date or (if appropriate) as
at the date (if any) at which it is stated to be given; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company has not omitted to supply any information which, if disclosed, might make the
information supplied untrue or misleading in any material respect.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>16.17</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Times for making representations</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The representations set out in this Clause are made by the Company on the date of this
Agreement.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Unless a representation is expressed to be given at a specific date, each representation is
deemed to be repeated by the Company on the date of each Request and the first day of each
Term.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>When a representation in Clause 16.8(a) (<I>No default</I>) is repeated on a Request for a Rollover
Loan or the first day of a Term for the Term Loan (other than the first Term for the Term
Loan), the reference to a Default will be construed as a reference to an Event of Default.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>When a representation is repeated, it is applied to the circumstances existing at the time of
repetition.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>17.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>INFORMATION COVENANTS</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>17.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Financial statements and other information</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company must supply to the Lender its management financial statements (both on a
consolidated and an unconsolidated basis) for each financial half year ended as at 31 July and
31 January respectively.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All financial statements under paragraph (a)&nbsp;must be supplied as soon as they are available
within 120&nbsp;days of the end of each financial half year.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Within 180&nbsp;days of each financial year ended as at 31 January, the Company must supply to the
Lender audited financial statements for that most recently ended financial year.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>17.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Form of financial statements</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company must ensure that each set of financial statements supplied under this Agreement
fairly represents the financial condition (consolidated or otherwise) of the Group as at the
date to which those financial statements were drawn up.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company must notify the Lender of any change to the manner in which its audited financial
statements are prepared.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If requested by the Lender, the Company must supply to the Lender:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a full description of any change notified under paragraph (b)&nbsp;above; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>sufficient information to enable it to make a proper comparison between the
financial position shown by the set of financial statements prepared on the changed
basis and its most recent audited consolidated financial statements delivered to Lender
under this Agreement.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If requested by the Lender, the Company must enter into discussions for a period of not more
than 30&nbsp;days with a view to agreeing any amendments required to be made to this Agreement to
place the Company and the Lender in the same position as they would have been in if the change
had not happened.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If no agreement is reached under paragraph (d)&nbsp;above on the required amendments to this
Agreement, the Company must ensure that its auditors certify those amendments; the certificate
of the auditors will be, in the absence of manifest error, binding on all the Parties.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>17.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Information &#151; miscellaneous</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt">The Company must supply to the Lender:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>copies of all documents required by law to be despatched by the Company to its
shareholders (or any class of them) or its creditors generally or any class of them at
the same time as they are despatched, as reasonably requested by Lender;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>promptly upon becoming aware of them, details of any litigation, arbitration or
administrative proceedings which are current, threatened or pending and, if adversely
determined (taking into account the likelihood of success of those proceedings), could
reasonably be expected to have a Material Adverse Effect; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>promptly on request, such further information regarding the financial condition
and operations of the Group or any other matter as the Lender may reasonably require,
except to the extent that disclosure of the information would breach any law,
regulation or duty of confidentiality.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>17.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Notification of Default</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company must notify the Lender of any Default (and the steps, if any, being taken to
remedy it) promptly upon becoming aware of its occurrence.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Promptly on request by the Lender, the Company must supply to the Lender a certificate,
signed by two of its authorised signatories on its behalf, certifying that no Default is
outstanding or, if a Default is outstanding, specifying the Default and the steps, if any,
being taken to remedy it.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>17.5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Half-year end</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">The Company must not, without the Lender&#146;s prior consent, change its financial
half-year ends.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>17.6</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Know your customer requirements</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt">The Company must promptly on the request of the Lender supply to the Lender any
documentation or other evidence which is requested by the Lender (whether for itself or on
behalf of any prospective new Lender) to enable the Lender or prospective new Lender to
carry out and be satisfied with the results of all applicable know your customer
requirements.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>18.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>FINANCIAL COVENANTS</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>18.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Interpretation</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except as provided to the contrary in this Agreement, an accounting term used in this Clause
is to be construed in accordance with the principles applied in connection with the Original
Financial Statements.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any amount in a currency other than Singapore Dollars is to be taken into account at its
Singapore Dollar equivalent calculated on the basis of:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Lender&#146;s spot rate of exchange for the purchase of the relevant currency in
the Singapore foreign exchange market with Singapore Dollars at or about 11.00 a.m.
(Singapore time) on the day the relevant amount falls to be calculated; or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if the amount is to be calculated on the last day of a financial period of the
Company, the relevant rates of exchange used by the Company in, or in connection with,
its financial statements for that period.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>18.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Adjusted Shareholders&#146; Equity</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company must ensure that its Adjusted Shareholder&#146;s Equity (including Intangible Assets)
is not at any time less than S$15,000,000.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company must ensure that its Intangible Assets shall not at any time exceed the amount of
its Adjusted Shareholders&#146; Equity.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>18.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Ratio of EBITDA to Debt</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">The Company must ensure that its EBITDA is not at any time less than 125 per cent of
its Debt for each financial year ended 31 January.

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>18.4</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Guarantor&#146;s financial covenants</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>18.5</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The Guarantor shall comply with the financial covenants of its Credit<BR>
Agreement dated August&nbsp;2, 2013 among, Mitcham Industries, Inc., The<BR>
Lenders Party Thereto and HSBC Bank USA, N.A. (as amended, varied or<BR>
supplemented from time to time). A breach of those covenants shall<BR>
constitute a breach of this provision. The Guarantor shall provide the<BR>
Lender with calculations of these covenants in a form and under the time<BR>
frame as is provided to HSBC USA, N.A under that Credit Agreement.<BR>
<B>Provision of further guarantees</B></DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If at any time the Company or the Guarantor breaches any of the covenants in this Clause 18,
the Lender may require that the Company shall, within 10 Business Days of the Lender&#146;s demand,
procure that such further or other guarantees in favour of the Lender be provided on terms
which are satisfactory to the Lender.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall provide, together with any guarantee executed pursuant to paragraph (a),
such other documents evidencing the relevant authorisations of such execution and legal
opinions reasonably requested by the Lender in form and substance satisfactory to the Lender.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>19.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>GENERAL COVENANTS</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>19.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>General</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">The Company agrees to be bound by the covenants set out in this Clause relating to it
and, where the covenant is expressed to apply to an Obligor or a member of the Group, the
Company must ensure that the Guarantor or Subsidiary (as the case may be) performs that
covenant.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>19.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Change of business and alteration of constitutional documents</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt">The Company shall not, without the prior written consent of the Lender, substantially change
the nature of its business from that carried on at the date of this Agreement, and/or alter
its constitutional documents relating to its borrowing process and principal business
activities.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>19.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>No change of shareholding</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each Obligor shall procure that the Parent shall not, without the Lender&#146;s prior written
consent, change its shareholding in the Company.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Guarantor shall at all times be the beneficial owner (whether directly or indirectly) of
all the issued shares of the Company.</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="89%">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>19.4</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Authorisations</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Each Obligor must, promptly:</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>obtain, maintain and comply with the terms; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>supply certified copies to the Lender,</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt">of any authorisation required under any law or regulation to enable that Obligor to perform
its obligations under, or for the legality, validity, enforceability or admissibility in
evidence in its place of incorporation (in the case of a legal entity) or residence (in the
case of a natural person) of, any Finance Document.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>19.5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Compliance with laws</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">Each Obligor and member of the Group must comply in all respects with all laws to which
it is subject where failure to do so has or is likely to have a Material Adverse Effect.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>19.6</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Mergers</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">No Obligor may, without the Lender&#146;s prior written consent, enter into any
amalgamation, demerger, merger or reconstruction, such consent not to be unreasonably
withheld or delayed.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>19.7</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Acquisitions</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt">The Company may not, without the Lender&#146;s prior written consent, make any acquisition or
investment in excess of S$3,000,000, other than in the normal course of business.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>19.8</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Declaration of Dividend</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt">The Company may only declare or make payment of any dividend or any other distribution
of profits if it would not result in a breach of any of the financial covenants under Clause
18.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>19.9</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Subordination</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt">The Company shall procure that, at all times, any Financial Indebtedness owing to the Parent
or the Guarantor shall be subordinated in right of repayment to all amounts owing or which
may become owing by the Company to the Lender.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>19.10</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Negative pledge</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except as provided in paragraph (b)&nbsp;below, no member of the Group shall create or allow to
exist any Security Interest on any of its assets.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Paragraph (a)&nbsp;does not apply to:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any Security Interest entered into pursuant to a Finance Document;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any pledge of goods or services acquired through documentary credits granted or
obtained in the ordinary course of business, for the purpose of financing the
acquisition or provision of goods and services; or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the charge created by the Company in favour of DBS Bank Ltd on or about 19
September&nbsp;2006 or any Security Interest other than pursuant to a Finance Document
created prior to the date of this Agreement, except to the extent the principal amount
secured by that Security Interest exceeds the amount secured by that Security Interest
as at the date of this Agreement or to the extent such Security Interest is otherwise
varied.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any lien arising by operation of law or agreement of similar effect and in the
ordinary course of business and, if arising as a result of any default or omission by
any member of the Group, which does not subsist for a period of more than 60&nbsp;days;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any Security Interest arising under any retention of title, hire purchase or
conditional sale arrangement or arrangements having similar effect in respect of goods
supplied to a member of the Group in the ordinary course of business;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any Security Interest arising as a result of legal proceedings discharged
within 30&nbsp;days or otherwise contested in good faith (and not otherwise constituting an
Event of Default);</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any Security Interest arising by operation of law in respect of taxes being
contested in good faith; or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(viii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any Security Interest securing Financial Indebtedness the outstanding principal
amount of which (when aggregated with the outstanding principal amount of any other
Financial Indebtedness which has the benefit of Security Interests given by any member
of the Group, other than as permitted under the preceding paragraphs) does not exceed
S$3,000,000 or its equivalent, provided that prior written consent from the Lender has
been obtained (such consent not to be unreasonably withheld).</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>19.11</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Disposals</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except as provided in paragraph (c)&nbsp;below, no member of the Group shall, either in a single
transaction or in a series of transactions and whether related or not, part with, transfer,
sell or otherwise dispose of all or any part of its undertaking, property, assets or rights
(or attempt to do so).</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Without prejudice to the generality of paragraph (a), the Company shall not, without the
prior written consent of the Lender, part with, transfer, sell or otherwise dispose of any
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares in any Subsidiary.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Paragraph (a)&nbsp;does not apply to:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any disposal by way of a sale at arm&#146;s length on commercial terms in the
ordinary course of business by the disposing entity (as conducted at the date of this
Agreement);</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any disposal of any asset by a member of the Group (the <B>Disposing Company</B>) to
another member of the Group (the <B>Acquiring Company</B>), but if the Disposing Company is an
Obligor, the Acquiring Company must also be an Obligor and if the Disposing Company has
given security over the asset, the Acquiring Company must give equivalent security over
the asset;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any disposal of assets (other than shares or businesses) in exchange for other
assets reasonably comparable or superior as to type and quality and over which security
must be given if security was given over the original assets that were exchanged;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any disposal of assets (other than shares in any member of the Group) which are
obsolete or which are no longer required for the relevant person&#146;s business or
operations;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any disposal arising as a result of any permitted transaction contemplated
under this Agreement;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any disposal of assets compulsorily acquired by any governmental authority; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any disposal of fixed assets where the proceeds of disposal are intended to be
used within 12&nbsp;months of that disposal to purchase replacement fixed assets comparable
or superior as to type, value and quality.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>19.12</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Pari passu ranking</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt">The Company must ensure that its payment obligations under the Finance Documents rank at
least pari passu with all its other present and future unsecured payment obligations, except
for obligations mandatorily preferred by law applying to companies generally.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>19.13</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Financial Indebtedness</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except as provided in paragraph (b)&nbsp;and Clause 19.14 below, no member of the Group:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>may incur any Financial Indebtedness; or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>grant, issue or extend any guarantee or indemnity or enter into any other form
of contractual undertaking or arrangement of similar effect for the benefit of any
person in respect of any Financial Indebtedness or obligation of any other person,
whether actual or contingent.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Paragraph (a)&nbsp;does not apply to:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any Financial Indebtedness under the Finance Documents and/or permitted under
the Finance Documents;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any guarantee or indemnity which has been granted, issued or extended prior to
the date of this Agreement, except to the extent that any Financial Indebtedness
guaranteed or indemnified exceeds the amount so guaranteed or indemnified as at the
date of this Agreement or to the extent that such guarantee or indemnity is otherwise
varied; or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any guarantee or indemnity granted, issued or extended by any member of the
Group in the ordinary course of business as conducted by such member of the Group as at
the date of this Agreement and solely for the purpose of the carrying on by it of its
business.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>arising under any interest rate hedging for any Facility or a foreign exchange
transaction for spot or forward delivery entered into in connection with protection
against fluctuation in currency or interest rates and not for investment or speculative
purposes, provided that the counter-party to such transaction is the Lender of an
affiliate of the Lender;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any trade credit extended by any member of the Group to its customers on normal
commercial terms and in the ordinary course of its trading activities and any advance
payment made in relation to capital expenditure in the ordinary course of business;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>guarantees to landlords in the ordinary course of business;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any guarantees guaranteeing performance by a member of the Group under any
contract entered into in the ordinary course of business.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>19.14</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Right of first refusal in respect of further financing</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Lender shall have a right of first refusal in respect of any further financing sought by
the Company.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company may only seek further financing from lenders other than the Lender if the
following conditions have been met:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company has requested the Lender to provide it with further facilities or
financing;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company has provided all details required by the Lender in relation to the
facilities or financing referred to in paragraph (a); and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Lender has either confirmed in writing that it will not provide the
Company with the further facilities or financing requested, or the Lender does not,
within 14&nbsp;days of the later of a request made under paragraph (a)&nbsp;and the provision of
information under paragraph (b), inform the Company that its request will be
considered.</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>19.15</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Maintenance of Accounts with the Lender</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>19.16</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The Company shall at all times maintain each Account in its name with the Lender.<BR>
<B>Insurance</B></DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="margin-left:4%; font-size: 11pt">The Company must insure its business and assets with insurance companies to such an extent
and against such risks as companies engaged in a similar business normally insure.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>19.17</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Environmental matters</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In this Subclause:</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Environmental Approval </B>means any authorisation required by an Environmental Law.



