Exhibit 4.22

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Dated: 25 October 2004

| | (1)              | IMPERIAL CHEMICAL            | 
| | ---------------- | ---------------------------- | 
| |                  | INDUSTRIES PLC               | 
| | (2)              | ICI
    CHEMICALS & POLYMERS | 
| |                  | LIMITED                      | 
| | (3)              | ICI INDUSTRIAL INVESTMENTS   | 
| |                  | LIMITED                      | 
| | (4)              | INEOS CHLOR HOLDINGS         | 
| |                  | LIMITED                      | 
| | (5)              | INEOS CHLOR NEWCO 1 LIMITED  | 
| | (6)              | INEOS CHLOR NEWCO 2 LIMITED  | 
| | (7)              | INEOS CHLOR LIMITED          | 
| | (8)              | INEOS CHLOR ENTERPRISES      | 
| |                  | LIMITED                      | 
| | (9)              | INEOS CHLOR GROUP LIMITED    | 
| | (10)             | INEOS GROUP LIMITED          | 
| | (11)             | INEOS CAPITAL LIMITED        | 
| | (12)             | JAMES RATCLIFFE and others   | 
| | (13)             | EVC INTERNATIONAL NV and     | 
| |                  | others                       | 
| | (14)             | INEOS HOLDINGS LIMITED       | 
| |                  |                             
| |                  |                              | 
| | TRANSACTION DEED |                             
| |                  |                              | 
| |                  |                             



| |  | 
| |  | 



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|                                                                     | CONTENTS                                       |     
|-------------------------------------------------------------------- | ---------------------------------------------- | ----
|                                                                     |                                                |     
|Clause                                                               | Subject Matter                                 | Page
|                                                                     |                                                |     
|1.                                                                   | Definitions and interpretation                 | 4   
|2.                                                                   | Completion                                     | 8   
|3.                                                                   | Rocksavage and Remaining Non-novated Contracts | 17  
|4.                                                                   | ICI SPV tax returns, etc                       | 21  
|5.                                                                   | ICI Security                                   | 22  
|6.                                                                   | Ineos Chlor shares and assets                  | 24  
|7.                                                                   | Warranties and representations                 | 27  
|8.                                                                   | Costs                                          | 28  
|9.                                                                   | Entire agreement                               | 28  
|10.                                                                  | Liability and invalidity                       | 29  
|11.                                                                  | Amendments, releases and waivers               | 30  
|12.                                                                  | Assignment                                     | 30  
|13.                                                                  | Notices                                        | 31  
|14.                                                                  | Contracts (Rights of Third Parties) Act 1999   | 31  
|15.                                                                  | Confidentiality and announcements              | 31  
|16.                                                                  | Counterparts                                   | 31  
|17.                                                                  | Law and jurisdiction                           | 32  
|                                                                     |                                                |     
|Schedule                                                             |                                                |     
|                                                                     |                                                |     
|The Amended TMA                                                      |                                               
|                                                                     |                                               
|Agreed
    Terms documents                                           |                                               
|                                                                     |                                               
|Announcement                                                         |                                               
|                                                                     |                                               
|Completion confirmation                                              |                                               
|                                                                     |                                               
|Chlor 2 appointee
    director and alternate resignation and release |                                               
|                                                                     |                                               
|Deed of Amendment
    to New Deed of Priority                        |                                               
|                                                                     |                                               
|DTI Confirmation                                                     |                                               
|                                                                     |                                               
|ICI Intra-Group
    Receivables and EVC Shares Deed of Release       |                                               
|                                                                     |                                               
|ICI SPV appointee
    directors and alternates resignation letter    |                                               
|                                                                     |                                               
|Ineos Chlor EVC
    Shares Deed of Release                           |                                               
|                                                                     |                                                |     
|Ineos Chlor capitalisation
    documents:                            |                                               
|                                                                     |                                               
|Ineos Chlor Subscription
    Letter                                  |                                               

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|                                             | Ineos Chlor Resolution                                              
|-------------------------------------------- | --------------------------------------------------------------------
|                                             |                                                                     
|                                             | Ineos Chlor Pre-emption Waiver Letter                               
|                                             |                                                                     
|                                             | Ineos Chlor appointee director and alternate resignation and release
|                                            
|Ineos Group Loan Agreement Deed of Amendment
|                                            
|Ineos Standby Facility Deed of Amendment    
|                                            
|Lost share certificate indemnity            
|                                            
|New Ineos Chlor Articles                    
|                                            
|Newco 2 capitalisation documents:           
|                                             |                                                                     
|                                             | ICI SPV Newco 2 Subscription Letter                                 
|                                             |                                                                     
|                                             | Newco 2 Resolution                                                  
|                                             |                                                                     
|                                             | New Newco 2 Articles                                                
|                                             |                                                                     
|                                             | Newco 2 Pre-emption Waiver Letter                                   

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TRANSACTION DEED

DATE:25 October2004

PARTIES:

|(1) | IMPERIAL CHEMICAL INDUSTRIES PLCa company incorporated in England and Wales (registered number 218019) whose registered office is at 20 Manchester Square, London W1U 3AN ("ICI"or"ICI
    PLC");                                                     
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                       
|(2) | ICI
    CHEMICALS & POLYMERS LIMITEDa company incorporated in England and Wales (registered number 358535) whose registered office is at The Heath, Runcorn, Cheshire WA7 4QF ("ICI C&P");                                                            
|    |                                                                                                                                                                                                                                                       
|(3) | ICI INDUSTRIAL INVESTMENTS LIMITEDa company incorporated in England and Wales (registered number 4588429) whose registered office is at 20 Manchester Square, London W1U 3AN ("ICI
    SPV");                                                         
|    |                                                                                                                                                                                                                                                       
|(4) | INEOS CHLOR HOLDINGS LIMITEDa company incorporated in England and Wales (registered number 3965021) whose registered office is at Runcorn Site HQ, South Parade, PO Box 9, Runcorn, Cheshire WA7 4JE ("Ineos
    Chlor Holdings");                    
|    |                                                                                                                                                                                                                                                       
|(5) | INEOS
           CHLOR NEWCO 1 LIMITEDa
           company incorporated in England and Wales (registered number 4846517)
           whose registered office is at Runcorn Site HQ, South Parade, Runcorn,
           Cheshire WA7 4JE ("Newco
    1");
|    |                                                                                                                                                                                                                                                       
|(6) | INEOS CHLOR NEWCO 2 LIMITEDa company incorporated in England and Wales (registered number 4772918) whose registered office is at Runcorn Site HQ, South Parade, Runcorn, Cheshire WA7 4JE ("Newco
    2");                                            
|    |                                                                                                                                                                                                                                                       
|(7) | INEOS CHLOR LIMITEDa company incorporated in England and Wales (registered number 4068812) whose registered office is at PO Box 9, Runcorn Site HQ, South Parade, Runcorn, Cheshire WA7 4JE ("Ineos
    Chlor");                                      
|    |                                                                                                                                                                                                                                                       
|(8) | INEOS CHLOR ENTERPRISES LIMITEDa company incorporated in England and Wales (registered number 4651437) whose registered office is at Runcorn Site HQ, South Parade, Runcorn, Cheshire WA7 4JE ("Chlor
    2");                                        
|    |                                                                                                                                                                                                                                                       
|(9) | INEOS CHLOR GROUP LIMITEDa company incorporated in England and Wales (registered number 4687714) whose registered office is at Hawkslease, Chapel Lane, Lyndhurst, Hampshire SO43 7FG ("New
    Ineos Holdings");                                     

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|(10) | INEOS
      GROUP LIMITEDa
      company incorporated in England and Wales (registered number 3534631) whose
      registered office is at Hawkslease, Chapel Lane, Lyndhurst, Hampshire SO43
      7FG ("Ineos
      Group");                                                                                                                                                                                                                                                                                                                                                                                 
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|(11) | INEOS
      CAPITAL LIMITEDa
      company incorporated in England and Wales (registered number 3851680) whose
      registered office is at Hawkslease, Chapel Lane, Lyndhurst, Hampshire SO43
      7FG ("Ineos
      Capital");                                                                                                                                                                                                                                                                                                                                                                             
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|(12) | JAMES
      RATCLIFFE("JR"),ANDREW
      CURRIE,JOHN
      REECEandANTHONY
      VERRIJCKTeach
      care of Ineos Capital (each an"Individual
      Guarantor"and
      together the"Individual
      Guarantors");                                                                                                                                                                                                                                                                                                                                                                                           
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|(13) | EVC
      INTERNATIONAL NVa
      company registered in Eijsden, The Netherlands, whose registered office
      is at Ir. Rocourstraat 28, 6245 AD Eijsden, The Netherlands,INEOS
      FLUOR LIMITEDa
      company incorporated in England and Wales (registered number 4041123) whose
      registered office is at The Heath, Runcorn, Cheshire WA7 4QF andINEOS
      SILICAS LIMITED(registered
      number 48745) whose registered office is at Bank Quay, Warrington, Cheshire
      WA5 1AB (together the"Ineos
      Group Loan Lenders"and
      each an"Ineos
      Group Loan Lender");
      and
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|(14) | INEOS
      HOLDINGS LIMITEDa
      company incorporated in England and Wales (registered number 4215887) whose
      registered office is at Hawkslease, Chapel Lane, Lyndhurst, Hampshire SO43
      7FG ("Ineos
      Holdings").                                                                                                                                                                                                                                                                                                                                                                           

BACKGROUND:

|(A) | By
      a sale and purchase agreement (the"MSPA")
      dated 5 December 2000 and made between, amongst others, ICI and Ineos Chlor
      (then called Mawlaw 519 Limited), Ineos Chlor (and the Cormorant Overseas
      Purchasers, as defined in the MSPA) acquired various assets including the
      Business Assets of the Cormorant Business and the Cormorant Shares (as those
      expressions are defined in the MSPA).                              
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|(B) | Ineos
      Chlor decided that it was critical for the future of its business that part
      of its site at Runcorn should be regenerated, principally by the installation
      of a new 600,000 per annum tonne capacity membrane cell facility (the"Project").                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|(C) | By
      a transaction master agreement (the"TMA")
      dated 31 July 2003 and made between the parties to this Deed (other than
      Ineos Holdings), those parties reacted to this critical need by agreeing
      terms pursuant to which Ineos Chlor Holdings, New Ineos Holdings, Newco
      1, Newco 2 and Ineos Capital (together the"Ineos
      Parties")
      and JR on the one hand and ICI C&P, ICI and ICI SPV (together the"ICI
      Parties")

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|    | on
      the other agreed to provide or procure financial support in connection with
      the Project.                                                                                                                                                    
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                            
|(D) | In
      addition, a Regional Selective Assistance grant and loan were awarded, subject
      to satisfaction of certain conditions, by the Department of Trade and Industry
      (the"DTI")
      to support the Project (together the"DTI
      Grant").
|    |                                                                                                                                                                                                                                                            
|(E) | Completion,
      as defined in the TMA, took place on 31 December 2003.                                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                            
|(F) | The
      parties have now agreed that:                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                            
|    | (a)                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                            
|    | (b)                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                            
|    | (c)                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                            
|    | (d)                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                            
|    | (e)                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                            
|    | (f)                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                            
|    | (g)                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                            
|    | (h)                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                            
|    | (i)                                                                                                                                                                                                                                                        

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|                                      | (j)                                                                                                                                                                                                                                                                                                     | certain
      arrangements will be entered into relating to the funding of ICI SPV by
      Ineos Holdings; and                                                                                            
|------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                      |                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                            
|                                      | (k)                                                                                                                                                                                                                                                                                                     | certain
      amounts of funding will be drawn by Ineos Chlor and the amounts owing by
      Ineos Chlor to Ineos Fluor and Ineos Silicas (of £6 million and £3
      million respectively) will be repaid.
|                                      |                                                                                                                                                                                                                                                                                                        
|(G)                                   | This
      Deed sets out the terms which have been agreed between the parties for the
      transactions referred to in Background (F).                                                                                                                                                                
|                                      |                                                                                                                                                                                                                                                                                                        
|THIS
      DEED WITNESSES as follows:
|                                      |                                                                                                                                                                                                                                                                                                        
|1.                                    | DEFINITIONS
      AND INTERPRETATION                                                                                                                                                                                                                                                                   
|                                      |                                                                                                                                                                                                                                                                                                        
|1.1                                   | Terms
      defined in the Amended TMA                                                                                                                                                                                                                                                                 
|                                      |                                                                                                                                                                                                                                                                                                        
|                                      | Terms
      defined in the Amended TMA but not in this Deed shall have the same meaning
      in this Deed as in the Amended TMA.                                                                                                                                                                      
|                                      |                                                                                                                                                                                                                                                                                                        
|1.2                                   | Additional
      definitions                                                                                                                                                                                                                                                                           
|                                      |                                                                                                                                                                                                                                                                                                        
|                                      | In
      addition in this Deed:                                                                                                                                                                                                                                                                        
|                                      |                                                                                                                                                                                                                                                                                                        
|                                      | "Amended
      TMA"means
      the TMA as amended pursuant to Clause 2.8 (TMA
      amendment and accession, etc);                                                                                                                                                                                     
|                                      |                                                                                                                                                                                                                                                                                                        
|                                      | "Amendment
      Documents"means this Deed, the ICI Intra-Group Receivables and EVC Shares Deed of
      Release, the Ineos Chlor EVC Shares Deed of Release, the Ineos Group Loan
      Agreement Deed of Amendment, the Ineos Standby Facility Deed of Amendment
      and the SPV Funding Agreement;
|                                      |                                                                                                                                                                                                                                                                                                        
|                                      | "Announcement"means the press announcement in the Agreed Terms to be released by ICI in
      accordance with this Deed;                                                                                                                                                                               
|                                      |                                                                                                                                                                                                                                                                                                        
|                                      | "Completion"has the meaning given to it in Clause 2.1(2) (Completion
      Meeting and sequence);                                                                                                                                                                                                      
|                                      |                                                                                                                                                                                                                                                                                                        
|                                      | "Completion
      Date"means the date of this Deed;                                                                                                                                                                                                                                                    
|                                      |                                                                                                                                                                                                                                                                                                        
|                                      | "Completion
      Meeting"has the meaning given to it in Clause 2.1(1) (Completion
      Meeting and sequence);                                                                                                                                                                                        

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| | "DTI
      Confirmation"means the letter of confirmation in the Agreed Terms to be written by the
      DTI to ICI PLC and ICI C&P confirming to each of those parties that
      they are released from their respective obligations under the ICI DTI Documents;                                                                                                                                                                                                                                              
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | "EVC
      Shares"means shares of 1 euro each in EVC;                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | "ICI
      DTI Documents"means the subordination letter provided by ICI to the DTI pursuant to Clause
      2(x) of the DTI Grant Offer Letter, the letter provided by the Chairman
      of ICI to the DTI pursuant to clause 2(xiii) of the DTI Grant Offer Letter,
      the letter provided by ICI to the DTI pursuant to clause 2(xiv) to (xvii)
      inclusive of the DTI Grant Offer Letter and the letter provided by ICI C&P
      to the DTI pursuant to clause 2(xiv) of the DTI Grant Offer Letter;
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | "ICI
      Intra-Group Receivables and EVC Shares Deed of Release"means the deed of release of any remaining security interests, carried interests
      and other encumbrances in respect of the Intra-Group Receivables and the
      ICI Pledged EVC Shares to be entered into in the Agreed Terms by ICI for
      itself and on behalf of other members of the ICI Group;                                                                                                                                  
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | "ICI
      Pledged EVC Shares"means the 13,786,041 EVC Shares, numbered from 2,313,941 up to and including
      5,063,940, from 7,377,881 up to and including 10,127,880 and from 10,127,996
      up to and including 18,414,036, held by Ineos Vinyls Limited;                                                                                                                                                                                                                                               
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | "Ineos
      Chlor Indebtedness"means
      all of the indebtedness (including accrued interest) owed by Ineos Chlor
      to ICI SPV pursuant to the Amended RLF Agreement and the TMA and in respect
      of the Amended PIK Notes;                                                                                                                                                                                                                                                                          
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | "Ineos
      Chlor Deferred Shares"means the Non Convertible Deferred Shares in Ineos Chlor having the rights
      and privileges set out in the articles of association of Ineos Chlor;                                                                                                                                                                                                                                                                                                                       
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | "Ineos
      Chlor EVC Shares Deed of Release"means the deed of release of any remaining security interests, carried interests
      and other encumbrances in respect of the Ineos Chlor Pledged EVC Shares
      to be entered into in the Agreed Terms by Ineos Chlor;                                                                                                                                                                                                                                       
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | "Ineos
      Chlor Pledged EVC Shares"means the 2,313,940 EVC Shares, numbered from 1 up to and including 2,313,940,
      held by Ineos Vinyls Limited;                                                                                                                                                                                                                                                                                                                                                        

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| | "Ineos
      Chlor Pre-emption Waiver Letter"has the meaning given to it in Clause 2.3(a)(ii) (Capitalisation
      of Ineos Chlor Indebtedness);                                                                                                                                                                                                                             
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                                                                                                                                                                                                                                                                                                                                               
| | "Ineos
      Chlor Resolution"has the meaning given to it in Clause 2.3(a)(i) (Capitalisation
      of Ineos Chlor Indebtedness);                                                                                                                                                                                                                                             
| |                                                                                                                                                                                                                                                                                                                                                                               
| | "Ineos
      Chlor Subscription Letter"has the meaning given to it in Clause 2.3(a)(iii) (Capitalisation
      of Ineos Chlor Indebtedness);                                                                                                                                                                                                                                  
| |                                                                                                                                                                                                                                                                                                                                                                               
| | "Ineos
      Group Loan Agreement Deed of Amendment"means the deed of amendment and restatement relating to the Ineos Group
      Loan Agreement and the Ineos Security Agreement to be entered into in the
      Agreed Terms between Ineos Chlor, the Ineos Group Loan Lenders, Ineos Chlor
      Energy Limited, Ineos Chlor Sales International Limited and Ineos Capital;
| |                                                                                                                                                                                                                                                                                                                                                                               
| | "Ineos
      Standby Facility Deed of Amendment"means the deed of amendment and restatement relating to the Ineos Standby
      Facility to be entered into in the Agreed Terms between Ineos Chlor and
      Ineos Capital;                                                                                                                                                  
| |                                                                                                                                                                                                                                                                                                                                                                               
| | "Intra-Group
      Receivables"means the intra-group receivables:                                                                                                                                                                                                                                                                                                             
| |                                                                                                                                                                                                                                                                                                                                                                               
| | (a)                                                                                                                                                                                                                                                                                                                                                                           
| |                                                                                                                                                                                                                                                                                                                                                                               
| | (b)                                                                                                                                                                                                                                                                                                                                                                           
| |                                                                                                                                                                                                                                                                                                                                                                               
| | (c)                                                                                                                                                                                                                                                                                                                                                                           
| |                                                                                                                                                                                                                                                                                                                                                                               
| | in
      respect of each of which ICI has the benefit of security;                                                                                                                                                                                                                                                                                                            
| |                                                                                                                                                                                                                                                                                                                                                                               
| | "Newco
      2 Bond Indebtedness"means
      all of the indebtedness (including accrued interest) owed by Newco 2 to
      ICI SPV pursuant to the Amended RLF Agreement in respect of the Bond;                                                                                                                                                                              
| |                                                                                                                                                                                                                                                                                                                                                                               
| | "Newco
      2 Deferred Shares"means the Deferred Shares in Newco 2 having the rights set out in the New
      Newco 2 Articles;                                                                                                                                                                                                                                              

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|    | "Newco
          2 Pre-emption Waiver Letter" has
          the meaning given to it in Clause 2.5(b)(ii) (Capitalisation
    of Newco 2 Bond Indebtedness);                                                                                                                                                                                                 
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                             
|    | "Newco
          2 Resolution" has
          the meaning given to it in Clause 2.5(b)(i) (Capitalisation
    of Newco 2 Bond Indebtedness);                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                             
|    | "Newco
          2 Subscription Letter" has
          the meaning given to it in Clause 2.5(a) (Capitalisation
    of Newco 2 Bond Indebtedness);                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                             
|    | "New Chlor
          2 Articles"means
          the new articles of association in the Agreed Terms to be adopted by
    Chlor 2;                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                             
|    | "New Ineos
          Chlor Articles"means
          the new articles of association in the Agreed Terms to be adopted by
    Ineos Chlor;                                                                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                                                                                             
|    | "New Newco
          2 Articles"means
          the new articles of association in the Agreed Terms to be adopted by
    Newco 2;                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                             
|    | "Remaining
          Non-novated Contracts"means
          the Remaining Non-novated Contracts as defined in the TMA and any other
          Contract (as defined in the MSPA) relating to the Cormorant Business
          (as so defined) in respect of which any obligations pursuant to clause
    10 of the MSPA remain to be performed;               
|    |                                                                                                                                                                                                                                                                                                                                                             
|    | "SPV Funding
          Agreement" means
          the loan agreement to be entered into in the Agreed Terms between ICI
    SPV and Ineos Holdings;                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                             
|    | "Transferring
          Chlor 2 Shares" has
          the meaning given to it in Clause 2.6 (Transfer
          of Chlor 2 Shares);
    and                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                             
|    | "Transferring
          SPV Shares" has
          the meaning given to it in Clause 2.7(1) (Transfer
    of ICI SPV Shares).                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                             
|1.3 | Contents
    page and headings                                                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                             
|    | In this Deed,
        the contents page and headings are included for convenience only and
    shall not affect the interpretation or construction of this Deed.                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                             
|1.4 | Meaning
    of references                                                                                                                                                                                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                                                                                             
|    | Clauses 1.3 (Meaning
          of references)
          to 1.5 (Companies
          Act definitions)
          of the Amended TMA shall apply as if set out in full again here, with
          any reference to "this Agreement" being construed as a reference to
          this Deed and with such other changes as are necessary to fit this
    context.
|    |                                                                                                                                                                                                                                                                                                                                                             

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|2.  | COMPLETION                                                                                                                           
|--- | -------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                      
|2.1 | Completion
    Meeting and sequence                                                                                                  
|    |                                                                                                                                      
|(1) | A meeting shall be held at the offices of Ineos' Lawyers immediately following execution of this Deed (the "Completion
    Meeting").
|    |                                                                                                                                      
|(2) | At the Completion Meeting, the following transactions (together comprising "Completion") shall occur in the following sequence:      
|    |                                                                                                                                      
|    | (a)                                                                                                                                  
|    |                                                                                                                                      
|    | (b)                                                                                                                                  
|    |                                                                                                                                      
|    | (c)                                                                                                                                  
|    |                                                                                                                                      
|    | (d)                                                                                                                                  
|    |                                                                                                                                      
|    | (e)                                                                                                                                  
|    |                                                                                                                                      
|    | (f)                                                                                                                                  
|    |                                                                                                                                      
|    | (g)                                                                                                                                  
|    |                                                                                                                                      
|    | (h)                                                                                                                                  
|    |                                                                                                                                      
|    | (i)                                                                                                                                  

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|    | (ii)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | the accession
        of Ineos Holdings to, and the amendment of, the TMA and certain other
        Transaction Documents pursuant to Clause 2.8 (TMA
        and Transaction Documents amendment and TMA accession)
        shall become effective, as shall (pursuant to the same Clause) Clause
    3 (Novations);                                                     
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                           
|    | (iii)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | the
        parties to this Deed which are parties to the Ineos Group Loan Agreement
        Deed of Amendment shall execute and deliver the same, and the Ineos Parties
        shall procure that the Ineos Group Loan Agreement Deed of Amendment is
        duly executed and delivered by Ineos Chlor Energy Limited and Ineos Chlor
    Sales International Limited;
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                           
|    | (iv)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | each
        of the parties to the Ineos Standby Facility Deed of Amendment shall
    execute and deliver the same; and                                                                                                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                           
|    | (v)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | Ineos
    Holdings and ICI SPV shall execute and deliver the SPV Funding Agreement.                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                           
|(3) | ICI
        SPV hereby unconditionally and irrevocably grants all necessary consents
        and approvals which may be required from it pursuant to the terms of
        the Transaction Documents in relation to each of the transactions comprising
    Completion as referred to in Clause 2.1(2)(a) to (h).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                           
|(4) | Each
        of the transactions comprising Completion as referred to in Clause 2.1(2)(a)
    to (h) shall be conditional on all of the other of those transactions occurring,
        as to which a certificate signed on behalf of ICI PLC and Ineos Capital
        pursuant to Clause 2.9 (Completion
        certification)
    shall be conclusive evidence.                                                                                                                                                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                           
|(5) | Following
        Completion, at a time determined by the Ineos Parties, an aggregate amount
        of £9 million of the New PIK Notes Subscription and the Ineos Contribution
        shall be advanced to Ineos Chlor (notwithstanding that Ineos Chlor has
        not requested such funds in accordance with clause 6 of the Amended TMA
        and notwithstanding any other provision of the Amended TMA) and Ineos
        Chlor shall repay the amounts of £6 million and £3 million
        owed by it to Ineos Fluor and Ineos Silicas respectively. Notwithstanding
        the terms of the Ineos Group Loan Agreement, such repaid amounts shall
        remain available for re-drawing in accordance with the terms of the Amended
    TMA and the Ineos Group Loan Agreement.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                           

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|2.2 | Miscellaneous
    Completion deliverables                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|(1) | The
    Ineos Parties shall deliver, or cause to be delivered, to ICI:                                                                                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|(2) | ICI
        shall deliver, or procure that there are delivered, to the Ineos Parties
        in respect of each party to any of the Amendment Documents which is a
        member of the ICI Group, a copy of minutes of a meeting of its directors
        authorising the execution of the Amendment Documents to which it is a
        party (each of those copies being certified as true, complete and up
    to date copies of the originals by the secretary of the relevant company).
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|2.3 | Capitalisation
    of Ineos Chlor Indebtedness                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    | All
        but £500,000 of the Ineos Chlor Indebtedness shall be capitalised,
    with economic effect from 1 September 2004, in the following manner:                                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              

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|    | (b)                                                                                                                                                                                                                                                                                                                                                                              | the Ineos Parties shall deliver, or procure that there are delivered, to ICI copies of:                                                                                                                                                                                                                                                                                          
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                  | (i)                                                                                                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                  | (ii)                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                  | (iii)                                                                                                                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                  
|    | (c)                                                                                                                                                                                                                                                                                                                                                                              | the
      Ineos Parties shall cause to be duly held a meeting of the board of Ineos
    Chlor validly to effect or execute or validly to resolve to effect:                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                  | (i)                                                                                                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                  | (ii)                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                  
|2.4 | Repayment                                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                  
|    | Ineos
      Chlor shall repay to ICI SPV £500,000, being the remainder of the
      Ineos Chlor Indebtedness and ICI SPV shall repay to ICI C&P £499,000,
      being the remainder of the indebtedness owed by ICI SPV to ICI C&P
      (taking into account a capitalisation being effected immediately prior
      to Completion
with economic effect from 1 September 2004).
|    |                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                  
|2.5 | Capitalisation
    of Newco 2 Bond Indebtedness                                                                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                  
|    | The
      Newco 2 Bond Indebtedness shall be capitalised, with economic effect from
    1 September 2004, in the following manner:                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                  
|    | (a)                                                                                                                                                                                                                                                                                                                                                                              | ICI shall
      deliver, or procure that there are delivered, to the Ineos Parties a subscription
      letter in the Agreed Terms from ICI SPV addressed to the directors of Newco
      2 for the issue of 1,000 Newco 2 Deferred Shares credited as fully paid
      at par by way of capitalisation of the Newco 2 Bond Indebtedness (the "Newco
    2 Subscription Letter");
|    |                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                  
|    | (b)                                                                                                                                                                                                                                                                                                                                                                              | the Ineos
      Parties shall deliver, or procure that there are delivered, to ICI copies
    of:                                                                                                                                                                                                                                                                                

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|    |                                                                                                                                                                                        | (i)                                                                                                                                                  | a
      written shareholders' resolution of Newco 2 in the Agreed Terms signed by
      Ineos Chlor Holdings:                                                                                                                                                              
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                        |                                                                                                                                                      |                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                        |                                                                                                                                                      | (aa)                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                        |                                                                                                                                                      |                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                        |                                                                                                                                                      | (bb)                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                        |                                                                                                                                                      |                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                        |                                                                                                                                                      | (cc)                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                        |                                                                                                                                                      |                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                        | (ii)                                                                                                                                                 | a
      consent letter in the Agreed Terms waiving all pre-emption rights granted
      to the signatory of that letter under the articles of association of Newco
      2 (the "Newco 2 Pre-emption Waiver Letter") signed by Ineos Chlor
      Holdings; and             
|    |                                                                                                                                                                                        |                                                                                                                                                      |                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                        | (iii)                                                                                                                                                | the
      share certificate in relation to the Newco 2 Deferred Shares issued in accordance
      with Clause 2.4(c)(ii); and                                                                                                                                              
|    |                                                                                                                                                                                        |                                                                                                                                                      |                                                                                                                                                                                                                                                                            
|    | (c)                                                                                                                                                                                    | the
      Ineos Parties shall cause to be duly held a meeting of the board of Newco
      2 to effect or execute or to resolve to effect or execute:
|    |                                                                                                                                                                                        |                                                                                                                                                      |                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                        | (i)                                                                                                                                                  | the
      acceptance of the Newco 2 Subscription Letter; and                                                                                                                                                                                                               
|    |                                                                                                                                                                                        |                                                                                                                                                      |                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                        | (ii)                                                                                                                                                 | the
      issue and allotment to ICI SPV of 1,000 Newco 2 Deferred Shares, together
      with the issuing of the share certificate in respect of those Newco 2 Deferred
      Shares and the registration of ICI SPV as the holder of those Newco 2 Deferred
      Shares.
|    |                                                                                                                                                                                        |                                                                                                                                                      |                                                                                                                                                                                                                                                                            
|2.6 | Transfer
      of Chlor 2 shares and adoption of New Chlor 2 Articles                                                                                                                 
|    |                                                                                                                                                                                        |                                                                                                                                                      |                                                                                                                                                                                                                                                                            
|(1) | The
      15 ordinary shares of £1 each held by ICI SPV in Chlor 2 (the "Transferring
      Chlor 2 Shares") shall be transferred to New Ineos Holdings in the following
      manner:
|    |                                                                                                                                                                                        |                                                                                                                                                      |                                                                                                                                                                                                                                                                            
|    | (a)                                                                                                                                                                                    | ICI
      SPV shall deliver, or procure that there are delivered, to New Ineos Holdings:                                                            
|    |                                                                                                                                                                                        |                                                                                                                                                      |                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                        | (i)                                                                                                                                                  | a
      duly executed share transfer in the Agreed Terms in respect of the Transferring
      Chlor 2 Shares in favour of New Ineos Holdings, together with any power
      of attorney or other authority under which that transfer has been executed;
      and          

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|    |                                                                                                                                                                                                                                                                                          | (ii)                                                                                                                                                                                        | written resignations
      and releases in the Agreed Terms of the ICI SPV appointee director and his
      alternate of Chlor 2 resigning their offices;                                                                                                                                                                
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                          
|    | (b)                                                                                                                                                                                                                                                                                      | the
      Ineos Parties shall cause to be duly held a meeting of the board of Chlor
      2 validly to effect or execute or validly to resolve to effect or execute
      (as appropriate):
|    |                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                          | (i)                                                                                                                                                                                         | the approval
      of the transfers of the Transferring Chlor 2 Shares, the registration of
      New Ineos Holdings as the holder of those shares (subject only to that transfer
      being re-presented duly stamped) and the issue to New Ineos Holdings of
      a share certificate in respect of those shares; and
|    |                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                          | (ii)                                                                                                                                                                                        | the acceptance
      of the resignation of the ICI SPV appointee director and his alternate of
      Chlor 2;                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                          
|    | (c)                                                                                                                                                                                                                                                                                      | the
      Ineos Parties shall cause the books of Chlor 2 to be written up to reflect
      the matters referred to in Clause 2.6(1)(b); and                                                
|    |                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                          
|    | (d)                                                                                                                                                                                                                                                                                      | New
      Ineos Holdings shall pay £1 for the Transferring Chlor 2 Shares, if
      demanded, to ICI SPV.                                                                                  
|    |                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                          
|(2) | The
      Ineos Parties shall deliver, or procure that there are delivered, to ICI
      a copy of a written shareholders' resolution of Chlor 2 in the Agreed Terms
      signed by New Ineos Holdings adopting the New Chlor 2 Articles.                                              
|    |                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                          
|(3) | The
      parties agree that, notwithstanding the terms of clause 5(a) of the New
      Management Agreement, the New Management Agreement shall continue in full
      force and effect on and following the transfer of the Transferring Chlor
      2 Shares pursuant to this Clause.
|    |                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                          
|2.7 | Transfer
      of ICI SPV shares                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                          
|(1) | The
      shares held by ICI C&P in ICI SPV (the "Transferring SPV Shares")
      shall be transferred to Ineos Holdings in the following manner:                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                          
|    | (a)                                                                                                                                                                                                                                                                                      | ICI
      C&P shall deliver, or procure that there are delivered, to Ineos Holdings:                                                                                                       
|    |                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                          | (i)                                                                                                                                                                                         | duly executed
      share transfers in the Agreed Terms in respect of the Transferring SPV Shares
      in favour of Ineos Holdings, together with related share certificates for
      those shares and any power of attorney or other authority under which that
      transfer has been executed;                     
|    |                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                          

