GREENFIELDS NURSERY SCHOOL LTD

Ares Management Limited (As Security Agent for the Beneficiaries)

All current and future land (except for any restricted land or any short leasehold properties) and intellectual property (except for any restricted ip) and the specified intellectual property owned by the company, in each case as specified (and defined) in the debenture registered by this form MR01 (the "debenture") and including, amongst others, the domain name greenfieldsnurseryshipston.co.UK, the trading name 'stationhouse nursery' and the unregistered trademark image ‘greenfields nursery’. For more details please refer to the debenture.

LLOYDS TSB BANK PLC

MORTGAGE DEED

Lloyds Tsb Bank PLC

L/H greenfields nursery mayo road shipston-on-stock t/no WK464604 together with all buildings & fixtures (including trade fixtures). Fixed plant & machinery by way of fixed charge, all present & future book & other debts, floating charge over all moveable plant machinery, implements, utensils, furniture & equipment by way of assignment. The goodwill of the business (if any), the full benefit of all licences & guarantees.

LLOYDS TSB BANK PLC

DEBENTURE

Lloyds Tsb Bank PLC

Fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant & machinery.