INTEGRATED ACCOMMODATION SERVICES PLC

BANKERS TRUSTEE COMPANY LIMITED

DEBENTURE

Status as filed

PART of the property or undertaking has been released from charge

BANKERS TRUSTEE COMPANY LIMITED(AS SECURITY TRUSTEE, SENIOR BOND TRUSTEE AND MEZZANINE BOND TRUSTEE).

COLLATERAL DEED BETWEEN THE COMPANY, ACCOMMMODATION SERVICES (HOLDINGS) LIMITED (THE "SHAREHOLDER"), FINANCIAL SECURITY ASSURANCE (U.K.) LIMITED ("FSA") AND THE CHARGEE