TELESCOPE STUDIOS LIMITED

Ian Leach

Any freehold, leasehold or commonhold property the subject of the security constituted by this deed and references to "charged property" shall include references to the whole or any part of it. All present and future estates or interests of the guarantor in, or over, any freehold, leasehold or commonhold property; all its uncalled capital and all the intellectual property. For further information, please refer to the instrument.

HSBC BANK PLC

DEBENTURE