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|    |                                                                                                                                                                                       | (ii)                                                                                                                                                                                                                                                                 | written resignations
      and releases in the Agreed Terms of the directors and their alternates of
      ICI SPV resigning their offices; and                                                                                                                                                          
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                       |                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                       | (iii)                                                                                                                                                                                                                                                                | written resignations
      and releases in the Agreed Terms of the ICI SPV appointee director and his
      alternate of Ineos Chlor resigning their offices;                                                                                                                                            
|    |                                                                                                                                                                                       |                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                          
|    | (b)                                                                                                                                                                                   | the
      Ineos Parties shall cause to be duly held meetings of the boards of ICI
      SPV and Ineos Chlor respectively validly to effect or execute or validly
      to resolve to effect or execute (as appropriate):                                            
|    |                                                                                                                                                                                       |                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                       | (i)                                                                                                                                                                                                                                                                  | the approval
      of the transfers of the Transferring SPV Shares, the registration of Ineos
      Holdings as the holder of those shares (subject only to that transfer being
      re-presented duly stamped) and the issue to Ineos Holdings of a share certificate
      in respect of those shares;
|    |                                                                                                                                                                                       |                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                       | (ii)                                                                                                                                                                                                                                                                 | the acceptance
      of the resignation of the directors and their alternates of ICI SPV and
      the appointment of new directors of ICI SPV nominated by Ineos Holdings;                                                                                                                              
|    |                                                                                                                                                                                       |                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                       | (iii)                                                                                                                                                                                                                                                                | the acceptance
      of the resignation of the ICI SPV appointed director and his alternate of
      Ineos Chlor and the appointment to the board of Ineos Chlor of a new ICI
      SPV appointee director and his alternate; and                                                                        
|    |                                                                                                                                                                                       |                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                       | (iv)                                                                                                                                                                                                                                                                 | in the case
      of ICI SPV to change its accounting reference date to 31 December, to change
      its registered office to Hawkslease, Chapel Lane, Lyndhurst, Hampshire SO43
      7FG and to change its auditors to PricewaterhouseCoopers LLP;                                                     
|    |                                                                                                                                                                                       |                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                          
|    | (c)                                                                                                                                                                                   | the
      Ineos Parties shall deliver, or procure that there is delivered, to ICI
      a written shareholders' resolution of ICI SPV in the Agreed Terms signed
      by Ineos Holdings changing the name of ICI SPV to Ineos Industrial Investments
      Limited;
|    |                                                                                                                                                                                       |                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                          
|    | (d)                                                                                                                                                                                   | the
      Ineos Parties shall cause the books of ICI SPV and Ineos Chlor to be written
      up to reflect the matters referred to in Clause 2.7(1)(b); and                                                                                                         
|    |                                                                                                                                                                                       |                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                          
|    | (e)                                                                                                                                                                                   | Ineos
      Holdings shall pay £1 for the Transferring SPV Shares, if demanded,
      to ICI C&P.                                                                                                                                                                   
|    |                                                                                                                                                                                       |                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                          
|(2) | Immediately
      following Completion, ICI shall register at Companies House the change of
      name resolution passed pursuant to Clause 2.7(1)(c). From Completion, ICI
      SPV

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|    | shall
      not (and the Ineos Parties shall procure that ICI SPV shall not) use or
      display any of the ICI Names (as defined in the MSPA).
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                 
|2.8 | TMA and Transaction Documents amendment and TMA accession                                                                                       
|    |                                                                                                                                                 
|    | The
      parties agree that with effect from Completion, simultaneously:                                                                       
|    |                                                                                                                                                 
|    | (a)                                                                                                                                             
|    |                                                                                                                                                 
|    | (b)                                                                                                                                             
|    |                                                                                                                                                 
|    | (c)                                                                                                                                             
|    |                                                                                                                                                 
|    | (d)                                                                                                                                             
|    |                                                                                                                                                 
|    |                                                                                                                                                 
|    |                                                                                                                                                 
|    |                                                                                                                                                 
|    |                                                                                                                                                 
|    | (e)                                                                                                                                             
|    |                                                                                                                                                 
|    |                                                                                                                                                 
|    |                                                                                                                                                 
|    | (f)                                                                                                                                             
|    |                                                                                                                                                 
|    | (g)                                                                                                                                             
|    |                                                                                                                                                 
|    | (h)                                                                                                                                             

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|    | (i)                                                                                                                                                                                                                                                              | the
      Mercury Cell Anode Agreement shall be amended by deleting the words "and
      ICI" in sub-clause 15.2(A);                                                                                   
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                        
|    | (j)                                                                                                                                                                                                                                                              | the
      FM21 Electrolyser Agreement shall be amended by:                                                                                                                                             
|    |                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                  | (i)                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                  | (ii)                                                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                        
|    | (k)                                                                                                                                                                                                                                                              | the
      management agreement dated 9 January 2001 made between Chlor 1 and Ineos
      Capital, as amended pursuant to the Management Agreement Deed of Amendment,
      shall be further amended by:
|    |                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                  | (i)                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                  | (ii)                                                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                        
|    | (l)                                                                                                                                                                                                                                                              | the
      New Management Agreement shall be amended by:                                                                                                                                                
|    |                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                  | (i)                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                  | (ii)                                                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                  | (iii)                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                        
|    | (m)                                                                                                                                                                                                                                                              | the
      IP Licence shall be amended by deleting the words "and ICI" in clause 5.2(a);
      and                                                                                                      
|    |                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                        
|    | (n)                                                                                                                                                                                                                                                              | the
      Business Transfer Agreement shall be amended by deleting the words "and
      ICI" in clause 18.1(B)(i).                                                                                     
|    |                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                        
|2.9 | Completion certification                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                        
|    | Immediately
      following compliance by the parties with their obligations under Clause
      2.1(a) (Completion Meeting and sequence) and Clauses 2.2 (Miscellaneous
      Completion deliverables) to 2.8 (TMA and Transaction Documents amendment
      and

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|     | TMA
          accession),
          ICI and Ineos Capital shall execute a confirmation in the Agreed Terms
    that Completion has occurred.                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|2.10 | Rights
    following default                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|     | If
        the Ineos Parties or the ICI Parties (in this Clause 2.10, the"Defaulting
        Parties")
        do not comply with their respective obligations pursuant to Clause 2.2
        (Miscellaneous
        Completion deliverables)
        to 2.9 (Completion
        certification)
        then (if the Defaulting Parties are the Ineos Parties) the ICI Parties
        or (if the Defaulting Parties are the ICI Parties) the Ineos Parties
        (in this Clause 2.10, the"Non-Defaulting
        Parties")
        may in addition to and without prejudice to all their other rights and
    remedies:
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|     | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|     | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|     | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|     | (d)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|3.   | ROCKSAVAGE
    AND REMAINING NON-NOVATED CONTRACTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|3.1  | Obligations
    regarding Contracts                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|(1)  | Pursuant to the
        MSPA and the TMA, Ineos Chlor and Chlor Holdings have obligations relating
        to the "Contracts" (as defined in the MSPA) (the"Contract
        Obligations"),
        including obligations relating to their novation to Ineos Chlor and to
        the interim performance of the obligations of the relevant members of
    the ICI Group under them and indemnity obligations.                                                                                                                                                                                                           
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|(2)  | Pursuant to the
        Amended ICI Security Document, security (the"ICI
        Security")
        was granted by Ineos Chlor and certain of its subsidiaries over their
        respective assets in favour of ICI PLC as agent and security trustee
        to secure (amongst other obligations) the Contract Obligations of Ineos
        Chlor (the"Ineos
    Chlor Contract Obligations").                                                                                                                                                                                                                          
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|(3)  | Nothing
        in this Deed shall prejudice or adversely affect any of the Contract Obligations
        (including the Ineos Chlor Contractual Obligations) or (save as expressly
        set out
    in this Deed) the ICI Security.                                                                                                                                                                                                                                                                                                                                                                                     

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|3.2 | Current
    Rocksavage Agreements                                                                                                                                                                                                                                                                                                                                                                                                                
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|(1) | The Contracts
        (as defined in the MSPA) include the following documents (collectively
        the"Current
    Rocksavage Agreements"):                                                                                                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    | (d)                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    | (e)                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|(2) | RPL has refused
        to consent to a request from ICI C&P and Ineos Chlor for a novation
    of the Current Rocksavage Agreements by ICI C&P to Ineos Chlor.                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|(3) | Clause 12.2 of
        the OESA and clause 11.2 of the CFD envisage that a new agreement might
        be entered into between the parties to the OESA and the CFD to replace
        them. As at the date of this Deed, Ineos Chlor and RPL are in the process
        of settling such a new agreement, which RPL is seeking to have ICI C&P
        enter into, rather than (as Ineos Chlor and ICI C&P consider appropriate)
    Ineos Chlor.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|(4) | Clause 3.3 sets
        out the terms on which the parties have agreed that the Contract Obligations
    and the ICI Security will apply in relation to:                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                  

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|    | together the"Rocksavage
    Agreements".                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|3.3 | The Rocksavage
    Agreements                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|(1) | Ineos Chlor and
        Chlor Holdings undertake to comply with their obligations under the MSPA
        and the TMA relating to Contracts, including without limitation their
        respective obligations (in the case of Chlor Holdings, as the Purchaser,
        and in the case of Ineos Chlor, as the Purchaser's relevant Affiliate)
        pursuant to clause 10(3)(b) of the MSPA to ensure performance and to
        indemnify ICI C&P (as the relevant Business Selling Company) in respect
        of them, as if each of the Rocksavage Agreements were (even if it is
    not) a Contract, specifically a Key Category 3 Contract.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|(2) | The definition
        of"Secured
        Obligations"in
        the Amended RLF Agreement shall be amended with effect from Completion
        by the addition of the words, "including without limitation clause 4
        of the TMA and clauses 3.3 and 3.5 of the transaction deed dated 25 October
        2004 made between the parties to the TMA and Ineos Holdings Limited" immediately
    after "in connection with it".                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|(3) | The definition
        of"Secured
        Obligations"under
        the ICI Security Document shall be amended with effect from Completion
        to read, "has the meaning given to it in the Amended RLF Agreement (as
        amended by a transaction deed dated 25 October 2004 but for the avoidance
        of doubt ignoring any subsequent amendment, novation or termination of
    that Agreement)".                                                                                                                                                                                                                                     
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|3.4 | Rocksavage
    on an Ineos Chlor insolvency                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|(1) | In this Clause
        3.4, the"Rocksavage
        Land"has
        the meaning given to the term "Property" in a deed dated 8 August 2003
        (but expressed to be with effect from 31 July 2003) relating to the re-transfer
        of land at Castner Keller Works, Runcorn, Cheshire between Ineos Chlor
        and ICI C&P (the"Rocksavage
    Deed").                                                                                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|(2) | In accordance
        with clause 2.1 of the Rocksavage Deed and the terms of the MSPA, ICI
        C&P is holding the Rocksavage Land in trust for Ineos Chlor on the
        terms of the Rocksavage Deed. In accordance with clause 10(3)(b) of the
        MSPA, ICI C&P (as the relevant Business Selling Company) is holding
        the benefit of the Current Rocksavage Agreements in trust for Ineos Chlor
    on the terms of that clause.                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|(3) | The terms of the
        trusts referred to in Clause 3.4(2) shall with effect from Completion
        be amended so that each of the Rocksavage Land and the benefit of the
    Rocksavage Agreements shall be held in trust:                                                                                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      

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|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | (up to the occurrence
        of an Ineos Chlor Insolvency Event) for Ineos Chlor on the terms of the
    Rocksavage Deed or, as applicable, clause 10(3)(b) of the MSPA; and
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                              
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | (after that) for
    ICI C&P's own benefit.                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                              
|(4) | Following an Ineos
        Chlor Insolvency Event, ICI C&P shall be entitled to deal with the
        Rocksavage Land and the Rocksavage Agreements free from any restrictions
        or other provisions contained in the Rocksavage Deed or the MSPA, including
        without limitation any provisions concerning disposals or the conduct
    of any negotiations with other parties to the Rocksavage Agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                              
|(5) | In
        this Clause 3.4,"Ineos
        Chlor Insolvency Event"means
        any of the events or circumstances set out in clauses 15.3 or 15.4 of
        the Amended RLF Agreement (as in force as at the date of this Deed) occurring
        in relation to Ineos Chlor or any of its Material Subsidiaries (as defined
    in the Amended RLF Agreement as in force at the date of this Deed).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                              
|3.5 | Amendments,
    variations and replacements of other Contracts                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                              
|    | Without
        prejudice to Clause 3.3(1),for
        so long as ICI or any relevant Business Selling Company holds any Remaining
        Non-novated Contract in trust pursuant to clause 10(3)(b) of the MSPA
        and any such Remaining Non-novated Contract is amended, varied or replaced
        at any time with the consent of Ineos Chlor or pursuant to an order of
        a court or arbitrator, then Ineos Chlor and Chlor Holdings undertake
        to comply with their obligations under the MSPA and the TMA relating
        to the Remaining Non-novated Contracts, including without limitation
        their respective obligations (in the case of Chlor Holdings, as the Purchaser,
        and in the case of Ineos Chlor, as the Purchaser's relevant Affiliate)
        pursuant to clause 10(3)(b) of the MSPA to ensure performance and to
        indemnify ICI C&P (as the relevant Business Selling Company) in respect
        of them, as if each of the relevant Remaining Non-novated Contracts as
        so amended, varied or replaced were a Remaining Non-novated Contract
        in the same category or categories as the relevant Remaining Non-novated
    Contract before the amendment, variation or replacement.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                              
|3.6 | Brunner
    Mond                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                              
|    | Chlor
        2 confirms and acknowledges that pursuant to clause 4.1 of the MSPA Deed
        of Amendment, the obligations of Ineos Chlor under the MSPA (including
        without limitation its obligations as the Purchaser's relevant Affiliate
    under clause 10(3)(b) of                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   

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|    | the
        MSPA) in respect of the Remaining Non-novated Contracts relating to Brunner
        Mond were assumed by Chlor 2 (but without affecting the rights of Brunner
    Mond).                                                                                                                                                                                                                                                                                                                                               
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|4.  | ICI SPV
    TAX RETURNS, ETC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|4.1 | Up
    to 31 August 2004                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    | As
        between the parties, all rights and responsibilities relating to any
        tax liability of ICI SPV in so far as it relates to transactions effected
        in the accounting periods of ICI SPV up to and including that which ended
        on 31 August 2004 (the"Pre-Completion
        Transaction")
        shall be held by ICI, including without limitation any of the following
    in so far as they so relate:                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|4.2 | From
    1 September 2004                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|(1) | As
        between the parties, all rights and responsibilities relating to any
        tax liability
        of ICI SPV in so far as it relates to transactions effected in the accounting
        periods of ICI SPV commencing on or after 1 September 2004 (the"Post-Completion
        Transactions")
        shall remain with ICI SPV (with no right of indemnity or contribution
        from ICI or any other member of the ICI Group), including without limitation
    any of the following in so far as they so relate:
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                

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|(2) | ICI
      warrants and represents to the Ineos Parties that the only new transaction
      effected by ICI SPV in the period from 1 September 2004 to Completion, apart
      from entering into this Deed, was to enter into a deed of capitalisation
      and release on or about the date of this Deed relating to the indebtedness
      owed by ICI SPV to ICI C&P.                 
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                           
|4.3 | Co-operation                                                                                                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                           
|(1) | Each
      of ICI SPV and the Ineos Parties shall provide any assistance reasonably
      requested by ICI in connection with its rights and responsibilities as set
      out in Clause 4.1, including without limitation access to books and records
      relating to ICI SPV and the transactions effected by it and signing returns,
      elections and other appropriate documents.
|    |                                                                                                                                                                                                                                                                                                                                                                                           
|(2) | ICI
      shall provide any assistance reasonably required by ICI SPV in connection
      with its rights and responsibilities as set out in Clause 4.2(1), including
      without limitation access to books and records relating to ICI SPV and the
      transactions effected by it and signing returns, elections and other appropriate
      documents.                            
|    |                                                                                                                                                                                                                                                                                                                                                                                           
|5.  | ICI
      SECURITY                                                                                                                                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                                                                                           
|5.1 | Current
      position                                                                                                                                                                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                                                           
|(1) | Pursuant
      to the Amended ICI Security Document, ICI holds security over the assets
      of Ineos Chlor and certain of its subsidiaries as trustee for:                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                           
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                           
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                           
|(2) | ICI
      is a party to the New Deed of Priority in its capacity as agent and trustee
      for the Second Creditors (in that capacity,"ICI
      Trustee").                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                           

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|5.2 | New
    Deed of Priority                                                                                                                                                                                                                                       
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                
|    | ICI
      Trustee shall if so requested by Ineos Chlor enter into the deed of amendment
      in the Agreed Terms relating to the New Deed of Priority.                                                                                                        
|    |                                                                                                                                                                                                                                                                
|5.3 | Position
      prior to the ICI Security Release Date                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                
|(1) | Pending
      the ICI Security Release Date, and notwithstanding any provision in the
      Amended ICI Security Document, ICI shall be in the same position (including
      without limitation as to entitlement to act on instructions and as to liability):
|    |                                                                                                                                                                                                                                                                
|    | (a)                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                
|    | (b)                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                
|(2) | Pending
      the ICI Security Release Date, ICI Trustee shall if so requested by Ineos
      Chlor either:                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                
|    | (a)                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                
|    | (b)                                                                                                                                                                                                                                                            

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|5.4 | ICI
      Security Release Date                                                                                                                                                                                                                                                                                                                                                                                                  
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                  
|(1) | On
      the ICI Security Release Date:                                                                                                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                  
|(2) | In
      this Clause 5,"ICI
      Security Release Date"means
      the date specified by ICI, being no later than ten Business Days following
      the earlier of:                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                  
|6.  | INEOS
      CHLOR SHARES AND ASSETS                                                                                                                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                  
|6.1 | Ineos
      Chlor shares                                                                                                                                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                  
|(1) | ICI's
         consent shall not be required to a transfer of some or all of the shares

      in Ineos Chlor (or, by way of a Relevant Ineos Chlor Parent Transfer, any
        Ineos Chlor Parent) at any time to a member of the Wider Ineos Group.                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                  
|(2) | Ineos
         Group Limited shall procure that no transfer other than a Permitted
        Transfer (or, by way of a Relevant Ineos Chlor Parent Transfer, any
        Ineos Chlor Parent) of any shares in Ineos Chlor
      to a person other than a member of the Wider Ineos Group (an"Outside
       Party")
        is made without ICIs prior written consent, except for a transfer
         permitted by Clause 6.1(3).
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                  
|(3) | ICI's
        consent shall not be required to a transfer of some or all of the shares
        in Ineos Chlor (or, by way of a Relevant Ineos Chlor Parent Transfer,
        any
      Ineos Chlor Parent) at any time to an Outside Party if:                                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                                              

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|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | none
      of the ICI Group Obligations remains outstanding;                                                                                                                                                                                                                                                                                                                                                                                                                    
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | in
      respect of a transfer before the Cell Room Commissioning, prior to the transfer
      a Suitably Graded Party provides to ICI a guarantee or indemnity, in a form
      reasonably satisfactory to ICI, in favour of each relevant ICI Group member
      in respect of the performance, and consequences of non-performance, of the
      ICI Group Obligations (a"Graded
      Guarantee");
      or                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    | (d)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | in
      respect of a transfer after the Cell Room Commissioning, prior to the transfer
      either:                                                                                                                                                                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | (i)                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | (ii)                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | (iii)                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|(4) | In
      this Clause 6:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    | "Cell
             Room Commissioning"means
      the commissioning of 400kt per annum cell being constructed as
      part of the Project; and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    | "Ineos
            Chlor Parent"means
    any direct or indirect parent company of Ineos Chlor within the Wider Ineos
            Group;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    | "Permitted
            Transfer"means
    a transfer of shares to an entity (outside the Wider Ineos Group) directly
            or indirectly controlled by Jim Ratcliffe, such transfer being on
            terms approved in writing by ICI, which approval must be given in
            circumstances where the transfer does not adversely affect ICIs
            (or its subsidiaries)
            position in relation to this Clause 6;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    | "Relevant
            Ineos Chlor Parent Transfer"means
    a transfer of shares in an entity which is at the time of the transfer a
            direct or indirect holding company of Ineos Chlor, other than (a)
            a transfer which forms part of a disposal of 75% or more by value
            of the entire Wider Ineos Group (the question of whether a disposal
            meets this value criterion to be determined by agreement between
            ICI and Ineos Chlor or (failing such agreement) by a firm of accountants
            of international repute nominated by agreement between ICI and Ineos
            Chlor or (failing such agreement) by the President of the Institute
            of Chartered Accountants of England and Wales) or (b) a transfer
            which does not result in either (i) voting control of Ineos Chlor
            not being vested in Jim Ratcliffe (or, on his death, his estate)
            and one or more of John Reece, Andrew Currie and Antoine Verrijckt;
            or (ii) Jim Ratcliffe (or, on his death, his estate) not holding
            at least 40% of such voting rights (whether directly or indirectly);
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    | "Suitably
      Graded Party"means
      an entity (which may be the purchaser, a parent company of the purchaser
      or a bank or other financial institution):                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | whose
      long-term debt is rated at least BB by either Standard and Poors or Moodys
      (or which has an equivalent rating from another rating agency of international
      repute); or                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | which
      does not have a long-term debt rating from any rating agency of international
      repute but in respect of which ICI receives at the time of the relevant
      transfer an opinion addressed to ICI, in terms reasonably acceptable to
      ICI and from an international investment bank approved for this purpose
      by ICI, that if the entity were to obtain a long-term debt rating from Standard
      and Poors or Moodys, it would be BB or better.

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|6.2 | Ineos
      Chlor assets                                                                                                                                                                                          
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                   
|(1) | Ineos
      Group shall procure that Ineos Chlor complies with its obligations under
      Clause 6.2(2). This undertaking of Ineos Group will cease to apply in the
      circumstances set out in Clause 6.2(3).
|    |                                                                                                                                                                                                                   
|(2) | Ineos
      Chlor shall not dispose of any of its assets, except for:                                                                                                                                             
|    |                                                                                                                                                                                                                   
|    | (a)                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                   
|    | (b)                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                   
|    | (c)                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                   
|    | (d)                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                   
|    | (e)                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                   
|    | (f)                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                   
|    |                                                                                                                                                                                                                   

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|    |                                                                                                                                                                                                                                                                                   | (ii)                                                                                                                                                                                                                                                                                                    | not to dispose
        of any of its assets, this covenant to be in similar terms to this Clause
        6.2 and to be supported by a binding covenant from Ineos Group Limited
    to procure the disponee's performance of it; and
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                     
|    | (g)                                                                                                                                                                                                                                                                               | any
        other disposal on arm's length terms of assets with a value (when aggregated
        with any other assets disposed of pursuant to this Clause 6.2(g) in the
    same financial year) of less than £5,000,000.                                                                             
|    |                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                     
|    | This
        undertaking of Ineos Chlor will cease to apply in the circumstances set
    out in Clause 6.2(3).                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                     
|(3) | The
        undertakings set out in Clauses 6.2(1) and 6.2(2) will cease to apply
    where:                                                                                                                                                                                     
|    |                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                     
|    | (a)                                                                                                                                                                                                                                                                               | ICI
    has first received an IGL Guarantee;                                                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                     
|    | (b)                                                                                                                                                                                                                                                                               | none
    of the ICI Group Obligations remains outstanding; or                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                     
|    | there
        is a transfer of some or all of the shares in Ineos Chlor (or, by way
        of a Relevant Ineos Chlor Parent Transfer, any Ineos Chlor Parent) to
        an Outside Party in the circumstances permitted by Clause 6.1(3)(c) or
        (d)(ii) or
    (d)(iii).
|    |                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                     
|7.  | WARRANTIES
    AND REPRESENTATIONS                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                     
|7.1 | General
    warranties                                                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                     
|    | Each
        party other than the Individual Guarantors (the"Warrantor")
    warrants and represents to the other parties in the following terms:                                                                                                                                
|    |                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                     
|    | (a)                                                                                                                                                                                                                                                                               | the
        Warrantor is a company duly incorporated and validly existing under the
        laws of its place of incorporation and possesses the capacity to sue
    in its own name;                                                                                                                  
|    |                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                     
|    | (b)                                                                                                                                                                                                                                                                               | the
        Warrantor has the legal right and the necessary corporate power and authority
        to enter into and perform this Deed and any other documents to be executed
    by it pursuant to this Deed;                                                                                          
|    |                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                     
|    | (c)                                                                                                                                                                                                                                                                               | this
        Deed and the other documents which are to be executed by it pursuant
        to this Deed will, when executed and assuming the due authorisation,
        execution and delivery of such document by the other parties, constitute
    valid and binding obligations of the Warrantor; and
|    |                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                     
|    | (d)                                                                                                                                                                                                                                                                               | the
        execution and delivery of and the performance by the Warrantor of its
        obligations under this Deed and any other documents to be executed by
    it pursuant to this Deed will not:                                                                                                 

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|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | (i)                                                                                                                                                                                                                                                                                                                                              | result in a breach
    of any provision of the constitutional documents of the Warrantor; or
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | --------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                  |                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | (ii)                                                                                                                                                                                                                                                                                                                                             | except as otherwise
    stated in this Deed, require the consent of any third party.        
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                  |                                                                                             
|7.2 | ICI
    warranties                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                  |                                                                                             
|    | ICI
        warrants and represents to Ineos Holdings that, as at the date of this
    Deed:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                  |                                                                                             
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | ICI
        SPV has only operated in connection with its role as a funder pursuant
        to the TMA and the Amended RLF Agreement and the holder of the ICI Group's
        investments comprising shares, debts and others rights in Ineos Chlor,
        Chlor 2 and Newco 2, and has not otherwise traded nor had any other assets;
    and
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                  |                                                                                             
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | following
        the repayment to ICI C&P pursuant to Clause 2.4 (Repayment),
        ICI SPV will have no indebtedness (whether actual or contingent) owing
    by it to any member of the ICI Group.                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                  |                                                                                             
|7.3 | Warranty
    re RPL payments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                  |                                                                                             
|    | Ineos
        Chlor warrants and represents to Ineos Holdings that, as at the date
        of this Deed, it has made all payments demanded by RPL under the Rocksavage
    Agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                  |                                                                                             
|8.  | COSTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                  |                                                                                             
|    | Each
        party shall be responsible for all the costs, charges and expenses incurred
        by it in connection with and incidental to the preparation and completion
    of this Deed and each of the other Amendment Documents.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                  |                                                                                             
|9.  | ENTIRE
    AGREEMENT                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                  |                                                                                             
|9.1 | Entire
    agreement                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                  |                                                                                             
|    | This
        Deed, the other Amendment Documents, the TMA (as amended by amendment
        agreements dated 12 August 2004 and 13 October 2004) and the Transaction
        Documents contain the whole agreement between the parties in relation
        to the transactions contemplated by them and supersede all previous agreements
        whether written or oral between all or any of the parties in relation
        to these transactions, including without limitation the term sheet dated
        1 August 2002 relating to the Project and executed by some of the parties
        to this Deed; provided that (for the avoidance of doubt) the TMA (amended
    as referred to above) and the other Transaction Documents

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|     | shall remain in
        full force and effect, subject only to the amendments, waivers and releases
    expressly provided for in this Deed.                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|9.2  | No reliance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|     | Each of the parties
        acknowledges and agrees that it does not rely on and has not been induced
        to enter into this Deed or any of the other Amendment Documents on the
        basis of any warranty, representation or statement (express or implied)
        other than those expressly set out in the Amendment Documents to which
    it is a party.                                                                                                                                                                                                                          
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|10.  | LIABILITY
    AND INVALIDITY                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|10.1 | Joint
    and several liability                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|(1)  | Any obligations
        expressed in this Deed to be the obligations of the Ineos Parties shall
        be construed as if they were the joint and several obligations of the
        Ineos Parties. If any liability of one or some but not all of the Ineos
        Parties is or becomes illegal, invalid or unenforceable in any respect,
        that shall not affect or impair the liabilities of the other Ineos Parties
    under this Deed.                                                                                                                                           
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|(2)  | Any obligations
        expressed in this Deed to be the obligations of the ICI Parties shall
        be construed as if they were the joint and several obligations of the
        ICI Parties. If any liability of any of the ICI Parties is or becomes
        illegal, invalid or unenforceable in any respect, that shall not affect
    or impair the liabilities of the other ICI Parties under this Deed.                                                                                                                                                                               
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|10.2 | Obligations
    of Ineos Chlor and Chlor 2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|     | Each of Ineos
        Chlor Holdings, Ineos Group, Newco 1 and Newco 2 shall respectively procure
        the performance by Ineos Chlor, and New Ineos Holdings shall procure
        the performance by Chlor 2, of its obligations under each of the Amendment
    Documents to which it is a party.                                                                                                                                                                                                                                                                                         
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|10.3 | Invalidity                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|     | If all or any
        part of any provision of this Deed (the"Relevant
        Provision")
        shall be or become illegal, invalid or unenforceable, then the remainder
        of the Relevant Provision and/or all other provisions of this Deed shall
        remain valid and enforceable, and, in addition, the Relevant Provision
        shall be deemed either (a) amended to the extent necessary to render
        the Relevant Provision legal, valid and enforceable; or (b) (in the event
        that such amendment is not permitted under applicable law) severed in
    its

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|     | entirety
        from this Deed, and the rights and obligations of the parties shall be
    construed accordingly.                                                                                                                                                                                                                                
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                   
|11.  | AMENDMENTS,
    RELEASES AND WAIVERS                                                                                                                                                                                                                                                                                                              
|     |                                                                                                                                                                                                                                                                                                                                                   
|11.1 | Amendments
    to be in writing                                                                                                                                                                                                                                                                                                                   
|     |                                                                                                                                                                                                                                                                                                                                                   
|     | Subject
        only to any deemed amendment to, or severance of, any provision of this
        Deed pursuant to Clause 10.3 (Invalidity)
        or otherwise as specified in this Deed, no amendment of the terms of
        this Deed shall be effective unless it is made or confirmed in a written
    document signed by all of the parties.
|     |                                                                                                                                                                                                                                                                                                                                                   
|11.2 | Waivers                                                                                                                                                                                                                                                                                                                                           
|     |                                                                                                                                                                                                                                                                                                                                                   
|     | Any
        release, delay or waiver by any party in favour of another of any (or
        any part of any) of its rights under this Deed shall only be binding
    if it is given in writing. Any binding release, delay or waiver shall:                                                                                                         
|     |                                                                                                                                                                                                                                                                                                                                                   
|     | (a)                                                                                                                                                                                                                                                                                                                                               
|     |                                                                                                                                                                                                                                                                                                                                                   
|     | (b)                                                                                                                                                                                                                                                                                                                                               
|     |                                                                                                                                                                                                                                                                                                                                                   
|12.  | ASSIGNMENT                                                                                                                                                                                                                                                                                                                                        
|     |                                                                                                                                                                                                                                                                                                                                                   
|12.1 | Prohibition
    on assignment                                                                                                                                                                                                                                                                                                                     
|     |                                                                                                                                                                                                                                                                                                                                                   
|     | Save
        as provided in Clause 12.2 (ICI
        intra-group assignment),
        no party may assign or transfer any of its rights or purport to assign
    its obligations under this Deed.                                                                                                                                                 
|     |                                                                                                                                                                                                                                                                                                                                                   
|12.2 | ICI
    intra-group assignment                                                                                                                                                                                                                                                                                                                    
|     |                                                                                                                                                                                                                                                                                                                                                   
|     | Any
        of the ICI Parties may assign any of its rights under this Deed to a
    subsidiary of ICI, provided that:                                                                                                                                                                                                                            
|     |                                                                                                                                                                                                                                                                                                                                                   
|     | (a)                                                                                                                                                                                                                                                                                                                                               

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|     | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                       | if the assignee
        (or any subsequent assignee) ceases to be a subsidiary of ICI it shall,
        before so ceasing, assign any rights which have been assigned to it under
    this Deed to ICI or one of its subsidiaries.
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                   
|13.  | NOTICES                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                   
|     | Clause
        21 (Notices)
        of the Amended TMA shall apply as if set out in full again here, with
        any reference to "this Agreement" being construed as a reference to this
    Deed and with such other changes as are necessary to fit this context.                                                                                                                                                                                    
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                   
|14.  | CONTRACTS
    (RIGHTS OF THIRD PARTIES) ACT 1999                                                                                                                                                                                                                                                                                                                                                                                                         
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                   
|     | Save
        as otherwise expressly provided for in this Deed, the parties do not
        intend any term of this Deed to be enforceable pursuant to the Contracts
    (Rights of Third Parties) Act 1999.                                                                                                                                                                                                                                               
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                   
|15.  | CONFIDENTIALITY
    AND ANNOUNCEMENTS                                                                                                                                                                                                                                                                                                                                                                                                                    
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                   
|15.1 | Amended
    TMA provision                                                                                                                                                                                                                                                                                                                                                                                                                                
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                   
|     | Clause
        23 (Confidentiality
        and announcements)
        of the Amended TMA (other than clause 23.3(2)) shall apply as if set
        out in full again here, with any reference to "this Agreement" being
        construed as a reference to this Deed, any reference to the Transaction
        Documents being construed as a reference to the Amendment Documents and
    with such other changes as are necessary to fit this context.
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                   
|15.2 | The
    Announcement                                                                                                                                                                                                                                                                                                                                                                                                                                     
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                   
|     | As
        soon as reasonably practicable following Completion, ICI shall issue
    (or cause to be issued) the Announcement.                                                                                                                                                                                                                                                                                                                            
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                   
|16.  | COUNTERPARTS                                                                                                                                                                                                                                                                                                                                                                                                                                             
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                   
|16.1 | Any
    number of counterparts                                                                                                                                                                                                                                                                                                                                                                                                                           
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                   
|     | This
        Deed may be executed in any number of counterparts, and by the parties
        on separate counterparts, but shall not be effective until all the parties
        have executed at least one counterpart but all the counterparts shall
    together constitute but one and the same instrument.                                                                                                                                            
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                   
|16.2 | Each
    counterpart an original                                                                                                                                                                                                                                                                                                                                                                                                                         
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                   
|     | Each
    counterpart shall constitute an original of this Deed.                                                                                                                                                                                                                                                                                                                                                                                          

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|17.                                                                                                                                 | LAW AND
    JURISDICTION                                                                                                                                                                                                                                                                     
|----------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                    |                                                                                                                                                                                                                                                                                              
|                                                                                                                                    | This
      Deed shall be governed by English law. Each party agrees that the courts
      of England and Wales are to have exclusive jurisdiction to settle any claim
      or matter arising under this Deed and each party submits to the exclusive
    jurisdiction of the English courts.
|                                                                                                                                    |                                                                                                                                                                                                                                                                                              
|EXECUTION:                                                                                                                         
|                                                                                                                                    |                                                                                                                                                                                                                                                                                              
|The
      parties have shown their acceptance of the terms of this Deed by executing
      it as a deed at the end of the Schedule.