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Environmental Claim </B>means any claim by any person in connection with:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a breach, or alleged breach, of an Environmental Law;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any accident, fire, explosion or other event of any type involving an emission
or substance which is capable of causing harm to any living organism or the
environment; or</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="91%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">(iii)
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">any other environmental contamination.<BR>
<B>Environmental Law </B>means any law or regulation concerning:</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the protection of health and safety;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the environment; or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any emission or substance which is capable of causing harm to any living
organism or the environment.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each member of the Group must ensure that it is, and has been, in compliance with all
Environmental Law and Environmental Approvals applicable to it, where failure to do so has or
is likely to have a Material Adverse Effect or results in any liability for the Lender.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company must promptly upon becoming aware notify the Lender of:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any Environmental Claim current, or to its knowledge, pending or threatened; or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any circumstances likely to result in an Environmental Claim,</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">which has or, if substantiated, is likely to either have a Material Adverse Effect or
result in any liability for the Lender.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>19.18</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Further assurance</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">The Company shall, and shall procure that the Subordinated Lender shall, from time to
time on the Lender&#146;s request do or procure the doing of all such acts and will execute or
procure the execution of all such documents as the Lender may consider necessary for giving
full effect to this Agreement or any other Finance Document or securing to the Lender the
full benefits of all rights and powers and remedies conferred on the Lender in this
Agreement or any other Finance Document.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>20.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>DEFAULT</B></TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>20.1</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Events of Default</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>20.2</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Each of the events set out in this Clause is an Event of Default.<BR>
<B>Non-payment</B></DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">Any Obligor does not pay on the due date any amount payable by it under the Finance
Documents in the manner required under the Finance Documents unless its failure to pay is
caused by administrative or technical error and payment is made within three Business Days
of its due date.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>20.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Breach of other obligations</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any Obligor does not comply with any term of Clause&nbsp;19 (General covenants) or Clause&nbsp;18
(Financial covenants) applicable to it; or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any Obligor does not comply with any other term of the Finance Documents not already referred
to in this Clause.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No Event of Default under paragraph (a)&nbsp;and (b)&nbsp;above will occur if the failure to comply is
capable of remedy and is remedied within 20 Business Days of the earlier of (i)&nbsp;the Lender
giving notice to the Company and (ii)&nbsp;the Company becoming aware of its failure to comply.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>20.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Misrepresentation</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A representation made or repeated by an Obligor in any Finance Document or in any document
delivered by or on behalf of an Obligor under any Finance Document is incorrect in any
material respect when made or deemed to be repeated.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No Event of Default under paragraph (a)&nbsp;above will occur if the misrepresentation, or
circumstances giving rise to it, is/are capable of remedy and is/are remedied within 20
Business Days of the earlier of (i)&nbsp;the Lender giving notice to the Company and (ii)&nbsp;the
Company becoming aware of the misrepresentation.</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>20.5</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Cross-default</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Any of the following occurs in respect of an Obligor or any member of the Group:</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any of its Financial Indebtedness is not paid when due (after the expiry of any
applicable grace period);</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any of its Financial Indebtedness:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>becomes prematurely due and payable;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is placed on demand; or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is capable of being declared by a creditor to be prematurely
due and payable or being placed on demand,</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:8%; font-size: 11pt; text-indent: 4%">in each case, as a result of an event of default (howsoever described); or


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any commitment for its Financial Indebtedness is cancelled or suspended as a
result of an event of default (howsoever described).</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt">No Event of Default will occur under this Clause 20.5 if the obligation to pay the relevant
Financial Indebtedness is set aside, compromised or otherwise settled within 20 Business
Days and no event of default however described in any contract or agreement to which the
relevant Obligor is a party would be continuing by reason of such obligation having arisen
and having been set aside, compromised or otherwise settled.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>20.6</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Cessation of business</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt">An Obligor or any member of the Group ceases, or threatens to cease, to carry on business or
its beneficial interest in or control of the whole or a substantial part of its business is
transferred (whether by agreement, operation of law or otherwise) without the prior written
consent of the Lender, such consent, in the case of a member of the Group other than the
Company (and only in such case), not to be unreasonably withheld.

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>20.7</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Insolvency</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Any of the following occurs in respect of an Obligor or any member of the Group:</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it is, or is deemed for the purposes of any law to be, unable to pay its debts
as they fall due or insolvent;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it admits its inability to pay its debts as they fall due;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it suspends making payments on any of its debts or announces an intention to do
so;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by reason of actual or anticipated financial difficulties, it begins
negotiations with any creditor for the rescheduling of any of its indebtedness;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any judgment debt is not paid when due;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a moratorium is declared in respect of any of its indebtedness.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">If a moratorium occurs in respect of an Obligor or any member of the Group, the ending
of the moratorium will not remedy any Event of Default caused by the moratorium.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>20.8</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Insolvency proceedings</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any of the following occurs in respect of an Obligor or any member of the
Group:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any step is taken with a view to a moratorium or a composition,
assignment or similar arrangement with any of its creditors;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any person presents a petition or files documents, or any
resolution is passed authorising any person to present a petition or file
documents, with a court or any registrar, for its winding-up, administration,
judicial management or dissolution;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an order for its winding-up, administration, judicial
management or dissolution is made;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any liquidator, trustee in bankruptcy, judicial manager,
receiver, administrative receiver, administrator, compulsory manager,
provisional manager or similar officer is appointed in respect of it or any of
its assets;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>its shareholders, directors or other officers request the
appointment of, or give notice of their intention to appoint, a liquidator,
trustee in bankruptcy, judicial manager, receiver, administrative receiver,
administrator or similar officer; or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any other analogous step or procedure is taken in any
jurisdiction.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Clause 20.8 shall not apply to any winding-up petition, court filing or
analogous procedure or step in any jurisdiction which is frivolous or vexations and is
discharged, stayed or dismissed within 20 Business Days of commencement.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>20.9</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Creditors&#146; process</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">Any attachment, sequestration, distress, execution or analogous event affects any
asset(s) of the Company an Obligor or any member of the Group.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>20.10</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Effectiveness of Finance Documents</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>It is or becomes unlawful for any Obligor to perform any of its obligations under the Finance
Documents.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any Finance Document is not effective in accordance with its terms or is alleged by the
Company to be ineffective in accordance with its terms for any reason.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>An Obligor repudiates a Finance Document or evidences an intention to repudiate a Finance
Document.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>20.11</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Declared company</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt">Any Obligor which is a Singapore company is declared by the Minister of Finance to be a
company to which Part&nbsp;IX of the Companies Act, Chapter&nbsp;50 applies.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>20.12</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Nationalisation</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt">All or a material part of the assets of an Obligor are seized, compulsorily acquired,
expropriated or nationalised.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>20.13</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Termination or material amendment to a material contract</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt">Any termination occurs or any material amendment is made to any contract which has or is
likely to have a Material Adverse Effect.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>20.14</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Material adverse change</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">Any event or series of events occurs which, in the reasonable opinion of the Lender,
has or is likely to have a Material Adverse Effect.

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>20.15</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Acceleration</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">If an Event of Default is outstanding, the Lender may, by notice to the Company:</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>cancel all or any part of the Term Loan Facility Commitment or Facilities;
and/or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>declare that all or part of any amounts outstanding under the Finance Documents
are:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>immediately due and payable; and/or</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(ii)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">payable on demand by the Lender.<BR>
Any notice given under this Subclause will take effect in accordance with its terms.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>21.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>EVIDENCE AND CALCULATIONS</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>21.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Accounts</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">Accounts maintained by the Lender in connection with this Agreement are prima facie
evidence of the matters to which they relate for the purpose of any litigation or
arbitration proceedings.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>21.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Certificates and determinations</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">Any certification or determination by the Lender of a rate or amount under the Finance
Documents will be, in the absence of manifest error, conclusive evidence of the matters to
which it relates.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>21.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Calculations</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">Any interest or fee accruing under this Agreement accrues from day to day and is
calculated on the basis of the actual number of days elapsed and a year of 365&nbsp;days.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>22.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>FEES</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>22.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Upfront fee</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">The Company must pay to the Lender on the date of this Agreement an upfront fee of
US$22,500 or 0.15 per cent. of the aggregate amount of the Facilities made available under
this Agreement (or US$15,000,000).


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>22.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Prepayment fee</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt">If any part of the Loan is prepaid within the first 15&nbsp;months from the relevant Utilisation
Date (including, for the avoidance of doubt, pursuant to Clauses 9.1 and 9.7), the Company
must pay to the Lender a prepayment fee on the date on which such prepayment is made. The
amount of the prepayment fee shall be 1 per cent. of the amount prepaid.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>22.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Cancellation fee</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt">If any part of the Term Loan Facility Commitment is cancelled (including, for the avoidance
of doubt, under Clauses 9.1 and 9.7), the Company must pay to the Lender a cancellation fee
on the date on which such part of the Term Loan Facility Commitment is cancelled. The amount
of the cancellation fee shall be 1 per cent. of the amount cancelled.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>23.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>INDEMNITIES AND BREAK COSTS</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>23.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Currency indemnity</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company must, as an independent obligation, indemnify the Lender against, and within
three Business Days of the Lender&#146;s demand, pay to the Lender any amount determined by the
Lender in respect of, any loss or liability which the Lender incurs as a consequence of:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Lender receiving an amount in respect of any Obligor&#146;s liability under the
Finance Documents; or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that liability being converted into a claim, proof, judgment or order,</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">in a currency other than the currency in which the amount is expressed to be payable
under the relevant Finance Document.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Unless otherwise required by law, the Company waives any right it may have in any
jurisdiction to pay any amount under the Finance Documents in a currency other than that in
which it is expressed to be payable.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>23.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Other indemnities</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company must indemnify the Lender against, and within three Business Days of the Lender&#146;s
demand, pay to the Lender any amount determined by the Lender in respect of, any loss or
liability which the Lender incurs as a consequence of:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the occurrence of any Event of Default;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any failure by an Obligor to pay any amount due under a Finance Document on its
due date or the investigation of any event which the Lender believes is an Event of
Default;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the information produced or approved by an Obligor being or being alleged to
be misleading or deceptive in any material respect;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any enquiry, investigation, subpoena (or similar order) or litigation with
respect to any Obligor or with respect to the transactions contemplated or financed
under this Agreement;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>acting or relying on any notice which the Lender believes to be genuine,
correct and appropriately authorised;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a failure by an Obligor to pay any amount due under a Finance Document on its
due date;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>funding, or making arrangements to fund, its participation in a Loan requested
by a Company in a Utilisation Request but not made by reason of the operation of any
one or more of the provisions of this Agreement (other than by reason of default or
negligence by the Lender alone); or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(viii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Loan (or part of a Loan) not being prepaid in accordance with a notice of
prepayment given by the Company.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company&#146;s liability in each case includes any loss or expense on account of funds
borrowed, contracted for or utilised to fund any amount payable under any Finance Document or
any Loan.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>23.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Break Costs</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company must pay to the Lender its Break Costs.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Break Costs are the amount (if any) by which:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the interest which the Lender would have received for the period from the date
of receipt of any part of a Loan or an overdue amount to the last day of the applicable
Term for that Loan or overdue amount if the principal or overdue amount received had
been paid on the last day of that Term;</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">exceeds


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the amount which the Lender would be able to obtain by placing an amount equal
to the amount received by it on deposit with a leading bank in the appropriate
interbank market for a period starting on the Business Day following receipt and ending
on the last day of the applicable Term.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Lender must supply to the Company details of the amount of any Break Costs claimed by it
under this Subclause.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>23.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Force majeure</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">The Lender shall not be liable to the Company for any loss, damage or delay
attributable in whole or part to action by any government or government agency or other
force majeure and in particular, but not limited to, strike, industrial action (whether
involving the Lender&#146;s staff or not), equipment failure or interruption of power supplies.
The Lender will endeavour to give notice generally to its customers of any anticipated
delays by notices in branches.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>24.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>EXPENSES</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>24.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Initial costs</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">The Company must, within three Business Days of the Lender&#146;s demand, pay to the Lender
the amount of all agreed reasonable costs and expenses (including legal fees) incurred by it
in connection with the negotiation, preparation, printing and execution of the Finance
Documents.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>24.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Subsequent costs</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">The Company must, within seven Business Days of the Lender&#146;s demand, pay to the Lender
the amount of all reasonable costs and expenses (including legal fees) incurred by it in
connection with:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the negotiation, preparation, printing and execution of any Finance Document
executed after the date of this Agreement; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any amendment, waiver or consent requested by or on behalf of an Obligor or
specifically allowed by this Agreement.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>24.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Enforcement costs</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">The Company must, within seven Business Days of the Lender&#146;s demand, pay to the Lender
the amount of all costs and expenses (including legal fees) incurred by it in connection
with the enforcement of, or the preservation of any rights under, any Finance Document.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>25.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>AMENDMENTS AND WAIVERS</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>25.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Change of currency</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">If a change in any currency of a country occurs (including where there is more than one
currency or currency unit recognised at the same time as the lawful currency of a country),
the Finance Documents will be amended to the extent the Lender determines is necessary to
reflect the change.

