STABLE CLOSE EQUINE LIMITED

Ares Management Limited (Acting as Security Agent for the Beneficiaries)

All current and future land (except for any restricted land or short leasehold property), 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 deed of accession and charge registered by this form MR01 (the "deed"), and including, the unregistered image trademark ‘stable close equine practice’ listed against the company's name in schedule 4 (trademarks) of the deed and unregistered trading name "stable close equine practice" listed against the company's name in schedule 4 (trading names) of the deed. For more details please refer to the deed.

NATIONAL WESTMINSTER BANK PLC

DEBENTURE