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SCHEDULE

THE
  AMENDED TMA



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Dated
  31 July 2003

As amended by a transaction deed dated
  25 October 2004

| |                                                                  | (1)  |  | IMPERIAL CHEMICAL
      INDUSTRIES PLC   | 
| | ---------------------------------------------------------------- | ---- |  | ---------------------------------------- | 
| |                                                                  | (2)  |  | ICI CHEMICALS &
      POLYMERS LIMITED   | 
| |                                                                  | (3)  |  | ICI INDUSTRIAL
      INVESTMENTS LIMITED | 
| |                                                                  | (4)  |  | INEOS CHLOR HOLDINGS
      LIMITED       | 
| |                                                                  | (5)  |  | INEOS CHLOR NEWCO
      1 LIMITED        | 
| |                                                                  | (6)  |  | INEOS CHLOR NEWCO
      2 LIMITED        | 
| |                                                                  | (7)  |  | INEOS CHLOR LIMITED                      | 
| |                                                                  | (8)  |  | INEOS CHLOR ENTERPRISES
      LIMITED    | 
| |                                                                  | (9)  |  | INEOS CHLOR GROUP
      LIMITED          | 
| |                                                                  | (10) |  | INEOS GROUP LIMITED                      | 
| |                                                                  | (11) |  | INEOS CAPITAL LIMITED                    | 
| |                                                                  | (12) |  | JAMES RATCLIFFE
      and others         | 
| |                                                                  | (13) |  | EVC INTERNATIONAL
      NV and others    | 
| |                                                                  |      |  |                                          | 
| |                                                                  |      |  |                                          | 
| |                                                                  |     
| | TRANSACTION
      MASTER AGREEMENT                               |     
| | relating
      to the regeneration of the Runcorn site currently |     
| | owned
      by Ineos Chlor Limited                               |     
| |                                                                  |     





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CONTENTS

|         |  |                                                    |     
|-------- |  | -------------------------------------------------- | ----
|Clause   |  | Subject Matter                                     | Page
|         |  |                                                    |     
|1.       |  | Definitions
      and interpretation               | 3   
|2.       |  | Conditions                                         | 16  
|3.       |  | Completion                                         | 18  
|4.       |  | Novations
      of Remaining Non-novated Contracts | 20  
|5.       |  | Intra-Group
      Receivables and EVC Shares       | 22  
|6.       |  | Requests
      for Funding                         | 22  
|7.       |  | New
      PIK Notes Subscription                   | 23  
|8.       |  | Ineos
      Contribution                           | 23  
|9.       |  | Ineos
      Group Loan                             | 24  
|10.      |  | Funding
      order and conditions                 | 25  
|11.      |  | Chlor
      1 cash sharing arrangements            | 26  
|12.      |  | Chlor
      2 cash sharing arrangements            | 26  
|13.      |  | 2010
      and Golden Share                        | 26  
|14.      |  | Warranties
      and representations               | 27  
|15.      |  | Further
      obligations of the parties           | 28  
|16.      |  | Costs                                              | 33  
|17.      |  | Entire
      agreement                             | 34  
|18.      |  | Liability
      and invalidity                     | 34  
|19.      |  | Amendments,
      releases and waivers             | 35  
|20.      |  | Assignment                                         | 36  
|21.      |  | Notices                                            | 36  
|22.      |  | Contracts
      (Rights of Third Parties) Act 1999 | 38  
|23.      |  | Confidentiality
      and announcements            | 38  
|24.      |  | Counterparts                                       | 39  
|25.      |  | Law
      and jurisdiction                         | 40  
|         |  |                                                    |     
|Schedule |  |                                                    |     
|1.       |  | Completion obligations                             |     
|         |  |                                                    |     
|2.       |  | Project Genesis                                    |     
|         |  |                                                    |     
|3.       |  | Remaining Non-novated
      Contracts              |     
|         |  |                                                    |     
|4.       |  | Transaction Documents                              |     

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|5.                                                                                              |  | Chlor 1 cash sharing
      arrangements                      
|----------------------------------------------------------------------------------------------- |  | -------------------------------------------------------------
|                                                                                                |  |                                                              
|6.                                                                                              |  | Chlor 2 cash sharing
      arrangements                      
|                                                                                                |  |                                                              
|7.                                                                                              |  | 2010                                                         
|                                                                                                |  |                                                              
|8.                                                                                              |  | Up-front novations                                           
|                                                                                                |  |                                                              
|9.                                                                                              |  | Indemnity and contribution
      arrangements                
|                                                                                                |  |                                                              
|10.                                                                                             |  | Waste management
      licences transfer financial provisions
|                                                                                                |  |                                                              
|11.                                                                                             |  | Information
          requirements                           
|                                                                                                |  |                                                              
|                                                                                                |  |                                                              
|Appendix                                                                                       
|                                                                                                |  |                                                              
|1.                                                                                              |  | Project Scope and
      Timetable                            
|                                                                                                |  |                                                              
|2.                                                                                              |  | Specified Regeneration
      Expenditure                     
|                                                                                               
|Agreed
      Terms documents                                                                   
|                                                                                               
|Amended
      Barclays Facility Agreement                                                      
|                                                                                               
|Barclays
      Deed of Release                                                                 
|                                                                                               
|Barclays
      Facility Amendment Agreement (incorporating Amended Barclays Facility Agreement)
|                                                                                               
|Brine
      Agreement                                                                          
|                                                                                               
|Business
      Transfer Agreement                                                              
|                                                                                               
|Chlor
      1 Articles                                                                         
|                                                                                               
|Chlor
      1 Employee Share Scheme Proposals                                                  
|                                                                                               
|Chlor
      1 Shareholders Agreement                                                           
|                                                                                               
|Chlor
      1 solvency confirmation                                                            
|                                                                                               
|Chlor
      2 Articles                                                                         
|                                                                                               
|Chlor
      2 Employee Share Scheme Proposals                                                  
|                                                                                               
|Chlor
      2 Shareholders Agreement                                                           
|                                                                                               
|Confirmation
      regarding Existing ICI Share Pledge                                         
|                                                                                               
|Deed
      of Novation of Chlor 2 Advance                                                      

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|Deed of Participation                                                                                                                                                                                                
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                                     
|Deed of Priority Amendment Deed (incorporating New Deed of Priority)                                                                                                                                                 
|                                                                                                                                                                                                                     
|DTI Grant Offer Letter                                                                                                                                                                                               
|                                                                                                                                                                                                                     
|FM21 Electrolyser Agreement                                                                                                                                                                                          
|                                                                                                                                                                                                                     
|Genesis Deed                                                                                                                                                                                                         
|                                                                                                                                                                                                                     
|ICI Deed of Release                                                                                                                                                                                                  
|                                                                                                                                                                                                                     
|Ineos External Debt Commitment Letter                                                                                                                                                                                
|                                                                                                                                                                                                                     
|Ineos Group Loan Agreement                                                                                                                                                                                           
|                                                                                                                                                                                                                     
|Ineos Internal Debt Agreement                                                                                                                                                                                        
|                                                                                                                                                                                                                     
|Ineos Security Agreement                                                                                                                                                                                             
|                                                                                                                                                                                                                     
|Ineos Standby Facility Agreement                                                                                                                                                                                     
|                                                                                                                                                                                                                     
|Initial Strategic Plan                                                                                                                                                                                               
|                                                                                                                                                                                                                     
|IP Licence                                                                                                                                                                                                           
|                                                                                                                                                                                                                     
|Litigation Waiver and related consent                                                                                                                                                                                
|                                                                                                                                                                                                                     
|Management Agreement Deed of Amendment                                                                                                                                                                               
|                                                                                                                                                                                                                     
|Mercury Cell Anode Agreement                                                                                                                                                                                         
|                                                                                                                                                                                                                     
|MSPA Deed of Amendment and related consent                                                                                                                                                                           
|                                                                                                                                                                                                                     
|New Deed of Priority                                                                                                                                                                                                 
|                                                                                                                                                                                                                     
|New Management Agreement                                                                                                                                                                                             
|                                                                                                                                                                                                                     
|New PIK Notes loan note certificate                                                                                                                                                                                  
|                                                                                                                                                                                                                     
|Patent Assignment                                                                                                                                                                                                    
|                                                                                                                                                                                                                     
|Press releases (signing and Completion)                                                                                                                                                                              
|                                                                                                                                                                                                                     
|Products Agreement                                                                                                                                                                                                   
|                                                                                                                                                                                                                     
|Profit a Prendre Easement                                                                                                                                                                                            
|                                                                                                                                                                                                                     
|Resolution (Chlor 1 board) regarding availability of funding                                                                                                                                                         
|                                                                                                                                                                                                                     
|RLF and PIK Note
       Deed of Amendment (incorporating Amended PIK Note Instrument, Zero Coupon
       Loan Note Instrument, Amended RLF Agreement, Amended ICI Security Document and
       Amended ICI Guarantee)

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|Services Agreement                                              
|----------------------------------------------------------------
|                                                                
|Slaughter and May letter and approved note of conference with QC
|                                                                
|Subordination Letters                                           
|                                                                
|Trade Mark Assignment                                           
|                                                                
|Transfer of PIK Notes (including interest entitlement)          

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TRANSACTION MASTER AGREEMENT

DATE:31 July2003

PARTIES:

|(1)  | IMPERIAL CHEMICAL INDUSTRIES PLCa company incorporated in England and Wales (registered number 218019) whose registered office is at 20 Manchester Square, London W1U 3AN ("ICI");                                                                                                                                                                                                                                                
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                   
|(2)  | ICI
    CHEMICALS & POLYMERS LIMITEDa company incorporated in England and Wales (registered number 358535) whose registered office is at The Heath, Runcorn, Cheshire WA7 4QF ("ICI C&P");                                                                                                                                                                                                                                        
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                   
|(3)  | ICI INDUSTRIAL INVESTMENTS LIMITED(to be re-named, on or following the 2004 Amendment Date, Ineos Industrial Investments Limited) a company incorporated in England and Wales (registered number 4588429) whose registered office is at 20 Manchester Square, London W1U 3AN (and whose registered office will be moved, on the 2004 Amendment Date, to Hawkslease, Chapel Lane, Lyndhurst, Hampshire SO43 7FG) ("Ineos
    SPV");
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                   
|(4)  | INEOS CHLOR HOLDINGS LIMITEDa company incorporated in England and Wales (registered number 3965021) whose registered office is at Hawkslease, Chapel Lane, Lyndhurst, Hampshire SO43 7FG ("Chlor
    Holdings");                                                                                                                                                                                                                  
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                   
|(5)  | INEOS CHLOR NEWCO 1 LIMITEDa company incorporated in England and Wales (registered number 4846517) whose registered office is at Runcorn Site HQ, South Parade, Runcorn, Cheshire WA7 4JE ("Newco
    1");                                                                                                                                                                                                                        
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                   
|(6)  | INEOS CHLOR NEWCO 2 LIMITEDa company incorporated in England and Wales (registered number 4772918) whose registered office is at Runcorn Site HQ, South Parade, Runcorn, Cheshire WA7 4JE ("Newco
    2");                                                                                                                                                                                                                        
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                   
|(7)  | INEOS CHLOR LIMITEDa company incorporated in England and Wales (registered number 4068812) whose registered office is at PO Box 9, Runcorn Site HQ, South Parade, Runcorn, Cheshire WA7 4JE ("Chlor
    1");                                                                                                                                                                                                                      
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                   
|(8)  | INEOS CHLOR ENTERPRISES LIMITEDa company incorporated in England and Wales (registered number 4651437) whose registered office is at Runcorn Site HQ, South Parade, Runcorn, Cheshire WA7 4JE ("Chlor
    2");                                                                                                                                                                                                                    
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                   
|(9)  | INEOS CHLOR GROUP LIMITEDa company incorporated in England and Wales (registered number 4687714) whose registered office is at Hawkslease, Chapel Lane, Lyndhurst, Hampshire SO43 7FG ("New
    Ineos Holdings");                                                                                                                                                                                                                 
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                   
|(10) | INEOS GROUP LIMITEDa company incorporated in England and Wales (registered number 3534631) whose registered office is at Hawkslease, Chapel Lane, Lyndhurst, Hampshire SO43 7FG ("Ineos
    Group");                                                                                                                                                                                                                              
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                   
|(11) | INEOS CAPITAL LIMITEDa company incorporated in England and Wales                                                                                                                                                                                                                                                                                                                                                                  

1

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|     | (registered
      number 3851680) whose registered office is at Hawkslease, Chapel Lane,
      Lyndhurst, Hampshire SO43 7FG ("Ineos
    Capital");                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|(12) | JAMES RATCLIFFE("JR"),ANDREW CURRIE,JOHN REECEand        ANTHONY VERRIJCKTeach care of Ineos Capital (each an"Individual
       Guarantor"and together the"Individual
    Guarantors"); and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|(13) | EVC INTERNATIONAL NVa company registered in Eijsden, The Netherlands, whose registered office is at Ir. Rocourstraat 28, 6245 AD Eijsden, The Netherlands,INEOS FLUOR LIMITEDa company incorporated in England and Wales (registered number 4041123) whose registered office is at The Heath, Runcorn, Cheshire WA7 4QF,INEOS SILICAS LIMITED(registered number 48745) whose registered office is at Bank Quay, Warrington, Cheshire WA5 1AB andINEOS HOLDINGS LIMITEDa company incorporated in England and Wales (registered number 4215887) whose registered office is at Hawkslease, Chapel Lane, Lyndhurst, Hampshire SO43 7FG ("Ineos
           Holdings") (together the"Ineos
           Group Loan Lenders"and each an"Ineos
    Group Loan Lender").

BACKGROUND:

|(A) | By a sale and purchase agreement (the"MSPA") dated 5 December 2000 and made between, amongst others, ICI and Chlor 1 (then called Mawlaw 519 Limited), Chlor 1 (and the Cormorant Overseas Purchasers, as defined in the MSPA) acquired various assets including the Business Assets of the Cormorant Business and the Cormorant Shares (as those expressions are defined in the MSPA).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|(B) | The
       authorised share capital of Chlor 1 is £100,215 divided into 97,900 "A" Ordinary Shares of £1 each, 100 "A" Convertible Ordinary Shares of £1 each, 1,215 "B" Convertible Deferred Shares of £1 each and 1,000 Non-convertible Deferred Shares of £1 each. Prior to execution of this Agreement, Newco 1 (a wholly owned subsidiary of Chlor Holdings) acquired from Chlor Holdings the latter's entire holding in Chlor 1 and is now the beneficial owner of those shares. It is intended that as part of Completion, Newco 1 will sell its interest in Chlor 1 to Newco 2, another wholly owned subsidiary of Chlor Holdings, and the authorised share capital of Chlor 1 will be redesignated to consist of 100 Ordinary Shares of £1 each, 1,000 Convertible Non-Participating Shares of £1 each, 1,000 Non-Voting Shares of £1 each and 98,115 Non-convertible Deferred Shares of £1
    each.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|(C) | All
       of the shares in Chlor Holdings are beneficially owned by New Ineos Holdings,
       which has been newly formed for the purpose of the transactions to which
       this Agreement relates. The issued share capital of Chlor 2, which has
       also been newly formed for that purpose, is £85, divided into 85
    ordinary shares, all of which are beneficially owned by New Ineos Holdings.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|(D) | Chlor
       1 proposes to regenerate part of its site at Runcorn, principally by the
       installation of a new 600,000 per annum tonne capacity membrane cell facility
       (the"Project").                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|(E) | Chlor Holdings, New Ineos Holdings, Newco 1, Newco 2 and Ineos Capital (together the"Ineos
           Parties")
    and JR on the one hand and ICI C&P, ICI and Ineos SPV                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     

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|                             | (together
      the"Original
      ICI Parties")
      on the other have agreed to provide or procure financial support in connection
    with the Project.                                                                                                                                                                                                                             
|---------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                             |                                                                                                                                                                                                                                                                                                                                                                                         
|(F)                          | In addition, a Regional Selective Assistance grant and loan have been awarded, subject to satisfaction of certain conditions, by the Department of Trade and Industry (the"DTI") to support the Project (together the"DTI Grant").                                                                                                                                                      
|                             |                                                                                                                                                                                                                                                                                                                                                                                         
|(G)                          | To facilitate the provision of that financial support, it is proposed that certain non-core assets and liabilities will be transferred by Chlor 1 to Chlor 2 (the"Business Transfer").                                                                                                                                                                                                  
|                             |                                                                                                                                                                                                                                                                                                                                                                                         
|(H)                          | The Ineos Parties are entering into the arrangements contemplated by the Transaction Documents on the basis that the Intra-Group Receivables will be written off and released as provided in Clause 5.2 (Write-off).                                                                                                                                                                    
|                             |                                                                                                                                                                                                                                                                                                                                                                                         
|(I)                          | Each Ineos Group Loan Lender has entered into this Agreement only to obtain the rights and undertake the obligations set out in Clause 9.1 (Ineos Group Loan) and Schedules 5 (Chlor 1 cash sharing arrangements) and 6 (Chlor 2 cash sharing arrangements) and Ineos Group has entered into this Agreement only to undertake the obligation set out in Clause 15.8 (Piggy-back Claims).
|                             |                                                                                                                                                                                                                                                                                                                                                                                         
|(J)                          | This Agreement, which has been executed by each of the parties to it as a deed, sets out the basis and framework which have been agreed between the parties with regard to the provision of financial support to Chlor 1 (alongside the DTI Grant) and Chlor 2, the Business Transfer and various related matters.                                                                      
|                             |                                                                                                                                                                                                                                                                                                                                                                                         
|(K)                          | By a transaction deed dated 25 October 2004 and made between the parties to this Agreement as originally executed and Ineos Holdings (the"2004 Transaction Deed"), this Agreement was amended with effect from the 2004 Amendment Date.                                                                                                                                                 
|                             |                                                                                                                                                                                                                                                                                                                                                                                         
|IT
    IS AGREED as follows:
|                             |                                                                                                                                                                                                                                                                                                                                                                                         
|1.                           | DEFINITIONS
    AND INTERPRETATION                                                                                                                                                                                                                                                                                                                                                      
|                             |                                                                                                                                                                                                                                                                                                                                                                                         
|1.1                          | Definitions                                                                                                                                                                                                                                                                                                                                                                             
|                             |                                                                                                                                                                                                                                                                                                                                                                                         
|                             | In
    this Agreement:                                                                                                                                                                                                                                                                                                                                                                  
|                             |                                                                                                                                                                                                                                                                                                                                                                                         
|                             | "2004
        Amendment Date"means
        the date on which the amendment of this Agreement pursuant to the Transaction
    Deed takes effect in accordance with the terms of that Deed.                                                                                                                                                                                               
|                             |                                                                                                                                                                                                                                                                                                                                                                                         
|                             | "2004
        Transaction Deed"has
    the meaning given to it in Background (K).                                                                                                                                                                                                                                                                                                       
|                             |                                                                                                                                                                                                                                                                                                                                                                                         
|                             | "Agreed
        Terms"means
        in the terms agreed between the parties and initialled for the purposes
        of identification by ICI's Lawyers and Ineos' Lawyers and shall include
        any subsequent amendments to those terms agreed and initialled in the
    same way;                                                                                                 
|                             |                                                                                                                                                                                                                                                                                                                                                                                         
|                             | "Agreed
        Tolerances"has
    the meaning given to it in Schedule 2, Paragraph 3.1                                                                                                                                                                                                                                                                                                 

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| | (Concept
    of Agreed Tolerances);                                                                                                                                                                                                                                                                                                                                                                       
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                                                                                                                                                                                                                                                                                                                                                                           
| | "Amended
          Barclays Facility Agreement"means
          the Existing Barclays Facility Agreement as amended pursuant to the
          Barclays Facility Amendment Agreement on or before the date of this
    Agreement;                                                                                                                                                                           
| |                                                                                                                                                                                                                                                                                                                                                                                                           
| | "Amended
          Barclays Security Document"means
          the all assets debentures dated 19 February 2001 granted by Chlor 1,
          Ineos Chlor Energy Limited and Ineos Chlor Sales International Limited
          in favour of Barclays, as amended pursuant to the Deed of Priority
    Amendment Deed;                                                                                      
| |                                                                                                                                                                                                                                                                                                                                                                                                           
| | "Amended
          ICI
Guarantee"means
the Existing ICI Guarantee as it is to be assigned, amended and restated pursuant
to the RLF and PIK Note Deed of Amendment;                                                                                                                                                                                                                                       
| |                                                                                                                                                                                                                                                                                                                                                                                                           
| | "Amended
            ICI Security Document"means
            the Existing ICI Security Document as it is to be amended and restated
    pursuant to the RLF and PIK Note Deed of Amendment;                                                                                                                                                                                                               
| |                                                                                                                                                                                                                                                                                                                                                                                                           
| | "Amended
            PIK Note Instrument"means
            the PIK Note Instrument as it is to be amended and restated pursuant
            to the RLF and PIK Note Deed of Amendment and as further amended
            pursuant to the 2004 Transaction Deed such that the PIK Note Instrument,
            as so amended, is for a principal amount of £40,000,000 (forty
    million pounds sterling);
| |                                                                                                                                                                                                                                                                                                                                                                                                           
| | "Amended
            PIK Notes"means
            the PIK Notes from time to time in issue subject to the terms of
    the Amended PIK Note Instrument;                                                                                                                                                                                                                                                    
| |                                                                                                                                                                                                                                                                                                                                                                                                           
| | "Amended
            RLF Agreement"means
            the RLF Agreement as it is to be novated, amended and restated pursuant
    to the RLF and PIK Note Deed of Amendment;                                                                                                                                                                                                                               
| |                                                                                                                                                                                                                                                                                                                                                                                                           
| | "Barclays"means
    Barclays Bank PLC;                                                                                                                                                                                                                                                                                                                                                                    
| |                                                                                                                                                                                                                                                                                                                                                                                                           
| | "Barclays
            Bond and Guarantee Facility"means
            the bond and guarantee facility of up to a maximum principal amount
            of £2,500,000 (two million, five hundred thousand pounds sterling)
    made available or to be made available by Barclays to Chlor 1;                                                                                                                 
| |                                                                                                                                                                                                                                                                                                                                                                                                           
| | "Barclays
            Deed of Release"means
            the deed of release in the Agreed Terms to be entered into by Barclays
            on or before the date of this Agreement (but to take effect on the
            Effective Date (as defined in the Barclays Facility Amendment Agreement))
    relating to the Barclays Security Package;                                                        
| |                                                                                                                                                                                                                                                                                                                                                                                                           
| | "Barclays
            Deferred Payment"has
            the meaning given to it in Schedule 5, Paragraph 5.4(2) (Payment
    restrictions under Barclays Facility);                                                                                                                                                                                                                                        
| |                                                                                                                                                                                                                                                                                                                                                                                                           
| | "Barclays
            Facility Amendment Agreement"means
            the agreement in the Agreed Terms to be entered into between Barclays
            and Chlor 1 on or before the date of this Agreement (but to take
            effect on the Effective Date, as defined in that agreement) amending
    the Existing Barclays Facility Agreement;                                                    
| |                                                                                                                                                                                                                                                                                                                                                                                                           
| | "Barclays
            Security Package"means
    the First Facility Security Documents (as                                                                                                                                                                                                                                                                                                                

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| | defined
    in the New Deed of Priority);                                                                                                                                                                                                                                                                                                                                                                          
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                                                                                                                                                                                                                                                                                                                                                                                    
| | "Board"means
    the board of directors of Chlor 1 from time to time;                                                                                                                                                                                                                                                                                                                                              
| |                                                                                                                                                                                                                                                                                                                                                                                                                    
| | "Bond"has
    the meaning given to it in the Amended RLF Agreement;                                                                                                                                                                                                                                                                                                                                                
| |                                                                                                                                                                                                                                                                                                                                                                                                                    
| | "Brine
            Agreement"means
            the supply agreement in the Agreed Terms to be entered into between
            Chlor 1 and Chlor 2 for the long term supply of purified brine by
    Chlor 2 and related matters;                                                                                                                                                                                  
| |                                                                                                                                                                                                                                                                                                                                                                                                                    
| | "Business
            Day"means
            a day (other than a Saturday or Sunday) on which banks are open for
    general business in London;                                                                                                                                                                                                                                                                    
| |                                                                                                                                                                                                                                                                                                                                                                                                                    
| | "Business
            Properties"means
            the real properties and real property rights to be transferred by
    Chlor 1 to Chlor 2 pursuant to the Business Transfer Agreement;                                                                                                                                                                                                                           
| |                                                                                                                                                                                                                                                                                                                                                                                                                    
| | "Business
            Transfer"has
    the meaning given to it in Background (G);                                                                                                                                                                                                                                                                                                                                  
| |                                                                                                                                                                                                                                                                                                                                                                                                                    
| | "Business
            Transfer Agreement"means
            the agreement in the Agreed Terms to be entered into between Chlor
    1 and Chlor 2 to implement the Business Transfer;                                                                                                                                                                                                                                
| |                                                                                                                                                                                                                                                                                                                                                                                                                    
| | "Business
            Transfer Documents"means
            the IP Licence, the Brine Agreement, the Profit a Prendre Easement,
            the Products Agreement, the Services Agreement, the Mercury Cell
            Anode Agreement, the FM21 Electrolyser Agreement, the Patent Assignment,
            the Trade Mark Assignment, the Genesis Deed, the Property Transfers
    and the Deed of Participation;
| |                                                                                                                                                                                                                                                                                                                                                                                                                    
| | "Cash
            Sharing Start Date"has
            the meaning given to it in Schedule 5, Paragraph 2.1 (Additional
    definitions for Schedule 5);                                                                                                                                                                                                                                                             
| |                                                                                                                                                                                                                                                                                                                                                                                                                    
| | "Chlor
            1 Articles"means
            the articles of association in the Agreed Terms to be adopted by
    Chlor 1;                                                                                                                                                                                                                                                                                      
| |                                                                                                                                                                                                                                                                                                                                                                                                                    
| | "Chlor
            1 Employee Share Scheme"means
            the employee share scheme to be adopted, in accordance with the Agreed
            Terms"Chlor
            1 Employee Share Scheme Proposals",
            under Clause 15.1(b) (Employee
    shares);                                                                                                                                                
| |                                                                                                                                                                                                                                                                                                                                                                                                                    
| | "Chlor
            1 Group"means
    Chlor 1 and its subsidiaries from time to time;                                                                                                                                                                                                                                                                                                                               
| |                                                                                                                                                                                                                                                                                                                                                                                                                    
| | "Chlor
            1 Shareholders Agreement"means
            the shareholders agreement in the Agreed Terms relating to Chlor
            1,to
            be entered into between Ineos SPV, Chlor Holdings, Newco 2 and Chlor
    1;                                                                                                                                                                            
| |                                                                                                                                                                                                                                                                                                                                                                                                                    
| | "Chlor
            2 Articles"means
            the articles of association in the Agreed Terms to be adopted by
    Chlor 2;                                                                                                                                                                                                                                                                                      
| |                                                                                                                                                                                                                                                                                                                                                                                                                    
| | "Chlor
            2 Employee Share Scheme"means
            the employee share scheme to be adopted, in accordance with the Agreed
            Terms"Chlor
            2 Employee Share Scheme Proposals",
            under Clause 15.1(a) (Employee
    shares);                                                                                                                                                

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| | "Chlor
          2 Group"means
    Chlor 2 and its subsidiaries from time to time;                                                                                                                                                                                                                                                                                                                                                                            
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | "Chlor
            2 Shareholders Agreement"means
            the shareholders agreement in the Agreed Terms relating to Chlor
            2, to be entered into between Ineos SPV, New Ineos Holdings and Chlor
    2;                                                                                                                                                                                                                                       
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | "Common
            Funding Conditions"has
            the meaning given to it in Clause 10.2 (Common
    Funding Conditions);                                                                                                                                                                                                                                                                                                                                
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | "Completion"has
          the meaning given to it in Clause 3.1 (Completion
    arrangements);                                                                                                                                                                                                                                                                                                                                                                
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | "Conditions"has
    the meaning given to it in Clause 2.1 (Conditions);                                                                                                                                                                                                                                                                                                                                                                                       
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | "Contributions
            Date"has
            the meaning given to it in Clause 6.2 (Provision
    of Contributions);                                                                                                                                                                                                                                                                                                                                       
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | "Counterparty"has
          the meaning given to it in Clause 4.1 (Novation
    of Remaining Non-novated Contracts);                                                                                                                                                                                                                                                                                                                                          
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | "Deed
            of Novation of Chlor 2 Advance"means
            the deed of novation in the Agreed Terms to be entered into between
            Chlor 2 and Chlor 1 in respect of the novation of obligations in
            respect of the sum of £18,000,000 (eighteen million pounds
    sterling) drawn by Chlor 2 under the Amended RLF Agreement;                                                                                                    
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | "Deed
            of Participation"means
            the deed of participation in the Agreed Terms to be entered into
            between Chlor 1, Ineos Chlor Trustees Limited and Chlor 2 in respect
    of the Ineos Chlor Pension Fund;                                                                                                                                                                                                                   
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | "Deed
            of Priority Amendment Deed"means
            the deed of amendment relating to a deed of priority in the Agreed
            Terms to be entered into between (amongst others) Chlor 1, Barclays,
            ICI (as ICI trustee) and Ineos Capital (as Ineos representative)
            on or before the date of this Agreement (but to take effect on the
    Effective Date, as defined in the Barclays Facility Amendment Agreement);  
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | "DTI"and"DTI
            Grant"have
    the meanings given to them respectively in Background (F);                                                                                                                                                                                                                                                                                                                                                            
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | "DTI
            Grant Offer Letter"means
            the letter sent or to be sent on or about the date of this Agreement
            from the Secretary of State to Chlor 1 in the Agreed Terms offering
    the DTI Grant on the terms set out in that letter;                                                                                                                                                                                             
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | "EVC"means
    EVC International N.V.;                                                                                                                                                                                                                                                                                                                                                                                                                        
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | "EVC
            Companies"means
            EVC, European Vinyls Corporation (UK) Limited, European Vinyls Corporation
            (Deutschland) GmbH, European Vinyls Corporation (International) SA/NA,
            European Vinyls Corporation (Italia) S.p.A, EVC International Coordination
            Centre SA/NV and any other subsidiary of EVC which is a party to
            any of the novations listed in Schedule 8 (Up-Front
    novations);
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | "EVC
            Shares"means
    the 16,099,981 shares of 1 euro each in EVC owned by Ineos                                                                                                                                                                                                                                                                                                                                                                  

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| | Vinyls
    Limited;                                                                                                                                                                                                                                                                                                                       
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                                                                                                                                                                                                                                                                                                           
| | "Event
            of Default"has
    the meaning given to it in the Amended RLF Agreement;                                                                                                                                                                                                                                               
| |                                                                                                                                                                                                                                                                                                                                           
| | "Existing
            Barclays Facility Agreement"means
            the £60,000,000 (sixty million pounds sterling) sales ledger
            financing agreement dated 9 January 2001 and made between Barclays
    and Chlor 1;                                                                                                          
| |                                                                                                                                                                                                                                                                                                                                           
| | "Existing
            Deed of Priority"means
            the deed of priority dated 20 February 2001 and made between Chlor
    1 (and certain of its affiliates), ICI and Barclays;                                                                                                                                                      
| |                                                                                                                                                                                                                                                                                                                                           
| | "Existing
            ICI Guarantee"means
            the composite deed of guarantee dated 20 February 2001 and made between
    Ineos Chlor Energy Limited and others in favour of ICI;                                                                                                                                                 
| |                                                                                                                                                                                                                                                                                                                                           
| | "Existing
            ICI Security Document"means
            the ICI security document dated 20 February 2001 and made between
            Chlor 1 (and certain of its affiliates) and ICI (in its separate
            capacities as Original Second Creditor and ICI Trustee, as defined
    in that document);                        
| |                                                                                                                                                                                                                                                                                                                                           
| | "Existing
            ICI Share Pledge"means
            the share pledge over EVC Shares made by Ineos Vinyls Limited in
    favour of ICI;                                                                                                                                                                                              
| |                                                                                                                                                                                                                                                                                                                                           
| | "FM21
            Electrolyser Agreement"means
            the FM21 Electrolyser agreement in the Agreed Terms to be entered
            into between Chlor 1 and Chlor 2 pursuant to which Chlor 2 licenses
            technology and provides support and recoating services to the cellroom
    of Chlor 1 which uses FM21 technology;
| |                                                                                                                                                                                                                                                                                                                                           
| | "Funding
            Arrangements"means
            the facilities and other forms of financial accommodation to be made
    available:                                                                                                                                                                                                   

| |                                                                                                                                                                                                                                     |                                                                                                                                                                             
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (a)                                                                                                                                                                                                                                 | by Ineos SPV, under this Agreement in relation to the New PIK Notes Subscription and pursuant to the Amended RLF Agreement in relation to the RLF Further Advances Facility;
| |                                                                                                                                                                                                                                     |                                                                                                                                                                             
| | (b)                                                                                                                                                                                                                                 | to Chlor 2, pursuant to the Ineos External Debt Agreements and the Ineos Internal Debt Agreement;                                                                           
| |                                                                                                                                                                                                                                     |                                                                                                                                                                             
| | (c)                                                                                                                                                                                                                                 | by Chlor 2, under this Agreement in relation to the Ineos Contribution;                                                                                                     
| |                                                                                                                                                                                                                                     |                                                                                                                                                                             
| | (d)                                                                                                                                                                                                                                 | by the Ineos Group Loan Lenders, pursuant to the Ineos Group Loan Agreement;                                                                                                
| |                                                                                                                                                                                                                                     |                                                                                                                                                                             
| | (e)                                                                                                                                                                                                                                 | by Ineos Capital, pursuant to the Ineos Standby Facility Agreement;                                                                                                         
| |                                                                                                                                                                                                                                     |                                                                                                                                                                             
| | "Genesis
        Deed"means
        the deed in the Agreed Terms to be entered into between New Ineos Holdings
        and Ineos SPV establishing certain principles for certain of the contracts
    to be awarded on the Project;
| |                                                                                                                                                                                                                                     |                                                                                                                                                                             
| | "Golden
          Share Exercise"means
          exercise of the Right of Conversion (as defined in the Chlor 1 Shareholders
    Agreement) pursuant to Clause 11.4 of the Chlor 1                                                 