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>25.2</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Waivers and remedies cumulative</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The rights of the Lender under the Finance Documents:</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>may be exercised as often as necessary;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>are cumulative and not exclusive of its rights under the general law; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>may be waived only in writing and specifically.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">Delay in exercising or non-exercise of any right is not a waiver of that right.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>26.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>CHANGES TO THE PARTIES</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>26.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Assignments and transfers by the Company</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">The Company may not assign or transfer any of its rights and obligations under the
Finance Documents without the prior consent of the Lender.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>26.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Assignments and transfers by the Lender</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Lender may at any time assign or transfer (including by way of novation) any of its
rights and obligations under this Agreement to any other bank or financial institution or to a
trust fund or other entity which is regularly engaged in or established for the purpose of
making, purchasing or investing in loans, securities or other financial assets (the <B>New
Lender</B>).</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A transfer of obligations will be effective only if the New Lender confirms to the Company in
form and substance satisfactory to the Company that it is bound by the terms of this Agreement
as the Lender. On the transfer becoming effective in this manner the Lender will be released
from its obligations under this Agreement to the extent that they are transferred to the New
Lender.</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>26.3</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Costs resulting from change of Lender or Facility Office</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">If:</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Lender assigns or transfers any of its rights and obligations under the
Finance Documents or changes its Facility Office; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>as a result of circumstances existing at the date the assignment, transfer or
change occurs, the Company would be obliged to pay a Tax Payment or an Increased Cost,</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">then, unless the assignment, transfer or change is made by the Lender to mitigate any
circumstances giving rise to the Tax Payment, Increased Cost or a right to be prepaid and/or
cancelled by reason of illegality, the Company need only pay that Tax Payment or Increased
Cost to the same extent that it would have been obliged to if no assignment, transfer or
change had occurred.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>27.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>DISCLOSURE OF INFORMATION</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt">Without detracting from the Lender&#146;s rights of disclosure under any law (including without
limitation under the Banking Act, Chapter&nbsp;19 of Singapore (the <B>Banking Act</B>)), the Lender,
its officers and agents may disclose in any manner howsoever, any information (which may
include copies of this Agreement) which the Lender has acquired under or in connection with
this Agreement, any information relating to the Company or its account relationship with the
Lender (including without limitation, details of this Agreement and its credit balances and
deposits with the Lender):


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to any branch, representative office, affiliated, associated or related
corporation of the Lender and their respective officers, servants or agents, whether
situated in or out of Singapore for credit monitoring or review purposes;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to any person with whom it may enter, or has entered into, any kind of
transfer, participation or other agreement in relation to any Finance Document;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>which is publicly available, other than as a result of a breach by the Lender
of this Clause;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in connection with any legal or arbitration proceedings;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if required to do so under any law or regulation;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to a governmental, banking, taxation or other regulatory authority;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to its professional advisers;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to a rating agency;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to a stock exchange, listing authority or similar body;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to any person in connection with or in contemplation of a securitisation or
other transaction having a similar effect;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to any credit bureau of which the Lender is a member or subscriber;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to any related entity of the Company; or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>with the agreement of the Company.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt">This Clause 27 is not and shall not be deemed to constitute, an express or implied agreement
by the Lender with the Company for a higher degree of confidentiality than that prescribed
in Section&nbsp;47 of, and the Sixth Schedule to, the Banking Act.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>28.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>SET-OFF</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">The Lender may set off any matured obligation owed to it by the Company under the
Finance Documents (to the extent beneficially owned by the Lender) against any obligation
(whether or not matured) owed by the Lender to the Company, regardless of the place of
payment, booking branch or currency of either obligation. If the obligations are in
different currencies, the Lender may convert either obligation at a market rate of exchange
in its usual course of business for the purpose of the set-off.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>29.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>SEVERABILITY</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">If a term of a Finance Document is or becomes illegal, invalid or unenforceable in any
jurisdiction, that will not affect:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the legality, validity or enforceability in that jurisdiction of any other term
of the Finance Documents; or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the legality, validity or enforceability in other jurisdictions of that or any
other term of the Finance Documents.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>30.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>COUNTERPARTS</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">Each Finance Document may be executed in any number of counterparts. This has the same
effect as if the signatures on the counterparts were on a single copy of the Finance
Document.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>31.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>NOTICES</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>31.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>In writing</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any communication in connection with a Finance Document must be in writing and, unless
otherwise stated, may be given in person, by post, fax, e-mail or any other electronic
communication approved by the Lender.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the purpose of the Finance Documents, an electronic communication will be treated as
being in writing.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Unless it is agreed to the contrary, any consent or agreement required under a Finance
Document must be given in writing.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>31.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Contact details</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The contact details of the Company for this purpose are:</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="32%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="63%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Address:<BR>
Fax number:<BR>
Attention:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">51 Changi North Crescent<BR>
Singapore 499626<BR>
&#043;65 6545 0585<BR>
Managing Director</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 11pt; text-indent: 4%">With a copy to:


<P align="left" style="font-size: 11pt; text-indent: 4%">Mitcham Industries, Inc.


<P align="left" style="font-size: 11pt; text-indent: 4%">8141 Highway 75 South


<P align="left" style="font-size: 11pt; text-indent: 4%">Huntsville, Texas 77340 USA


<P align="left" style="font-size: 11pt; text-indent: 4%">Fax number: &#043;1 936 295 1933


<P align="left" style="font-size: 11pt; text-indent: 4%">Attention: Chief Financial Officer


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The contact details of the Lender for this purpose are:</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="64%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">Address:<BR>
Fax number:<BR>
Attention:
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">21 Collyer Quay<BR>
#08-01 HSBC Building<BR>
Singapore 049320<BR>
&#043;65 6424 4783<BR>
Eric Chin</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company or the Lender may change their contact details by giving five Business Days&#146;
notice to the other Party.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Where a Party nominates a particular department or officer to receive a communication, a
communication will not be effective if it fails to specify that department or officer.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>31.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Effectiveness</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except as provided below, any communication in connection with a Finance Document will be
deemed to be given as follows:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if delivered in person, at the time of delivery;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if posted, at noon the second day after being deposited in the post, postage
prepaid, in a correctly addressed envelope; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if by fax or other electronic means, when transmitted.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A communication given under paragraph (a)&nbsp;above but received on a non-working day or after
business hours in the place of receipt will only be deemed to be given on the next working day
in that place.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A communication to the Lender will only be effective on actual receipt by it.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>32.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>LANGUAGE</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any notice given in connection with a Finance Document must be in English.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any other document provided in connection with a Finance Document must be:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in English; or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(unless the Lender otherwise agrees) accompanied by a certified English
translation. In this case, the English translation prevails unless the document is a
statutory or other official document.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>33.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>GOVERNING LAW</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">This Agreement is governed by Singapore law.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>34.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>ENFORCEMENT</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>34.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Jurisdiction</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Singapore courts have exclusive jurisdiction to settle any dispute in connection with any
Finance Document.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Singapore courts are the most appropriate and convenient courts to settle any such
dispute and the Company waives objection to those courts on the grounds of inconvenient forum
or otherwise in relation to proceedings in connection with any Finance Document.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Clause is for the benefit of the Lender only. To the extent allowed by law, the Lender
may take:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>proceedings in any other court; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>concurrent proceedings in any number of jurisdictions.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>34.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Service of process</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt">The Guarantor irrevocably appoints the Company as its agent under this Agreement for service
of process in any proceedings before the Singapore courts in connection with this Agreement.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Agreement has been entered into on the date stated at the beginning of this Agreement.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 11pt"><B>SCHEDULE 1</B>



<P align="center" style="font-size: 11pt"><B>PART 1</B>



<P align="center" style="font-size: 11pt"><B>CONDITIONS PRECEDENT DOCUMENTS FOR FIRST UTILISATION</B>



<P align="left" style="font-size: 11pt"><B>A.&nbsp;Company</B>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A certified true copy of the Memorandum and Articles of Association of each Obligor.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A certified true extract of a resolution of the board of directors of each Obligor approving
the terms of, and the transactions contemplated by, each Finance Document to which it is a
party.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A specimen of the signature of each person authorised on behalf of each Obligor to execute or
witness the execution of any Finance Document to which it is a party or to sign or send any
document or notice in connection with any Finance Document to which it is a party.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A certificate of a director of each Obligor:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>confirming that the Company utilising the Facilities in full would not breach
any limit binding on it;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>certifying that each copy document specified in this Schedule which is required
to be delivered by it to the Lender is correct, complete and in full force and effect
as at a date no earlier than the date of this Agreement; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>confirming that there is no material adverse change in the financial condition
of that Obligor nor will there be any prospective material adverse change in the
financial condition by the utilisation of the Facilities.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 11pt"><B>B.&nbsp;Other documents and evidence</B>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Agreement and any other Finance Document, duly executed by each Obligor which is a party
thereto.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A certified true copy of the Original Financial Statements of the Company.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Evidence that all fees, costs and expenses then due from the Company under this Agreement
have been paid or will be paid by the first Utilisation Date.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A copy of any other authorisation or other document, opinion or assurance which the Lender
considers to be necessary or desirable (if it has notified the Company accordingly) in
connection with the entry into and performance of the transactions contemplated by any Finance
Document or for the validity and enforceability of any Finance Document.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Such other information and documents as the Lender may require.</TD>
</TR>


</TABLE>

<P align="center" style="font-size: 10pt; display: none">2
<!-- PAGEBREAK -->


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt">



</TABLE>


<P align="center" style="font-size: 11pt"><B>PART 2</B>



<P align="center" style="font-size: 11pt"><B>CONDITIONS PRECEDENT DOCUMENTS FOR UTILISATION OF BANKER&#146;S GUARANTEE FACILITIES</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In addition to the documents listed in Part&nbsp;I of this Schedule&nbsp;2, a duly signed
counter-indemnity in the Lender&#146;s standard form from the Company in respect of each Banker&#146;s
Guarantee to be issued.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 11pt"><B>SCHEDULE 2</B>



<P align="center" style="font-size: 11pt"><B>FORM OF REQUEST</B>


<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">To:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">From:<BR>
Date:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SEAMAP PTE LTD<BR>
&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 11pt"><B>SEAMAP PTE LTD &#151; US$15,000,000 Facilities Agreement dated &#091; &#093;, 2014 </B>(the <B>Agreement</B>)



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We refer to the Agreement. This is a Request.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We wish to &#091;borrow a Term Loan/Short Term Revolving Loan/arrange for a Banker&#146;s Guarantee to
be issued&#093;<sup>1</sup> on the following terms:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Utilisation Date: &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amount/currency: &#091; &#093;.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Term: &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Our &#091;payment/delivery&#093;<sup>1</sup> instructions are: &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We confirm that each condition precedent under the Agreement which must be satisfied on the
date of this Request is so satisfied.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Request is irrevocable.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#091;We attach a copy of the proposed Banker&#146;s Guarantee&#093;<sup>1</sup></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 11pt">................................
<BR>
Name:
<BR>
Designation:
<BR>
For and on behalf of


<P align="left" style="font-size: 11pt; text-indent: 4%">SEAMAP PTE LTD


<P align="center" style="font-size: 11pt"><B>SIGNATORIES</B>



<P align="left" style="font-size: 11pt; text-indent: 4%"><B>Company</B>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Signed by</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>/s/Mark Welker&#151;</B></DIV></TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Name: Mark Welker</B></DIV></TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Title: Director</B></DIV></TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">for and on behalf of</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>SEAMAP PTE LTD</B></DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">in the presence of:</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 11pt"><U><B>/s/Lim Gek Hong</B></U><U><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></U>
<BR>
Name of Witness: Lim Gek Hong


<P align="left" style="font-size: 11pt; text-indent: 4%"><B>Guarantor</B>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Signed by</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>/s/Guy Malden</B></DIV></TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Name: Guy Malden</B></DIV></TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Title: Executive Vice President</B></DIV></TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">for and on behalf of</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>MITCHAM INDUSTRIES, INC.</B></DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">in the presence of:</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 11pt"><U><B>/s/Lim Gek Hong</B></U><U><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></U>
<BR>
Name of Witness: Lim Gek Hong


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 8pt"><sup>1</sup></FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 8pt">Delete as applicable.</FONT></TD>
</TR>


</TABLE>

<P align="center" style="font-size: 10pt; display: none">3
<!-- PAGEBREAK -->


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11pt">



</TABLE>


<P align="left" style="font-size: 8pt"><B>Lender</B>

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 8pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Signed by</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>/s/Kelvin Tan Swee Beng</B></DIV></TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Name: Kelvin Tan Swee Beng</B></DIV></TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Title: Managing Director and Head of Commercial Banking</B></DIV></TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">for and on behalf of</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED</B></DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">in the presence of:</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 8pt"><U><B>/s/Eric Chin</B></U><U><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></U>
<BR>
Name of Witness: Eric Chin



