SDS PIPE SYSTEMS LIMITED

Hsbc UK Bank PLC

Any freehold (including commonhold) or leasehold land and all buildings, fixtures and fittings on it.. All intellectual property.. For further information please see the charging instrument.

WEHOLITE INTERNATIONAL LIMITED

BARCLAYS BANK PLC (THE SECURITY TRUSTEE)

SECURITY AGREEMENT

BARCLAYS BANK PLC, AS AGENT AND TRUSTEE FOR THE FINANCE PARTIES

SECURITY AGREEMENT BETWEEN THE CHARGOR, THE ORIGINAL GUARANTORS AND THE AGENT (ALL AS DEFINED)