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| | Shareholders
        Agreement and/or the Call Option (as defined in the Chlor 1 Shareholders
    Agreement) pursuant to Clause 11.5 of the Chlor 1 Shareholders Agreement);                                                                                                                                                                                                                                                                                                                                                                                                                             
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | "HBOS
            Deferred Payment"has
            the meaning given to it in Schedule 6, Paragraph 4.5(2) (Payment
    restrictions under Ineos External Debt Agreements);                                                                                                                                                                                                                                                                                                                                                                                                                              
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | "Huntsman
            Companies"means
            Huntsman International Holdings LLC, Huntsman International LLC,
            Huntsman Petrochemicals (UK) Limited and any other company within
            the Huntsman Speciality Chemicals Corporation group which is a party
            to any of the novations listed in Schedule 8 (Up-Front
    novations);                                                                                                                                                                                                                                     
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | "ICI
            Deed of Release"means
            the deed of release in the Agreed Terms to be entered into by, amongst
            others, ICI releasing, amongst other things, the assets being transferred
            to Chlor 2 pursuant to the Business Transfer Agreement from the security
            granted on 20 February 2001 under the Existing ICI Security Document,
            save with respect to the Intra-Group Receivables, the EVC Shares
            pledged directly to ICI and the EVC Shares pledged to Chlor 1 as
    security for certain of the Intra-Group Receivables;
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | "ICI
            Group"means
            any of the following from time to time: ICI, its subsidiaries and
            subsidiary undertakings and any holding company of ICI and all other
            subsidiaries and subsidiary undertakings of any holding company of
            ICI and"member
            of the ICI Group"shall
    be construed accordingly;                                                                                                                                                                                                                                   
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | "ICI
            Parties"means
    the Original ICI Parties other than Ineos SPV;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | "ICI
            Piggy-back Claim"means
            a claim which ICI has against Chlor 1 in respect of any Losses suffered
            or incurred by ICI or any member of the ICI Group in relation to
    any Permitted Piggy-back Claim;                                                                                                                                                                                                                                                                                                                                                             
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | "ICI's
            Lawyers"means
            Mayer, Brown, Rowe & Maw LLP of 11 Pilgrim Street, London EC4V
    6RW;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | "Index-linked"in
          relation to an amount and a relevant date on which it falls to be calculated
          or paid means that that amount shall be increased or decreased by the
          same percentage as the increase or decrease in the General Index of
          Retail Prices (all Items) published by HM Government or any delegated
          authority or successor (or if that Index is discontinued, of any successor
          index) from the date of this Agreement up to the most recent publication
    of that Index (or successor index) prior to the relevant date;         
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | "Ineos
            Capital Investors"means
    the shareholders in Ineos Capital other than JR;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | "Ineos
            Companies"means
            the Ineos Parties and any other company or entity (other than Chlor
            2, Chlor 1 or any of their respective subsidiaries) associated with
    any of them;                                                                                                                                                                                                                                                                                                                                                                                      
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | "Ineos
            Contribution"means
            capital contributions of up to £25,000,000 (twenty five million
            pounds sterling) in aggregate to be made by Chlor 2 to Chlor 1 pursuant
    to                                                                                                                                                                                                                                                                                                                                                                                             

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| | Clause 8.3 (Ineos
    Contribution);                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | "Ineos
          Default"has
          the meaning given to it in Schedule 9, Paragraph 1 (Definitions
    for Schedule 9);                                                                                                                                                                                                                                                                                                                                                                                                   
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | "Ineos
          External Debt"means
          the loans of in aggregate £20,000,000 (twenty million pounds
          sterling) to be made to Chlor 2 by external funders (being persons
          other than Ineos Companies, JR, Ineos Capital Investors, Chlor 1, Chlor
          2 or any subsidiaries of Chlor 1 or Chlor 2) pursuant to the Ineos
          External Debt Agreements, to be provided for the purpose of Chlor 2
          fulfilling its obligations under Clause 8.3 (Ineos
    Contribution);         
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | "Ineos
          External Debt Agreements"means
          the agreement or agreements pursuant to which the Ineos External Debt
          will be lent and a £5,000,000 (five million pounds sterling)
          working capital facility will be provided to Chlor 2, to be entered
          into on terms approved by ICI (that approval not to be unreasonably
          withheld or delayed in respect of any agreement or agreements reflecting
    in all material respects the Ineos External Debt Commitment Letter);
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | "Ineos
          External
Debt Commitment Letter"means
the commitment letter in the Agreed Terms to be sent by the Governor and Company
of the Bank of Scotland to New Ineos Holdings and Chlor 2;                                                                                                                                                                                                                                                                                                                            
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | "Ineos
          External Debt Intercreditor Deed"means
          any intercreditor deed entered into by, amongst others, Chlor 2 and
    Ineos SPV pursuant to the Ineos External Debt Agreements;                                                                                                                                                                                                                                                                                                                           
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | "Ineos
          Group Loan"means
          loans in the aggregate sum of £56,000,000 (fifty-six million
          pounds sterling) (or such lesser amount as the parties may agree under
          Clause 9.2 (Cancellation
          of part of Ineos Group Loan and Tranche B))
          to be made available by the Ineos Group Loan Lenders to Chlor 1 pursuant
          to Clause 9.1 (Ineos
          Group Loan)
    on the terms of the Ineos Group Loan Agreement;                                                
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | "Ineos
          Group Loan Agreement"means
          the revolving facilities agreement originally entered into on 31 July
          2003 in the Agreed Terms by the Ineos Group Loan Lenders (other than
          Ineos Holdings) and Chlor 1 (as subsequently amended, including by
          the accession of Ineos Holdings as a lender), pursuant to which the
    Ineos Group Loan will be lent to Chlor 1;                                                                                                           
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | "Ineos
          Internal Debt"means
          the aggregate sum of £5,000,000 (five million pounds sterling)
          to be lent by Ineos Capital to Chlor 2 pursuant to Clause 8.1 (Ineos
          Internal Debt)
          on the terms of the Ineos Internal Debt Agreement for the purpose of
          Chlor 2 fulfilling its obligations under Clause 8.3 (Ineos
    Contribution);                                                                                                                                  
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | "Ineos
          Internal Debt Agreement"means
          the agreement to be entered into on or before the date of this Agreement
          in the Agreed Terms pursuant to which the Ineos Internal Debt will
    be lent to Chlor 2;                                                                                                                                                                                                                                                                                        
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | "Ineos'
          Lawyers"means
    Slaughter and May of One Bunhill Row, London EC1Y                                                                                                                                                                                                                                                                                                                                                                                                                                         

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| | 8YY;                                                                                                                                                                                                                                                                     
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                                                                                                                                                                                                                                          
| | "Ineos
          Parties"has
    the meaning given to it in Background (E);                                                                                                                                                                                              
| |                                                                                                                                                                                                                                                                          
| | "Ineos
          Refinancing Agreement"means
          any agreement pursuant to which all or any of an Ineos Refinancing
          (as defined in the Chlor 1 Shareholders Agreement) is provided to Chlor
    1;                                                       
| |                                                                                                                                                                                                                                                                          
| | "Ineos
          Security Agreement"means
          the security agreement in the Agreed Terms to be entered into by Chlor
          1 in favour of the Ineos Group Loan Lenders and the providers of the
    Ineos Standby Facility;                                    
| |                                                                                                                                                                                                                                                                          
| | "Ineos
          SPV Default"has
          the meaning given to it in Schedule 9, Paragraph 1 (Definitions
    for Schedule 9);                                                                                                                                          
| |                                                                                                                                                                                                                                                                          
| | "Ineos
          SPV Refinancing Moneys"means
          any money provided to Chlor 1 by, or guaranteed by, Ineos SPV at any
    time on or after Golden Share Exercise;                                                                                                 
| |                                                                                                                                                                                                                                                                          
| | "Ineos
          Standby Facility"means
          a £20,000,000 (twenty million pounds sterling) standby facility
          to be provided by Ineos Capital to Chlor 1 on the terms of the Ineos
    Standby Facility Agreement;                                         
| |                                                                                                                                                                                                                                                                          
| | "Ineos
          Standby Facility Agreement"means
          the facility agreement in the Agreed Terms originally entered into
          on 31 July 2003 between Ineos Capital and Chlor 1 for the provision
    of the Ineos Standby Facility (as subsequently amended);
| |                                                                                                                                                                                                                                                                          
| | "Initial
          IGL Amount"means £20,000,000
    (twenty million pounds sterling);                                                                                                                                                                                    
| |                                                                                                                                                                                                                                                                          
| | "Initial
          Strategic Plan"means
          the strategic plan for Chlor 1 in the Agreed Terms reflecting the timetable,
    actions and financing involved in achieving completion of the Project;                                                                
| |                                                                                                                                                                                                                                                                          
| | "Intra-Group
    Receivables"means:-                                                                                                                                                                                                                                     
| |                                                                                                                                                                                                                                                                          
| | (a)                                                                                                                                                                                                                                                                      
| |                                                                                                                                                                                                                                                                          
| |                                                                                                                                                                                                                                                                          
| |                                                                                                                                                                                                                                                                          
| |                                                                                                                                                                                                                                                                          
| |                                                                                                                                                                                                                                                                          
| |                                                                                                                                                                                                                                                                          
| |                                                                                                                                                                                                                                                                          
| | (b)                                                                                                                                                                                                                                                                      

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| |  | Company;
| |  | --------
| |  |         

| | "IP
            Licence"means
        the perpetual, worldwide, royalty-free, irrevocable licence of intellectual
        property in the Agreed Terms to be entered into between Chlor 1 and Chlor
    2;                                                                                                                                                                                                                                                                           
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | "Lawson
          House"means
          the freehold property in Runcorn known as Lawson House which is more
          particularly defined in item 10 in schedule 8 to the Business Transfer
    Agreement;                                                                                                                                                                                                                                                                         
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | "Lawson
          House Intra-Group Receivable"means
          a receivable falling within paragraph (b) of the definition of "Intra-Group
    Receivables";                                                                                                                                                                                                                                                                                                                         
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | "Litigation
          Waiver"means
          the deed of waiver and settlement in the Agreed Terms to be entered
          into by Chlor Holdings (for itself and on behalf of each Designated
          Purchaser and each other member of the Wider Ineos Group, as defined
          in the deed, other than Chlor 1 and Chlor 2), Chlor 1 and Chlor 2 in
          favour of each relevant member of the ICI Group in connection with
    the MSPA and certain related documents;
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | "London
          Stock Exchange"means
    London Stock Exchange plc;                                                                                                                                                                                                                                                                                                                                                                                                                
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | "Long
          Stop Date"means
          31 December 2003 or such later date as ICI and Ineos Capital may agree
    in writing;                                                                                                                                                                                                                                                                                                                                                     
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | "Losses"in
        respect of any matter, event or circumstance, includes all demands, claims,
        actions, proceedings, damages, payments, losses, costs, expenses or other
    liabilities;                                                                                                                                                                                                                                                                                    
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | "Management
          Agreement Deed of Amendment"means
          the deed of amendment in the Agreed Terms to be entered into between
          Chlor 1, Ineos Capital, Ineos Capital Partners and ICI C&P amending
          the management agreement dated 9 January 2001 made between Chlor 1
    and Ineos Capital;                                                                                                                                                             
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | "Mercury
          Cell Anode Agreement"means
          the mercury cell anode agreement in the Agreed Terms to be entered
          into between Chlor 1 and Chlor 2 pursuant to which Chlor 2 recoats
          anodes, licenses technology and assumes other obligations in relation
    to the mercury cell rooms and operations of Chlor 1;                                                                                                                                     
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | "MSPA"has
    the meaning given to it in Background (A);                                                                                                                                                                                                                                                                                                                                                                                                                             
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | "MSPA
          Deed of Amendment"means
          the deed of amendment of the MSPA and certain related documents in
          the Agreed Terms to be entered into between the parties to the MSPA,
    Chlor 2, New Ineos Holdings and ICI C&P;                                                                                                                                                                                                                                     
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | "New
          Deed of Priority"means
          the Existing Deed of Priority as amended and restated pursuant to the
    Deed of Priority Amendment Deed;                                                                                                                                                                                                                                                                                                                           
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | "New
          Management Agreement"means
          the new management agreement in the Agreed Terms setting out the management
    fees payable by Chlor 2 to Ineos Capital                                                                                                                                                                                                                                                                                                         

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| | Partners to be
    entered into by those parties;                                                                                                                                                                                                                                                                                                                                                                              
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                                                                                                                                                                                                                                                                                                                                                                                                
| | "New
          PIK Notes Subscription"means
          a subscription of up to £30,000,000 (thirty million pounds sterling)
          in aggregate to be made by Ineos SPV for the issue of further PIK Notes
          pursuant to the Amended PIK Note Instrument, of which £5,517,000
          (five million, five hundred and seventeen thousand pounds sterling)
          has been drawn as at the 2004 Transaction Date;
| |                                                                                                                                                                                                                                                                                                                                                                                                                                
| | "New
          Shareholders Agreements"means
    the Chlor 1 Shareholders Agreement and the Chlor 2 Shareholders Agreement;                                                                                                                                                                                                                                                                                                    
| |                                                                                                                                                                                                                                                                                                                                                                                                                                
| | "Novation"has
        the meaning given to it in Clause 4.1 (Novation
    of Remaining Non-novated Contracts);                                                                                                                                                                                                                                                                                                                 
| |                                                                                                                                                                                                                                                                                                                                                                                                                                
| | "On
            Plan"has
        the meaning given to it in relation to the Project in Schedule 2, Paragraph
        4.1(1) (Definition
        of "On Plan" and "Outside Plan")
        and in relation to expenditure has the meaning given to it in Schedule
        2, Paragraph 4.1(2) (Definition
    of "On Plan" and "Outside Plan");                                                                                  
| |                                                                                                                                                                                                                                                                                                                                                                                                                                
| | "Original
          ICI Parties"has
    the meaning given to it in Background (E);                                                                                                                                                                                                                                                                                                                                             
| |                                                                                                                                                                                                                                                                                                                                                                                                                                
| | "Outside
          Plan"in
          relation to the Project has the meaning given to it in Schedule 2,
          Paragraph 4.1(3) (Definition
          of "On Plan" and "Outside Plan")
          and in relation to expenditure has the meaning given to it in Schedule
          2, Paragraph 4.1(4) (Definition
    of "On Plan" and "Outside Plan");                                                                     
| |                                                                                                                                                                                                                                                                                                                                                                                                                                
| | "Outside
          Plan Remedy Period"has
          the meaning given to it in Schedule 2, Paragraph 4.2(1)(b) (Effect
    of Project being Outside Plan);                                                                                                                                                                                                                                                                     
| |                                                                                                                                                                                                                                                                                                                                                                                                                                
| | "Patent
          Assignment"means
          the patent assignment in the Agreed Terms to be entered into between
    Chlor 1 and Chlor 2;                                                                                                                                                                                                                                                                                     
| |                                                                                                                                                                                                                                                                                                                                                                                                                                
| | "Permitted
          Piggy-back Claim"means
          any Piggy-back Claim brought by any member of the Kestrel and Canary
          Purchaser's Group (as defined in the MSPA) against any member of the
    ICI Group insofar as it either:                                                                                                                                                                                  
| |                                                                                                                                                                                                                                                                                                                                                                                                                                
| | (c)                                                                                                                                                                                                                                                                                                                                                                                                                            
| |                                                                                                                                                                                                                                                                                                                                                                                                                                
| | (d)                                                                                                                                                                                                                                                                                                                                                                                                                            
| |                                                                                                                                                                                                                                                                                                                                                                                                                                
| | "Piggy-back
          Claim"means
    a claim brought by any member of the Kestrel and                                                                                                                                                                                                                                                                                                                                         

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| | Canary Purchaser's
        Group or other member of the Wider Ineos Group under schedule 15B of
        the MSPA (as amended by the MSPA Deed of Amendment) in respect of a matter
        in circumstances where ICI is entitled to an indemnity from Chlor 1 pursuant
        to schedule 15A of the MSPA (as amended by the MSPA Deed of Amendment)
    in respect of that matter;
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                                                                                                                                                                                                                                                                                                                                                      
| | "PIK
          Note Instrument"means
          the instrument constituting £50,000,000 8% unsecured loan notes
          December 2010 and warrants entered into on 9 January 2001 by Chlor
    1;                                                                                                                                                                                   
| |                                                                                                                                                                                                                                                                                                                                                                                      
| | "PIK
          Notes"means
          the loan notes from time to time in issue pursuant to the PIK Note
    Instrument or, as the case may be, the Amended PIK Note Instrument;                                                                                                                                                                                                      
| |                                                                                                                                                                                                                                                                                                                                                                                      
| | "Products
          Agreement"means
          the products agreement in the Agreed Terms to be entered into between
    Chlor 1 and Chlor 2 relating to the mutual supply of products;                                                                                                                                                                                               
| |                                                                                                                                                                                                                                                                                                                                                                                      
| | "Profit
          a Prendre Easement"means
          the deed to be entered into in the Agreed Terms between Chlor 2 and
          Chlor 1 as to easements at Cranage and Ravenscroft and certain easements
    regarding brine facilities and pipes at Northwich, Cheshire;                                                                                                         
| |                                                                                                                                                                                                                                                                                                                                                                                      
| | "Project"has
    the meaning given to it in Background (D);                                                                                                                                                                                                                                                                                                                          
| |                                                                                                                                                                                                                                                                                                                                                                                      
| | "Project
          Agreement"means
          any agreement or arrangement entered into from time to time by Chlor
    1 or any of its subsidiaries in relation to the Project;                                                                                                                                                                                                       
| |                                                                                                                                                                                                                                                                                                                                                                                      
| | "Project
          Cost"has
          the meaning given to it in Schedule 2, Paragraph 1.2 (Project
    Cost);                                                                                                                                                                                                                                                                       
| |                                                                                                                                                                                                                                                                                                                                                                                      
| | "Project
          Scope"has
          the meaning given to it in Schedule 2, Paragraph 1.1 (Project
    Scope);                                                                                                                                                                                                                                                                     
| |                                                                                                                                                                                                                                                                                                                                                                                      
| | "Project
          Timetable"has
          the meaning given to it in Schedule 2, Paragraph 1.3 (Project
    Timetable);                                                                                                                                                                                                                                                             
| |                                                                                                                                                                                                                                                                                                                                                                                      
| | "Property
          Transfers"means
          the assignments and transfers of the Business Properties to be entered
          into between Chlor 1 and Chlor 2 pursuant to Clause 15.9 (Property
          Transfers)
    of this Agreement and schedules 1 and 5 to the Business Transfer Agreement.                                                                               
| |                                                                                                                                                                                                                                                                                                                                                                                      
| | "Relevant
          Barclays Prohibition"has
          the meaning given to it in Schedule 5, Paragraph 5.4(1) (Payment
    restrictions under Barclays facility);                                                                                                                                                                                                                   
| |                                                                                                                                                                                                                                                                                                                                                                                      
| | "Relevant
          HBOS Prohibition"has
          the meaning given to it in Schedule 6, Paragraph 4.5(1) (Payment
    restrictions under Ineos External Debt Agreement);                                                                                                                                                                                                           
| |                                                                                                                                                                                                                                                                                                                                                                                      
| | "Remaining
          Non-novated Contracts"means
          the contracts listed in Schedule 3 (Remaining
    Non-novated Contracts);                                                                                                                                                                                                                                                 
| |                                                                                                                                                                                                                                                                                                                                                                                      
| | "Requested
          Contributions Proportion"and"Requested
          Loan Proportion"each
          has the meaning given to it in Clause 6.1 (Chlor
    1 request for funds);                                                                                                                                                                                                      

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| | "RLF
      Agreement"means the revolving facility agreement dated 9 January 2001 and made between
      Chlor 1 (as the borrower) and ICI (as the lender);                                                                                                                                                                                               
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                                                                                                                                                                                                                                                                                                                          
| | "RLF
      and PIK Note Deed of Amendment"means
      the deed of novation, amendment and restatement in the Agreed Terms, amongst
      other things novating, amending and restating the RLF Agreement and amending
      and restating the PIK Note Instrument, to be entered into between (amongst
      others) Chlor 1, ICI, Ineos SPV and Chlor 2;
| |                                                                                                                                                                                                                                                                                                                                                          
| | "RLF
      Further Advance"means
      a Tranche A Advance or a Tranche B Advance and, unless the context requires
      otherwise,"RLF
      Further Advances"means, together, all of the Tranche A Advances and the Tranche B Advances;                                                                                                                
| |                                                                                                                                                                                                                                                                                                                                                          
| | "RLF
      Further Advances Facility"means the £60,000,000 (sixty million pounds sterling) Further Advances
      Facility, the terms of which are set out in the Amended RLF Agreement, pursuant
      to which the RLF Further Advances are to be made available;                                                                                      
| |                                                                                                                                                                                                                                                                                                                                                          
| | "Secretary
      of State"means the Secretary of State for Trade and Industry;                                                                                                                                                                                                                                                                           
| |                                                                                                                                                                                                                                                                                                                                                          
| | "Services
      Agreement"means the services agreement in the Agreed Terms to be entered into between
      Chlor 1 and Chlor 2 relating to the supply by Chlor 1 to Chlor 2 of certain
      services;                                                                                                                                                  
| |                                                                                                                                                                                                                                                                                                                                                          
| | "Specified
      Regeneration Expenditure"has the meaning given to it in Schedule 5, Paragraph 2.1 (Additional
      definitions for Schedule 5);                                                                                                                                                                                                        
| |                                                                                                                                                                                                                                                                                                                                                          
| | "Strategic
      Plan"means
      the Initial Strategic Plan as from time to time supplemented or otherwise
      amended pursuant to the Chlor 1 Shareholders Agreement;                                                                                                                                                                                
| |                                                                                                                                                                                                                                                                                                                                                          
| | "Subordination
      Letters"means the letters in the Agreed Terms to be sent to the Department of Trade
      and Industry by certain creditors of Chlor 1 and Chlor 2 respectively;                                                                                                                                                                    
| |                                                                                                                                                                                                                                                                                                                                                          
| | "Takeover
      Panel"means the Panel on Takeovers and Mergers;                                                                                                                                                                                                                                                                                          
| |                                                                                                                                                                                                                                                                                                                                                          
| | "Trade
      Mark Assignment"means
      the trade mark assignment in the Agreed Terms to be entered into between
      Chlor 1 and Chlor 2;                                                                                                                                                                                                             
| |                                                                                                                                                                                                                                                                                                                                                          
| | "Tranche
      A"means
      Tranche A of the RLF Further Advances Facility of up to £30,000,000
      (thirty million pounds sterling), as more particularly described in the
      Amended RLF Agreement;                                                                                                                                              
| |                                                                                                                                                                                                                                                                                                                                                          
| | "Tranche
      A Advance"has the meaning given to it in the Amended RLF Agreement;                                                                                                                                                                                                                                                                       
| |                                                                                                                                                                                                                                                                                                                                                          
| | "Tranche
      B"means
      Tranche B of the RLF Further Advances Facility of up to £30,000,000
      (thirty million pounds sterling), as more particularly described in the
      Amended RLF Agreement;                                                                                                                                              
| |                                                                                                                                                                                                                                                                                                                                                          
| | "Tranche
      B Advance"has
      the meaning given to it in the Amended RLF Agreement;                                                                                                                                                                                                                                                                 

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|    | "Transaction
      Documents"means this Agreement, each of the other documents listed in Schedule 4 (Transaction
      Documents)
      and any other document designated from time to time as a Transaction Document
      by agreement between ICI and Ineos Capital;
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                        
|    | "Transfer
      Completion"means completion of the Business Transfer Agreement in accordance with its
      terms;                                                                                                                                                     
|    |                                                                                                                                                                                                                                                                        
|    | "Unpaid
      Sums"has the meaning given to it in the Amended RLF Agreement;                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                        
|    | "UK
      Listing Authority"means the Financial Services Authority in its capacity as the competent
      authority for the purposes of the Financial Services and Markets Act 2000;                                                                                   
|    |                                                                                                                                                                                                                                                                        
|    | "Wider
      Ineos Group"has the meaning given to it in the Chlor 1 Shareholders Agreement;                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                        
|    | "Zero
      Coupon Loan Note Instrument"means the zero coupon loan note instrument in the Agreed Terms resulting
      from the division, by way of amendment and restatement, of the PIK Note
      Instrument pursuant to the RLF and PIK Note Deed of Amendment; and
|    |                                                                                                                                                                                                                                                                        
|    | "Zero
      Coupon Loan Notes"means the loan notes in issue from time to time pursuant to the Zero Coupon
      Loan Note Instrument.                                                                                                                                  
|    |                                                                                                                                                                                                                                                                        
|1.2 | Contents
      page and headings                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                        
|    | In
      this Agreement, the contents page and headings are included for convenience
      only and shall not affect the interpretation or construction of this Agreement.                                                                                             
|    |                                                                                                                                                                                                                                                                        
|1.3 | Meaning
      of references                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                        
|    | In
      this Agreement, unless the context requires otherwise, any reference to:                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                        
|    | (a)                                                                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                        
|    | (b)                                                                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                        
|    | (c)                                                                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                        
|    | (d)                                                                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                        
|    | (e)                                                                                                                                                                                                                                                                    

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|    |                                                                                                                                                                                                                     | corporation,
      government, state or agency of state, association, partnership or joint
      venture (whether or not having a separate legal personality);                                                                                                                                                                                                                                                                                                                                                               
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    | (f)                                                                                                                                                                                                                 | acompanyincludes
      any company, corporation or other body corporate wherever and however incorporated
      or established;                                                                                                                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    | (g)                                                                                                                                                                                                                 | a
      person beingassociatedwith another
      person shall be to a person connected with that other person within the
      meaning of s839 Income and Corporation Taxes Act 1988;                                                                                                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    | (h)                                                                                                                                                                                                                 | adocumentis to
      that document as supplemented, otherwise amended or replaced from time to
      time, but excluding (in the case of any document to which no member of the
      ICI Group is a party) any amendment or replacement (in each case, effected
      after Completion, as defined in the 2004 Transaction Deed, occurs) which
      would or might affect or prejudice any right of any member of the ICI Group;                                                                                           
|    |                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    | (i)                                                                                                                                                                                                                 | astatuteor astatutory
      provisionincludes
      any provision of which it is a re-enactment as well as any subordinate legislation
      in force under that provision from time to time and any amendment, modification
      or re-enactment from time to time of that provision or subordinate legislation,
      except to the extent that any amendment, modification or re-enactment enacted
      after the date of this Agreement would increase or extend the liability
      of any party under this Agreement;
|    |                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    | (j)                                                                                                                                                                                                                 | anyEnglish
      statutory provisionorEnglish
      legal termfor
      any action, remedy, method of judicial proceeding, document, legal status,
      court, official or any other legal concept or thing shall, in respect of
      any jurisdiction other than England, include what most nearly approximates
      in that jurisdiction to the English statutory provision or English legal
      term;                                                                                                                
|    |                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    | (k)                                                                                                                                                                                                                 | pounds
      sterlingor£is to
      the lawful currency of the United Kingdom;                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    | (l)                                                                                                                                                                                                                 | writingincludes
      any mode of reproducing words in a legible and non-transitory form; and                                                                                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    | (m)                                                                                                                                                                                                                 | atimeof day
      is to London time and any reference to adayis to
      a period of 24 hours running from midnight to midnight.                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|1.4 | No
      restrictive interpretations                                                                                                                                                                               
|    |                                                                                                                                                                                                                    
|    | In
      this Agreement, general words shall not be given a restrictive interpretation
      by reason of their being preceded or followed by words indicating a particular
      class of acts, matters or things.
|    |                                                                                                                                                                                                                    
|1.5 | Companies
      Act definitions                                                                                                                                                                                    
|    |                                                                                                                                                                                                                    
|    | In
      this Agreement, unless the context otherwise requires, words and expressions
      defined in Part XXVI of the Companies Act 1985 (as amended) shall bear the                                             

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|    | meanings
      ascribed to them in that Act.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|2.  | CONDITIONS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|2.1 | Conditions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    | The
      provisions of this Agreement (other than this Clause 2 and Clauses 3.2 (Conditions
      under Ineos External Debt Commitment Letter),
      14 (Warranties
      and representations),
      15.5 (Lock
      up), 15.9
      (Property
      Transfers),
      15.11 (Environmental
      information),
      15.12 (Cancellation
      of warrants),
      15.13 (Replacement
      arrangements),
      15.14 (Newco
      2 undertaking),16 (Costs),
      17 (Entire
      agreement),
      18 (Liability
      and invalidity),
      19 (Amendments,
      releases and waivers),
      20 (Assignment),
      21 (Notices),
      22 (Contracts
      (Rights of Third Parties) Act 1999),
      23 (Confidentiality
      and announcements),
      24 (Counterparts)
      and 25 (Law
      and jurisdiction)
      which are unconditional and have immediate effect) shall not come into effect
      until, and are conditional in all respects on, the satisfaction or waiver
      (in accordance with Clause 2.2 (Waiver
      of Conditions))
      of the following conditions (the"Conditions"):
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|2.2 | Waiver
      of Conditions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    | ICI
      may waive the Condition set out in Clause 2.1(b) (Conditions);
      ICI and Ineos Capital may together waive the Conditions set out in Clause
      2.1(a) and (c) (Conditions).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|2.3 | Endeavours
      to satisfy the Conditions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    | Without
      prejudice to the obligations of Chlor 1 and its subsidiaries under the MSPA,
      each of the Ineos Parties and each of the Original ICI Parties shall use
      their reasonable endeavours to procure that the Conditions are satisfied
      as soon as practicable following execution of this Agreement and in any
      event before the Long Stop Date.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|2.4 | Notification
      of other parties                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             

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|    | Upon
      any party becoming aware that any of the Conditions has been satisfied,
      will be delayed in being satisfied or has become incapable of being satisfied
      before the Long Stop Date, that party shall as soon as reasonably practicable
      notify all the other parties and shall supply to each other party written
      evidence (if available) of the satisfaction of the Condition or (as the
      case may be) an explanation for the delay in its being satisfied or for
      its having become incapable of being satisfied.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|2.5 | If
      Conditions not satisfied by Long Stop Date                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    | If
      any of the Conditions shall not have been satisfied or waived on or before
      the Long Stop Date, all of the provisions of this Agreement (other than
      Clauses 14 (Warranties
      and representations),
      15.12 (Cancellation
      of warrants),
      15.13 (Replacement
      arrangements),
      16 (Costs),
      17 (Entire
      agreement),
      18 (Liability
      and invalidity),
      19 (Amendments,
      releases and waivers),
      20 (Assignment),
      21 (Notices),
      22 (Contracts
      (Rights of Third Parties) Act 1999),
      23 (Confidentiality
      and announcements),
      24 (Counterparts)
      and 25 (Law
      and jurisdiction),
      which are unconditional and have immediate effect) shall terminate without
      having ever come into effect and no party shall have any claim against any
      others under this Agreement, save in respect of any breach prior to that
      termination of any of the provisions of this Clause 2 or Clauses 3.2 (Conditions
      under Ineos External Debt Commitment Letter),
      14(Warranties
      and representations),
      16 (Costs),
      17 (Entire
      agreement),
      18 (Liability
      and Invalidity),
      19 (Amendments,
      releases and waivers),
      20 (Assignment),
      21 (Notices)
      or 22 (Contracts
      (Rights of Third Parties) Act 1999)
      or for any breach whether before or after that termination of Clauses 15.12
      (Cancellation
      of warrants),
      15.13 (Replacement
      arrangements)
      or 23 (Confidentiality
      and announcements).
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|3.  | COMPLETION                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|3.1 | Completion
      arrangements                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    | On
      the last Business Day of the calendar month in which the Conditions are
      satisfied or waived (or on the last Business Day of the following calendar
      month if the Conditions are satisfied or waived on or after the last Business
      Day of a calendar month), a meeting shall be held at the offices of Ineos'
      Lawyers at which, in the order set out in Schedule 1, Part 1, Paragraph
      3 (Corporate
      matters)
      to 6 (Newco
      steps and completion of Business Transfer Agreement),
      the following (collectively, "Completion")
      will occur:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    | Subject
      to Clause 3.3 (Rights
      following default),
      Completion shall have occurred when all of the obligations of the Ineos
      Parties and the Original ICI Parties under                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      

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|    | Clause
    3(a) and (b) respectively have been complied with.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|3.2 | Conditions
    under Ineos External Debt Commitment Letter                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|(1) | The Ineos Parties undertake to ensure that the conditions set out in clause 4(a), 4(c) and 4(d) of the Ineos External Debt Commitment Letter (or any successor clauses in the Ineos External Debt Agreements) are satisfied or waived prior to, and remain satisfied or waived on, the date on which Completion would occur pursuant to Clause 3.1 (Completion arrangements)but for any failure to satisfy such conditions.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|(2) | In relation to clause 4(b) of the Ineos External Debt Commitment Letter (or any successor clause in the Ineos External Debt Agreements) (in this Clause 3.2, "Clause
         4(b)") the Ineos Parties undertake to use their best endeavours to ensure that the condition set out in Clause 4(b) is satisfied or waived prior to, and remains satisfied or waived on, the date on which Completion would occur pursuant to Clause 3.1 (Completion arrangements)but
         for any failure to satisfy such condition (the "Clause 4(b) Satisfaction Date")
         or to the extent such condition is not satisfied or has not been waived
         on such date to cure any breach or reverse or remedy any event, matter
         or circumstance that caused the condition in Clause 4(b) not to be satisfied
         or waived in a manner which permits the condition in Clause 4(b) to
         be satisfied or waived prior to, and to remain satisfied or waived on,
         the earliest possible date during the term of the lenders' commitment
         under the Ineos External Debt Commitment Letter (or the Ineos External
         Debt Agreements) and prior to the Long Stop Date on which it would be
    possible for Completion to occur pursuant to Clause 3.1 (Completion arrangements)or Clause 3.3 (Rights following default)but for the continuing failure to satisfy Clause 4(b) and provided that such cure, reversal or remedy shall not result in any material change to the terms of the Ineos External Debt Commitment Letter or the Ineos External Debt Agreements that has not been approved by ICI (such approval not to be unreasonably withheld or delayed).
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|(3) | Further the Ineos Parties undertake that they shall not take any step or act or do or omit to do any thing with the intention of causing or giving rise to a breach of Clause 4(b) or with the intention of causing or giving rise to Clause 4(b) being unsatisfied and not waived on the Clause 4(b) Satisfaction Date.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|(4) | If notwithstanding the undertakings in Clauses 3.2 (1), (2) and (3) where it is apparent to any of the parties at any time prior to Completion that Clause 4(b) will be or is unsatisfied and not waived on the Clause 4(b) Satisfaction Date, with the consequence that the Ineos External Debt Commitment Letter (or the Ineos External Debt Agreements) has terminated, expired or fallen away or is likely to terminate, expire or otherwise fall away or there shall be no commitment on the Underwriter to underwrite the Debt Financing (in each case as defined in the Ineos External Debt Commitment Letter), then in such circumstances the party to whose attention this first comes shall immediately notify the other parties in writing to that effect. Upon such notification the Ineos Parties shall use their best endeavours to do everything which they can to obtain from other sources (including other banks and financial institutions) funding commitments sufficient to replace Debt Financing under the Ineos External Debt Commitment Letter (or the Ineos External Debt Agreements).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|(5) | For the purposes of this Clause 3.2, "best
    endeavours"shall include the carrying out                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               

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|    | of
      every act or thing within the power of the Ineos Parties, including without
      limitation instructing third parties and incurring fees and paying commissions
    to third parties, but shall not include:                                                                                                                                                                                                                                                                                                                               
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    | (d)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    | (e)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|3.3 | Rights
    following default                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    | If
      the Ineos Parties or the Original ICI Parties (in this Clause 3.3, the "Defaulting
      Parties") do not comply with their respective obligations pursuant
      to Clause 3.1(a) and (b) (Completion arrangements) then (if the
      Defaulting Parties are the Ineos Parties) the Original ICI Parties or (if
      the Defaulting Parties are the Original ICI Parties) the Ineos Parties
      (in this Clause 3.3, the "Non-Defaulting Parties") may in addition
    to and without prejudice to all their other rights and remedies:
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    | (d)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|4.  | NOVATIONS
    OF REMAINING NON-NOVATED CONTRACTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|4.1 | Novation
    of Remaining Non-novated Contracts                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      

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|    | In
      relation to each of the Remaining Non-novated Contracts listed in Schedule
      3 (Remaining Non-novated Contracts), each of Chlor 2, Chlor 1 and
      the Ineos Parties (other than Ineos Capital) shall use a level of endeavours
      which is greater than "all reasonable" but does not constitute "best" (for
      the purposes of this Agreement, that level of endeavours to be referred
      to as "Significant Endeavours") to procure that each person referred
      to in that Schedule opposite that Remaining Non-novated Contract (each
      a "Counterparty") expressly enters into a novation of that Remaining
    Non-novated Contract (a "Novation") comprising:
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|4.2 | Meaning
    of "Significant Endeavours"                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|    | In
      Clause 4.1 (Novation of Remaining Non-novated Contracts), the obligation
    to use "Significant Endeavours" shall include (without limitation) obligations:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               

| |                                               |                                                                                                                                                                                                                                                            
| | --------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (a)                                           | to treat the procuring of a Novation of each Remaining Non-novated Contract as an urgent management priority;                                                                                                                                              
| |                                               |                                                                                                                                                                                                                                                            
| | (b)                                           | to allocate all necessary management and other resources to obtain all those Novations; and                                                                                                                                                                
| |                                               |                                                                                                                                                                                                                                                            
| | (c)                                           | to operate and actively participate in a joint working party with ICI and to take every reasonable business opportunity when dealing with any Counterparty to seek a Novation of each Remaining Non-novated Contract to which that Counterparty is a party,
| |                                               |                                                                                                                                                                                                                                                            
| | provided
    that for the avoidance of doubt:

| |  |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| |  | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | (i)  | the Significant Endeavours obligation does not include an obligation to make any payment to procure any Novation, to accept in consideration for any Novation any material change in the terms of a Remaining Non-novated Contract or to provide any other consideration of a material nature for any Novation; and                                                                                                                              
| |  |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| |  | (ii) | nothing in Clause 4.1 (Novation of Remaining Non-novated Contracts) or this Clause 4.2 shall prejudice or affect the position of the ICI Parties and other members of the ICI Group that some or all of the Remaining Non-novated Contracts have already been novated (by implication, through the conduct of the relevant Counterparties or otherwise), transferred, terminated or replaced or shall constitute an admission to contrary effect.