<P align="center" style="font-size: 10pt; display: none">4




<!-- v.121908 -->
</BODY>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>exhibit2.htm
<DESCRIPTION>EX-10.2
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 3.2//EN">
<HTML>
<HEAD>
<TITLE> EX-10.2 </TITLE>
</HEAD>
<BODY TEXT="#000000" BGCOLOR="#FFFFFF" ALINK="#0000FF" HLINK="#FF0000" VLINK="#800080">

<BODY style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 11pt"><B>EXECUTION VERSION</B></FONT></DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 16pt"><B>SECURITY DEED</B></FONT></DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 16pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 11pt">DATED 15 August, 2014</FONT></DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 11pt">between<BR>
<B>SEAMAP PTE LTD</B><BR>
as Chargor<BR>
- and &#150;<BR>
<B>THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED</B></FONT></DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 11pt">as Lender





<P align="center" style="font-size: 10pt; display: none">1
<!-- PAGEBREAK -->




<P align="center" style="font-size: 11pt"><B>CONTENTS</B>



<P align="left" style="font-size: 11pt"><B>Clause Page</B>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Interpretation</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Creation of Security</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Continuing Security</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Representations &#151; general</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Restrictions on dealings</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Land</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Investments</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Intellectual Property</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Accounts</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Insurances</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Relevant contracts</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>When Security becomes enforceable</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Enforcement of Security</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">14.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Receiver</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">15.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Powers of Receiver</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">16.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Application of proceeds</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">17.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Expenses and indemnity</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">18.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Delegation</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">19.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Further assurances</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">20.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Power of attorney</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">21.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Waiver, remedies cumulative</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">22.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Severability</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">23.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Disclosure of information</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">24.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Miscellaneous</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">25.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Release</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">26.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Changes to the parties</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">27.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Evidence and calculations</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">28.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Set Off</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">29.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notice</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">30.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Jurisdiction</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">31.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Waiver Of Immunity</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">32.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Governing Law</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 11pt"><B>Schedules</B>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Schedule&nbsp;1</TD>
    <TD width="4%" style="background: transparent">&nbsp;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Schedule&nbsp;2</TD>
    <TD width="4%" style="background: transparent">&nbsp;</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 11pt">SIGNATORIES

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>THIS DEED </B>is dated 15 August, 2014.<BR>
<B>BETWEEN</B>:</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>(1)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>SEAMAP PTE LTD </B>(Company registration number 198703191M) (the <B>Chargor</B>); and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>(2)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED </B>(the <B>Lender</B>).</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 11pt"><B>BACKGROUND:</B>



<P align="left" style="margin-left:4%; font-size: 11pt">(A)&nbsp;By a facilities agreement dated August&nbsp;15,2014 and made between (i)&nbsp;the Chargor as
borrower (the <B>Borrower</B>), (ii)&nbsp;Mitcham Industries, Inc as guarantor, and (iii)&nbsp;the Lender, it
was agreed that the Lender would make available to the Borrower credit facilities of up to
US$15,000,000 upon the terms and subject to the conditions set out therein.



<P align="left" style="margin-left:4%; font-size: 11pt">(B)&nbsp;It is one of the conditions precedent to the availability of the facilities under
the Facilities Agreement that the Chargor enters into this Deed as security for the Secured
Liabilities.


<P align="left" style="font-size: 11pt; text-indent: 4%"><B>NOW THIS DEED WITNESSES </B>as follows:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>INTERPRETATION</B></TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>1.1</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Definitions</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">In this Deed:</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Act </B>means the Conveyancing and Law of Property Act, Chapter&nbsp;61 of Singapore.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Excluded Credit Balances </B>means all sums which have been or may from time to time be
deposited by the Chargor with DBS Bank Ltd. whether in Singapore Dollars or other
currency(ies) under any fixed deposit, time deposit or other similar account (s)&nbsp;which the
Chargor may open with DBS Bank Ltd. (which expression shall include any sum(s) which are
from time to time deposited by the Chargor with DBS Bank Ltd. in any such fixed deposit,
time deposit or other account (s)&nbsp;whether in the same or any other currency and whether in
addition to or by way of renewal of or replacement for any sums or part thereof previously
deposited or otherwise, together with all interest accruing from time to time in respect of
it or them of any part of any such sum(s) or interest, but only to the extent such sums are
subject to a security interest in the favour of DBS Bank Ltd.



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Facilities Agreement </B>means the facilities agreement referred to in Recital (A).



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Party </B>means a party to this Deed.



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Receiver </B>means a receiver and manager or a receiver, in each case, appointed under this
Deed.



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Secured Liabilities </B>means :-


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all present and future obligations and liabilities (whether actual or
contingent and whether owed jointly or severally or in any other capacity whatsoever)
of:-</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Chargor to the Lender (including without limitation, the
obligations and liabilities under the Finance Documents and the Facilities);</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each Obligor (other than the Chargor) to the Lender under the
Finance Documents to which such Obligor is a party; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all costs and expenses (including all goods and services, value added and other
duties or taxes payable in such costs and expenses) incurred by the Lender in
connection with the enforcement of, or the preservation of, its rights against the
Obligors under the Finance Documents.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Security Assets </B>means all assets of the Chargor the subject of any security created by
this Deed.



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Security Period </B>means the period beginning on the date of this Deed and ending on the
date on which all the Secured Liabilities have been unconditionally and irrevocably paid and
discharged in full.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>1.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Construction</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Capitalised terms defined in the Facilities Agreement have, unless expressly defined in this
Deed, the same meaning in this Deed.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The provisions of clause 1.2 (<I>Construction</I>) of the Facilities Agreement apply to this Deed as
though they were set out in full in this Deed except that references to the Facilities
Agreement are to be construed as references to this Deed.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The term <B>Secured Liabilities </B>includes liabilities which would be treated as such but for the
liquidation, dissolution or judicial management of, or similar event affecting an Obligor.</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">(a)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 10pt">(i)<BR>
(ii)</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 11pt">The term <B>Finance Document </B>includes all amendments and supplements including supplements providing for further<BR>
advances; and<BR>
the term <B>this Security </B>means any security created by this Deed.</FONT></DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any covenant of the Chargor under this Deed (other than a payment obligation) remains in
force during the Security Period.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the Lender considers that an amount paid under a Finance Document is capable of being
avoided or otherwise set aside on the liquidation or judicial management of the payer or
otherwise, then that amount will not be considered to have been irrevocably paid for the
purposes of this Deed.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Unless the context otherwise requires, a reference to a Security Asset includes the proceeds
of sale of that Security Asset.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A person who is not a party to this Deed may not enforce any of its terms under the Contracts
(Rights of Third Parties) Act, Chapter&nbsp;53B of Singapore, and notwithstanding any term of this
Deed, the consent of any third party is not required for any variation (including any release
or compromise of any liability) or termination of this Deed.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>CREATION OF SECURITY</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>2.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>General</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All the security created under this Deed:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is created by the Chargor as sole legal and beneficial owner of the Security
Assets;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is created in favour of the Lender;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is created over present and future assets of the Chargor other than the
Excluded Credit Balances; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is security for the payment of all the Secured Liabilities.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the rights of the Chargor under a document cannot be secured without the consent of a
party to that document:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Chargor must notify the Lender promptly;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>this Security will secure all amounts which the Chargor may receive, or has
received, under that document but exclude the document itself; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>unless the Lender otherwise requires, the Chargor must use reasonable
endeavours to obtain the consent of the relevant party to that document being secured
under this Deed.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>2.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Land</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Chargor charges:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by way of a first legal mortgage all estates or interests in any freehold or
leasehold property now owned by it; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(to the extent that they are not the subject of a mortgage under
sub-paragraph&nbsp;(i) above) by way of first fixed charge all estates or interests in any
freehold or leasehold property.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A reference in this Subclause to a mortgage or charge of any freehold or leasehold property
includes:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all buildings, fixtures, fittings and fixed plant and machinery on that
property; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the benefit of any covenants for title given or entered into by any predecessor
in title of the Chargor in respect of that property or any moneys paid or payable in
respect of those covenants.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>2.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Investments</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Chargor charges:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by way of a first legal mortgage all shares in any member of the Group (other
than itself) owned by it or held by any nominee on its behalf; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(to the extent that they are not the subject of a mortgage under
sub-paragraph&nbsp;(i) above) by way of a first fixed charge its interest in all shares,
stocks, debentures, bonds or other securities and investments owned by it or held by
any nominee on its behalf.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A reference in this Subclause to a mortgage or charge of any stock, share, debenture, bond or
other security includes:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any dividend or interest paid or payable in relation to it; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any right, money or property accruing or offered at any time in relation to it
by way of redemption, substitution, exchange, bonus or preference, under option rights
or otherwise.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>2.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Plant and machinery</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">The Chargor charges by way of a first fixed charge all plant and machinery owned by it
and its interest in any plant or machinery in its possession.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>2.5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Credit balances</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">The Chargor charges by way of a first fixed charge all of its rights in respect of any
amount standing to the credit of any account (including any account contemplated by this
Deed) it has with any person and the debt represented by it, other than the Excluded Credit
Balances.

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2.6</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Book debts etc.</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The Chargor charges by way of a first fixed charge:</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all of its book and other debts;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all other moneys due and owing to it; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the benefit of all rights, securities or guarantees of any nature enjoyed or
held by it in relation to any item under paragraph (a)&nbsp;or (b)&nbsp;above,</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>2.7</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">other than the Excluded Credit Balances.<BR>
<B>Insurances</B></DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">The Chargor assigns absolutely, subject to a proviso for re-assignment on redemption,
all of its rights in respect of any contract or policy of insurance taken out by it or on
its behalf or in which it has an interest.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>2.8</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Other contracts</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">The Chargor assigns absolutely, subject to a proviso for re-assignment on redemption,
all of its rights in respect of:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any agreement to which it is a party except to the extent that it is subject to
any fixed security created under any other term of this Clause;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any letter of credit issued in its favour; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any bill of exchange or other negotiable instrument held by it.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>2.9</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Intellectual property</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 11pt; text-indent: 4%">The Chargor charges by way of a first fixed charge, all of its rights in respect of:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any know-how, patent, trade mark, service mark, design, business name,
topographical or similar right;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any copyright or other intellectual property monopoly right; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any interest (including by way of licence) in any of the above,</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>2.10</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">in each case whether registered or not and including all applications for the same.<BR>
<B>Miscellaneous</B><BR>
The Chargor charges by way of first fixed charge:</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>its goodwill;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the benefit of any authorisation (statutory or otherwise) held in connection
with its use of any Security Asset;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the right to recover and receive compensation which may be payable to it in
respect of any authorisation referred to in paragraph (b)&nbsp;above; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>its uncalled capital.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>2.11</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Floating charge</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Chargor charges by way of a first floating charge all its assets not at any time
otherwise effectively mortgaged, charged or assigned by way of fixed mortgage, charge or
assignment under this Clause.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except as provided below, the Lender may by notice to the Chargor convert the floating charge
created by the Chargor under this Subclause into a fixed charge as regards any of that
Chargor&#146;s assets specified in that notice, if:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an Event of Default is outstanding; or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Lender, acting reasonably, considers those assets to be in danger of being
seized or sold under any form of distress, attachment, execution or other legal process
or to be otherwise in jeopardy.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The floating charge created by this Subclause will automatically convert into a fixed charge
over all of the Chargor&#146;s assets if a judicial manager is appointed or the Lender receives
notice of an intention to appoint a judicial manager.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>3.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>CONTINUING SECURITY</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>3.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Continuing Security</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">This security shall be continuing and will extend to the ultimate balance of the
Secured Liabilities and all sums payable by the Obligors under the Finance Documents,
regardless of any intermediate payment or discharge in whole or in part.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>3.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Reinstatement</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If any discharge (whether in respect of the obligations of any Obligor or any security for
those obligations or otherwise) is made in whole or in part or any arrangement is made on the
faith of any payment, security or other disposition which is avoided or must be restored on
insolvency, bankruptcy, liquidation, judicial management or otherwise without limitation, the
liability of the Chargor under this Deed shall continue as if the discharge or arrangement had
not occurred.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Lender may concede or compromise any claim that any payment, security or other
disposition is liable to avoidance or restoration.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>3.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Additional security</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Deed is in addition to and is not in any way prejudiced by any other security now or
subsequently held by the Lender.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No prior security held by the Lender (in its capacity as such or otherwise) over any Security
Asset will merge into this Security.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>4.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>REPRESENTATIONS &#151; GENERAL</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>4.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Nature of security</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">The Chargor represents to the Lender that this Deed creates those Security Interests it
purports to create and is not liable to be amended or otherwise set aside on its liquidation
or judicial management or otherwise.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>4.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Times for making representations</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The representations set out in this Deed (including in this Clause) are made on the date of
this Deed.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Unless a representation is expressed to be given at a specific date, each representation
under this Deed is deemed to be repeated by the Chargor on each date during the Security
Period.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>When a representation is repeated, it is applied to the circumstances existing at the time of
repetition.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>5.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>RESTRICTIONS ON DEALINGS</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Chargor shall not, and shall procure that no other member of the Group will:</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt">(i)&nbsp;create or permit to subsist any Security Interest on any Security Asset; or


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>sell, transfer, assign, discount, factor, grant, licence, lease or otherwise
dispose of any Security Asset,</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 11pt; text-indent: 4%">except with the prior written consent of the Lender.


