PENDULUM IT LTD

Time Invoice Finance Limited

I) all freehold and leasehold land and buildings of the company both present and future including any land and buildings specified in section 3 of the schedule and all trade fixtures and fittings and all plant and machinery from time to time in or on any such land or buildings; and. Ii) all intellectual property now owned or at any time hereafter to be owned by the company.".

HITACHI CAPITAL (UK) PLC

Hitachi Capital (UK) PLC

Debenture.

BIBBY FINANCIAL SERVICES LTD (AS SECURITY TRUSTEE)