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|4.3 | ICI's
    right to terminate                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    | In relation
        to any Remaining Non-novated Contract the relevant member of the ICI
        Group shall be entitled (subject to the terms of that Remaining Non-novated
        Contract) to terminate it (whether in whole or in part). This Clause
        4.3 shall be without prejudice to the rights of ICI or any other member
        of the ICI Group under the MSPA or to the obligations of ICI or any other
        member of the ICI Group under the MSPA in respect of any breach of that
    Remaining Non-novated Contract prior to this termination.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|5.  | INTRA-GROUP
    RECEIVABLES AND EVC SHARES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|5.1 | Priority                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    | Each
        of Ineos SPV and Chlor 1 agrees that if so required by the providers
        of the Ineos External Debt, it shall enter into a deed of priority pursuant
        to which any security interest which it may have in respect of the Intra-Group
        Receivables and/or EVC Shares shall rank in priority after any security
    interest for the Ineos External Debt granted in favour of those providers.                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|5.2 | Write-off                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    | Chlor
        2 shall, if and to the extent requested so to do by New Ineos Holdings
    (and without any requirement for ICI's consent):                                                                                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          

|    | (a)                                                                                                                                                                                    | agree with Screencondor Limited, Ineos Vinyls Holdings Limited, Ineos Vinyls Limited and the Ineos Company which owes any Lawson House IntraGroup Receivable (the "Debtors"and each a "Debtor") that each of the Intra-Group Receivables shall be capitalised by the issue to Chlor 2 of shares in the capital of the relevant Debtor (the "Debtor
         Shares") of aggregate nominal value equal to the amount of the relevant
         Intra-Group Receivable, those Debtor Shares to have no voting rights,
         no rights to dividends and a right to be paid £1 in aggregate
         on a winding-up of the relevant Debtor and no other rights on a return
    of capital; and
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    | (b)                                                                                                                                                                                    | transfer
       those Debtor Shares to New Ineos Holdings (or such other person as New
       Ineos
       Holdings may direct) in consideration of the payment to Chlor 2 of the
    sum of £1.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|5.3 | Lawson
    House                                                                                                                                                                      
|    |                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    | Ineos
        SPV hereby consents to the transfer by Chlor 2 of Lawson House to an
        Ineos Company in a transaction which creates the Lawson House Intra-Group
    Receivable.  
|    |                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|6.  | REQUESTS
    FOR FUNDING                                                                                                                                                              
|    |                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|6.1 | Chlor
    1 request for funds                                                                                                                                                         
|    |                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    | Chlor
      1 may give Ineos SPV and the Ineos Parties no less than five Business Days
      prior written notification that it requires, based on monthly management
    accounts and

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| | cash
      flow forecasts of Chlor 1 proposed and approved as referred to in Schedule
    5, Paragraph 3.2(1) (Short Term Cash Repayments), to draw down:
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                                                                                                                          
| | (a)                                                                                                                                                      
| |                                                                                                                                                          
| | (b)                                                                                                                                                      
| |                                                                                                                                                          
| | (c)                                                                                                                                                      

|    |                                                                                                                                                                              |                                                                                                                                                                                               
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|6.2 | Provision
    of New PIK Notes Subscription and Ineos Contribution                                                                                                          
|    |                                                                                                                                                                              |                                                                                                                                                                                               
|    | On
      the date requested in any notification made by Chlor 1 pursuant to Clause
      6.1(a) (Chlor 1 request for funds) (for that request the "Contributions
    Date"):
|    |                                                                                                                                                                              |                                                                                                                                                                                               
|    | (a)                                                                                                                                                                          | subject to and on the terms of Clause 7 (New PIK Notes Subscription), Ineos SPV shall advance the Requested Contributions Proportion of the New PIK Notes Subscription to Chlor 1 in cash; and
|    |                                                                                                                                                                              |                                                                                                                                                                                               
|    | (b)                                                                                                                                                                          | subject to and on the terms of Clause 8 (Ineos Contribution), the Requested Contributions Proportion of the Ineos Contribution shall be advanced in cash to Chlor 1 by Chlor 2.               

|    |                                                                                                                                           |                                                                                                                         
|--- | ----------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------
|7.  | NEW
    PIK NOTES SUBSCRIPTION                                                                                                           
|    |                                                                                                                                           |                                                                                                                         
|7.1 | Conditions
    precedent to New PIK Notes Subscription                                                                                   
|    |                                                                                                                                           |                                                                                                                         
|    | Ineos
      SPV will only be required to advance any Requested Contributions Proportion
    of the New PIK Notes Subscription to Chlor 1:
|    |                                                                                                                                           |                                                                                                                         
|    | (a)                                                                                                                                       | subject to the provisions of Clause 10 (Funding order and conditions); and                                              
|    |                                                                                                                                           |                                                                                                                         
|    | (b)                                                                                                                                       | simultaneously with that Requested Contributions Proportion of the Ineos Contribution being received in cash by Chlor 1.
|    |                                                                                                                                           |                                                                                                                         
|7.2 | New
    PIK Notes Subscription                                                                                                           
|    |                                                                                                                                           |                                                                                                                         
|    | Any
      Requested Contributions Proportion of the New PIK Notes Subscription which
    is                                              

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|    | to be advanced
        by Ineos SPV pursuant to Clause 6.2(a) (Provision
        of Contributions)
        shall on the relevant Contributions Date (subject to Clause 7.1 (Conditions
        precedent to New PIK Notes Subscription))
        be advanced by way of New PIK Notes Subscription (and Chlor 1 shall promptly
    issue an appropriate loan note certificate).                                                                                                                                                                                                                                                                                               
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|8.  | INEOS
    CONTRIBUTION                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|8.1 | Ineos
    Internal Debt                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    | Subject to Clause
        10 (Funding
        order and conditions),
        Ineos Capital will, on each Contributions Date, procure that a proportion
        (such proportion being in the sole discretion of Chlor 2 and Ineos Capital,
        except that it must be equal to or greater than the relevant Requested
        Contributions Proportion) of the Ineos Internal Debt is advanced to Chlor
        2 by way of an interest free loan or loans repayable on or after 31 December
        2010 and otherwise on the terms of the Ineos Internal Debt Agreement
        to enable Chlor 2 to perform its obligations under Clause 8.3 (Ineos
    Contribution).
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|8.2 | Ineos
    External Debt                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    | Subject to Clause
        10 (Funding
        order and conditions),
        Chlor 2 will, on each Contributions Date, procure that the providers
        of the Ineos External Debt advance (on the terms of the Ineos External
        Debt Agreements) in aggregate an amount of the Ineos External Debt which,
        when added to the amount advanced in accordance with Clause 8.1 (Ineos
        Internal Debt),
        puts Chlor 2 sufficiently in funds to enable it to make the payment to
        be made by Chlor 2 on that Contributions Date pursuant to Clause 8.3
        (Ineos
    Contribution).                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|8.3 | Ineos
    Contribution                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    | Subject to Clause
        10 (Funding
        order and conditions),
    Chlor 2 shall on each Contributions Date:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|8.4 | Impact
    of Golden Share Exercise                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    | For
        the avoidance of doubt, Chlor 2's obligations under this Clause 8 shall
    not be                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               

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|     | affected by clause
    11 of the Chlor 1 Shareholders Agreement or by Golden Share Exercise.                                                                                                                                                                                                                                                                                                                                                                                                                                       
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|9.   | INEOS
    GROUP LOAN                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|9.1  | Ineos
    Group Loan                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|(1)  | Subject to Clause
        10 (Funding
        order and conditions),
        the Ineos Group Loan Lenders shall advance the Requested Loan Proportion
        of the Initial IGL Amount to Chlor 1 pursuant to, and subject to the
        terms of, the Ineos Group Loan Agreement on the date requested in any
        notification made by Chlor 1 pursuant to Clause 6.1(b)) (Chlor
        1 request for funds),
        provided that the Requested Loan Proportion of Tranche B is advanced
    simultaneously by Ineos SPV.
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|(2)  | Subject to Clause
        10 (Funding
        order and conditions),
        the Ineos Group Loan Lenders shall advance the requested amount (up to
        the balance of the facilities available under the Ineos Group Loan Agreement)
        to Chlor 1 pursuant to, and subject to the terms of, that Agreement on
        the date requested in any notification made by Chlor 1 pursuant to Clause
        6.1(c) (Chlor
    1 request for funds).                                                                         
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|9.2  | Cancellation
    of part of Ineos Group Loan and Tranche B                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|     | If the parties
        agree that Chlor 1 does not require a proportion (being the same proportion
        in each case) of the Initial IGL Amount under the Ineos Group Loan Agreement
        and Tranche B, then the relevant proportion of the relevant facilities
        under the Ineos Group Loan Agreement and Tranche B shall be cancelled
    permanently.                                                                                                                                                              
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|9.3  | Impact
    of Golden Share Exercise                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|     | Chlor 1 shall
        cease to be entitled to have any further advances made pursuant to the
    Ineos Group Loan Agreement upon Golden Share Exercise.                                                                                                                                                                                                                                                                                                                                                                            
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|10.  | FUNDING
    ORDER AND CONDITIONS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|10.1 | Funding
    order                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|     | The parties agree
        that the funding requirements of Chlor 1 shall be met by Chlor 1 promptly
        utilising the DTI Grant, when available in accordance with the terms
        of the DTI Grant Offer Letter (including as to the phasing of the DTI
        Grant), to the fullest extent permitted by those terms and otherwise
    in the following sequence:                                                                                                                                                         
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|     | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|     | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                

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|     | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | third, from 1
        January 2004 onwards amounts available under the Ineos Group Loan Agreement
        up to the Initial IGL Amount and amounts available under Tranche B shall
        each be drawn down in the Requested Loan Proportion, pursuant to the
        Ineos Group Loan Agreement and the Amended RLF Agreement respectively,
        subject to the proviso to Clause 9.1(1) (Ineos
        Group Loan);
    and
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                   
|     | (d)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | fourth, the balance
        of the facilities made available under the Ineos Loan Agreement shall
    be utilised pursuant to the Ineos Group Loan Agreement.                                                                                                                                                                                                                                                                     
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                   
|10.2 | Common
    Funding Conditions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|     | Any
        obligation to advance or procure the advance of any of the New PIK Notes
        Subscription, the Ineos Contribution, the RLF Further Advances and the
        Ineos Group Loan shall be subject to the conditions precedent (the"Common
        Funding Conditions")
    that at the relevant time either:                                                                                                                                                                                                                                                                          
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|     | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | the Project is
    On Plan; or                                                                                                                                                                                                                                                                                                                                                                                                    
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                   
|     | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | an Outside Plan
        Remedy Period is current and the proceeds of the advance are to be used
        to fund either expenditure necessary to ensure that Chlor 1 does not
        breach a Project Agreement in any material respect or Urgent SHE Expenditure
    which is Discretionary Capital Expenditure or Mid Range Urgent SHE Expenditure.                                                                             
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                   
|10.3 | Further
    conditions precedent to funding                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|     | None
        of Ineos SPV, the providers of the Ineos Internal Debt, the providers
        of the Ineos External Debt and the Ineos Group Loan Lenders shall be
        obliged to advance any funds (and nor shall any Ineos Party be obliged
        to procure the same) under this Agreement or the Amended RLF Agreement
        or the Ineos Group Loan Agreement if an Event of Default shall have occurred
        or if the forecasts contained in the Strategic Plan at the relevant time
        indicate that Chlor 1 will become insolvent at any time prior to 31 December
    2010.
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|10.4 | No
    ICI funding                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|     | For
        the avoidance of doubt, from the 2004 Amendment Date neither of the ICI
        Parties and no other member of the ICI Group shall have any obligation
        to provide any funding to Chlor 1, Chlor 2, Ineos SPV or any of the other
    parties.                                                                                                                                                                                                                                                                                                                                 
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|11.  | CHLOR
    1 CASH SHARING ARRANGEMENTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|     | The
        provisions of Schedule 5 (Chlor
        1 cash sharing arrangements)
    shall have effect as if set out in this Clause 11.                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|12.  | CHLOR
    2 CASH SHARING ARRANGEMENTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|     | The
        provisions of Schedule 6 (Chlor
        2 cash sharing arrangements)
    shall have effect                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            

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|     | as if set out
    in this Clause 12.                                                                                                                                        
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                             
|13.  | 2010 AND
    GOLDEN SHARE                                                                                                                                                   
|     |                                                                                                                                                                             
|13.1 | 2010                                                                                                                                                                        
|     |                                                                                                                                                                             
|     | The provisions
        of Schedule 7 (2010)
        shall have effect as if set out in this Clause 13, except that they shall
    cease to apply upon Golden Share Exercise.
|     |                                                                                                                                                                             
|13.2 | Golden
    share                                                                                                                                                            
|     |                                                                                                                                                                             
|     | Upon Golden Share
    Exercise:                                                                                                                                             
|     |                                                                                                                                                                             
|     | (a)                                                                                                                                                                         
|     |                                                                                                                                                                             
|     | (b)                                                                                                                                                                         
|     |                                                                                                                                                                             
|14.  | WARRANTIES
          AND REPRESENTATIONS                                                                                                                                    
|     |                                                                                                                                                                             
|14.1 | General
    warranties                                                                                                                                                      
|     |                                                                                                                                                                             
|     | Each party other
        than the Individual Guarantors (the"Warrantor")
    warrants and represents to the other parties in the following terms:                           
|     |                                                                                                                                                                             
|     | (a)                                                                                                                                                                         
|     |                                                                                                                                                                             
|     | (b)                                                                                                                                                                         
|     |                                                                                                                                                                             
|     | (c)                                                                                                                                                                         
|     |                                                                                                                                                                             
|     | (d)                                                                                                                                                                         
|     |                                                                                                                                                                             
|     |                                                                                                                                                                             
|     |                                                                                                                                                                             
|     |                                                                                                                                                                             

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|14.2 | Clean
    company warranty                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|     | Each of Chlor
        2 and the Ineos Parties warrants and represents to the ICI Parties that
        Chlor 2 has neither traded nor had any assets or liabilities prior to
        its entry into this Agreement (other than in respect of its subscriber
        shares); and each of them undertakes that prior to Completion Chlor 2
        will neither trade nor have any assets or liabilities (other than its
        rights and obligations under this Agreement or referred to in this Agreement
    and in respect of its subscriber shares).
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|14.3 | Lucite
    Shares                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|     | Each of the Ineos
        Guarantors (as defined in Schedule 9, Paragraph 1 (Definitions
        for Schedule 9))
        warrants and represents to the ICI Parties that, apart from the Lucite
        Shares (as defined in Schedule 9, Paragraph 1 (Definitions
        for Schedule 9)),
        it neither holds nor owns any shares or other securities in Lucite International
        Limited or any holding company or subsidiary of Lucite International
    Limited.                                                                         
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|15.  | FURTHER
    OBLIGATIONS OF THE PARTIES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|15.1 | Employee
    shares                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|     | The parties shall
    co-operate to ensure that:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|     | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|     | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|15.2 | James
    Ratcliffe                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|     | JR
    agrees:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|     | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|     | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|     | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      

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|15.3 | Barclays
    facility                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|     | Chlor 1 shall
        to the extent reasonably practicable in all the circumstances make and
        maintain the maximum available utilisation of the facility made available
    under the Amended Barclays Facility Agreement at all times.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|15.4 | DTI Grant                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|(1)  | Chlor 1 shall
        comply in full with the terms of the DTI Grant (other than immaterial
        breaches in respect of which the Secretary of State elects to take no
        action having been informed of such breach in writing) and shall not
        do or omit to do anything which would or is reasonably likely to cause
        the Secretary of State to seek repayment of any amounts previously advanced
        (except for scheduled repayments of any amounts advanced as a loan) and/or
    withhold any unpaid instalments of the DTI Grant.                                                                                                                                                                                                                                                                                                                                                                                          
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|(2)  | The provisions
        of Schedule 9 (Indemnity
        and Contribution arrangements)
    shall have effect as if set out in this Clause 15.4(2).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|15.5 | [Deleted]                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|15.6 | Tax losses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|(1)  | Chlor 1 has calculated
        that unused trading losses as at Completion of £20,000,000 (twenty
        million pounds sterling) are attributable to the business to be transferred
        to Chlor 2 pursuant to the Business Transfer Agreement. Chlor 1 undertakes
        that it will in submitting its tax return treat these losses, in accordance
        with s343 Income and Corporation Taxes Act 1988 and to the extent permitted
    by law, as incurred by Chlor 2 as successor and use all reasonable endeavours
    to agree this with the Inland Revenue.                                                                                                                                                                                                                                                                                                                                                                               
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|(2)  | If, in respect
        of any accounting period of Chlor 1 ending on or before 31 December 2010,
        Chlor 1 suffers any charge to corporation tax (but after taking account
        of any tax deductions, reliefs or benefits available to Chlor 1 to reduce
        or eliminate such charge to corporation tax) which it would not have
        suffered if none of its trading losses had been treated for corporation
        tax purposes as incurred by Chlor 2, then on or before the date on which
        Chlor 1 is required to pay the tax, Chlor 2 shall pay to Chlor 1 in cash,
        by way of adjustment to the purchase price payable pursuant to the Business
    Transfer Agreement, a sum equal to such charge to taxation.                                                                                                                                                                                                      
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|(3)  | To the extent
        that Chlor 1 or any of its subsidiaries incurs any trading losses for
        corporation tax purposes in respect of any period of time beginning on
        or after Completion ("Relevant
        Losses"),
        Chlor 1 shall, if requested by Chlor 2 prior to the filing by Chlor 1
        of its tax return for the period in respect of which the Relevant Losses
        were incurred, and to the extent permitted by law, surrender all or part
        of the Relevant Losses to Chlor 2 pursuant to Chapter IV of Part X of
        the Income and Corporation Taxes Act 1988 in consideration for a sum
        equal to the amount of Relevant Losses surrendered multiplied by a fraction
        of which the numerator is the rate of corporation tax applicable to Chlor
        1 in respect of its accounting period in which the Relevant Losses arise
    (using a time-weighted average where more than one

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|     | such
    rate applies to such period) and the denominator is 100, this consideration:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|     | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|     | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|(4)  | If,
        in respect of any accounting period ending on or before 31 December 2010,
        Chlor 1 or any of its subsidiaries suffers a charge to corporation tax
        (but after taking account of any tax deductions, reliefs or benefits
        available to Chlor 1 or any of its subsidiaries to reduce or eliminate
        such charge to corporation tax) which it would not have suffered but
        for any surrender effected pursuant to Clause 15.6(3), then if and to
        the extent that the tax charge exceeds the amount paid in cash pursuant
        to Clause 15.6(3) Chlor 2 shall on or before the date on which Chlor
        1 or its subsidiary is required to pay the tax repay the Debt to Chlor
        1. To the extent to which Chlor 2 fails to make payment, the Chlor 2
        AFC (when calculated pursuant to Schedule 6 (Chlor
        2 cash sharing arrangements))
        shall be decreased and the Chlor 1 AFC (when calculated pursuant to Schedule
        5 (Chlor
        1 cash sharing arrangements))
        increased by a sum equal to the amount which should have been paid (in
    the same manner as if the payment had been made).
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|15.7 | Waste
    management licences                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|     | The
        provisions of Schedule 10 (Waste
        management licences transfer financial provisions)
    shall have effect as if set out in this Clause 15.7.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|15.8 | Piggy-back
    Claims                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|(1)  | Ineos
        Group undertakes to ICI to ensure that no Piggy-back Claim is brought
    (other than a Permitted Piggy-back Claim).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|(2)  | Notwithstanding
        any other provision of this Agreement, any amount payable by Chlor 1
        to ICI in respect of any ICI Piggy-back Claim shall be paid when due
        (so that, for the avoidance of doubt, ICI will not have to wait for the
        calculation and distribution of Chlor 1 cash shares pursuant to Schedule
        5 (Chlor
        1 cash sharing arrangements)
    before it is paid).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|15.9 | Property
    Transfers                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|(1)  | Each
    of Chlor 1 and Chlor 2 shall use all reasonable endeavours:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|     | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|     | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|     | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   

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|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | duly executed,
        DS1, DS3 or suitable END message in relation to each Business Property
    so charged at the date of this Agreement,
|----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                            
|      | in
        each case as soon as practicable after the date of this Agreement and
    in any event prior to Completion.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                            
|(2)   | The
        obligations of Chlor 1 and Chlor 2 pursuant to Clause 15.9(1) shall extend
        to (but not be limited to) procuring the production of plans for the
        Property Transfers which are in all respects satisfactory to H M Land
    Registry.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                            
|15.10 | [Deleted]                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                            
|15.11 | Environmental
    information                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                            
|(1)   | As
        soon as reasonably practicable following the date of this Agreement,
        and in any event prior to Transfer Completion, Chlor 1 shall provide
        all relevant information in its possession (including, without limitation,
        all such information referred to in the Initial Disclosure Letter and
        the Final Disclosure Letter as those terms are defined in the MSPA and
        all such information prepared by or on behalf of Chlor 1 since the Completion
        Date as that term is defined in the MSPA) as to the presence and the
        broad measure of the presence of substances (including Hazardous Materials)
        and their amount and nature in each case at the Business Properties to
        Chlor 2 and Chlor 2 agrees to review and give proper attention to such
        information prior to completion of the Business Transfer, provided that
        the parties acknowledge that this Clause 15.11 shall not apply to and
        shall be deemed to exclude (a) any substances (including Hazardous Materials)
        which at any time originated from the Runcorn Chlor 1 Site and have migrated
        to the Runcorn Non-Chlor 1 Site from the Runcorn Chlor 1 Site and (b)
        any substances (including Hazardous Materials) which comprise an Environmental
        Condition in relation to the RL Boreholes each as defined in Part 2 of
        Schedule 15B of the MSPA as amended by the MSPA Deed of Amendment save
        where and to the extent such substances (including Hazardous Materials)
        (if any) were the subject of a transfer of liability for the purposes
        of Part IIA Environmental Protection Act 1990 (or other similar legislation)
        from the Seller to the Purchaser each as defined in the MSPA as at the
    Completion Date as that term is defined in the MSPA.
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                            
|(2)   | The
        parties acknowledge that the effect of such information (as referred
        to in Clause 15.11(1)) in accordance with any applicable statutory or
        non-statutory guidance shall be to exclude Chlor 1 from liability as
        an appropriate person to bear responsibility for any investigation, monitoring
        or remedial actions in relation to the relevant substances or for the
        cost of such actions if carried out by an enforcing authority, provided
        that the parties acknowledge that this Clause 15.11(2) does not apply
        to and shall be deemed to exclude (a) any liability in respect of substances
        (including Hazardous Materials) which have at any time originated from
        the Runcorn Chlor 1 Site and migrated on to the Runcorn Non-Chlor 1 Site;
        or (b) any substances (including Hazardous Materials) which comprise
        an Environmental Condition in relation to the RL Boreholes each as defined
        in Part 2 of Schedule 15B of the MSPA as amended by the MSPA Deed of
        Amendment save where and to the extent such substances (including Hazardous
        Materials) (if any) were the subject of a transfer of liability for the
        purposes of Part IIA Environmental Protection Act 1990 (or other similar
        legislation) from the Seller to the Purchaser (each as defined in the
    MSPA) as at the                                                                                                                                                                                                                                                                                                                                                                                                                                                                

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|      | Completion
    Date as that term is defined in the MSPA.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|(3)   | In
        Clause 15.11,"Hazardous
        Materials"means
        any poisonous, noxious, dangerous, hazardous, radioactive, toxic, flammable,
        carcinogenic, corrosive, infectious, mutagenic, teratogenic, irritant
        or explosive materials or substances or any constituent or any mixture
        of any of them (including without limitation any petroleum or petroleum
        derived substance) and/or any other materials or substances that are
        regulated under any Environmental Laws as defined in Schedule 15A to
    the MSPA (as amended by the MSPA Deed of Amendment) and"Runcorn
    Chlor 1 Site"and"Runcorn
    Non-Chlor 1 Site"have
    the meanings given to them respectively in Schedule 15A to the MSPA (as amended
    by the MSPA Deed of Amendment).
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|15.12 | Cancellation
    of warrants                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|      | Each
        of the warrants issued pursuant to the PIK Note Instrument is hereby
        cancelled and shall cease to have effect and the PIK Note Instrument
        is hereby amended by the deletion of all references therein to the warrants
        (including, without limitation, the deletion of clauses 2.4 and 5 of,
    and of schedule 4 to, the PIK Note Instrument).                                                                                                                                                                                                                                                                                                                                                                                                                     
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|15.13 | Replacement
    arrangements                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|      | Chlor
    1 shall (at its own cost) as soon as reasonably practicable after:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|      | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|      | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|      | put such alternative
        arrangements in place which are acceptable to ICI so as to put the holders
        of the warrants issued pursuant to the PIK Note Instrument in the same
        economic position as they would have been in but for the cancellation
        of the warrants pursuant to Clause 15.12 (Cancellation
    of warrants).                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|15.14 | Newco
    2 undertaking                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|      | The
        Ineos Parties undertake that save as specifically set out in Schedule
        1 (Completion
        obligations),
    Newco 2 has not:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|      | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|      | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|      | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|15.15 | Novation
    of Subsidiary Loans                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|      | On
        Completion, Chlor 1 and Chlor 2 shall execute and shall procure that
        the other Ineos Companies which are parties to the Subsidiary Loans (as
        defined in the Business Transfer Agreement) execute novations of the
        Subsidiary Loans (as defined in the Business Transfer Agreement) such
    that the rights and obligations of Chlor 1                                                                                                                                                                                                                                                                                                                                                                                                                                

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|     | under
        those agreements become rights and obligations of Chlor 2 with effect
    from the Completion Date.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|16.  | COSTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|16.1 | Responsible
    for own costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|     | Each
        party shall be responsible for all the costs, charges and expenses incurred
        by it in connection with and incidental to the preparation and completion
    of this Agreement and each of the other Transaction Documents.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|16.2 | Euro
    becomes lawful currency                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|     | If
        the United Kingdom becomes a participating member state for the purposes
        of European Monetary Union and the euro becomes the lawful currency of
    the United Kingdom, then:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|     | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|     | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|17.  | ENTIRE
    AGREEMENT                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|17.1 | Entire
    agreement                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|     | This
        Agreement, the other Transaction Documents, the Variation Agreement in
        respect of this Agreement entered into on 12 August 2004, the 2004 Transaction
        Deed and the Amendment Documents (as defined in that Deed) contain the
        whole agreement between the parties in relation to the transactions contemplated
        by this Agreement and the other Transaction Documents and supersede all
        other agreements previous to the 2004 Amendment Date whether written
        or oral between all or any of the parties in relation to these transactions,
        including without limitation the term sheet dated 1 August 2002 relating
        to the Project and executed by some of the parties to this Agreement.
        Accordingly, all other terms, conditions, representations, warranties
        and any other statements which would otherwise be implied (by law or
    otherwise) shall not form part of the Transaction Documents.
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|17.2 | No
    reliance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|     | Each
        of the parties acknowledges and agrees that it does not rely on and has
        not been induced to enter into this Agreement or any of the other Transaction
        Documents on the basis of any warranty, representation or statement (express
        or implied) other than those expressly set out in the Transaction Documents
    to which it is a party.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                

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|18.  | LIABILITY
    AND INVALIDITY                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|18.1 | Joint
    and several liability                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|(1)  | The obligations expressed to be undertaken by the Ineos Parties under this Agreement are joint and several. If any liability of one or some but not all of the Ineos Parties is or becomes illegal, invalid or unenforceable in any respect, that shall not affect or impair the liabilities of the other Ineos Parties under this Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|(2)  | The obligations expressed to be undertaken by the ICI Parties or the Original ICI Parties under this Agreement are joint and several. If any liability of either but not both of the ICI Parties or any but not all of the Original ICI Parties is or becomes illegal, invalid or unenforceable in any respect, that shall not affect or impair the liabilities of the other ICI Parties or Original ICI Parties under this Agreement.                                                                                                                                                                                                                                                                                                                                                                                              
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|(3)  | Any obligation expressed in this Agreement to be the obligation of Chlor Holdings or Newco 2 alone shall be construed (so far as the context permits) as if it were the joint and several obligation of Chlor Holdings and Newco 2.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|18.2 | Obligations
    of Chlor 1 and Chlor 2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|     | Each
      of Chlor Holdings, Newco 1 and Newco 2 shall (in each case, prior to Golden
      Share Exercise and, in the case of Newco 1, only for so long as it holds
      shares in Chlor 1) respectively procure the performance by Chlor 1, and
      New Ineos Holdings shall procure the performance by Chlor 2, of its obligations
    under each of the Transaction Documents to which it is a party.                                                                                                                                                                                                                                                                                                                                                                                                                       
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|18.3 | Rights
    and obligations of the ICI Parties                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|     | Neither
      ICI Party has any rights or obligations under Clauses 5 (Intra-Group
      Receivables and EVC Shares),
      6 (Requests
      for funding),
      7 (New
      PIK Notes Subscription),
      8 (Ineos
      Contribution),
      9 (Ineos
      Group Loan),
      10 (Funding
      order and conditions),
      11 (Chlor
      1 cash sharing arrangements),
      12 (Chlor
      2 cash sharing arrangements),
      13 (2010
      and Golden Share)
      or 15.1 (Employee
      shares)
      to 15.6 (Tax
      losses)
      inclusive or Schedules 2 (Project
      Genesis),
      5 (Chlor
      1 cash sharing arrangements),
      6 (Chlor
      2 cash sharing arrangements),
      7 (2010),
      9 (Indemnity
      and contribution arrangements)
      or 11 (Information
    requirements).
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|18.4 | Invalidity                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|     | If
      all or any part of any provision of this Agreement (the"Relevant
      Provision")
      shall be or become illegal, invalid or unenforceable, then the remainder
      of the Relevant Provision and/or all other provisions of this Agreement
      shall remain valid and enforceable, and, in addition, the Relevant Provision
      shall be deemed either (a) amended to the extent necessary to render the
      Relevant Provision legal, valid and enforceable; or (b) (in the event that
      such amendment is not permitted under applicable law) severed in its entirety
      from this Agreement, and the rights and obligations of the parties shall
    be construed accordingly.                                                                                                                        

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|19.  | AMENDMENTS,
    RELEASES AND WAIVERS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|19.1 | Amendments
    to be in writing                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|(1)  | Subject only to any deemed amendment to, or severance of, any provision of this Agreement pursuant to Clause 18.4 (Invalidity) or otherwise as specified in this Agreement, no amendment of the terms of this Agreement shall be effective unless it is made or confirmed in a written document signed by all of the parties; except that the signatures of the ICI Parties will not be required to an amendment of any of the provisions listed in Clause 18.3 (Rights and obligations of the ICI Parties) provided that the amendment does not affect or impose any obligation, or prejudice or affect any right, of either or both of the ICI Parties.
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|(2)  | The DTI Grant Offer Letter provides that, subject to specified exceptions, no amendment to the terms of this Agreement and other documents connected with it may be made without the consent of the Secretary of State.                                                                                                                                                                                                                                                                                                                                                                                                                                  
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|19.2 | Waivers                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|     | Any
        release, delay or waiver by any party in favour of another of any (or
        any part of any) of its rights under this Agreement shall only be binding
    if it is given in writing. Any binding release, delay or waiver shall:                                                                                                                                                                                                                                                                                                                                                                                                           
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|     | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|     | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|20.  | ASSIGNMENT                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|20.1 | Prohibition
    on assignment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|     | Save
        as provided in Clauses 20.2 (ICI
        intra-group assignment)
        and 20.3 (Ineos
        intragroup assignment),
        no party may assign or transfer any of its rights or purport to assign
    its obligations under this Agreement.                                                                                                                                                                                                                                                                                                                                                                                           
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|20.2 | ICI
    intra-group assignment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|     | An
        ICI Party may assign any of its rights under this Agreement to a subsidiary
    of ICI, provided that:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|     | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|     | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      