<P align="left" style="font-size: 11pt">(b)&nbsp;Paragraph (a)&nbsp;does not apply to:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any Security Interest in favour of the Lender under this Deed;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the charge created by the Chargor in favour of DBS Bank Ltd on or about 19
September&nbsp;2006 in relation to the Excluded Credit Balances;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any other Security Interest created or outstanding with the prior consent of
the Lender, except to the extent the principal amount secured by that Security Interest
is increased such that it exceeds the amount secured by that Security Interest as at
the date of this Deed or to the extent such Security Interest is otherwise varied
without the consent of the Lender;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any lien arising by operations of the law or agreement of similar effect and in
the ordinary course of business and if arising as a result of any default or omission
by the Chargor, which does not subsist for a period of more than 60&nbsp;days;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any Security Interest permitted to be created under the Finance Documents,
including but not limited to the Security Interest permitted under Clause 19.10(b) of
the Facilities Agreement; or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any transfer, sale or disposal permitted under the Finance Documents, including
but not limited to the transfers, sale or disposals permitted under Clause 19.11(b) of
the Facilities Agreement.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>6.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>LAND</B></TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="14%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="81%">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>6.1</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>General</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">In this Clause:</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Environmental Approval </B>means any authorisation required by any Environmental Law.



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Environmental Claim </B>means any claim by any person in connection with:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a breach, or alleged breach, of an Environmental Law;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any accident, fire, explosion or other event of any type involving an emission
or substance which is capable of causing harm to any living organism or the
environment; or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any other environmental contamination.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Environmental Law </B>means any law or regulation concerning:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the protection of health and safety;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the environment; or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any emission or substance which is capable of causing harm to any living
organism or the environment.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Fixtures </B>means all fixtures and fittings and fixed plant and machinery on the Mortgaged
Property.



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Insured Property Assets </B>means the Premises and all the Chargor&#146;s other assets of an
insurable nature in the Premises.



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Mortgaged Property </B>means all freehold or leasehold property included in the definition
of <B>Security Assets</B>.



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Premises </B>means all buildings and erections included in the definition of <B>Security
Assets</B>.



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Report on Title </B>means any report on title on the Mortgaged Property addressed and
provided at the request of the Lender before the date of this Deed or, in the case of any
Mortgaged Property acquired after the date of this Deed, its date of acquisition.

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>6.2</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Information for Report on Title</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The Chargor represents to the Lender that:</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the information provided to the lawyers who prepared any Report on Title
relating to any of its Mortgaged Property for the purpose of that Report on Title was
true in all material respects at the date it was expressed to be given;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the information referred to in paragraph (a)&nbsp;above was at the date it was
expressed to be given complete and did not omit any information which, if disclosed
would make that information untrue or misleading in any material respect; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>as at the date of this Deed, nothing has occurred since the date of any
information referred to in paragraph (a)&nbsp;above which renders that information untrue or
misleading in any respect and which, if disclosed, would make that information untrue
or misleading in any material respect.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>6.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Title</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">The Chargor represents to the Lender that except as disclosed in any Report on Title
relating to any of its Mortgaged Property:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it is the legal and beneficial owner of its Mortgaged Property;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>no breach of any law or regulation is outstanding which affects or might affect
materially the value of its Mortgaged Property;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>there are no covenants, agreements, stipulations, reservations, conditions,
interest, rights or other matters whatsoever affecting its Mortgaged Property;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>nothing has arisen or has been created or is subsisting which would be an
overriding interest, or an unregistered interest which overrides first registration or
registered dispositions, over its Mortgaged Property;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>no facilities necessary for the enjoyment and use of its Mortgaged Property are
enjoyed by that Mortgaged Property on terms entitling any person to terminate or
curtail its use;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it has received no notice of any adverse claims by any person in respect of the
ownership of its Mortgaged Property or any interest in it, nor has any acknowledgement
been given to any person in respect of its Mortgaged Property; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>its Mortgaged Property is held by it free from any Security Interest or any
tenancies or licences.</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="12%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="83%">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>6.4</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Environmental matters</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The Chargor must:</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>obtain all Environmental Approvals required by it;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>comply in all material respects with any Environmental Approval or
Environmental Law applicable to it;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ensure that the Lender does not incur any liability by reason of any breach by
it of any Environmental Law or Environmental Approval; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>promptly upon becoming aware notify the Lender of:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any Environmental Claim current or, to its knowledge, pending or threatened; or</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="79%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>6.5</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(ii)<BR>
<B>Repair</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">any circumstances reasonably likely to result in an Environmental Claim.<BR>
<BR>
The Chargor must keep:</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>its Premises in good and substantial repair and condition and adequately and
properly painted and decorated; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>its Fixtures and all plant, machinery, implements and other effects owned by it
and which are in or on its Premises or elsewhere in a good state of repair and in good
working order and condition.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>6.6</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Insurance</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Chargor must insure its Insured Property Assets against:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss or damage by fire;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>other risks normally insured against by persons carrying on the same class of
business as that carried on by it; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any other risks which the Lender may reasonably require.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any insurance must be in a sum or sums not less than the replacement value of the Insured
Property Assets. For this purpose, <B>replacement value </B>means the total cost of entirely
rebuilding, reinstating or replacing those Insured Property Assets in the event of their being
completely destroyed, together with architects&#146; and surveyors&#146; fees.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any insurance required under this Clause&nbsp;must be with an insurance company or underwriters
reasonably acceptable to the Lender.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All moneys received or receivable under any insurance in respect of the Insured Property
Assets must be applied:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in replacing, restoring or reinstating the Insured Property Assets destroyed or
damaged or in any other manner which the Lender may agree; or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if an Event of Default is outstanding, if the Lender so directs and the terms
of the relevant insurances allow, in or towards satisfaction of the Secured
Liabilities.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Chargor must procure that a note of the Lender&#146;s interest is endorsed upon all policies
of insurance maintained by that Chargor or any person on its behalf in respect of the Insured
Property Assets.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Chargor may not do or permit anything to be done which may make void or voidable any
policy of insurance in connection with any Insured Property Asset.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Chargor must promptly pay all premiums and do all other things necessary to keep each
policy of insurance in respect of its Insured Property Assets in force.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Chargor must, immediately on demand by the Lender, produce to the Lender the policy,
certificate or cover note relating to any insurance policy and the receipt for the payment of
any premium for any insurance policy as the Lender may request.</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="12%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="83%">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>6.7</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Compliance with leases</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The Chargor must:</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>perform all the terms on its part contained in any lease comprised in the
Mortgaged Property; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>not do or allow to be done any act as a result of which any lease comprised in
its Mortgaged Property may become liable to forfeiture or otherwise be terminated.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>6.8</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Acquisitions</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the Chargor acquires any freehold or leasehold property, or any interest therein, after
the date of this Deed it must:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>notify the Lender immediately; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>immediately on request by the Lender and at the cost of the Chargor, execute
and deliver to the Lender a legal mortgage in favour of the Lender of that property in
any form which the Lender may require.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the consent of the landlord in whom the reversion of a lease is vested is required for the
Chargor to execute a legal mortgage over it, the Chargor will not be required to perform that
obligation unless and until it has obtained the landlord&#146;s consent. The Chargor must use its
reasonable endeavours to obtain the landlord&#146;s consent.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>6.9</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Compliance with applicable laws and regulations</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">The Chargor must perform all its obligations under any law or regulation in any way
related to or affecting its Mortgaged Property.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>6.10</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Notices</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">The Chargor must, within 14&nbsp;days after the receipt by it of any application,
requirement, order or notice served or given by any public or local or any other authority
with respect to the Mortgaged Property (or any part of it):


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>deliver a copy to the Lender; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>inform the Lender of the steps taken or proposed to be taken to comply with the
relevant requirement.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>6.11</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Leases</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">The Chargor may not exercise any of the power of a mortgagor under Section&nbsp;23 of the
Act nor grant or agree to grant (whether in exercise or independently of any statutory
power) any lease or tenancy of the Mortgaged Property or any part of it or accept a
surrender of any lease or tenancy or confer upon any person any contractual licence or right
to occupy the Mortgaged Property.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>6.12</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Deposit of title deeds</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">The Chargor must deposit with the Lender all deeds and documents of title relating to
its Mortgaged Property.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>6.13</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Access</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">The Chargor must permit the Lender and any person nominated by it at all reasonable
times to enter any part of its Mortgaged Property and view the state of it, provided that
the Lender shall give the Chargor advance notice of at least five Business Days prior to
such visit.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>6.14</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Investigation of title</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">Provided that the Lender has first given the Chargor advance notice of at least five
Business Days prior to any such investigation or enquiry, the Chargor must grant the Lender
or its lawyers on request all facilities within the power of the Chargor to enable the
Lender or its lawyers to:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>carry out investigations of title to the Mortgaged Property; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>make such enquiries in relation to any part of the Mortgaged Property as a
prudent mortgagee might carry out.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt">The Chargor shall bear the cost of such investigations of title or enquiries to the
Mortgaged Property, it being agreed that the Chargor&#146;s liability under this paragraph shall
not exceed one investigations of title or enquiries to the Mortgaged Property per calendar
year unless a Default is outstanding.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>6.15</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Report on title</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">The Chargor must, as soon as practicable after a request by the Lender (acting
reasonably), provide the Lender with a report on title of the Chargor to the Mortgaged
Property concerning those items which may properly be sought to be covered by a prudent
mortgagee in a lawyer&#146;s report of this nature.



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">The Chargor shall bear the cost of such report on title, it being agreed that the
Chargor&#146;s liability under this paragraph shall not exceed one report on title per calendar
year unless a Default is outstanding.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>6.16</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Power to remedy</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">If the Chargor fails to perform any term affecting its Mortgaged Property, the Chargor
must allow the Lender or its agents and contractors:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to enter any part of its Mortgaged Property;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to comply with or object to any notice served on the Chargor in respect of its
Mortgaged Property; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to take any action as the Lender may reasonably consider necessary or desirable
to prevent or remedy any breach of any such term or to comply with or object to any
such notice.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">The Chargor must immediately on request by the Lender pay the costs and expenses of the
Lender or its agents and contractors reasonably incurred in connection with any action taken
by it under this Subclause.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>7.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>INVESTMENTS</B></TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="14%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="81%">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>7.1</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>General</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">In this Clause:</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Book-entry Securities </B>means the book-entry securities as defined in Division 7A of the
Companies Act, Chapter&nbsp;50 of Singapore.



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Investments </B>means:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Shares;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all other shares, stocks, debentures, bonds or other securities and investments
included in the definition of <B>Security Assets </B>in Clause&nbsp;1.1 (Definitions);</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any dividend or interest paid or payable in relation to any of the above; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any right, money or property accruing or offered at any time in relation to any
of the above by way of redemption, substitution, exchange, bonus or preference under
option rights or otherwise.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt"><B>Regulations </B>means the Companies (Central Depository System) Regulations made under the
Companies Act, Chapter&nbsp;50 of Singapore.

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>7.2</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Shares </B>means shares in any member of the Group.<BR>
<B>Investments</B><BR>
The Chargor represents to the Lender that:</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>its Shares and, to the extent applicable, its other Investments, are fully
paid; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it is the sole legal and beneficial owner of its Investments.</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="12%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="83%">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>7.3</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Deposit</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The Chargor must:</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>subject to paragraph (c)&nbsp;below, immediately deposit with the Lender, or as the
Lender may direct, all certificates and other documents of title or evidence of
ownership in relation to any of its Investments;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>subject to paragraph (c)&nbsp;below, promptly execute and deliver to the Lender all
share transfers and other documents which may be requested by the Lender in order to
enable the Lender or its nominees to be registered as the owner or otherwise obtain a
legal title to any of its Investments; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the case of any Investments which comprises Book-entry Securities,
immediately:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>deliver or cause to be delivered to the Lender all such
documents or instruments duly executed by the Chargor and/or the relevant
person or persons as may be required or deemed necessary by the Lender to grant
or create in favour of the Lender or its nominees a first-priority security
interest in such Investments in accordance with the Regulations or any other
law as may be applicable to such book-entry securities; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(as the Lender may instruct or require) permit and/or procure
and/or give instructions for and/or do all such other acts and things
(including the transfer of such Investments into a securities account of the
Lender or its nominee) to grant or create in favour of the Lender or its
nominees such first-priority security interest or to perfect or protect the
same.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>7.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Changes to rights</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">The Chargor may not take or allow the taking of any action on its behalf which may
result in the rights attaching to any of its Investments being altered or further shares in
any member of the Group being issued.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>7.5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Calls</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Chargor must pay all calls or other payments due and payable in respect of any of its
Investments.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the Chargor fails to do so, the Lender may pay the calls or other payments on behalf of
the Chargor. The Chargor must immediately on request reimburse the Lender for any payment made
by the Lender under this Subclause.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>7.6</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Other obligations in respect of Investments</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Chargor must promptly copy to the Lender and comply with all requests for information
which is within its knowledge and which are made under any statutory or regulatory provisions
relevant or binding on the Chargor and/or the Investments or any similar provision contained
in any articles of association or other constitutional document relating to any of its
Investments. If it fails to do so, the Lender may elect to provide such information as it may
have on behalf of the Chargor.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Chargor must comply with all other conditions and obligations assumed by it in respect of
any of its Investments.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 11pt">(c)&nbsp;The Lender is not obliged to:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>perform any obligation of the Chargor;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>make any payment, or to make any enquiry as to the nature or sufficiency of any
payment received by it or the Chargor; or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>present or file any claim or take any other action to collect or enforce the
payment of any amount to which it may be entitled under this Deed,</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="57%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>7.7</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Voting rights</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">in respect of any Investment.<BR>
<BR></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Before this Security becomes enforceable:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the voting rights, powers and other rights in respect of the Investments must
(if exercisable by the Lender) be exercised in any manner which the Chargor may direct
in writing; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all dividends or other income paid or payable in relation to any Investments
must be paid directly to the Chargor.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">The Chargor must indemnify the Lender against any loss liability incurred by the Lender
as a consequence of the Lender acting in respect of the Investments on the direction of the
Chargor.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>After this Security has become enforceable, the Lender may exercise (in the name of the
Chargor and without any further consent or authority on the part of the Chargor) any voting
rights and any powers or rights which may be exercised by the legal or beneficial owner of any
Investment, any person who is the holder of any Investment or otherwise.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>8.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>INTELLECTUAL PROPERTY</B></TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>8.1</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>General</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">In this Clause <B>Intellectual Property Rights </B>means:</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any know-how, patent, trade mark, service mark, design, business name,
topographical or similar right;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any copyright or other intellectual property monopoly right;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any interest (including by way of licence) in any of the above; or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any application for any of the above,</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">in each case, whether registered or not, and included in the definition of <B>Security
Assets </B>in Clause 1.1 (Definitions).

