L&P 34 LIMITED

DEUTSCHE TRUSTEE COMPANY LIMITED AS SECURITY TRUSTEE FOR THE PUNCH TAVERNS SECURED PARTIES

DEUTSCHE TRUSTEE COMPANY LIMITED (OR SUCH OTHER PERSON ACTING AS SECURITY TRUSTEE UNDER THEPUNCH TAVERNS FIRST PRIORITY DEED OF CHARGE) (THE "SECURITY TRUSTEE")

THIRD SUPPLEMENTAL DEED OF CHARGE

THE ROYAL BANK OF SCOTLAND PLC IN ITS CAPACITY AS SECURITY TRUSTEE FOR ITSELF, THE FINANCE PARTIES AND THE HEDGING COUNTERPARTIES UNDER THE INTERCREDITOR DEED (THE"SECURITY TRUSTEE")

SECURITY AGREEMENT