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|     | this
    Agreement to ICI or one of its subsidiaries.                                                                                                                             
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                   
|20.3 | Ineos
    intra-group assignment                                                                                                                                                  
|     |                                                                                                                                                                                   
|     | Any
          party to this Agreement other than an ICI Party may assign any of its
          rights under this Agreement to a member of the Wider Ineos Group, provided
    that:
|     |                                                                                                                                                                                   
|     | (a)                                                                                                                                                                               
|     |                                                                                                                                                                                   
|     | (b)                                                                                                                                                                               
|     |                                                                                                                                                                                   
|21.  | NOTICES                                                                                                                                                                           
|     |                                                                                                                                                                                   
|21.1 | Notice
    requirements                                                                                                                                                           
|     |                                                                                                                                                                                   
|     | All
    notices and other communications relating to this Agreement:                                                                                                              
|     |                                                                                                                                                                                   
|     | (a)                                                                                                                                                                               
|     |                                                                                                                                                                                   
|     | (b)                                                                                                                                                                               
|     |                                                                                                                                                                                   
|     | (c)                                                                                                                                                                               
|     |                                                                                                                                                                                   
|     | (d)                                                                                                                                                                               
|     |                                                                                                                                                                                   
|     | (e)                                                                                                                                                                               
|     |                                                                                                                                                                                   
|     |                                                                                                                                                                                   
|     |                                                                                                                                                                                   
|     |                                                                                                                                                                                   
|     |                                                                                                                                                                                   
|     |                                                                                                                                                                                   

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|     |                                                                                                        | become
        effective at 10 a.m. on the next Business Day and if it would otherwise
        become effective before 9 a.m. on a Business Day, it shall instead become
    effective at 10 a.m. on that Business Day.
|---- | ------------------------------------------------------------------------------------------------------ | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                        |                                                                                                                                                                                                                        
|21.2 | Initial
    details of parties                                                                        
|     |                                                                                                        |                                                                                                                                                                                                                        
|     | The
          initial details for the purposes of Clause 21.1 (Notice
          requirements)
    are:

|     |                                  |                                                     
|---- | -------------------------------- | ----------------------------------------------------
|     | Parties:                         | Imperial Chemical Industries plc/                   
|     |                                  | ICI
    Chemicals & Polymers Limited                
|     | Address:                         | 20 Manchester Square, London W1U 3AN                
|     | Facsimile number:                | 00 44 20 7798 5834                                  
|     | Marked for the attention of:     | Company Secretary                                   
|     |                                  |                                                     
|     | Parties:                         | Ineos Chlor Holdings Limited/Ineos Chlor Newco 1    
|     |                                  | Limited/Ineos Chlor Newco 2 Limited/Ineos Chlor     
|     |                                  | Group Limited/Ineos Capital Limited/Individual      
|     |                                  | Guarantors/Ineos Holdings Limited/ICI Industrial    
|     |                                  | Investments Limited (to be re-named Ineos Industrial
|     |                                  | Investments Limited)                                
|     | Address:                         | Hawkslease, Chapel Lane, Lyndhurst, Hampshire       
|     |                                  | SO43 7FG                                            
|     | Facsimile number:                | 02380 287069                                        
|     | Marked for the attention of:     | John Reece                                          
|     |                                  |                                                     
|     | Parties:                         | Ineos Chlor Limited/Ineos Chlor Enterprises Limited 
|     | Address:                         | Runcorn Site HQ, South Parade, Runcorn, Cheshire    
|     |                                  | WA7 4JE                                             
|     | Facsimile number:                | 01929 511 418                                       
|     | Marked for the attention of:     | Leen Heemskerk                                      
|     |                                  |                                                     
|     | Party:                           | Ineos Fluor Limited                                 
|     | Address:                         | PO Box 13, The Heath, Runcorn, Cheshire WA7 4QF     
|     | Facsimile number:                | 01929 511418                                        
|     | Marked for the attention of:     | Roger Bell, CFO/Company Secretary                   
|     |                                  |                                                     
|     | Party:                           | Ineos Silicas Limited                               
|     | Address:                         | Bank Quay, Warrington, Cheshire, WA5 1AB            
|     | Facsimile number:                | 01925 416191                                        
|     | Marked for the attention of:     | Mike Maher, Company Secretary                       
|     |                                  |                                                     
|     | Party:                           | EVC International NV                                
|     | Address:                         | Hawkslease,
    Chapel Lane, Lyndhurst, Hants. SO43 
|     |                                  | 7FG                                                 
|     | Facsimile number:                | 02380 287046                                        
|     | Marked for the attention of:     | David E. Perry, Company Secretary                   
|     |                                  |                                                     
|21.3 | Agent
    for service of process |                                                     

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|     | EVC
          irrevocably appoints David E Perry, General Counsel and Company Secretary,
          European Vinyls Corporation (UK) Limited, Hawkslease, Chapel Lane,
          Lyndhurst, Hants SO43 7FG as its agent for service of process in England.
          Any process shall be sufficiently served on EVC if served on its agent
          in accordance with Clause 21.1 (Notice
    requirements).
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                               
|22.  | CONTRACTS
    (RIGHTS OF THIRD PARTIES) ACT 1999                                                                                                                                                                                                                                                                                                                                                              
|     |                                                                                                                                                                                                                                                                                                                                                                                                               
|     | Save
          as otherwise expressly provided for in this Agreement, the parties
          do not intend any term of this Agreement to be enforceable pursuant
    to the Contracts (Rights of Third Parties) Act 1999.                                                                                                                                                                                      
|     |                                                                                                                                                                                                                                                                                                                                                                                                               
|23.  | CONFIDENTIALITY
    AND ANNOUNCEMENTS                                                                                                                                                                                                                                                                                                                                                                         
|     |                                                                                                                                                                                                                                                                                                                                                                                                               
|23.1 | Confidentiality
    obligation                                                                                                                                                                                                                                                                                                                                                                                
|     |                                                                                                                                                                                                                                                                                                                                                                                                               
|     | Subject
          to Clause 23.2 (Exceptions),
          each party shall treat as strictly confidential all information received
          or obtained as a result of negotiating, entering into or performing
    this Agreement which relates to:                                                                                                                                                          
|     |                                                                                                                                                                                                                                                                                                                                                                                                               
|     | (a)                                                                                                                                                                                                                                                                                                                                                                                                           
|     |                                                                                                                                                                                                                                                                                                                                                                                                               
|     | (b)                                                                                                                                                                                                                                                                                                                                                                                                           
|     |                                                                                                                                                                                                                                                                                                                                                                                                               
|     | (c)                                                                                                                                                                                                                                                                                                                                                                                                           
|     |                                                                                                                                                                                                                                                                                                                                                                                                               
|23.2 | Exceptions                                                                                                                                                                                                                                                                                                                                                                                                    
|     |                                                                                                                                                                                                                                                                                                                                                                                                               
|     | Any
          party may disclose information referred to in Clause 23.1 (Confidentiality
          obligation)
    which would otherwise be confidential:                                                                                                                                                                                                                                                     
|     |                                                                                                                                                                                                                                                                                                                                                                                                               
|     | (a)                                                                                                                                                                                                                                                                                                                                                                                                           
|     |                                                                                                                                                                                                                                                                                                                                                                                                               
|     | (b)                                                                                                                                                                                                                                                                                                                                                                                                           
|     |                                                                                                                                                                                                                                                                                                                                                                                                               
|     | (c)                                                                                                                                                                                                                                                                                                                                                                                                           
|     |                                                                                                                                                                                                                                                                                                                                                                                                               
|     | (d)                                                                                                                                                                                                                                                                                                                                                                                                           
|     |                                                                                                                                                                                                                                                                                                                                                                                                               
|     | (e)                                                                                                                                                                                                                                                                                                                                                                                                           

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|     |               | agreements having
        first been obtained;                                                                                                                                                                                
|---- | ------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |               |                                                                                                                                                                                                                               
|     | (f)           | to any of its employees, provided that notwithstanding such disclosure, the disclosing party shall remain liable to each other party in accordance with the provisions of Clause 23.1 (Confidentiality obligation);
    and/or
|     |               |                                                                                                                                                                                                                               
|     | (g)           | to a member of the ICI Group (in the case of ICI), provided that notwithstanding such disclosure, ICI shall remain liable to each other party in accordance with the provisions of Clause 23.1 (Confidentiality obligation).  
|     |               |                                                                                                                                                                                                                               
|23.3 | Announcements

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1)  | Subject
       to Clause 23.3(2), no party will make any announcement regarding this
       Agreement or any aspect of it or the arrangements which it contemplates
       without the prior written approval (not to be unreasonably withheld or
       delayed) of (in the case of a proposed announcement by ICI or ICI C&P)
       Chlor 1 and Chlor Holdings and (in the case of a proposed announcement
       by any other party which refers directly or indirectly to any member of
       the ICI Group and/or the rights and/or obligations of any member of the
       ICI Group or which might otherwise reasonably be expected to have any
       material impact on any member of the ICI Group or its reputation) ICI,
       except that this will not apply to any announcement which a party is required
       to make by law or by any securities exchange or regulatory or governmental
       body, including the London Stock Exchange, the UK Listing Authority or
    the Takeover Panel.
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|(2)  | As soon as reasonably practicable following execution of this Agreement, each of ICI and Chlor 1 shall issue the signing press release in the Agreed Terms. As soon as reasonably practicable following Completion, each of ICI and Chlor 1 shall issue the Completion press release in the Agreed Terms (subject to any amendments which may be agreed between them, agreement not to be unreasonably withheld by either of them).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|24.  | COUNTERPARTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|24.1 | Any
          number of counterparts                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|     | This
      Agreement may be executed in any number of counterparts, and by the parties
      on separate counterparts, but shall not be effective until all the parties
      have executed at least one counterpart but all the counterparts shall together
    constitute but one and the same instrument.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|24.2 | Each
          counterpart an original                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|     | Each
    counterpart shall constitute an original of this Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|25.  | LAW
    AND JURISDICTION                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|     | This
      Agreement shall be governed by English law. Each party agrees that the
      courts of England and Wales are to have exclusive jurisdiction to settle
      any claim or matter arising under this Agreement and each party submits
    to the exclusive jurisdiction of                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                

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| | the English
    courts.
| | -----------------------

EXECUTION:

The parties have shown their acceptance of the terms of this Agreement by executing
it as a deed at the end of the Schedules.

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SCHEDULE 1

COMPLETION OBLIGATIONS

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SCHEDULE 2

PROJECT GENESIS

|1.  | PROJECT
      SCOPE COST AND TIMETABLE                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|1.1 | Project
    Scope                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    | The
          scope of the Project (the"Project
          Scope")
    comprises the project, including:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    | specified
          in the two tables entitled "Summary of Ineos Chlor Limited Project
          Spend (the"First
          Table")
          and "Phasing of Sub-Projects 2003-2010" (the"Second
          Table")
          respectively together attached as Appendix 1 (the"Summary")
          and the supporting documentation from which that Summary has been prepared
          and which has been initialled for the purposes of identification by
          ICI's Lawyers and Ineos' Lawyers (the"Supporting
          Materials")
          as those documents may be amended from time to time in accordance with
    Paragraph 2.2 (Procedure for making amendments).
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|1.2 | Project
      Cost                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    | The
          budgeted cost of the Project (the"Project
          Cost")
          is the figure for the aggregate capital expenditure to be incurred
          on the Project as shown in the row entitled Total in the First Table,
          for the avoidance of doubt excluding the Specified Regeneration Expenditure
          which is not part of the Project Cost. The Project Cost allocated to
    any Sub-project or Line Item is as shown from time to time in the Summary.                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|1.3 | Project
      Timetable                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    | The
          timetable for the Project (the"Project
          Timetable")
          is set out in the Summary, including the Second Table, as the Summary
          may be amended from time to time in accordance with Paragraph 2.2 (Procedure
    for making amendments).                                                                                                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|2.  | AMENDMENTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|2.1 | Timing
      of amendments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    | The
      Summary (either or both of the First Table and the Second Table) and the
      Supporting Materials may be amended from time to time in accordance with
      Paragraph 2.2 (Procedure for making amendments). It is envisaged
    that, in particular but without limitation, they may be so amended:                                                                                                                                                                                                                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                

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|2.2 | Procedure
          for making amendments                                                                                                                                                                                                                                                                                                                        
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                  
|(1) | The Project Timetable assumes that Completion occurs on 30 September 2003. If Completion does not occur until after that, then the Project Timetable will automatically be amended by extending each of the dates shown on it by the number of days by which Completion is delayed beyond 30 September 2003.                                                     
|    |                                                                                                                                                                                                                                                                                                                                                                  
|(2) | Amendments to the Summary and the Supporting Materials (other than to reflect any automatic amendment to the Project Timetable pursuant to Paragraph 2.2(1)) may only be made by Chlor 1 by notice to Chlor Holdings and Ineos SPV, with the prior written consent of Chlor Holdings and Ineos SPV being required to any amendment outside the Agreed Tolerances.
|    |                                                                                                                                                                                                                                                                                                                                                                  
|3.  | AGREED
    TOLERANCES                                                                                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                                  
|3.1 | Concept
    of Agreed Tolerances                                                                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                  
|    | The
          parties have agreed to give Chlor 1 the flexibility to operate within
          specified tolerance levels (the"Agreed
          Tolerances")
    outside the Project Scope, Project Cost and Project Timetable.                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                                                                                                  
|3.2 | Project
    Scope Agreed Tolerance                                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                  
|    | An
        amendment to the Project Scope will be within the Agreed Tolerances if,
        but only if, the amendment, when taken together with any previous and
        any other proposed amendments:                                                                                                                                                          

|    |                                                                                                                                                                                                                  |                                                                                                                                                                                                                  
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    | (a)                                                                                                                                                                                                              | does not constitute a material amendment to the Project Scope viewed as a whole;                                                                                                                                 
|    |                                                                                                                                                                                                                  |                                                                                                                                                                                                                  
|    | (b)                                                                                                                                                                                                              | does not result in an amendment to either the Project Cost or the Project Timetable, other than an amendment within the Agreed Tolerances for the Project Cost or, as the case may be, the Project Timetable; and
|    |                                                                                                                                                                                                                  |                                                                                                                                                                                                                  
|    | (c)                                                                                                                                                                                                              | is necessary to complete the Project.                                                                                                                                                                            
|    |                                                                                                                                                                                                                 
|3.3 | Project
      Costs Agreed Tolerance                                                                                                                                                                            
|    |                                                                                                                                                                                                                  |                                                                                                                                                                                                                  
|    | An
        amendment to the Project Cost will be within the Agreed Tolerances if,
        but only if, the amendment, when taken together with any previous and
        any other proposed amendments, does not:
|    |                                                                                                                                                                                                                  |                                                                                                                                                                                                                  
|    | (a)                                                                                                                                                                                                              | increase
      the amount of Project Cost allocated to any Line Item (for the avoidance
      of doubt, including amounts committed or incurred prior to the amendment)
    by more than 15%;                    
|    |                                                                                                                                                                                                                  |                                                                                                                                                                                                                  
|    | (b)                                                                                                                                                                                                              | increase
      the amount of Project Cost allocated to any Sub-project (for the avoidance
      of doubt, including amounts committed or incurred prior to the amendment)
    by more than 10%; or               
|    |                                                                                                                                                                                                                  |                                                                                                                                                                                                                  
|    | (c)                                                                                                                                                                                                              | increase
    the aggregate Project Cost (for the avoidance of doubt, including                                                                                                                                   

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|    |                                                                                                                                                                                                                                                                                          |                                                                                 
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                          | amounts
          committed or incurred prior to the amendment) by more than 5%.
|    |                                                                                                                                                                                                                                                                                          |                                                                                 
|3.4 | Project
      Timetable Agreed Tolerance                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                          |                                                                                 
|    | An
        amendment to the Project Timetable will be within the Agreed Tolerances
        if, but only if, the amendment, when taken together with any previous
        and any other proposed amendments, does not result in a delay of more
    than nine months for any Sub-project.
|    |                                                                                                                                                                                                                                                                                          |                                                                                 
|4.  | ON
      PLAN AND OUTSIDE PLAN                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                          |                                                                                 
|4.1 | Definition
      of "On Plan" and "Outside Plan"                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                          |                                                                                 

|(1) | The Project will be"On
    Plan"at any time if at that time:
|--- | ------------------------------------------------------------
|    |                                                             
|    | (a)                                                         
|    |                                                             
|    |                                                             
|    |                                                             
|    |                                                             
|    |                                                             
|    |                                                             

|    |                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                   
|--- | ------------------------------------------------------------------------------------------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    | (b)                                                                                              | the Project is operating within the Project Scope, Project Cost and Project Timetable (subject in each case to the Agreed Tolerances);                                                                                                                                                                                                                            
|    |                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                   
|    | (c)                                                                                              | taking into account the most recent financial statements then available, the Strategic Plan (including forecasts) and any other available relevant information, each of Chlor 1, Chlor Holdings and Ineos SPV expect the Project to be completed within the Project Scope, Project Cost and Project Timetable (subject in each case to the Agreed Tolerances); and
|    |                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                   
|    | (d)                                                                                              | no agreement or arrangement has been entered into, or capital expenditure committed or incurred, by Chlor 1 without Ineos SPV's prior written consent in contravention of Paragraphs 19 or 20 of Schedule 2 (Reserved Rights)to the Chlor 1 Shareholders’ Agreement.                                                                                              
|    |                                                                                                 
|(2) | Expenditure committed or incurred by Chlor 1 (or any of it subsidiaries) will be"On
    Plan"if:
|    |                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                   
|    | (a)                                                                                              | it relates exclusively to the Project;                                                                                                                                                                                                                                                                                                                            
|    |                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                   
|    | (b)                                                                                              | at the time the expenditure is committed or incurred, the Project is On Plan; and                                                                                                                                                                                                                                                                                 

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|    | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | the
      expenditure will not and does not result in the Project being Outside Plan.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|(3) | The
      Project will be"Outside
      Plan"at
      any time if it is not at that time On Plan.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|(4) | Expenditure
      committed or incurred by Chlor 1 (or any of its subsidiaries) will be"Outside
      Plan"if
      it is not On Plan.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|4.2 | Effect
      of Project being Outside Plan                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|(1) | If
      at any time the Project goes Outside Plan:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | Chlor
      1 will have an initial period of 90 days (the"Primary
      Outside Plan Remedy Period")
      in which to bring the Project back On Plan or to make proposals to Chlor
      Holdings and Ineos SPV as to how the Project can be brought back On Plan;
      and                                                                                                                                                                                                                                                                                                                                                     
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | if within
      the Primary Outside Plan Remedy Period the Project has not been brought
      back On Plan and no agreement has been reached between Chlor Holdings, Ineos
      SPV and Chlor 1 on a process for bringing it back On Plan, then there will
      be a further period of 90 days (the"Secondary
      Outside Plan Remedy Period"and
      together with the Primary Outside Plan Remedy Period, the"Outside
      Plan Remedy Period")
      for the parties to seek, in consultation with other interested persons,
      to reach an agreement pursuant to which the Project can be brought back
      On Plan.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|(2) | The
      effect of Clause 10.2 (a) (Common
      Funding Conditions)
      is that drawdowns under the Funding Arrangements may only be made during
      the Outside Plan Remedy Period if the Project has been brought back On Plan
      or if the proceeds of the advance are used to fund expenditure necessary
      to ensure that Chlor 1 does not breach any Project Agreement in any material
      respect.                                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|(3) | If
      at the end of the Outside Plan Remedy Period the Project has not been brought
      back On Plan and no agreement has been reached between the parties pursuant
      to which it is to be brought back On Plan, then that will constitute an
      Event of Default under clause 15.5(1) (Other
      material events)
      of the Amended RLF Agreement.                                                                                                                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|5.  | URGENT
      SHE EXPENDITURE                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|5.1 | Summary
      of position regarding Urgent SHE Expenditure, etc                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|(1) | The
      Chlor 1 Group may commit to or incur capital expenditure (in addition to
      On Plan capital expenditure) of up to (in aggregate for all capital expenditure,
      other than On Plan capital expenditure, committed or incurred by any member
      of the Chlor 1 Group) £1,000,000 (one million pounds sterling) (Index-linked)
      in any Financial Year ("Discretionary
      Capital Expenditure")
      without any approval being required from Ineos SPV. For the avoidance of
      doubt, capital expenditure other than Urgent SHE Expenditure may be committed
      or incurred pursuant to this Paragraph 5.1(1) if it is approved by the board
      of Chlor 1.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|(2) | Chlor
      1 may not (and shall procure that no other member of the Chlor 1 Group shall)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      

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|    | commit
      to or incur capital expenditure of more than (in aggregate for all capital
      expenditure committed or incurred by any member of the Chlor 1 Group) £1,000,000
      (one million pounds sterling) (Index-linked) in any Financial Year, other
      than:                      
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                 
|    | (a)                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                 
|    | (b)                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                 
|    | without
      Ineos SPV's prior written consent. Paragraphs 5.3 (Urgent
      SHE Notifications)
      and 5.4 (Dispute
      resolution)
      contain provisions regarding the agreement or determination of whether a
      particular item of capital expenditure is Urgent SHE Expenditure.
|    |                                                                                                                                                                                                                                                                                                 
|5.2 | Definition
      of "Urgent SHE Expenditure" and related terms                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                 
|    | In
      this Agreement:                                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                 
|    | "Consent
      Capital Expenditure"means
      capital expenditure which requires Ineos SPV's consent pursuant to Paragraph
      5.1(2) (Summary
      of position regarding Urgent SHE Expenditure);                                                                                          
|    |                                                                                                                                                                                                                                                                                                 
|    | "Consent
      Urgent SHE Expenditure"means
      Consent Capital Expenditure which is Urgent SHE Expenditure;                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                 
|    | "Discretionary
      Capital Expenditure"has the meaning given to it in Paragraph 5.1(1) (Summary
      of position regarding Urgent SHE Expenditure);                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                 
|    | "Mid
      Range Urgent SHE Expenditure"means Urgent SHE Expenditure which is neither Discretionary Capital Expenditure
      nor Consent Urgent SHE Expenditure;                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                 
|    | "Urgent
      SHE Action"means action:                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                 
|    | (a)                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                 
|    | (b)                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                 

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|    |                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | permits
      if the relevant environmental or health and safety regulatory authority
      were aware of the immediate and significant risk (including without limitation
      by way of example where there is a significant risk of a chlorine release
      ie "cloud burst"); or
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                                                   | (iv)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | is necessary
      to prevent a requirement being imposed by the relevant environmental or
      health and safety regulatory authority to avoid non-compliance with such
      legislation or permits; and                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                       
|    | "Urgent
      SHE Expenditure"means any capital expenditure committed or incurred for the sole purpose
      of implementing Urgent SHE Action.                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                       
|5.3 | Urgent
      SHE Notifications                                                                                                                                                                                                                                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                       
|(1) | If
      at any time Chlor 1 considers that any member of the Chlor 1 Group needs
      to take action which Chlor 1 considers to be Urgent SHE Action and its doing
      so might result in the Chlor 1 Group incurring Mid Range Urgent SHE Expenditure
      or Consent Urgent SHE Expenditure, then prior to any member of the Chlor
      1 Group incurring any expenditure in taking that action, Chlor 1:
|    |                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                       
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                               | shall
      notify Ineos SPV of the identified risk, the action proposed to be taken
      and its anticipated cost (an"Urgent
      SHE Notification");
      and                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                       
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                               | shall
      consult with Ineos SPV to the maximum extent possible.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                       
|(2) | At
      all times following the making of an Urgent SHE Notification, Chlor 1 shall
      (and shall procure that each other member of the Chlor 1 Group shall):                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                       
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                               | promptly
      provide to Ineos SPV copies of all memoranda, reports, correspondence and
      other documents pertaining to the identified risk, the proposed (and any
      actual) action and the proposed (and any actual) expenditure and shall afford
      Ineos SPV access at reasonable times and upon reasonable notice to the relevant
      site and all relevant personnel of Chlor 1 (or any member of the Chlor 1
      Group) for the purpose of facilitating Ineos SPV's consideration of the
      identified risk, proposed (and actual) action and proposed (and actual)
      expenditure; and
|    |                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                       
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                               | give
      Ineos SPV prompt notice of, and an opportunity to participate in, any discussions,
      meetings, correspondence and other interaction between Chlor 1 and any relevant
      environmental or health and safety regulatory authority that relates to
      the identified risk, the proposed (and any actual) action and the proposed
      (and any actual) expenditure.                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                       
|(3) | Subject
      to continuing compliance by Chlor 1 with its obligations under Paragraph
      5.3(1) (b) and 5.3(2), Ineos SPV shall within 30 days of receipt by it of
      an Urgent SHE Notification notify Chlor 1 (an"Urgent
      SHE Dispute Notice")
      if it considers:                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                       
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                               | that
      the relevant action proposed to be taken by a member of the Chlor 1 Group
      which Chlor 1 considers to be Urgent SHE Action is not Urgent SHE                                                                                                                                                                                                                                                                                                                                                                                                                                                       

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|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | Action;
      and/or                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | that the
      relevant expenditure proposed to be committed or incurred by a member of
      the Chlor 1 Group which Chlor 1 considers to be Urgent SHE Expenditure is
      not Urgent SHE Expenditure.                                                                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|(4) | If
      Ineos SPV does not serve an Urgent SHE Dispute Notice within 30 days of
      receipt by it on an Urgent SHE Notification, then it shall be deemed to
      have agreed that the relevant action proposed to be taken is Urgent SHE
      Action and that the relevant expenditure proposed to be committed or incurred
      is Urgent SHE Expenditure.                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|5.4 | Dispute
      resolution                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|(1) | If
      Ineos SPV serves an Urgent SHE Dispute Notice pursuant to Paragraph 5.3(3)
      (Urgent
      SHE Notifications),
      then the matter or matters in dispute shall be referred to and conclusively
      determined by an independent environmental consultant with not less than
      ten years' experience relevant to the type of matter in issue and who shall
      be a member of a company or firm which has been established for at least
      three years (the "Environmental
      Consultant")
      nominated by Ineos SPV and approved by Chlor 1 (that
    approval not to be unreasonably withheld or delayed).
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|(2) | The
      Environmental Consultant shall be jointly appointed by Ineos SPV and Chlor
      1 and shall be instructed to give his or her determination, acting as expert
      and not as arbitrator, within 30 days of being appointed.                                                                                                                                                                                                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|(3) | If
      an Environmental Consultant is appointed pursuant to Paragraph 5.4(2), then:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | both Ineos
      SPV and Chlor 1 shall (and Chlor 1 shall procure that each other member
      of the Chlor 1 Group shall) co-operate with the Environmental Consultant
      with a view to ensuring that the Environmental Consultant shall be able
      to do so;                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | Chlor
      1 shall (and shall procure that each other member of the Chlor 1 Group shall),
      upon the request of Ineos SPV or the Environmental Consultant, promptly
      give the Environmental Consultant the same information and rights of access
      as Ineos SPV is entitled to pursuant to Paragraph 5.3(1)(b) and (2) (Urgent
      SHE Notifications)
      and any other assistance reasonably requested by Ineos SPV or the Environmental
      Consultant;
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | any determination
      of the Environmental Consultant on whether action proposed to be taken is
      Urgent SHE Action and/or whether expenditure proposed to be incurred is
      Urgent SHE Expenditure shall be final and binding on the parties;                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    | (d)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | to the
      extent it is determined by the Environmental Consultant that the action
      or, as the case may be, expenditure in question does qualify as Urgent SHE
      Action or, as the case may be, Urgent SHE Expenditure, the fees and expenses
      of the Environmental Consultant shall be paid by Chlor 1 in the first instance
      and deducted by way of set-off from the next amount payable by Chlor 1 to                                                

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|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | Ineos
      SPV pursuant to Schedule 5 (Chlor
      1 cash sharing arrangements);
      and                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    | (e)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | to the
      extent it is determined by the Environmental Consultant that the action
      or, as the case may be, expenditure in question does not qualify as Urgent
      SHE Action or, as the case may be, Urgent SHE Expenditure, the fees and
      expenses of the Environmental Consultant shall be paid by Chlor 1 in the
      first instance and deducted by way of set-off from the next amount payable
      by Chlor 1 to a member of the Wider Ineos Group other than Ineos SPV pursuant
      to Schedule5 (Chlor
      1 cash sharing arrangements).
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|5.5 | When
      the expenditure can be committed or incurred                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|(1) | A
      member of the Chlor 1 Group may start to commit or incur any capital expenditure
      to which an Urgent SHE Notification relates if, but only if:                                                                                                                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | Ineos
      SPV agrees in writing, or is deemed by Paragraph 5.3(4) (Urgent
      SHE Notifications)
      to have agreed, that the relevant action proposed to be taken is Urgent
      SHE Action and that the relevant expenditure proposed to be committed or
      incurred is Urgent SHE Expenditure; or                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | the Environmental
      Consultant determines that the action proposed to be taken is Urgent SHE
      Action and that the expenditure proposed to be committed or incurred is
      Urgent SHE Expenditure.                                                                                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|(2) | For
      the avoidance of doubt:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | nothing
      in this Agreement (including without limitation a decision by the Environmental
      Consultant that action is Urgent SHE Action or expenditure is Urgent SHE
      Expenditure) shall permit the aggregate amount of capital expenditure committed
      or incurred by the Chlor 1 Group in any Financial Year, other than On Plan
      expenditure, to exceed £3,000,000 (three million pounds sterling)
      (Index-linked) without Ineos SPV's prior written consent; and                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | if any
      expenditure is committed or incurred in breach of Paragraph 5.5(1) or above
      the limit referred to in Paragraph 5.5(2)(a), that shall also be a breach
      of schedule 2, paragraph 19 of the Chlor 1 Shareholders’ Agreement
      and the expenditure (including the expenditure already committed or incurred)
      is
      not, and shall not for any purpose be treated as if it were, Approved Capital
      Expenditure.                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|5.6 | Impact
      on Project Cost                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    | Any
      Urgent SHE Expenditure, Mid Range Urgent SHE Expenditure or other capital
      expenditure committed or incurred for SHE or licence to operate reasons
      approved by Ineos SPV, other than Discretionary Capital Expenditure, shall
      be included in the Project Cost (as if it were expenditure on the Project,
      even if it was not) for the purpose of calculating whether the Project is
      operating within the Agreed Tolerance referred to in Paragraph 3.3(c) (Project
      Costs Agreed Tolerance).

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|5.7 | Impact
      on any 2010 Payment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    | Any Urgent
      SHE Expenditure or other capital expenditure committed or incurred for SHE
      or licence to operate reasons approved by Ineos SPV (and any other capital
      expenditure committed or incurred by any member of the Chlor 1 Group which
      Chlor 1 claims to be Urgent SHE Expenditure, even if Ineos SPV disagrees
      and an Environmental Consultant subsequently determines that it was not
      Urgent SHE Expenditure), other than Discretionary Capital Expenditure, shall
      be treated as capital expenditure (and therefore shall, to the extent it
      was deducted in calculating EBITDA in any Financial Year, be added back)
      in the calculation of any 2010 Payment.