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>8.2</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Representations</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The Chargor represents to the Lender that:</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Intellectual Property Rights owned by it are all of the Intellectual
Property Rights required by it in order for it to carry on its business as it is now
being conducted;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it is the sole legal and beneficial owner of those Intellectual Property
Rights;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>those Intellectual Property Rights are free of any Security Interests (except
for those created by or under this Deed) and any other rights or interests (including
any licences) in favour of third parties;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it does not, in carrying on its business, infringe any Intellectual Property
Rights of any third party; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to its knowledge, no Intellectual Property Right owned by it is being
infringed, nor is there any threatened infringement of any such Intellectual Property
Right.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>8.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Preservation</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Chargor must:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>make such registrations and pay such fees, registration taxes and similar
amounts as are necessary to keep its Intellectual Property Rights in force;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>take all other steps which are reasonably practicable to maintain and preserve
its interests in its Intellectual Property Rights;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if requested to do so by the Lender, make entries in any public register of
its Intellectual Property Rights which either record the existence of this Deed or the
restrictions on disposal imposed by this Deed; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>take such steps as are necessary (including the institution of legal
proceedings) to prevent third parties infringing those Intellectual Property Rights.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Chargor must ensure that, except with the prior consent of the Lender, none of its
Intellectual Property Rights which is registered is abandoned or cancelled, lapses or is
liable to any claim of abandonment for non-use or otherwise.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>9.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>ACCOUNTS</B></TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="14%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="81%">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>9.1</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>General</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">In this Clause:</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Account Bank </B>means a person with whom a Security Account is maintained under this
Clause.



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Receipts Account </B>means any account in the name of the Chargor designated as such by the
Lender and shall include (without limitation) each Account as defined in the Facilities
Agreement.



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Security Account </B>means the Receipts Account and any other account in the name of the
Chargor established under this Clause.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>9.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Accounts</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">All Security Accounts must be maintained at a branch of the Account Bank approved by
the Lender. The initial Account Bank is the Lender.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>9.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Change of Account Bank</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Account Bank may be changed to another bank or financial institution if the Lender so
reasonably requires.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A change only becomes effective when the proposed new Account Bank agrees with the Lender and
the Chargor, in a manner satisfactory to the Lender, to fulfil the role of the Account Bank
under this Deed.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If there is a change of Account Bank, the amount (if any) standing to the credit of the
Security Accounts maintained with the old Account Bank will be transferred to the
corresponding Security Accounts maintained with the new Account Bank immediately upon the
appointment taking effect.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Chargor must take any action which the Lender may require to facilitate a change of
Account Bank and any transfer of credit balances (including the execution of bank mandate
forms).</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>9.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Interest</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">Amounts standing to the credit of each Security Account will bear interest at a rate
considered by the Account Bank to be a fair market rate.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>9.5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Book debts and receipts</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Chargor shall use reasonable endeavours to realise its:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>securities to the extent held by way of temporary investment;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>book and other debts and other moneys due and owing to it; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>royalties, fees and income of any nature owed to it,</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">in the ordinary course of its business and hold the proceeds of the realisation (until
payment into the Receipts Account if required in accordance with paragraph (b)&nbsp;below) on
trust for the Lender.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Chargor must, except to the extent that the Lender (acting reasonably) otherwise agrees,
pay all the proceeds of the realisation referred to under paragraph (a)&nbsp;above into the
Receipts Account.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>9.6</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Withdrawals</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Chargor shall be entitled to withdraw and deal with any monies from time to time standing
to its credit in any Security Account, unless an Event of Default is outstanding, in which
case the Lender may give written notice to the Account Bank to block any Security Account and
the Chargor may not withdraw any moneys standing to the credit of any Security Account.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon the occurrence of an Event of Default, the Lender may, at the close of business on each
Business Day during the Security Period, pay all amounts standing to the credit of the
Receipts Account into another Security Account, provided that the Chargor shall not be
required to pay any fees in respect of such payment (or transfer).</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon the occurrence of an Event of Default, the Lender (or a Receiver) may (subject to the
payment of any claims having priority to this Security) withdraw amounts standing to the
credit of a Security Account to meet an amount due and payable under the Finance Documents
when it is due and payable.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>9.7</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Notices of charge</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Chargor must:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>promptly give notice to each Account Bank (which is not the Lender)
substantially in the form of Part&nbsp;1 of Schedule&nbsp;1 (Forms of letter for Account Bank);
and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>use reasonable endeavours to ensure that each such Account Bank acknowledges
the notice substantially in the form of Part&nbsp;2 of Schedule&nbsp;1 (Forms of letter for
Account Bank).</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>10.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>INSURANCES</B></TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="14%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="81%">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>10.1</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>General</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">In this Clause:</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Insurance </B>means each contract or policy of insurance the subject of the assignment
created pursuant to Clause 2.7.

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="89%">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>10.2</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Documents</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The Chargor shall promptly:</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>execute and/or deliver to the Lender:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the originals of the insurance policies relating to the Insurances and copies
of the related premium receipts as the Lender may reasonably request; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>upon the occurrence of a Default or in the event a Default is likely to occur,
such other documents relating to the Insurances as necessary to create, maintain and
perfect the Security Interest created under this Deed;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if reasonably required by the Lender, procure that a note of the Lender&#146;s interest pursuant
to Clause 2.7 is endorsed upon all policies of insurance relating to the Insurances and that
each such policy contains customary endorsements in favour of the Lender, loss payee
provisions, notice of cancellation provisions and other clauses in a form acceptable to the
Lender; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if reasonably required by the Lender, effect any policy in the joint names of the Lender and
the Chargor.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>10.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Maintenance and Renewal</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Chargor shall maintain such Insurances in respect of the Security Assets with reputable
independent underwriters or insurance companies against those risks, and to the extent,
usually insured by prudent companies carrying on similar businesses and against those risks,
and to the extent, required by applicable law or by contract.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Chargor shall renew and maintain in force each policy or contract of insurance
representing any of the Insurances effected by it pursuant to Clause 10.3(a) and ensure that
Clause 10.2 is complied with (if required) in relation to any such renewed policy or contract
of insurance.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>10.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Enforceability</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">The Chargor shall not do or omit to do or permit to be done or omitted anything which
might render any Insurance void, voidable or unenforceable.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>10.5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Lender may insure</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">If the Chargor fails to produce originals of insurance policies, copies of premium
receipts and such other evidence as the Lender reasonably requires within 20 Business Days
of the receipt by the Chargor of a demand by the Lender for such documents, which prove to
the satisfaction of the Lender that the Chargor is complying with Clause 10.3, the Lender
may (acting reasonably), at the Chargor&#146;s expense, but shall not be obliged to, arrange such
insurances of the assets of the Chargor or any of them as it thinks fit.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>10.6</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Payment of Premiums</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">The Chargor shall punctually pay or procure to be paid all premiums and other sums due
in respect of each of the Insurances effected by it and, on the reasonable request of the
Lender, shall provide to the Lender evidence of such payment and, if the Chargor fails to
comply with the provisions of this paragraph, the Lender may, acting reasonably, make the
necessary payment at the cost of the Chargor.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>10.7</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>No Amendments or Settlements</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Chargor shall not make or agree to any material adverse amendment to the terms of any
Insurance effected by it without the prior consent of the Lender.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Chargor shall not waive, release, settle, compromise or abandon any material claim under
any Insurance effected by it or do anything else in respect of any Insurance effected by it
which may reduce the amount of likely recovery under that Insurance.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>11.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>RELEVANT CONTRACTS</B></TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="14%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="81%">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>11.1</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>General</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">In this Clause:</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%"><B>Relevant Contract </B>means any agreement to which the Chargor is a party and which the
Lender (acting reasonably) has designated as a Relevant Contract from time to time.

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>11.2</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Undertaking</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The Chargor shall procure that:</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all payments to it by any other party to a Relevant Contract to which it is a
party are not subject to any right of set-off or similar right;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each such Relevant Contract is its legally binding, valid, and enforceable
obligation;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it is not in default of any of its obligations under any such Relevant
Contract; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>there is no prohibition on assignment in any such Relevant Contract or if there
are any such prohibitions, it will use reasonable endeavours to obtain a waiver from
the relevant counterparty in respect of such prohibition.</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>11.3</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Preservation</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The Chargor may not, without the prior consent of the Lender:</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>amend or waive any term of, or terminate, any Relevant Contract to which it is
a party which is likely to have a Material Adverse Effect; or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>take any action which might jeopardise the existence or enforceability of any
such Relevant Contract.</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="12%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="83%">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>11.4</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Other undertaking</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The Chargor must:</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>duly and promptly perform its obligations, and diligently pursue its rights,
under each Relevant Contract to which it is a party; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>supply the Lender and any Receiver with copies of each such Relevant Contract
and any material information and documentation relating to any such Relevant Contract
reasonably requested by the Lender or any Receiver, except to the extent that
disclosure of the information or documentation would breach any law, regulation or duty
of confidentiality.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>11.5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Notices of assignment</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">Upon the occurrence of a Default or in the event a Default is likely to occur, the
Chargor shall, upon being notified by the Lender:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>immediately serve a notice of assignment, substantially in the form of Part&nbsp;1
of Schedule&nbsp;2 (Forms of letter for Relevant Contracts), on each counterparty to a
Relevant Contract to which it is a party; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>use its reasonable endeavours to procure that each such party acknowledges that
notice, substantially in the form of Part&nbsp;2 of Schedule&nbsp;2 (Forms of letter for Relevant
Contracts).</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>12.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>WHEN SECURITY BECOMES ENFORCEABLE</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>12.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Event of Default</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">Notwithstanding any provision contained in this Deed, this Security will become
immediately enforceable if an Event of Default occurs and the Lender gives notice to the
Chargor that this Security is enforceable.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>12.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Enforcement</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">After this Security has become enforceable, the Lender may in its absolute discretion
enforce all or any part of this Security in any manner it sees fit or as the Lender directs.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>12.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Power of sale</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">The power of sale and other powers conferred by Section&nbsp;24 of the Act, as amended by
this Deed, will be immediately exercisable at any time after this Security has become
enforceable.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>13.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>ENFORCEMENT OF SECURITY</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>13.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>General</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the purposes of all powers implied by statute, the Secured Liabilities are deemed to have
become due and payable on the date of this Deed.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Section&nbsp;25 of the Act (restricting the power of sale) and Section&nbsp;21 of the Act (restricting
the right of consolidation) do not apply to this Security.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The statutory powers of leasing conferred on the Lender are extended so as to authorise the
Lender to lease, make agreements for leases, accept surrenders of leases and grant options as
the Lender may think fit and without the need to comply with any provision of section 23 of
the Act.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All or any of the powers, authorities and discretions which are conferred by the Act and/or
this Deed either expressly or impliedly upon a Receiver may be exercised by the Lender without
first appointing the Receiver or notwithstanding the appointment of the Receiver.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>13.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>No liability as mortgagee in possession</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">Neither the Lender nor any Receiver will be liable, by reason of entering into
possession of a Security Asset, to account as mortgagee in possession or for any loss on
realisation or for any default or omission for which a mortgagee in possession might be
liable.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>13.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Privileges</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">Each Receiver and the Lender is entitled to all the rights, powers, privileges and
immunities conferred by the Act on mortgagees and receivers duly appointed under the Act,
except that Section&nbsp;25 of the Act does not apply.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>13.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Protection of third parties</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">No person (including a purchaser) dealing with the Lender or a Receiver or its or his
agents will be concerned to enquire:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whether the Secured Liabilities have become payable;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whether any power which the Lender or a Receiver is purporting to exercise has
become exercisable or is being properly exercised;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whether any money remains due under the Finance Documents; or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>how any money paid to the Lender or to that Receiver is to be applied.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>13.5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Redemption of prior mortgages</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At any time after this Security has become enforceable, the Lender may (acting reasonably):</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>redeem any prior Security Interest against any Security Asset; and/or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>procure the transfer of that Security Interest to itself; and/or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>settle and pass the accounts of the prior mortgagee, chargee or encumbrancer;
any accounts so settled and passed will be, in the absence of manifest error,
conclusive and binding on the Chargor.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Chargor must pay to the Lender, immediately on demand, the costs and expenses incurred by
the Lender in connection with any such redemption and/or transfer, including the payment of
any principal or interest.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>13.6</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Contingencies</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">If this Security is enforced at a time when no amount is due under the Finance
Documents but at a time when amounts may or will become due, the Lender (or the Receiver)
may pay the proceeds of any recoveries effected by it into a suspense account.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>14.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>RECEIVER</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>14.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Appointment of Receiver</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except as provided below, the Lender may appoint any one or more persons to be a Receiver of
all or any part of the Security Assets if:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>this Security has become enforceable; or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Chargor so requests the Lender in writing at any time.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any appointment under paragraph (a)&nbsp;above may be by deed, under seal or in writing under its
hand.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except as provided below, any restriction imposed by law on the right of a mortgagee to
appoint a Receiver (including under section 29(1) of the Act) does not apply to this Deed.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>14.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Removal</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">the Lender may by writing under its hand (subject to any requirement for an order of
the court in the case of an receiver and manager) remove any Receiver appointed by it and
may, whenever it thinks fit, appoint a new Receiver in the place of any Receiver whose
appointment may for any reason have terminated.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>14.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Remuneration</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">the Lender may fix the remuneration of any Receiver appointed by it and the maximum
rate specified in Section&nbsp;29(6) of the Act will not apply.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>14.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Agent of Chargor</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Receiver will be deemed to be the agent of the Chargor for all purposes and accordingly
will be deemed to be in the same position as a Receiver duly appointed by a mortgagee under
the Act. The Chargor is responsible for the contracts, engagements, acts, omissions, defaults
and losses of a Receiver and for liabilities incurred by a Receiver.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Lender will not incur any liability (either to the Chargor or to any other person) by
reason of the appointment of a Receiver or for any other reason.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>14.5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Relationship with the Lender</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">To the fullest extent allowed by law, any right, power or discretion conferred by this
Deed (either expressly or impliedly) or by law on a Receiver may after this Security becomes
enforceable be exercised by the Lender in relation to any Security Asset without first
appointing a Receiver and notwithstanding the appointment of a Receiver.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>15.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>POWERS OF RECEIVER</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>15.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>General</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Receiver has all of the rights, powers and discretions conferred on the Lender under this
Deed and the Act, and also those set out below in this Clause in addition to those conferred
on it by any law.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If there is more than one Receiver holding office at the same time, each Receiver may (unless
the document appointing him states otherwise) exercise all of the powers conferred on a
Receiver under this Deed individually and to the exclusion of any other Receiver.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>15.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Possession</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">A Receiver may take immediate possession of, get in and collect any Security Asset.

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>15.3</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Carry on business</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>15.4</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">A Receiver may carry on any business of the Chargor in any manner he thinks fit.<BR>
<B>Employees</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Receiver may appoint and discharge managers, officers, agents, accountants, servants,
workmen and others for the purposes of this Deed upon such terms as to remuneration or
otherwise as he thinks fit.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Receiver may discharge any person appointed by the Chargor.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>15.5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Borrow money</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">A Receiver may raise and borrow money either unsecured or on the security of any
Security Asset either in priority to this Security or otherwise and generally on any terms
and for whatever purpose which he thinks fit.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>15.6</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Sale of assets</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Receiver may sell, exchange, convert into money and realise any Security Asset by public
auction or private contract and generally in any manner and on any terms which he thinks fit.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The consideration for any such transaction may consist of cash, debentures or other
obligations, shares, stock or other valuable consideration and any such consideration may be
payable in a lump sum or by instalments spread over any period which he thinks fit.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fixtures, other than landlord&#146;s fixtures, may be severed and sold separately from the
property containing them without the consent of the Chargor.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>15.7</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Leases</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">A Receiver may let any Security Asset for any term and at any rent (with or without a
premium) which he thinks fit and may accept a surrender of any lease or tenancy of any
Security Asset on any terms which he thinks fit (including the payment of money to a lessee
or tenant on a surrender).


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>15.8</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Compromise</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">A Receiver may settle, adjust, refer to arbitration, compromise and arrange any claim,
account, dispute, question or demand with or by any person who is or claims to be a creditor
of the Chargor or relating in any way to any Security Asset.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>15.9</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Legal actions</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">A Receiver may bring, prosecute, enforce, defend and abandon any action, suit or
proceedings in relation to any Security Asset which he thinks fit.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>15.10</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Receipts</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">A Receiver may give a valid receipt for any moneys and execute any assurance or thing
which may be proper or desirable for realising any Security Asset.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>15.11</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Subsidiaries</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">A Receiver may form a Subsidiary of the Chargor and transfer to that Subsidiary any
Security Asset.

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>15.12</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Delegation</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top"><B>15.13<BR>
15.14</B>
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">A Receiver may delegate his powers in accordance with this Deed.<BR>
<B>Lending</B><BR>
A Receiver may lend money or advance credit to any customer of the Chargor.<BR>
<B>Protection of assets</B><BR>
A Receiver may:</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>effect any repair or insurance and do any other act which the Chargor might do
in the ordinary conduct of its business to protect or improve any Security Asset;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>commence and/or complete any building operation; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>apply for and maintain any planning permission, building regulation approval or
any other authorisation,</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="83%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>15.15</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">in each case as he thinks fit.<BR>
<B>Other powers</B><BR>
A Receiver may:</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>do all other acts and things which he may consider desirable or necessary for
realising any Security Asset or incidental or conducive to any of the rights, powers or
discretions conferred on a Receiver under or by virtue of this Deed or law;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>exercise in relation to any Security Asset all the powers, authorities and
things which he would be capable of exercising if he were the absolute beneficial owner
of that Security Asset; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>use the name of the Chargor for any of the above purposes.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>16.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>APPLICATION OF PROCEEDS</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">All moneys received or recovered pursuant to this Deed following an enforcement in
accordance with Clause 12.1 and/or the powers hereby conferred shall be applied in
accordance with the provisions of clause 15.6 (<I>Partial payments</I>) of the Facilities
Agreement.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>17.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>EXPENSES AND INDEMNITY</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">The Chargor must:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>immediately on demand pay all costs and expenses (including legal fees on a
full indemnity basis) incurred in connection with this Deed by the Lender, Receiver,
attorney, manager, agent or other person appointed by the Lender under this Deed; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>keep each of them indemnified against any failure or delay in paying those
costs or expenses; this includes any arising from any actual or alleged breach by any
person of any law or regulation, whether relating to the environment or otherwise.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>18.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>DELEGATION</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>18.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Power of Attorney</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">The Lender or any Receiver may delegate by power of attorney or in any other manner to
any person any right, power or discretion exercisable by it under this Deed.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>18.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Terms</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">Any such delegation may be made upon any terms (including power to sub-delegate) which
the Lender or any Receiver may think fit.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>18.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Liability</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">Neither the Lender nor any Receiver will be in any way liable or responsible to the
Chargor for any loss or liability arising from any act, default, omission or misconduct on
the part of any delegate or sub-delegate.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>19.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>FURTHER ASSURANCES</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">The Chargor must, at its own expense, take whatever action the Lender or a Receiver may
reasonably require for:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>creating, perfecting or protecting any security intended to be created by this
Deed; or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>facilitating the realisation of any Security Asset, or the exercise of any
right, power or discretion exercisable, by the Lender or any Receiver or any of its
delegates or sub-delegates in respect of any Security Asset.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">This includes:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the execution of any transfer, conveyance, assignment or assurance of any
property, whether to the Lender or to its nominee; or</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(ii)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">the giving of any notice, order or direction and the making of any registration,<BR>
which, in any such case, the Lender may reasonably require.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>20.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>POWER OF ATTORNEY</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>19.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Power of attorney</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt">The Chargor, by way of security, irrevocably and severally appoints the Lender, each
Receiver and any of its delegates or sub-delegates to be its attorney or attorneys and in
its name and otherwise on its behalf and as its act and deed to sign, seal, execute,
deliver, perfect and do all deeds, agreements, instruments, acts and things which may be
required (or which the Lender, the Receiver of any of their delegates or sub-delegates shall
consider requisite) for carrying out any obligation imposed on the Chargor by or pursuant to
this Deed, for carrying out any sale, transfer, assignment, lease or other dealings by the
Lender, the Receiver or any of their delegates or sub-delegates, for conveying or
transferring any legal estate or other interest in land or other property or otherwise, for
getting in the Security Assets, and generally for enabling the Lender, the Receiver or any
of their delegates of sub-delegates to exercise the respective powers, rights, authorities
and discretions conferred on them or any of them by or pursuant to this Deed or by law and
(without prejudice to the generality of the foregoing) to sign, seal and deliver and
otherwise perfect any deed, assurance, agreement, assignment, charge, conveyance, mortgage,
transfer, instrument or act which it or he may deem proper in or for the purpose of
exercising any of the such powers, rights, authorities and discretions.


<P align="left" style="font-size: 11pt"><B>19.2 Ratification</B>



<P align="left" style="margin-left:4%; font-size: 11pt">The Chargor ratifies and confirms whatever any attorney does or purports to do pursuant to
its appointment under this Clause.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>21.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>WAIVER, REMEDIES CUMULATIVE</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">The rights of the Lender under this Deed :


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>may be exercised as often as necessary;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>are cumulative and not exclusive of its rights under the general law;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>may be waived only in writing and specifically.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">Delay in exercising or non-exercise of any right is not a waiver of that right.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>22.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>SEVERABILITY</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">If any provision of this Deed is or becomes illegal, invalid or unenforceable in any
jurisdiction, that shall not affect :


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the legality, validity or enforceability in that jurisdiction of any other
provision of this Deed; or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the legality, validity or enforceability in other jurisdictions of that or any
other provisions of this Deed.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>23.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>DISCLOSURE OF INFORMATION</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Without detracting from the Lender&#146;s rights of disclosure under any law (including without
limitation under the Banking Act (Cap. 19) of Singapore (the <B>Banking Act</B>)) or any other
agreement between the Lender and an Obligor, the Lender, its officers and agents may disclose
in any manner howsoever, any information (which may include copies of the Finance Documents)
which the Lender has acquired under or in connection with the Facilities, any information
relating to the Obligors or their respective account relationship with the Lender (including
without limitation, details of the Loans, the securities taken and the Obligors&#146; respective
credit balances and deposits with the Lender):</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to any branch, representative office, affiliated, associated or related
corporation of the Lender and its respective officers, servants or agents, whether
situated in or out of Singapore for credit monitoring or review purposes or for audit
or intra group or reporting or outsourcing purposes;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to any third party service provider to which the Lender outsources any relevant
services or functions;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to any person with whom it may enter, or has entered into, any kind of
transfer, participation or other agreement in relation to the Facilities Agreement or
this Deed;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>which is publicly available, other than as a result of a breach by the Lender
of this Clause;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in connection with any legal or arbitration proceedings;</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="9%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="86%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(vi)<BR>
(vii)<BR>
(viii)<BR>
(ix)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">if required to do so under any law or regulation;<BR>
to a governmental, banking, taxation or other regulatory authority;<BR>
to its professional advisers;<BR>
to a rating agency;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(x)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to a stock exchange, listing authority or similar body;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(xi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to any person in connection with or in contemplation of a securitisation or
other transaction having a similar effect;</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(xii)<BR>
(xiii)<BR>
(xiv)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to any credit bureau of which the Lender is a member or subscriber;<BR>
to any related entity of an Obligor; or<BR>
with the agreement of the relevant Obligor.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Clause 23 is not and shall not be deemed to constitute, an express or implied agreement
by the Lender with the Chargor for a higher degree of confidentiality than that prescribed in
Section&nbsp;47 of, and the Third Schedule to, the Banking Act.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>24.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>MISCELLANEOUS</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>24.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Covenant to pay</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">The Chargor must pay or discharge the Secured Liabilities in the manner provided for in
the Finance Documents.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>24.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>New Accounts</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If any subsequent charge or other interest affects any Security Asset, the Lender may open a
new account with the Chargor.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the Lender does not open a new account, it will nevertheless be treated as if it had done
so at the time when it received or was deemed to have received notice of that charge or other
account.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As from that time all payments made to the Lender will be credited or be treated as having
been credited to the new account and will not operate to reduce any Secured Liability.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>24.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Time deposits</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">Without prejudice to any right of set-off the Lender may have under any other Finance
Document or otherwise, if any time deposit matures on any account the Chargor has with the
Lender within the Security Period when:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>this Security has become enforceable; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>no Secured Liability is due and payable,</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">that time deposit will automatically be renewed for any further maturity which the
Lender considers appropriate.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>24.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Notice of assignment</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">This Deed constitutes notice in writing to the Chargor of any charge or assignment of a
debt owed by the Chargor to any other member of the Group and contained in any other
Security Document.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>25.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>RELEASE</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">At the end of the Security Period, the Lender must, at the request and cost of the
Chargor, take whatever action is necessary to release its Security Assets from this
Security.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>26.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>CHANGES TO THE PARTIES</B></TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>26.1</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Successors and Assigns</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>26.2</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">This Deed is binding on the successors and assigns of the Chargor and the Lender.<BR>
<B>The Chargor</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">The Chargor may not assign or transfer any of its rights or obligations under this
Deed.