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SCHEDULE 3

REMAINING NON-NOVATED
  CONTRACTS

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SCHEDULE 4

TRANSACTION DOCUMENTS

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SCHEDULE
  5

CHLOR
  1 CASH SHARING ARRANGEMENTS

|1.  | SUMMARY
      OF THE PROCESS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|1.1 | Statement of intentions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    | It
      is the intention of the parties that:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|1.2 | Annual cycle                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|(1) | Each
      month from the month in which the Cash Sharing Start Date falls, Chlor 1
      shall make the calculations referred to in Paragraph 3 (Short
      term cash management)
      and make any payments of interest and any Short Term Cash Repayments required
      pursuant to that Paragraph.                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|(2) | If
      so requested in writing by either Chlor Holdings or Ineos SPV within 30
      days of the end of any financial half year of Chlor 1, the amount of Chlor
      1 AFC for the period from the Cash Sharing Start Date up to the end of that
      financial half year shall be calculated in accordance with Paragraphs 2.2
      (Meaning
      of "Chlor 1 AFC"),
      2.3 (Relevant
      Accounts)
      and 4 (Procedure
      for determining Agreed Chlor 1 AFC)
      and the Agreed Chlor 1 AFC shall be paid in accordance with Paragraph 5
      (Payment
      and application of Agreed Chlor 1 AFC).
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|(3) | Following
      the end of each financial year of Chlor 1, and as part of the process for
      the preparation of its annual audited accounts, the amount of Chlor 1 AFC
      for the period from the Cash Sharing Start Date up to the end of that financial
      year shall be calculated in accordance with Paragraphs 2.2 (Meaning
      of "Chlor 1 AFC"),
      2.3 (Relevant
      Accounts)
      and 4 (Procedure
      for determining Agreed Chlor 1 AFC)
      and the Agreed Chlor 1 AFC shall be paid in accordance with Paragraph 5
      (Payment
      and application of Agreed Chlor 1 AFC).         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|2.  | DEFINITIONS
      FOR SCHEDULE 5                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|2.1 | Additional definitions for Schedule 5                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    | In this Agreement:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    | "Agreed
      Chlor 1 AFC"has the meaning set out in Paragraph 4.6 (Meaning
      of                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       

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| | "Agreed
        Chlor 1 AFC");                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | "Applicable
      Accounting Principles"means GAAP and accounting practices in each case consistent with those applied
      in the preparation of the audited accounts of Chlor 1 and its subsidiaries
      for the financial year ended 31 December 2002, subject to any change to
      GAAP or its accounting practices (whether required by law or otherwise)
      which Chlor 1 wishes to apply in the preparation of its accounts, provided
      that:                                                                                      
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | "Approved
      Capital Expenditure"means capital expenditure which is either:                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | "Barclays
      Facility"means the facility made available under the Amended Barclays Facility Agreement
      or any replacement equivalent, debtor-based working capital facility obtained
      (from Barclays or another lender or purchaser of receivables) by Chlor 1
      from time to time on terms substantially not less advantageous to Chlor
      1 and with a similar level of availability to the facility made available
      under the Amended Barclays Facility Agreement;                                                        
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | "Barclays
      Headroom Interest Payment"in relation to any calendar month means a payment of interest (or, to the
      extent that the payment is in respect of interest free debt, a payment calculated
      as if it were interest) for the number of days in that month on the amount
      of the Surplus Average Daily Headroom calculated at a rate of interest (expressed
      as a percentage per annum) equal to the rate of discount (similarly expressed)
      applicable on the final day of that month under the Barclays Facility;
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | "Cash"means cash balances including cash ledger balances, cash at bank, readily
      realisable short term investments and other cash equivalents;                                                                                                                                                                                                                                                                                                                                                                                                   
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | "Cash
      Sharing Start Date"means the date of Completion;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | "Cash
      Starting Point"has the meaning given to it in Paragraph 2.2(1)(a) (Meaning
      of "Chlor 1 AFC");                                                                                                                                                                                                                                                                                                                                                                                                                                       
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | "Chlor
      1 AFC"has the meaning given to it in Paragraph 2.2(Meaning
      of "Chlor 1                                                                                                                                                                                                                                                                                                                                                                                                                                                             

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| | AFC");                                                                                                                                                                                                                                                                                                                                        
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                                                                                                                                                                                                                                                                                                               
| | "Consolidated
      Interest Expense"in relation to any Relevant Period means the aggregate amount of all interest,
      commission, fees and other financing costs paid by Chlor 1 and its subsidiaries
      during that Relevant Period in respect of Financial Indebtedness (as defined
      in the Amended RLF Agreement) owed by them;
| |                                                                                                                                                                                                                                                                                                                                               
| | "Consolidated
      Interest Income"in relation to any Relevant Period means the aggregate amount of all interest,
      commission, fees and other financing income received by Chlor 1 and its
      subsidiaries during that Relevant Period in respect of Cash;                                                                           
| |                                                                                                                                                                                                                                                                                                                                               
| | "Consolidated
      Net Interest Expense"in relation to any Relevant Period means Consolidated Interest Expense minus
      Consolidated Interest Income for that Relevant Period;                                                                                                                                                            
| |                                                                                                                                                                                                                                                                                                                                               
| | "Daily
      Available Amount"in relation to any day means the aggregate of:                                                                                                                                                                                                                                                                  
| |                                                                                                                                                                                                                                                                                                                                               
| | (a)                                                                                                                                                                                                                                                                                                                                           
| |                                                                                                                                                                                                                                                                                                                                               
| |                                                                                                                                                                                                                                                                                                                                               
| |                                                                                                                                                                                                                                                                                                                                               
| |                                                                                                                                                                                                                                                                                                                                               
| |                                                                                                                                                                                                                                                                                                                                               
| | (b)                                                                                                                                                                                                                                                                                                                                           
| |                                                                                                                                                                                                                                                                                                                                               
| | "Daily
      Barclays Drawing"in
      relation to any day means the amount drawn down under the Barclays Facility
      as notified by Barclays (or the relevant lender or purchaser of receivables
      under the Barclays Facility) as at the start of business on that day;                                                              
| |                                                                                                                                                                                                                                                                                                                                               
| | "Daily
      Headroom"in relation to any day means the Daily Available Amount for that day less
      the Daily Barclays Drawing for (for a Business Day) that day or (for a non-Business
      Day) the immediately following Business Day;                                                                                                  
| |                                                                                                                                                                                                                                                                                                                                               
| | "Default
      Reimbursement Payment"means
      an Ineos SPV Default Reimbursement                                                                                                                                                                                                                                                           

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| | Payment
      or an Ineos Default Reimbursement Payment;                                                                                          
| | --------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                                                                                                                   
| | "EBITDA"in relation to any Relevant Period means an amount equal to:                                                                              
| |                                                                                                                                                   
| | (a)                                                                                                                                               
| |                                                                                                                                                   
| |                                                                                                                                                   
| |                                                                                                                                                   
| |                                                                                                                                                   
| |                                                                                                                                                   
| |                                                                                                                                                   
| |                                                                                                                                                   
| | (b)                                                                                                                                               
| |                                                                                                                                                   
| |                                                                                                                                                   
| |                                                                                                                                                   
| |                                                                                                                                                   
| |                                                                                                                                                   
| |                                                                                                                                                   
| |                                                                                                                                                   
| |                                                                                                                                                   
| |                                                                                                                                                   
| | (c)                                                                                                                                               
| |                                                                                                                                                   
| |                                                                                                                                                   
| |                                                                                                                                                   
| |                                                                                                                                                   
| |                                                                                                                                                   
| | (d)                                                                                                                                               
| |                                                                                                                                                   
| | in
      each case as disclosed by the Relevant Accounts;                                                                                         
| |                                                                                                                                                   
| | "Exceptional
      Items"and"Extraordinary
      Items"have
      the meanings given to them respectively in Financial Reporting Standard
      3;
| |                                                                                                                                                   
| | "Excluded
      Cash"in relation to any day means the aggregate (without double counting) of:                                                     
| |                                                                                                                                                   
| | (a)                                                                                                                                               

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| | (b)                                                                               | the
       aggregate amount of Cash held by Chlor 1 in non-Barclays accounts, up
       to a maximum aggregate of £500,000 (five hundred thousand pounds
    sterling);
| | --------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                                                   |                                                                                                                                                                        
| | (c)                                                                               | the aggregate amount of Cash deposited by Chlor 1 in blocked accounts; and                                                                                             
| |                                                                                   |                                                                                                                                                                        
| | (d)                                                                               | Cash which has been held by Chlor 1 and its subsidiaries for less than two Business Days,                                                                              
| |                                                                                   |                                                                                                                                                                        
| | in
    each case as of the start of business on that day;                        
| |                                                                                  
| | "GAAP"means
    generally accepted accounting principles in the United Kingdom;  
| |                                                                                  
| | "Ineos
        Default Reimbursement Payment"means
    a payment made by Chlor 1:
| |                                                                                   |                                                                                                                                                                        

| | (a)                                                                                                                                             | to the Secretary of State pursuant to a demand for repayment of some or all of the DTI Grant (plus, if applicable, any interest so demanded), which is made as a result of an Ineos Default and not as a result of an Ineos SPV Default; or
| | ----------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                                                                                                                 |                                                                                                                                                                                                                                            
| | (b)                                                                                                                                             | to Ineos SPV pursuant to Schedule 9, Paragraph 2.1(1) (Indemnities to the Guarantors) in respect of an Ineos Default Payment made by Ineos SPV,                                                                                            
| |                                                                                                                                                
| | and,
      for this purpose, a demand is made as a result of an Ineos SPV Default
    or, as the case may be, an Ineos Default if, but only if:

| |      |                                                                                                                                                                                                                                                                           
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (i)  | the relevant Ineos SPV Default or, as the case may be, Ineos Default was a factor in the taking of the decision that the demand would be made; and                                                                                                                        
| |      |                                                                                                                                                                                                                                                                           
| | (ii) | Ineos SPV (in the case of an Ineos SPV Default) or Chlor 2 (in the case of an Ineos Default) does not prove on a balance of probabilities that the relevant default was not a significant contributing factor in the taking of the decision that the demand would be made;

| |                                                                                                                                                
| | -----------------------------------------------------------------------------------------------------------------------------------------------
| | "Ineos
        SPV Default Reimbursement Payment"means
    a payment made by Chlor 1:                                                          
| |                                                                                                                                                
| | (a)                                                                                                                                            
| |                                                                                                                                                
| | (b)                                                                                                                                            
| |                                                                                                                                                
| | and,
      for this purpose, a demand is made as a result of an Ineos SPV Default
    or, as the case may be, an Ineos Default if, but only if:
| |                                                                                                                                                
| | (i)                                                                                                                                            
| |                                                                                                                                                
| | (ii)                                                                                                                                           

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| |                                                                                                                                                                                                                                                                                              | that the demand
    would be made;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| | "Relevant
          Accounts"has
          the meaning given to it in Paragraph 2.3 (Relevant
    Accounts);                                                                                                                                                                                
| |                                                                                                                                                                                                                                                                                             
| | "Relevant
          Ineos Entities"in
          relation to any allocation of Agreed Chlor 1 AFC or Chlor 2 AFC or
    any other payment means:                                                                                                                                             
| |                                                                                                                                                                                                                                                                                             
| | (a)                                                                                                                                                                                                                                                                                          | insofar as the
        allocation or other payment is to be made under, applied in or towards
        paying interest on or repaying the principal amount outstanding under
    or otherwise primarily relates to the Zero Coupon Loan Notes, Chlor 2;                                                                                                                                                                                                                                                                                                                      
| |                                                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| | (b)                                                                                                                                                                                                                                                                                          | insofar as the
        payment is to be applied in or towards paying interest on the Ineos Group
    Loan, the Ineos Group Loan Lenders on a pari passu basis;                                                                                                                                                                                                                                                                                                                                                                                                              
| |                                                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| | (c)                                                                                                                                                                                                                                                                                          | other
        than where paragraph (b) applies, insofar as the payment to be made under,
        applied in or towards repaying the principal amount outstanding under,
        or otherwise primarily relates to, the Ineos Group Loan, the Ineos Group
        Loan Lenders such that the Ineos Group Loan Lenders shall be repaid the
        full amounts owing to them in reverse order to that in which their relevant
        facilities were drawn down by Chlor 1 (so that the last facility drawn
    under the Ineos Group Loan Agreement shall be repaid first);
| |                                                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| | (d)                                                                                                                                                                                                                                                                                          | insofar
        as the allocation or other payment is to be made under, applied in or
        towards paying interest on or repaying the principal amount outstanding
        under, or otherwise primarily relates to, the Ineos Standby Facility
    or any Ineos Refinancing, the relevant lender(s); and                                                                                                                                                                                                                                                                
| |                                                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| | (e)                                                                                                                                                                                                                                                                                          | otherwise,
        Chlor Holdings (or in relation to a payment of Chlor 2 AFC only, New
        Ineos Holdings) or the person it nominates in accordance with Paragraph
        5.2 (Application
        by Ineos SPV and Relevant Ineos Entities of cash shares);
        or Schedule 6, Paragraph 4.2(2) (Application
    by Ineos SPV and Relevant Ineos Entities of cash shares);                                                                                                                                                                                       
| |                                                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| | "Relevant
          Period"means
          in relation to any calculation of Chlor 1 AFC pursuant to Paragraph
          1.2(2) or (3) (Annual
          cycle),
          the period from the Cash Sharing Start Date to the end of the relevant
    financial year or financial half year;
| |                                                                                                                                                                                                                                                                                             
| | "Review
          Period"means
          the period of 20 Business Days following delivery to Ineos SPV of the
          Statement of Chlor 1 AFC pursuant to Paragraph 4.2 (Issue
    of Statement of Chlor 1 AFC);                                                                        
| |                                                                                                                                                                                                                                                                                             
| | "Short
          Term Cash Repayment"means
          one or more loans or re-drawable prepayments, being all of the loans
          and re-drawable prepayments to be made in a particular month pursuant
          to Paragraph 3.2(3) (Short
    Term Cash Repayments);                   
| |                                                                                                                                                                                                                                                                                             
| | "Specified
          Regeneration Expenditure"in
          relation to any Relevant Period means expenditure incurred by Chlor
          1 and its subsidiaries on a consolidated basis during that Relevant
    Period which:                                                              

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| | (a)                                                                                                                                                                                                                                                                  | is treated in the Relevant Accounts as capital expenditure; and
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------
| |                                                                                                                                                                                                                                                                      |                                                                
| | (b)                                                                                                                                                                                                                                                                  | is expenditure of the type specified in Appendix 2.            
| |                                                                                                                                                                                                                                                                      |                                                                
| | This
      Specified Regeneration Expenditure is specifically referred to in the Strategic
      Plan; in the Initial Strategic Plan, £60,600,000 (sixty million six
      hundred thousand pounds sterling) of Specified Regeneration Expenditure
    is permitted;
| |                                                                                                                                                                                                                                                                      |                                                                
| | "Statement
        of Chlor 1 AFC"means
        a statement prepared in accordance with Paragraph 4.1 (Preparation
        of Statement of Chlor 1 AFC);
    and                                                                                                    
| |                                                                                                                                                                                                                                                                     
| | "Surplus
        Average Daily Headroom"in
    relation to any month means the amount, if any, by which:                                                                                                                                                            

| |     |                                                                   
| | --- | ------------------------------------------------------------------
| | (a) | the average of the greater of:                                    
| |     |                                                                   
| |     | (i)                                                               
| |     |                                                                   
| |     | (ii)                                                              
| |     |                                                                   
| |     | for
    each day in that month, exceeds                           
| |     |                                                                   
| | (b) | the
    average Daily Barclays Drawing for each day in that month.

|    |                              |                                                                                                                                                                                                                                                             
|--- | ---------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|2.2 | Meaning
    of "Chlor 1 AFC"
|    |                              |                                                                                                                                                                                                                                                             
|    | (1)                          | "Chlor
    1 AFC"for any Relevant Period means the available free cash of Chlor 1 and its subsidiaries (on a consolidated basis) calculated by reference to the period from the Cash Sharing Start Date to the final day of that Relevant Period as follows:
|    |                              |                                                                                                                                                                                                                                                             
|    |                              | (a)                                                                                                                                                                                                                                                         
|    |                              |                                                                                                                                                                                                                                                             
|    |                              | (b)                                                                                                                                                                                                                                                         
|    |                              |                                                                                                                                                                                                                                                             
|    |                              |                                                                                                                                                                                                                                                             
|    |                              |                                                                                                                                                                                                                                                             
|    |                              |                                                                                                                                                                                                                                                             
|    |                              |                                                                                                                                                                                                                                                             
|    |                              |                                                                                                                                                                                                                                                             

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| |  |  | (iv)  | any dividends or other distributions received during the Relevant Period (in each case, to the extent not taken into account in the calculation of EBITDA for the Relevant Period);
| |  |  | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  |  |       |                                                                                                                                                                                    
| |  |  | (v)   | any Consolidated Interest Income received during the Relevant Period;                                                                                                              
| |  |  |       |                                                                                                                                                                                    
| |  |  | (vi)  | the net proceeds of any disposals of assets received during the Relevant Period to the extent not taken into account in the calculation of EBITDA for the Relevant Period; and     
| |  |  |       |                                                                                                                                                                                    
| |  |  | (vii) | any
      amount spent in the Relevant Period in breach of, or as a result of an
    obligation incurred in breach of, the Transaction Documents;                                  

| |  |     |                                                  
| |  | --- | -------------------------------------------------
| |  | (c) | plus (or, in the case of bracketed items, minus):
| |  |     |                                                  
| |  |     | (i)                                              
| |  |     |                                                  
| |  |     | (ii)                                             
| |  |     |                                                  
| |  |     | (iii)                                            
| |  |     |                                                  

| |  |  | (iv) | any realised exchange gains (or realised exchange losses) incurred during the Relevant Period, to the extent not taken into account in calculating EBITDA for the Relevant Period; and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |  |  | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  |  |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| |  |  | (v)  | any amount received from Chlor 2 pursuant to Clause 15.6 (Tax losses);                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |  |  |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| |  |  | (vi) | any amount released to Chlor 1 out of any account established with Barclays for the sole purpose of containing deposits by Chlor 1 specifically to secure a bond, guarantee or indemnity issued by Barclays pursuant to the Barclays Bond and Guarantee Facility (and any amount deposited by Chlor 1 into that account of an amount up to the amount of any bond, guarantee or indemnity being issued by Barclays pursuant to that Facility, except to the extent that that amount, or any anticipated expenditure to which the relevant bond, guarantee or indemnity relates, has been taken into account in calculating EBITDA and provided that if the deposit has been deducted pursuant to this Paragraph 2.2 (c)(vi) then any subsequent payment out of the amount deposited, or interest earned on it, to Barclays or to any other person (other than a release to Chlor 1) to reimburse any payment made under the bond, guarantee or indemnity, to pay the anticipated expenditure or

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| |     |                                 |                                                                                                                                                                                                                                                                                                                                                                                                 | otherwise
      will, to the extent that that subsequent payment has been deducted in arriving
    at EBITDA, be added back);                                                                                                                                                                                                                                                                                            
| | --- | ------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                 |                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                          
| |     | (d)                             | minus, to the extent not deducted in calculating EBITDA for the Relevant Period:                                                                                                                                                                                                                                                                                                               
| |     |                                 |                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                          
| |     |                                 | (i)                                                                                                                                                                                                                                                                                                                                                                                             | the amount (if any) of Approved Capital Expenditure;                                                                                                                                                                                                                                                                                                                                                                     
| |     |                                 |                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                          
| |     |                                 | (ii)                                                                                                                                                                                                                                                                                                                                                                                            | any corporation tax (if any) paid during the Relevant Period;                                                                                                                                                                                                                                                                                                                                                            
| |     |                                 |                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                          
| |     |                                 | (iii)                                                                                                                                                                                                                                                                                                                                                                                           | any
      interest or principal repayment made pursuant to the Barclays Facility
    during the Relevant Period;                                                                                                                                                                                                                                                                                                         
| |     |                                 |                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                          
| |     |                                 | (iv)                                                                                                                                                                                                                                                                                                                                                                                            | any amount paid by Chlor 1 to ICI in respect of any ICI Piggy-back Claim;                                                                                                                                                                                                                                                                                                                                                
| |     |                                 |                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                          
| |     |                                 | (v)                                                                                                                                                                                                                                                                                                                                                                                             | any amount paid by way of management fee pursuant to the management agreement between Chlor 1 and Ineos Capital as amended by the Management Agreement Deed of Amendment;                                                                                                                                                                                                                                                
| |     |                                 |                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                          
| |     |                                 | (vi)                                                                                                                                                                                                                                                                                                                                                                                            | any amount paid by Chlor 1 to the Secretary of State pursuant to a demand for repayment of some or all of the DTI Grant plus, if applicable, interest or to any Guarantor pursuant to Schedule 9, Paragraph 2.1 (Indemnities to the Guarantors), in either case for the avoidance of doubt including any Default Reimbursement Payment;                                                                                  
| |     |                                 |                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                          
| |     |                                 | (vii)                                                                                                                                                                                                                                                                                                                                                                                           | the
      aggregate amount of previous payments made pursuant to Paragraph 1.2(2)
      or (3) (Annual
      cycle)
      and not re-drawn and of any other permanent (ie non re-drawable) repayments
      of principal under the DTI Grant Offer Letter (in respect of the loan forming
      part of the DTI Grant), the Amended RLF Agreement, the Ineos Group Loan
    Agreement or the Amended PIK Note Instrument;
| |     |                                 |                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                          
| |     |                                 | (viii)                                                                                                                                                                                                                                                                                                                                                                                          | the
      amount of any sums held on trust pursuant to Paragraph 5.4 (Payment
      restrictions under Barclays Facility);
    and                                                                                                                                                                                                                                                                                       
| |     |                                 |                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                          
| |     |                                 | (ix)                                                                                                                                                                                                                                                                                                                                                                                            | the
      aggregate amount of any payments of interest or principal in respect of
      any Ineos SPV Refinancing Moneys or under any Ineos Refinancing Agreement
    or the Ineos Standby Facility Agreement.                                                                                                                                                                                                           
| |     |                                 |                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                          
| | (2) | For
    the avoidance of doubt:
| |     |                                 |                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                          
| |     | (a)                             | amounts
      which are during the Relevant Period borrowed for the purpose of, and applied
      in, refinancing in whole or part the amounts outstanding under the Amended
      RLF Agreement pursuant to Clause 6.4 (Refinancing
      obligation)
      of the Amended RLF Agreement shall be paid directly to Ineos SPV and so
    shall not form part of the calculation of Chlor 1 AFC;
| |     |                                 |                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                          
| |     | (b)                             | amounts
      representing the cash share of Ineos SPV from Chlor 2 which during the
    Relevant Period are paid by Chlor 2 pursuant to Schedule 6, Paragraph 5                                                                                                                                                                                                                               

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|    |                                                                                                                                                                                                                                                                                 | (Chlor
            2 Guarantee)
            shall be paid directly to Ineos SPV and so shall not form part of
    the calculation of Chlor 1 AFC;                                                                                                                                                                                                                                                                                                                                                                             
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                
|    | (c)                                                                                                                                                                                                                                                                             | amounts representing
        payments made or due to Ineos SPV as a result of any proceedings or actual
        or alleged breach of an obligation owed to Ineos SPV under any Transaction
        Document shall not form part of the calculation of Chlor 1 AFC (and so
        shall be added back to EBITDA if they would otherwise be deducted in
    calculating it);                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    | (d)                                                                                                                                                                                                                                                                             | amounts representing
        payments due to Ineos SPV pursuant to Clause 13 (2010)shall
    not form part of the calculation of Chlor 1 AFC;                                                                                                                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    | (e)                                                                                                                                                                                                                                                                             | where a payment
        is due to Ineos SPV pursuant to Clause 13 (2010)it
        shall not affect the calculation and payment of Chlor 1 AFC in respect
        of any Relevant Period for which a payment of 2010 Agreed Additional
    Debt Capacity is due; and                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    | (f)                                                                                                                                                                                                                                                                             | any capital expenditure
        (not being Approved Capital Expenditure or Specified Regeneration Expenditure)
    shall not be deducted in calculating Chlor 1 AFC.                                                                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|2.3 | Relevant
    Accounts                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    | For
    each Relevant Period, Chlor 1 AFC shall be calculated by reference to:                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    | (a)                                                                                                                                                                                                                                                                             | the audited accounts
        of Chlor 1 and its subsidiaries on a consolidated basis for each of the
        financial years of Chlor 1 comprised in the Relevant Period for which
        audited accounts have been prepared, each set of audited accounts to
        be prepared on a consistent basis in accordance with Applicable Accounting
    Principles; and                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    | (b)                                                                                                                                                                                                                                                                             | if the calculation
        relates to a Relevant Period which contains one or more periods in respect
        of which at the time of the calculation audited accounts of Chlor 1 and
        its subsidiaries have not been prepared, management accounts of Chlor
        1 and its subsidiaries on a consolidated basis for that period or each
        of those periods, each set of management accounts to be prepared in a
        manner consistent in all material respects with Applicable Accounting
    Principles,
|    |                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    | together
        the"Relevant
    Accounts".                                                                                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                
|3.  | SHORT
    TERM CASH MANAGEMENT                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                
|3.1 | Interest                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                
|(1) | Within
        10 Business Days of the end of each month starting with the month in
        which the Cash Sharing Start Date falls, Chlor 1 shall calculate the
        Surplus Average Daily Headroom (if any) for that month and notify Chlor
    Holdings and Ineos SPV.   
|    |                                                                                                                                                                                                                                                                                
|(2) | Subject
        to Paragraph 3.1(3), Chlor 1 shall by no later than 30 days after the
        end of each month starting with the month in which the Cash Sharing Start
        Date falls apply the appropriate Barclays Headroom Interest Payment in
    the following order:

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|    | (a)                                                                                                                                    | first, where there
        are any Ineos SPV Refinancing Moneys outstanding, against any interest
    accrued on those Ineos SPV Refinancing Moneys;                                                                                                                                              
|--- | -------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                        |                                                                                                                                                                                                                                                                                                   
|    | (b)                                                                                                                                    | second, as to
        any remaining balance where there are any moneys outstanding under any
        Ineos Refinancing Agreement, against any interest accrued pursuant to
    that Agreement;                                                                                                    
|    |                                                                                                                                        |                                                                                                                                                                                                                                                                                                   
|    | (c)                                                                                                                                    | third, as to any
        remaining balance where there are any moneys outstanding under the Ineos
        Standby Facility Agreement (to the extent that it is not an Ineos Refinancing
        Agreement), against any interest accrued pursuant to the Ineos Standby
    Facility Agreement; and
|    |                                                                                                                                        |                                                                                                                                                                                                                                                                                                   
|    | (d)                                                                                                                                    | fourth, as to
    any remaining balance:                                                                                                                                                                                                                                                          
|    |                                                                                                                                        |                                                                                                                                                                                                                                                                                                   
|    |                                                                                                                                        | (i)                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                        |                                                                                                                                                                                                                                                                                                   
|    |                                                                                                                                        | (ii)                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                        |                                                                                                                                                                                                                                                                                                   
|    |                                                                                                                                        | (iii)                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                        |                                                                                                                                                                                                                                                                                                   
|    |                                                                                                                                        | (iv)                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                        |                                                                                                                                                                                                                                                                                                   
|3.2 | Short
    Term Cash Repayments                                                                                                        
|    |                                                                                                                                       
|(1) | This
        Paragraph 3.2 applies in relation to a month, starting with the month
    in which the Cash Sharing Start Date falls, if:

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|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | the Daily Headroom
        for each day in that month is at least £5,000,000 (five million
    pounds sterling); and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | the management
        forecasts for the following month proposed by Chlor 1, acting reasonably,
        and approved by the executive management of Chlor 1 (having taken into
        account any comments made by Ineos SPV) do not indicate that the Daily
        Headroom for any day in the following month will be less than £5,000,000
        (five million pounds sterling). Chlor 1 will propose management forecasts
        within 10 Business Days of the end of each month to enable Ineos SPV
        to comment, if it wishes to do so, prior to the payment to be made pursuant
    to Paragraph 3.2(2).
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|(2) | Where
        this Paragraph 3.2 applies in relation to a month, Chlor 1 shall within
        15 Business Days of the end of that month make a Short Term Cash Repayment
        in an aggregate amount equal to the amount by which the Daily Headroom
        for the Business Day in that month with the smallest Daily Headroom exceeds £5,000,000
        (five million pounds sterling), provided that no Short Term Cash Repayment
        need be made if the amount of it would be less than £500,000 (five
    hundred thousand pounds sterling).
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|(3) | Any
        Short Term Cash Repayment made pursuant to Paragraph 3.2(2) shall be
    divided as follows:                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | first, where there
        are any Ineos SPV Refinancing Moneys outstanding, by way of loan or re-drawable
    prepayment to the relevant lender;                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | second, as to
        any remaining balance where there are any moneys outstanding under any
        Ineos Refinancing Agreement, by way of loan or re-drawable prepayment
    to the relevant lender;                                                                                                                                                                                                                                                                                                                                                                                                                     
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | third, as to any
        remaining balance where there are any moneys outstanding under the Ineos
        Standby Facility Agreement (to the extent it is not an Ineos Refinancing
        Agreement), by way of loan or re-drawable prepayment to the relevant
    lender; and                                                                                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    | (d)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | fourth, as to
    any remaining balance:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | (i)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | (ii)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       

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| |  |       | Tranche B and/or
        the Ineos Group Loan (such that the aggregate amount drawn under the
    Ineos Group Loan was less than or equal to the Initial IGL Amount):                                                                                                                                                                                                                    
| |  | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  |       |                                                                                                                                                                                                                                                                                                                                                                                          
| |  |       | (aa)                                                                                                                                                                                                                                                                                                                                                                                     
| |  |       |                                                                                                                                                                                                                                                                                                                                                                                          
| |  |       |                                                                                                                                                                                                                                                                                                                                                                                          
| |  |       |                                                                                                                                                                                                                                                                                                                                                                                          
| |  |       |                                                                                                                                                                                                                                                                                                                                                                                          
| |  |       |                                                                                                                                                                                                                                                                                                                                                                                          
| |  |       |                                                                                                                                                                                                                                                                                                                                                                                          
| |  |       |                                                                                                                                                                                                                                                                                                                                                                                          
| |  |       | (bb)                                                                                                                                                                                                                                                                                                                                                                                     
| |  |       |                                                                                                                                                                                                                                                                                                                                                                                          
| |  |       |                                                                                                                                                                                                                                                                                                                                                                                          
| |  |       |                                                                                                                                                                                                                                                                                                                                                                                          
| |  |       |                                                                                                                                                                                                                                                                                                                                                                                          
| |  |       |                                                                                                                                                                                                                                                                                                                                                                                          
| |  |       |                                                                                                                                                                                                                                                                                                                                                                                          
| |  |       |                                                                                                                                                                                                                                                                                                                                                                                          
| |  | (iii) | to
        the extent that Paragraph 3.2(3)(d)(ii) applies but there is a surplus
        from the Short Term Cash Repayment which is not applied pursuant to that
        Paragraph or where the last advances to Chlor 1 under the Funding Arrangements
        (other than the Ineos Standby Facility) were advances of the New PIK
    Notes Subscription and the Ineos Contribution:
| |  |       |                                                                                                                                                                                                                                                                                                                                                                                          
| |  |       | (aa)                                                                                                                                                                                                                                                                                                                                                                                     
| |  |       |                                                                                                                                                                                                                                                                                                                                                                                          
| |  |       |                                                                                                                                                                                                                                                                                                                                                                                          
| |  |       |                                                                                                                                                                                                                                                                                                                                                                                          
| |  |       |                                                                                                                                                                                                                                                                                                                                                                                          
| |  |       |                                                                                                                                                                                                                                                                                                                                                                                          
| |  |       |                                                                                                                                                                                                                                                                                                                                                                                          
| |  |       |                                                                                                                                                                                                                                                                                                                                                                                          
| |  |       | (bb)                                                                                                                                                                                                                                                                                                                                                                                     
| |  |       |                                                                                                                                                                                                                                                                                                                                                                                          
| |  |       | For
        the avoidance of doubt, the parties confirm that no loan made pursuant
        to this Paragraph 3.3(3)(d)(ii) shall constitute a repayment in whole
    or in part of the Ineos Contribution; and                                                                                                                                                                           
| |  |       |                                                                                                                                                                                                                                                                                                                                                                                          
| |  | (iv)  | to
        the extent that Paragraph 3.2(3)(d)(iii) applies but there is a surplus                                                                                                                                                                                                                                                                                                       

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|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                      | from
        the Short Term Cash Repayment which is not applied pursuant to that Paragraph
        or where the last advance to Chlor 1 under the Funding Arrangements (other
        than the Ineos Standby Facility) was an advance under Tranche A, 100%
        of the surplus or, as applicable, the Short Term Cash Repayment shall
    be lent to Ineos SPV.                                                                                                                         
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|(4) | Any
        loan made pursuant to Paragraph 3.2(3)(d) shall be made on the following
    terms:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | in
    the case of a loan to Ineos SPV:                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                     
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | (i)                                                                                                  | pursuant to Paragraph
        3.2(3)(d)(ii), shall be interest free up to 31 December 2004 and from
        1 January 2005 shall bear interest at the rate and upon the terms applicable
        from time to time to Tranche B and that interest shall only be discharged
        by way of set-off against interest accrued on Tranche B, whether or not
    then due and payable;                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | (ii)                                                                                                 | pursuant to Paragraph
    3.2(3)(d)(iii), shall be interest free; or                                                                                                                                                                                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | (iii)                                                                                                | pursuant to Paragraph
      3.2(3)(d)(iv), shall be interest free up to 31 December 2004 and from 1
      January 2005 shall bear interest at the rate and upon the terms applicable
      from time to time to Tranche A and that interest shall only be discharged
      by way of set-off against interest accrued on Tranche A, whether or not
    then due and payable;                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | in
    the case of a loan:                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | (i)                                                                                                  | to the Ineos Group
        Loan Lenders (or any of them) pursuant to Paragraph 3.2(3)(d)(i) or Paragraph
        3.2(3)(d)(ii), shall be interest free up to 31 December 2004 and from
        1 January 2005 shall bear interest at the rate and upon the terms applicable
        from time to time to the Ineos Group Loan and that interest shall be
        discharged by way of set-off against interest accrued on the Ineos Group
    Loan, whether or not then due and payable; and
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | (ii)                                                                                                 | to Chlor 2 pursuant
    to Paragraph 3.2(3)(d)(iii), shall be interest free; and                                                                                                                                                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | in
        either case, shall be repayable only in the circumstances specified in
    this Schedule.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                     
|3.3 | Redrawing
    of Short Term Cash Repayments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    | Chlor
        1 may at any time, if and to the extent its Cash needs require it to
        do so, re-draw Short Term Cash Repayments by giving no less than three
        Business Days' notice to Ineos SPV, the Relevant Ineos Entities or the
        other relevant lenders to repay loans made (or re-advance amounts prepaid)
        pursuant to Paragraph 3.2(3) (Short
        Term Cash Repayments),
        subject in the case of any amounts paid in respect of any Ineos SPV Refinancing
        Moneys to the terms of any agreement pursuant to which they are made
        available and in the case of any Ineos Refinancing Agreement to the terms
    of that

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|    | Agreement
      but otherwise subject only to the following conditions precedent:                                                                                                                                                                                                                                                                                                         
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                           
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                           
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                           
|    | and
      subject also (without prejudice to Paragraph 3.3(a)) to Ineos SPV's right
      to deduct by way of set off from any re-drawing from Ineos SPV an amount
      equal to any amount then overdue for payment (taking into account any applicable
      grace period) to Ineos SPV by Chlor 1 or (pursuant to Schedule 6 (Chlor
      2 cash sharing arrangements))
      Chlor 2.
|    |                                                                                                                                                                                                                                                                                                                                                                                           
|3.4 | Worked
      example for Short Term Cash Repayments and interest                                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                           
|(1) | Assume:                                                                                                                                                                                                                                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                                                                                                                           
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                           
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                           
|    | (c)                                                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                           
|    | (d)                                                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                           
|    | (e)                                                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                           
|    | (f)                                                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                           
|    | (g)                                                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                           
|    | (h)                                                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                           
|(2) | On
      these assumptions:                                                                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                           
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                       

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|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | the
      month exceeded £5m; the Daily Headroom in the following month is forecast
      not to fall below £5m; and the lowest Daily Headroom was £6m
      (on those days when Daily Available Amount was £36m and Barclays Drawing
      was £30m);                                                                                                                         
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                                                                                                
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | the
      average of the greater of 75% of Daily Available Amount and £25m for
      each day in the month was ((10 x 27) + (20 x 25))/30 = £25.667m;                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                                                                                                
|    | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | the
      average of the Daily Barclays Drawing for each Business Day in the month
      was ((10 x 30) + (10 x 22) + (10 x 15))/30 = £22.33m;                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                                                                                                
|    | (d)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | so
      the Surplus Average Daily Headroom for the month was £3.33m, on which
      interest at 7% per annum is payable pursuant to Paragraph 3.1 (Interest)
      for the 30 days in the month;                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                                                                                                
|    | (e)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | the
      Short Term Cash Repayment will pursuant to Paragraph 3.2(3(a)) (Short
      Term Cash Repayments)
      be lent as to £600,000 to Ineos SPV and as to £400,000 to the
      Ineos Group Loan Lenders; and                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                                                                                                
|    | (f)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | if
      Chlor 1 wishes to re-draw part of the Short Term Cash Repayment pursuant
      to Paragraph 3.3 (Redrawing
      of Short Term Cash Repayments)
      then it must do so in the same proportions as between Ineos SPV and the
      Ineos Group Loan Lenders (and if there has been any subsequent Short Term
      Cash Repayment, then that must be re-drawn first).
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                                                                                                
|4.  | PROCEDURE
      FOR DETERMINING AGREED CHLOR 1 AFC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|4.1 | Preparation
      of Statement of Chlor 1 AFC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    | Chlor
        1 shall prepare a statement of the Chlor 1 AFC in accordance with Paragraph
        2.2 (Meaning
        of "Chlor 1 AFC")
        within 120 days of the end of each financial year of Chlor 1 and, where
        a request is made by Ineos SPV or Chlor Holdings pursuant to Paragraph
        1.2(2) (Annual
        cycle)
        to have a calculation made at the end of any financial half year within
        60 days of the giving of notice by Chlor Holdings or Ineos SPV pursuant
        to Paragraph 1.2(2) (Annual
        cycle).
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|4.2 | Issue
      of Statement of Chlor 1 AFC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    | Chlor
      1 shall immediately following preparation of each Statement of Chlor 1 AFC
      issue it to Ineos SPV and the DTI.                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|4.3 | Access
      to working papers                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    | To
      enable Ineos SPV and the DTI to review each Statement of Chlor 1 AFC and
      present any objections referred to in Paragraph 4.4 (If
      Ineos SPV or the DTI disagrees with calculation),
      Chlor 1 shall give Ineos SPV and the DTI and its advisers prompt and reasonable
      access at all reasonable times during business hours and upon reasonable
      notice to (including the ability to take copies of) all records, working
      papers and other information relating to the Statement of Chlor 1 AFC.                         