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="14%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="81%">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>26.3</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>The Lender</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The Lender may:</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>assign, transfer or dispose of any of, or any interest in, its rights and/or
obligations under this Deed, to or in favour of any person; or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>transfer by novation or otherwise any of its rights or obligations under this
Deed to any person.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>27.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>EVIDENCE AND CALCULATIONS</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>27.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Accounts</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">Accounts maintained by the Lender in connection with this Deed are prima facie evidence
of the matters to which they relate.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>27.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Certificates and determinations</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">Any certificate or determination by the Lender of a rate or amount under this Deed is,
in the absence of manifest error, conclusive evidence of the matters to which it relates.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>28.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>SET OFF</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">The Lender may set off any obligations (whether or not matured) owed by the Chargor
under this Deed (to the extent beneficially owned by the Lender) against any obligation
(whether or not matured) owed by the Lender to the Chargor, regardless of the place of
payment, booking branch or currency of either obligation. If the obligations are in
different currencies, the Lender may convert either obligation at a market rate of exchange
in its usual course of business for the purpose of the set-off. If either obligation is
unliquidated or unascertained, the Lender may set off in an amount estimated by it in good
faith to be the amount of that obligation.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>29.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>NOTICE</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt">The provisions in clause 31 (<I>Notices</I>) of the Facilities Agreement relating to the giving and
receiving of notices shall apply to this Deed, except that references to a Finance Document
shall be construed as a reference to this Deed.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>30.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>JURISDICTION</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>30.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Submission</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">For the benefit of the Lender, the Chargor agrees that the courts of Singapore have
jurisdiction to settle any disputes in connection with this Deed and accordingly submits to
the jurisdiction of the Singapore courts.

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="79%">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>30.2</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Forum convenience and enforcement abroad</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The Chargor:</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>waives objection to the Singapore courts on grounds of inconvenient forum or
otherwise as regards proceedings in connection with this Deed; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>agrees that a judgment or order of a Singapore court in connection with this
Deed is conclusive and binding on it and may be enforced against it in the courts of
any other jurisdiction.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>30.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Non-exclusivity</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">Nothing in this Clause 30 limits the right of the Lender to bring proceedings against
the Chargor in connection with this Deed:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in any other court of competent jurisdiction; or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>concurrently in more than one jurisdiction.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>31.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>WAIVER OF IMMUNITY</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">The Chargor irrevocably and unconditionally:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>agrees that if the Lender brings proceedings against it or its assets in
relation to this Deed, no immunity from those proceedings (including, without
limitation, suit, attachment prior to judgment, other attachment, the obtaining of
judgment, execution or other enforcement) will be claimed by or on behalf of itself or
with respect to its assets;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>waives any such right of immunity which it or its assets now has or may
subsequently acquire; and</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:8%; font-size: 11pt">(c)&nbsp;consents generally in respect of any such proceedings to the giving of any
relief or the issue of any process in connection with those proceedings, including,
without limitation, the making, enforcement or execution against any assets
whatsoever (irrespective of its use or intended use) of any order or judgment which
may be made or given in those proceedings.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>32.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>GOVERNING LAW</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 4%">This Deed is governed by Singapore law.


<P align="left" style="font-size: 11pt; text-indent: 4%">This Deed has been entered into as a deed on the date stated at the beginning of this Deed.


<P align="center" style="font-size: 10pt; display: none; text-indent: 4%">2
<!-- PAGEBREAK -->

<P align="center" style="font-size: 11pt"><B>SCHEDULE 1</B>



<P align="center" style="font-size: 11pt"><B>FORMS OF LETTER FOR ACCOUNT BANK</B>



<P align="center" style="font-size: 11pt"><B>PART 1</B>



<P align="center" style="font-size: 11pt"><B>NOTICE TO ACCOUNT BANK</B>



<P align="left" style="font-size: 11pt; text-indent: 4%">To: &#091;Account Bank&#093;


<P align="right" style="font-size: 11pt">&#091;Date&#093;



<P align="left" style="font-size: 11pt; text-indent: 4%">Dear Sirs,


<P align="center" style="font-size: 11pt"><B>Security Document dated &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093; between Seamap Pte Ltd<BR>
and The Hongkong and Shanghai Banking Corporation Limited </B>(the <B>Security Document</B>)



<P align="left" style="font-size: 11pt; text-indent: 4%">This letter constitutes notice to you that under the Security Document we have charged (by way
of a first fixed charge) in favour of The Hongkong and Shanghai Banking Corporation Limited (the
<B>Lender</B>) all our rights in respect of any amount moneys standing to the credit of any account
maintained by us with you (the <B>Accounts</B>).


<P align="left" style="font-size: 11pt; text-indent: 4%">We hereby give you irrevocable instructions and notice, and by acknowledging receipt of this
notice, you acknowledge and agree:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to disclose to the Lender any information relating to any Account requested from you by the
Lender;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that under the terms of the Security Document, we shall be entitled to operate and make any
withdrawal from the Accounts at any time until and unless you receive instructions from the
Lender that the security created under the Security Document has become enforceable;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that upon receipt of instructions from the Lender that the security created under the
Security Document has become enforceable, you shall:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>hold all sums standing to the credit of any Account to the order of the Lender;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>comply with the terms of any written notice or instruction relating to any
Account received by you from the Lender; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>pay or release any sum standing to the credit of any Account in accordance
with the written instructions of the Lender.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 11pt; text-indent: 4%">Upon receipt of instructions from the Lender that the security created under the Security
Document has become enforceable, we are not permitted to withdraw any amount from any Account
without the prior written consent of the Lender.


<P align="left" style="font-size: 11pt; text-indent: 4%">We acknowledge that you may comply with the instructions in this letter without any further
permission from us.


<P align="left" style="font-size: 11pt; text-indent: 4%">We enclose a copy of the Security Document.


<P align="left" style="font-size: 11pt; text-indent: 4%">The instructions in this letter may not be revoked or amended without the prior written
consent of the Lender.


<P align="left" style="font-size: 11pt; text-indent: 4%">This letter is governed by Singapore law.


<P align="left" style="font-size: 11pt; text-indent: 4%">Please confirm your agreement to the above by sending the attached acknowledgement to the
Lender at 21 Collyer Quay #08-01, HSBC Building, Singapore 049320 with a copy to ourselves.


<P align="left" style="font-size: 11pt; text-indent: 4%">Yours faithfully,


<P align="left" style="font-size: 11pt; text-indent: 4%"><U>/s/MarkWelker</U>


<P align="left" style="font-size: 11pt">(Authorised Signatory)


<P align="left" style="font-size: 11pt; text-indent: 4%">Seamap Pte Ltd


<P align="center" style="font-size: 11pt"><B>PART 2</B>




<P align="center" style="font-size: 10pt; display: none">3
<!-- PAGEBREAK -->




<P align="center" style="font-size: 11pt"><B>ACKNOWLEDGEMENT OF ACCOUNT BANK</B>



<P align="center" style="font-size: 11pt"><B>&#091;On the letterhead of the Account Bank&#093;</B>


<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">To:<BR>
Copy:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Hongkong and Shanghai Banking Corporation Limited<BR>
Seamap Pte Ltd</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="right" style="font-size: 11pt">&#091;Date&#093;



<P align="left" style="font-size: 11pt; text-indent: 4%">Dear Sirs,


<P align="center" style="font-size: 11pt"><B>Security Document dated &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093; between Seamap Pte Ltd<BR>
and The Hongkong and Shanghai Banking Corporation Limited </B>(the <B>Security Document</B>)



<P align="left" style="font-size: 11pt; text-indent: 4%">We confirm receipt from Seamap Pte Ltd (the <B>Chargor</B>) of a notice dated &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093; of a
charge upon the terms of the Security Document over all the rights of the Chargor to any amount
standing to the credit of any of the Chargor&#146;s accounts with us (the <B>Accounts</B>).


<P align="left" style="font-size: 11pt; text-indent: 4%">We confirm that we:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>accept the instructions contained in the notice and agree to comply with the notice;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>have not received notice of the interest of any third party in any Account;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>have neither claimed nor exercised, nor will claim or exercise, any security interest,
set-off, counter-claim or other right in respect of any Account; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>upon receipt of instructions from the Lender that the security created under the Security
Document has become enforceable, will not permit any amount to be withdrawn from any Account
without your prior written consent.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 11pt; text-indent: 4%">The Accounts maintained with us are:


<P align="left" style="font-size: 11pt; text-indent: 4%">&#091;<B>Specify accounts and account numbers</B>&#093;


<P align="left" style="font-size: 11pt; text-indent: 4%">This letter is governed by Singapore law.


<P align="left" style="font-size: 11pt; text-indent: 4%">Yours faithfully,


<P align="left" style="font-size: 11pt; text-indent: 4%">.................................................


<P align="left" style="font-size: 11pt">(Authorised signatory)
<BR>
&#091;Account Bank&#093;


<P align="center" style="font-size: 10pt; display: none">4
<!-- PAGEBREAK -->

<P align="center" style="font-size: 11pt"><B>SCHEDULE 2</B>



<P align="center" style="font-size: 11pt"><B>FORMS OF LETTER FOR RELEVANT CONTRACTS</B>



<P align="center" style="font-size: 11pt"><B>PART 1</B>



<P align="center" style="font-size: 11pt"><B>NOTICE TO COUNTERPARTY</B>



<P align="left" style="font-size: 11pt; text-indent: 4%">To: &#091;Contract party&#093;


<P align="right" style="font-size: 11pt">&#091;Date&#093;



<P align="left" style="font-size: 11pt; text-indent: 4%">Dear Sirs,


<P align="center" style="font-size: 11pt"><B>Security Document dated &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093; between Seamap Pte Ltd<BR>
and The Hongkong and Shanghai Banking Corporation Limited </B>(the <B>Security Document</B>)



<P align="left" style="font-size: 11pt; text-indent: 4%">This letter constitutes notice to you that under the Security Document we have assigned by way
of security to The Hongkong and Shanghai Banking Corporation Limited (the <B>Lender</B>) all our rights in
respect of &#091;insert details of Contract&#093; (the <B>Contract</B>).


<P align="left" style="font-size: 11pt; text-indent: 4%">We confirm that:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we will remain liable under the Contract to perform all the obligations assumed by us under
the Contract; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>none of the Lender, its agents, any receiver or any other person will at any time be under
any obligation or liability to you under or in respect of the Contract.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 11pt; text-indent: 4%">We will also remain entitled to exercise all our rights, powers and discretions under the
Contract, and you should continue to give notices under the Contract to us, unless and until you
receive notice from the Lender to the contrary stating that the security has become enforceable. In
this event, all the rights, powers and discretions will be exercisable by, and notices must be
given to, the Lender or as it directs.


<P align="left" style="font-size: 11pt; text-indent: 4%">This letter is governed by Singapore law.


<P align="left" style="font-size: 11pt; text-indent: 4%">Please acknowledge receipt of this letter by sending the attached acknowledgement to the
Lender at 21 Collyer Quay #08-01, HSBC Building, Singapore 049320.


<P align="left" style="font-size: 11pt; text-indent: 4%">Yours faithfully,


<P align="left" style="font-size: 11pt; text-indent: 4%"><U>/s/Mark Welker</U>


<P align="left" style="font-size: 11pt">Seamap Pte Ltd


<P align="left" style="font-size: 11pt; text-indent: 4%">(Authorised signatory)


<P align="center" style="font-size: 11pt"><B>PART 2</B>




<P align="center" style="font-size: 10pt; display: none">5
<!-- PAGEBREAK -->




<P align="center" style="font-size: 11pt"><B>Acknowledgement of Counterparty</B>


<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">To:The Hongkong and Shanghai Banking Corporation Limited (as Lender)<BR>
Copy:Seamap Pte Ltd<BR>
&#091;Date&#093;</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dear Sirs,</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 11pt; text-indent: 4%">We confirm receipt from Seamap Pte Ltd (the <B>Chargor</B>) of a notice dated &#091;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>&#093; of
an assignment on the terms of the Security Document dated &#091;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>&#093; of all the Chargor&#146;s
rights in respect of &#091;insert details of the Contract&#093; (the <B>Contract</B>).


<P align="left" style="font-size: 11pt; text-indent: 4%">We confirm that we will pay all sums due, and give notices, under the Contract as directed in
that notice.


<P align="left" style="font-size: 11pt; text-indent: 4%">This letter is governed by Singapore law.


<P align="left" style="font-size: 11pt; text-indent: 4%">Yours faithfully,


<P align="left" style="font-size: 11pt; text-indent: 4%">...............................


<P align="left" style="font-size: 11pt; text-indent: 4%">(Authorised signatory)


<P align="left" style="font-size: 11pt; text-indent: 4%">&#091;Counterparty&#093;


<P align="center" style="font-size: 11pt"><B>SIGNATORIES</B>



<P align="left" style="font-size: 11pt; text-indent: 4%"><B>Chargor</B>


<P align="left" style="font-size: 11pt; text-indent: 4%">THE COMMON SEAL of


<P align="left" style="font-size: 11pt; text-indent: 4%"><B>SEAMAP PTE LTD</B>


<P align="left" style="font-size: 11pt; text-indent: 4%">was affixed to this deed


<P align="left" style="font-size: 11pt; text-indent: 4%">in the presence of:


<P align="left" style="font-size: 11pt"><U>/s/Guy Malden</U><BR>
<U>Guy Malden</U><BR>
Director<BR>


<P align="left" style="font-size: 11pt"><U>/s/Mark Welker</U><BR>
<U>Mark Welker</U><BR>
Director/Secretary<BR>



<P align="center" style="font-size: 10pt; display: none">6




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