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|4.4 | If
      Ineos SPV or the DTI disagrees with calculation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|(1) | Provided
      that Chlor 1 has complied with its obligations pursuant to Paragraph 4.3
      (Access
      to working papers),
      Ineos SPV shall, before the end of the Review Period, either confirm that
      it agrees with the calculation of Chlor 1 AFC or state in writing that it
      disagrees giving the reason for its disagreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|(2) | If
      Ineos SPV shall disagree with any matter affecting the calculation of Chlor
      1 AFC or if the DTI states in writing before the end of the Review Period
      that it disagrees, giving reasons for its disagreement, then Chlor 1, Ineos
      SPV and (if applicable) the DTI shall attempt to resolve the issue. Any
      resolution of the issue between Chlor 1, Ineos SPV and (if applicable) the
      DTI which enables the Chlor 1 AFC to be agreed shall be expressed in a joint
      confirmation (the"Joint
      Resolution"),
      signed by both Ineos SPV and Chlor 1, stating the Chlor 1 AFC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|(3) | If
      no Joint Resolution shall be issued within 15 Business Days after the giving
      of Ineos SPV's statement as referred to in Paragraph 4.4(1), the matter
      or matters remaining in dispute only shall be referred to and conclusively
      determined by a firm of independent chartered accountants of international
      repute jointly agreed upon between Ineos SPV, the DTI and Chlor 1 or (failing
      such agreement) appointed, at the request of either Ineos SPV, which may
      so request at it own volition and will do so if so requested by the DTI,
      or Chlor 1 at any time, by the President from time to time of the Institute
      of Chartered Accountants in England and Wales, which firm (the"Independent
      Accountants")
      shall then determine the matter in dispute and certify the Chlor 1 AFC.
      The Independent Accountants shall act as experts and not as arbitrators.
      Their determination and certification (the"Accountants'
      Certificate")
      shall be communicated in writing to Ineos SPV, Chlor 1 and the DTI and shall
      be final and binding upon the parties. The costs of the Independent Accountants
      in connection with all matters specified in this Schedule 5 shall be borne
      jointly between the parties to the dispute.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|4.5 | Records
      etc. to be made available                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    | Each
      of the parties shall use all reasonable endeavours to procure that all records,
      working papers and other information within its possession or control which
      are reasonably required by the Independent Accountants for the purposes
      of this Schedule 5 shall be made available upon a request for them and each
      of the parties shall generally render all reasonable assistance reasonably
      necessary for the determination of the Chlor 1 AFC by the Independent Accountants.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|4.6 | Meaning
      of "Agreed Chlor 1 AFC"                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    | In
      this Agreement,"Agreed
      Chlor 1 AFC"means:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      

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|    |                                                                                                                                                                                                                                                                                                                                                                            | shall
      have been resolved by agreement as mentioned in Paragraph 4.4 (If
      Ineos SPV or the DTI disagrees with calculation));
      or                                                                                                                                                                                                                                                                                                                                                                       
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | (c)                                                                                                                                                                                                                                                                                                                                                                        | the
      amount of Chlor 1 AFC determined by the Independent Accountants and set
      out in the Accountants' Certificate (if any matter shall be referred to
      the Independent Accountants as mentioned in Paragraph 4.4 (If
      Ineos SPV or the DTI disagrees with calculation)).                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|5.  | PAYMENT
      AND APPLICATION OF AGREED CHLOR 1 AFC                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|5.1 | Order of payment of Agreed Chlor 1 AFC                                                                                                                                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | Subject
      to Paragraphs 5.4(1) (Payment
      restrictions under Barclays Facility),
      5.5 (Performance
      and CAPEX retentions)
      and 5.6 (Adjustments
      for Default Reimbursement Payments),
      Chlor 1 shall allocate payments of the Agreed Chlor 1 AFC between Ineos
      SPV, the Relevant Ineos Entities and the DTI in the following order:
|    |                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | (a)                                                                                                                                                                                                                                                                                                                                                                        | first,
      to Ineos SPV and the Relevant Ineos Entities in proportion to the amounts
      of interest outstanding under the RLF Further Advances and the Ineos Group
      Loan, until (by virtue of the application of the receipts in accordance
      with Paragraph 5.2 (Application
      by Ineos SPV and Relevant Ineos Entities of cash shares))
      all interest accrued on the RLF Further Advances and all interest accrued
      on the Ineos Group Loan shall have been paid;                       
|    |                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | (b)                                                                                                                                                                                                                                                                                                                                                                        | second,
      out of any remaining balance in the case of any payments of the Agreed Chlor
      1 AFC arising in respect of any financial year of Chlor 1 commencing on
      or after 1 January 2007, an amount of up to the amount expressed by paragraph
      3 of schedule 2 to the DTI Grant Offer Letter to be payable to the DTI shall
      be paid to the DTI for application against the principal amount of the loan
      forming part of the DTI Grant;                                                
|    |                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | (c)                                                                                                                                                                                                                                                                                                                                                                        | third,
      in the case of any payments of the Agreed Chlor 1 AFC arising in respect
      of any financial year of Chlor 1 commencing on or after 1 January 2005,
      and to the extent required, up to 10% of any balance of the Agreed Chlor
      1 AFC shall be made available for payment by Chlor 1 under the Chlor
      1Employee
      Share Scheme (the"Chlor
      1 Management Allocation");
      and                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | (d)                                                                                                                                                                                                                                                                                                                                                                        | fourth,
      any remaining balance shall be allocated as to 60/105 to Ineos SPV and as
      to 45/105 to the Relevant Ineos Entities,                                                                                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | provided
      that:                                                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | (i)                                                                                                                                                                                                                                                                                                                                                                        | when
      the combined aggregate amount allocated to Ineos SPV and the Relevant Ineos
      Entities pursuant to Paragraph 5.1(a) and (d) since the date of this Agreement
      and paid equals £25,000,000 (twenty five million pounds sterling)
      or more, the provisions in Paragraphs 5.1(a) and (d) for allocation of payments
      "as to 60/105 to Ineos SPV and as to 45/105 to the Relevant Ineos Entities"
      shall be replaced by provisions for allocation of payments "as to 75% to
      Ineos

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|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | SPV
      and as to 25% to the Relevant Ineos Entities" in each case; and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|    | (ii)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | when
      the combined aggregate amount paid to Ineos SPV pursuant to this Paragraph
      5.1 shall have been sufficient to and shall have finally paid off all amounts
      outstanding under the Amended RLF Agreement (including accrued interest)
      with no entitlement on the part of Chlor 1 to re-draw any monies under that
      Agreement, then the provisions in Paragraphs 5.1(a) and (d) for allocation
      of payments "as to 75% to Ineos SPV and as to 25% to the Relevant Ineos
      Entities" shall be replaced by provisions for allocation of payments "as
      to 25% to Ineos SPV and as to 75% to the Relevant Ineos Entities" in each
      case.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|5.2 | Application
      by Ineos SPV and Relevant Ineos Entities of cash shares                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|(1) | Ineos
      SPV shall apply any amounts paid to it under Paragraph 5.1(a) and (d) (Order
      of payment of Agreed Chlor 1 AFC)
      as follows:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | first,
      in or towards payment of interest accrued on the RLF Further Advances;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | second,
      in or towards repayment of any principal amount of the RLF Further Advances;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|    | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | third,
      in or towards payment of any interest accrued on the Amended PIK Notes;
      and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|    | (d)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | fourth,
      in or towards repayment of the principal amount of the Amended PIK Notes.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|(2) | Any
      amounts paid to the Relevant Ineos Entities under Paragraph 5.1(a) and (d)
      (Order
      of payment of Agreed Chlor 1 AFC)
      shall be applied as follows:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | first,
      in or towards payment of any accrued interest on the Ineos Group Loan, pari
      passu to the amounts of interest outstanding under the Fluor/Silicas Facility,
      the EVC Facility and the Holdings Facility (each as defined in the Ineos
      Group Loan Agreement), respectively;                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | second,
      in or towards repayment of the principal amount outstanding under the Ineos
      Group Loan; and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|    | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | third,
      in or towards repayment of the principal amount of the Zero Coupon Loan
      Notes or in any other manner specified by Chlor Holdings.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|(3) | If
      and to the extent that a payment of Agreed Chlor 1 AFC is pursuant to Paragraph
      5.1 (Order
      of payment of Agreed Chlor 1 AFC)
      to be allocated to Ineos SPV, the DTI or the Relevant Ineos Entities in
      circumstances where the routes for the application of that payment pursuant
      to this Paragraph 5.2 have been exhausted or are otherwise for some reason
      not available to Ineos SPV, the DTI or, as the case may be, the Relevant
      Ineos Entities, the payment shall still be made and applied by any route
      which may be agreed by Ineos SPV, Chlor Holdings and (in the case of a route
      for payment to the DTI) the DTI, that agreement not to be unreasonably withheld
      or delayed by any of

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|    | them
      to any route proposed by the recipient of the payment which has the same
      economic effect as the route or routes which would have applied but for
      its or their exhaustion or non-availability.                                                                                                                                                                                                                                                                                                                                                                                              
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|5.3 | Timing
      of payments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    | Subject
      to Paragraph 5.4 (Payment
      restrictions under Barclays Facility),
      5.5 (Performance
      and CAPEX retentions)
      and 5.6 (Adjustments
      for Default Reimbursement Payments)
      the payments of interest and repayment of loans under Paragraph 5.1 (Order
      of payment of Agreed Chlor 1 AFC)
      shall be made as soon as practicable after the Agreed Chlor 1 AFC shall
      have been agreed or otherwise determined under Paragraph 4 (Procedure
      for determining Agreed Chlor 1 AFC)
      and in any event shall occur:                                     
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    | provided
      that if at any time Ineos SPV and Chlor 1 are agreed that a payment of Agreed
      Chlor 1 AFC is to be made but the amount of it is in the course of being
      determined pursuant to Paragraph 4 (Procedure
      for determining Agreed Chlor 1 AFC),
      then the amount which is undisputed shall be paid pursuant to Paragraph
      5.1 (Order
      of payment of Agreed Chlor AFC)
      within five Business Days, leaving only the balance (if any) to be paid
      at the time applicable under this Paragraph 5.3 when the amount of the Agreed
      Chlor 1 AFC is determined.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|5.4 | Payment
      restrictions under Barclays facility                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|(1) | Subject
      to Paragraph 5.4(3), no payment shall be made pursuant to this Schedule
      5 if that would constitute or lead directly to a breach of a provision of
      the New Deed of Priority or clause H104 8 (d) of the Amended Barclays Facility
      Agreement (that provision or clause a"Relevant
      Barclays Prohibition").                                                                                                                                                                                                                                                                     
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|(2) | If
      at any time a payment otherwise due to be made to Ineos SPV or a Relevant
      Ineos Entity pursuant to this Schedule 5, other than a Short Term Cash Repayment,
      is not made by reason of a Relevant Barclays Prohibition (a"Barclays
      Deferred Payment"),
      then:                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               

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|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | account,
      shall be made out of the account as soon as permitted under the Relevant
      Barclays Prohibition.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|(3) | If
      a payment due to be made to Ineos SPV or a Relevant Ineos Entity which would
      pursuant to Paragraph 5.2(1) (Application
      by Ineos SPV and Relevant Ineos Entities of cash shares)
      be required to be applied against interest is a Barclays Deferred Payment
      but would not have been one if it would pursuant to that Paragraph 5.2(1)
      (Application
      by Ineos SPV and Relevant Ineos Entities of cash shares)
      be required to be applied against principal (for example because it would
      then be redrawable and so counted in a calculation of available borrowing
      capacity), then it shall not be applied against interest but instead shall
      be applied against the next applicable category of principal pursuant to
      that Paragraph 5.2(1) (Application
      by Ineos SPV and Relevant Ineos Entities of cash shares)
      and so shall not be a Barclays Deferred Payment.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|5.5 | Performance
      and CAPEX retentions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|(1) | Chlor
      1 shall be entitled to retain out of any amount of Agreed Chlor 1 AFC which
      it would otherwise be required to pay pursuant to Paragraph 5.1 (Order
      of payment of Agreed Chlor 1 AFC):                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | any
      amount out of that amount of Agreed Chlor 1 AFC which is envisaged in the
      Strategic Plan as being retained and spent after the Relevant Period;                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | any
      amount out of that amount of Agreed Chlor 1 AFC which is not included within
      Paragraph 5.5(1)(a) which Chlor 1 considers will be required to be spent
      out of that Agreed Chlor 1 AFC for capital expenditure outside the Strategic
      Plan, provided that this capital expenditure is Approved Capital Expenditure;                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | any
      amount out of that amount of Agreed Chlor 1 AFC which it is necessary for
      Chlor 1 to retain to reflect an EBITDA performance worse than that envisaged
      in the Strategic Plan in the period from the end of the financial year or
      half year up to which that Agreed Chlor 1 AFC has been calculated to the
      earlier of the date of agreement or determination of that Agreed Chlor 1
      AFC pursuant to Paragraph 4 (Procedure
      for determining Agreed Chlor 1 AFC)
      and the date falling six months after the end of that financial year or
      half year; and
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    | (d)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | any
      amount out of that amount of Agreed Chlor 1 AFC which it is necessary for
      Chlor 1 to retain to reflect an EBITDA performance worse than that envisaged
      in the Strategic Plan for the remainder (if any) of period of six months
      from the end of the financial year or half year up to which that Agreed
      Chlor 1 AFC has been calculated if but only if that retention is reflected
      in an agreed revision to the Strategic Plan.                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|(2) | If
      Chlor 1 wishes to retain any amount pursuant to Paragraph 5.5(1), then the
      procedure set out in Paragraph 4 (Procedure
      for determining Agreed Chlor 1 AFC)
      shall apply to determine the extent (if any) of its entitlement pursuant
      to Paragraph 5.5(1) to do so, with those changes which are appropriate to
      fit it for this context.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|(3) | This
      Paragraph 5.5 shall not apply in the case of the payment of Agreed Chlor
      1 AFC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      

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|    | pursuant
      to Paragraph 5.1 (Order
      of payment of Agreed Chlor 1 AFC)
      in respect of the Relevant Period ending on 31 December 2010 or in respect
      of the 2010 Chlor 1 Cash Share On Account Payment (as defined in Schedule
      7, Paragraph 12.1(1)(b) (2010
      On Account Payments)).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|5.6 | Adjustments
      for Default Reimbursement Payments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    | In
      making any allocation of Agreed Chlor 1 AFC pursuant to Paragraph 5.1 (Order
      of payment of Agreed Chlor 1 AFC)
      after it has made any Default Reimbursement Payments, the amount of the
      Agreed Chlor 1 AFC shall (for the purposes of determining the amounts to
      be allocated to Ineos SPV and the Relevant Ineos Entities only) be deemed
      to have been increased by an amount equal to the aggregate of the Default
      Reimbursement Payments and Chlor 1 shall:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|5.7 | Application
      of Short Term Cash Repayments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|(1) | In
      this Paragraph 5.7, an"Outstanding
      Short Term Cash Repayment"at
      any time means any Short Term Cash Repayment which has been made pursuant
      to Paragraph 3.2 (Short
      Term Cash Repayments)
      and which as at that date has not been:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|(2) | If
      as at the date on which any amounts of Agreed Chlor 1 AFC are payable pursuant
      to Paragraph 5.1 (Order
      of payment of Agreed Chlor 1 AFC)
      (for the avoidance of doubt, as qualified by Paragraphs 5.4 (Payment
      restrictions under Barclays Facility),
      5.5 (Performance
      and CAPEX retentions)
      and 5.6 (Adjustments
      for Default Reimbursement Payments))
      there are any Outstanding Short Term Cash Repayments, then the Outstanding
      Short Term Cash Repayments (or, if the amount of Outstanding Short Term
      Cash Repayments is greater than the amounts of Agreed Chlor 1 AFC, an amount
      of the Outstanding Short Term Cash Repayments equal to the amounts of Agreed
      Chlor 1 AFC) shall be treated as if they had been re-drawn by way of repayment
      of loans in accordance with Paragraph 3.3(b) (Redrawing
      of Short Term Cash Repayments)
      and the amounts of the loan repayments applied in or towards

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|    | payment
      of the amounts of Agreed Chlor 1 AFC, with any appropriate adjustment payments
      being made.                                                                                                                                                                               
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                              
|5.8 | Redrawing
      of Chlor 1 cash share payments                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                              
|    | To
      the extent that any amount paid pursuant to Paragraph 5.1 (Order
      of payment of Agreed Chlor 1 AFC)
      is pursuant to Paragraph 5.2 (Application
      by Ineos SPV and Relevant Ineos Entities of cash shares)
      allocated to Ineos SPV or the Relevant Ineos Entities:
|    |                                                                                                                                                                                                                                                                                              
|    | (a)                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                              
|    | (b)                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                              
|5.9 | Worked
      example for Paragraph 5                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                              
|(1) | Assume:                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                              
|    | (a)                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                              
|    | (b)                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                              
|(2) | On
      those assumptions:                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                              
|    | (a)                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                              
|    | (b)                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                              
|    | (c)                                                                                                                                                                                                                                                                                          

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|    |                                                                                                                                                                                                                                                                                                                                                                                                          | Lenders;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    | (d)                                                                                                                                                                                                                                                                                                                                                                                                      | Chlor
      2 will pay £500,000 of the £3m deemed to be re-drawn from Chlor
      2 to Ineos SPV, in part payment of the Agreed Chlor 1 AFC owed to it;                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    | (e)                                                                                                                                                                                                                                                                                                                                                                                                      | Chlor
      1 will pay Ineos SPV the balance of £2.5m of Agreed Chlor 1 AFC owed
      to it;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    | (f)                                                                                                                                                                                                                                                                                                                                                                                                      | Ineos
      SPV will apply the £7.5m received by it (including the proceeds of
      the deemed re-drawing of the Short Term Cash Repayment) against £5m
      of interest owed on the RLF Further Advances (that amount to be non-redrawable)
      and as a prepayment of £2.5m of principal (that amount to be redrawable,
      subject to the terms of the Amended RLF Agreement);                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    | (g)                                                                                                                                                                                                                                                                                                                                                                                                      | the
      Ineos Group Loan Lenders will apply the £2.5m proceeds of the deemed
      re-drawing of the Short Term Cash Repayment paid to them by Chlor 2 against
      principal on the Ineos Group Loan (that amount to be re-drawable, subject
      to the terms of the Amended RLF Agreement); and                                                                                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    | (h)                                                                                                                                                                                                                                                                                                                                                                                                      | the
      next £5m of Chlor 1's funding requirements under the Funding Arrangements
      shall, assuming no amount of any intervening Short Term Cash Repayment or
      payment of Agreed Chlor 1 AFC remains available for redrawing and subject
      in each case to the terms applicable to the relevant Funding Arrangement,
      be provided by re-drawings of the principal repayments of £2.5m referred
      to in Paragraphs 5.9(2)(f) and (g) in the proportions 50 (from Ineos SPV
      under Tranche B):50 (from the Ineos Group Loan Lenders under the Ineos Group
      Loan).
|    |                                                                                                                                                                                                                                                                                                                                                                                                         
|(3) | Assume
      in the alternative that the Agreed Chlor 1 AFC was £5m but would have
      been £10m but for the fact that Chlor 1 has made an Ineos SPV Default
      Reimbursement Payment of £5m; and then assume that if Agreed Chlor
      1 AFC had been £10m, it would have been payable as set out in Paragraph
      5.9(1).                                                                     
|    |                                                                                                                                                                                                                                                                                                                                                                                                         
|(4) | On
      those assumptions, by virtue of Paragraph 5.6 (Adjustments
      for Default Reimbursement Repayments),
      the allocations of Agreed Chlor 1 AFC between Ineos SPV and the Relevant
      Ineos Entities are to be calculated as if the Agreed Chlor 1 AFC had been
      £10m (that is, adding the amount of the Default Reimbursement Payment
      to the actual Agreed Chlor 1 AFC) and:
|    |                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                      | Ineos
      SPV will be treated for the purpose of the allocations pursuant to Paragraph
      5.1 (Order
      of payment of Agreed Chlor 1 AFC)
      as if it had already received the first £5m of the allocation of £7.5m
      which it would have had allocated to it; and so                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                      | only
      £5m will in fact be payable pursuant to Paragraph 5.1 (Order
      of payment of Agreed Chlor 1 AFC),
      as to £2.5m to Ineos SPV (the £7.5m which would have been allocated
      to it less the £5m it is deemed to have received) and as to £2.5m
      to the Ineos Group Loan Lenders (and the figures set out in Paragraph 5.9(2)
      would need to be adjusted to reflect that).                                                                                                                                                                                          

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|6. | Deleted                                                                                                                                                  
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                          
|7. | TERMINATION OF CHLOR 1 CASH SHARING PROVISIONS                                                                                                           
|   |                                                                                                                                                          
|   | Chlor
      1's obligations to make cash share payments pursuant to Paragraph 5 (Payment
    and application of Agreed Chlor 1 AFC) shall cease to apply:
|   |                                                                                                                                                          
|   | (a)                                                                                                                                                      
|   |                                                                                                                                                          
|   | (b)                                                                                                                                                      
|   |                                                                                                                                                          
|   | (c)                                                                                                                                                      
|   |                                                                                                                                                          
|   | (d)                                                                                                                                                      

| |                                                                     |                                                                                                                                                                                         
| | ------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | except
    that this shall not affect Chlor 1's obligations to pay:
| |                                                                     |                                                                                                                                                                                         
| | (i)                                                                 | any amounts falling due before the cessation;                                                                                                                                           
| |                                                                     |                                                                                                                                                                                         
| | (ii)                                                                | any amounts which relate to a Relevant Period ending before the cessation but which do not become due pursuant to Paragraph 5.3 (Timing of payments) until after the cessation;         
| |                                                                     |                                                                                                                                                                                         
| | (iii)                                                               | as soon
      as permitted under the Relevant Barclays Prohibition, any Barclays Deferred
    Payment; and                                                                              
| |                                                                     |                                                                                                                                                                                         
| | (iv)                                                                | a continuing
      cash share to the DTI pursuant to Paragraph 5.1(b) (Order of payment
      of Agreed Chlor 1 AFC) until the loan forming part of the DTI Grant
    is repaid in full.

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SCHEDULE 6

CHLOR 2 CASH SHARING ARRANGEMENTS

|1.  | CALCULATION
    OF CHLOR 2 AFC                                                                                                                                                                                                                                                                                             
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                            
|1.1 | Statement
    of intention                                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                            
|    | It is the intention
        of the parties that to the extent that Chlor 2 has free cash available
        from time to time, it shall be paid and applied in accordance with the
    terms of this Schedule 6.                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                            
|1.2 | Financing
    Plan                                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                            
|    | At or before the
        start of each financial year of Chlor 2, Chlor 2 shall ensure that the
        board of Chlor 2 shall approve a financing plan for that financial year
        (each a "Financing Plan"), including estimates of the amount of
    any Chlor 2 AFC likely to be available for that financial year.
|    |                                                                                                                                                                                                                                                                                                                            

|1.3 | Interim
    and annual payments                                                                                                                                                                                                                                                                                                                                                                                                                          
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|(1) | Chlor 2 shall ensure that the board of Chlor 2 shall consider at each of its board meetings whether there is any cash available for payment to its shareholders; and if it decides that there is, then that cash shall be paid and applied in accordance with Paragraph 4 (Payment and application of Chlor 2 AFC).                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|(2) | Following
       the end of each financial year of Chlor 2, Chlor 2 shall ensure that the
       amount of Chlor 2 AFC as at the end of that financial year shall be determined
       by the board of Chlor 2 in accordance with Paragraphs 2.2 (Meaning
     of "Chlor 2 AFC") and     3 (Procedure for determining Chlor 2 AFC) and the Chlor 2 AFC shall be paid and applied in accordance with Paragraph 4 (Payment and application of Chlor 2 AFC).
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|2.  | DEFINITIONS FOR SCHEDULE 6                                                                                                                                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|2.1 | Additional
    definitions for Schedule 6                                                                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    | In this
    Agreement:                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    | "Acquisition
        Financing" means indebtedness incurred by Chlor 2 or any of its subsidiaries
        after Completion for the purpose of acquiring, or replenishing or replacing
    funds used to acquire, one or more businesses or companies;                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    | "Chlor
        2 AFC" has the meaning given to it in Paragraph 2.2 (Meaning
of "Chlor 2 AFC");                                                                                                                                                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    | "Chlor
        2 DTI Grant Guarantee" means the guarantee to be given by Chlor 2
    in respect of the obligations of Chlor 1 under the DTI Grant Offer Letter;                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    | "Chlor
        2 Guarantee" means the limited recourse guarantee set out in Paragraph
    5 (Chlor 2 Guarantee);                                                                                                                                                                                                                                                                                                                                         

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| | "Default
        Reimbursement Payment (Chlor 2)"means an Ineos SPV Default Reimbursement
    Payment (Chlor 2) or an Ineos Default Reimbursement Payment (Chlor 2);                                                               
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                                                                                                                                                                                                    
| | "HBOS" means
    The Governor and Company of the Bank of Scotland;                                                                                                                                                                 
| |                                                                                                                                                                                                                                    
| | "Ineos
        Default Reimbursement Payment (Chlor 2)"means a payment (including,
        for the avoidance of doubt, a payment under Paragraph 4.8 (Payments
    in respect of the Chlor 2 DTI Grant Guarantee)) made by Chlor 2:
| |                                                                                                                                                                                                                                    
| | (a)                                                                                                                                                                                                                                
| |                                                                                                                                                                                                                                    
| | (b)                                                                                                                                                                                                                                

| |                                                                                                                                                                                                                                                                                                                                                                                    
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | in
      each case to the extent not reimbursed by a payment from Chlor 1 pursuant
      to Schedule 9, Paragraph 2.1(2) (Indemnities to the Guarantors)
      or from Ineos SPV pursuant to Schedule 9, Paragraph 3 (Contribution)
      and, for this purpose, a demand is made as a result of an Ineos SPV Default
    or, as the case may be, an Ineos Default if, but only if:
| |                                                                                                                                                                                                                                                                                                                                                                                    
| | (i)                                                                                                                                                                                                                                                                                                                                                                                
| |                                                                                                                                                                                                                                                                                                                                                                                    
| | (ii)                                                                                                                                                                                                                                                                                                                                                                               

| |                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                        
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | "Ineos
    Funded Debt Repayments" means:                                                                                                                                                                                              
| |                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                        
| | (a)                                                                                                                                                                                                                                     | any principal
       repayments of Ineos External Debt or any Acquisition Financing made prior
       to the aggregate principal amount of the Ineos External Debt and any Acquisition
       Financing exceeding £25,000,000 (twenty five million pounds sterling);
    and                                                                                                                           
| |                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                        
| | (b)                                                                                                                                                                                                                                     | the first £25,000,000 (twenty five million pounds sterling) in aggregate amount of principal repayments of the Ineos External Debt and any Acquisition Financing made after the incurrence of any Acquisition Financing which results in the aggregate principal amount of the Ineos External Debt and any Acquisition Financing first exceeding £25,000,000
    (twenty five million pounds sterling);
| |                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                        
| | "Ineos
        SPV Default Reimbursement Payment (Chlor 2)"means a payment (including,
        for the avoidance of doubt, a payment under Paragraph 4.8 (Payments
    in respect of the Chlor 2 DTI Grant Guarantee)) made by Chlor 2:

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| | (a) | to the Secretary of State pursuant to a demand for repayment of some or all of the DTI Grant, (plus, if applicable, any interest so demanded), which is made as a result of an Ineos SPV Default and not as a result of an Ineos Default; or
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                             
| | (b) | to any other Guarantor pursuant to Schedule 9 (Indemnity and contribution arrangements) in respect of an Ineos SPV Default Payment made by that other Guarantor,                                                                            

|    |                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                           
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    | in
      each case to the extent not reimbursed by a payment from another Ineos
      Guarantor pursuant to Schedule 9, Paragraph 3 (Contribution) and,
      for this purpose, a demand is made as a result of an Ineos SPV Default
    or, as the case may be, an Ineos Default if, but only if:                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                           
|    | (i)                                                                                                                                                                                                                                                                                                                                                                                                                    | the relevant Ineos SPV Default or, as the case may be, Ineos Default was a factor in the taking of the decision that the demand would be made; and                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                           
|    | (ii)                                                                                                                                                                                                                                                                                                                                                                                                                   | Ineos SPV (in the case of an Ineos SPV Default) or Chlor 2 (in the case of an Ineos Default) does not prove on a balance of probabilities that the relevant default was not a significant contributing factor in the taking of the decision that the demand would be made;
|    |                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                           
|    | "Internally
        Generated Amount"means any amount forming part of a Requested Contributions
        Proportion of the Ineos Contribution made by Chlor 2 pursuant to Clause
        8.3(b) (Ineos Contribution) which is funded other than by amounts
    drawn down under the Ineos Internal Debt and the Ineos External Debt;                                                                                   
|    |                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                           
|    | "Objective
        Chlor 2 AFC"means Chlor 2 AFC calculated without taking into account
        Paragraph 2.2(a), (c), (d) and (g) (Meaning
of "Chlor 2 AFC");                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                           
|    | "Relevant
        Chlor 2 Period"has the meaning given to it in Paragraph 2.2 (Meaning
    of "Chlor 2 AFC"); and                                                                                                                                                                                                                                                                                                     
|    |                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                           
|    | "Statement
        of Chlor 2 AFC" means a statement prepared in accordance with Paragraph
    3.1 (Preparation of Statement of Chlor 2 AFC).                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                           
|2.2 | Meaning
    of "Chlor 2 AFC"                                                                                                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                           
|    | "Chlor
        2 AFC" as at the end of any financial year of Chlor 2 means the available
        free cash of Chlor 2 and its subsidiaries (on a consolidated basis) calculated
        by reference to the period from the Cash Sharing Start Date to the final
        day of that financial year (for each calculation, the "Relevant Chlor
    2 Period") calculated by the board of Chlor 2, taking into account:
|    |                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                           

| | (a) | the Financing Plan for the relevant financial year;                                                                                                                                                                                                                                                    
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                        
| | (b) | the amount which would result from the application to Chlor 2 and its subsidiaries on a consolidated basis for the Relevant Chlor 2 Period of a definition of Chlor 2 AFC matching (by reference to items applicable to Chlor 2 rather than those applicable to Chlor 1) that of Chlor 1 AFC set out in

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| |  | Schedule
    5, Paragraph 2.2 (Meaning of "Chlor 1 AFC"), but:
| |  | --------------------------------------------------------------
| |  |                                                               
| |  | (i)                                                           
| |  |                                                               
| |  | (ii)                                                          
| |  |                                                               
| |  | (iii)                                                         
| |  |                                                               
| |  |                                                               
| |  |                                                               
| |  |                                                               
| |  |                                                               
| |  |                                                               
| |  |                                                               
| |  |                                                               
| |  |                                                               
| |  |                                                               
| |  |                                                               
| |  |                                                               
| |  |                                                               
| |  |                                                               
| |  |                                                               
| |  |                                                               
| |  |                                                               
| |  | (iv)                                                          

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|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                         | Paragraph 4.5
        (Payment
    restrictions under Ineos External Debt Agreements);
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                         |                                                                                       
|    | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | current and planned
    capital expenditure;                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                         |                                                                                       
|    | (d)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | any representations
    made by Ineos SPV;                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                         |                                                                                       
|    | (e)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | any previous payments
        made pursuant to Paragraph 1.3 (Interim
    and annual payments);                                                                                        
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                         |                                                                                       
|    | (f)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | its
        entitlement and obligation to draw under the Ineos External Debt Agreement
        as referred to in Paragraph 2.3 (Deferred
        Ineos External Debt drawdown);
    and
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                         |                                                                                       
|    | (g)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | any
        other factors which the board of Chlor 2 considers, in good faith and
    acting reasonably, to be relevant;                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                         |                                                                                       
|    | but
        excluding from its consideration the adverse impact on Chlor 2 and its
        subsidiaries of any agreement or other transaction effected in breach
        of the Transaction Documents; provided that if at any time during the
        relevant financial year of Chlor 2 the aggregate principal amount outstanding
        of Ineos External Debt and Acquisition Financings has equalled or exceeded £25,000,000
        (twenty five million pounds sterling), then Chlor 2 undertakes that it
        shall in any event pay to Ineos SPV at least the amount referred to in
        Paragraph 4.1(c) (Order
        of payment of Chlor 2 AFC)
        to the extent that there is sufficient Objective Chlor 2 AFC as at the
        end of that financial year to pay that amount, taking into account any
        prior payments referred to in Paragraph 4.1(a) and (b) (Order
    of payment of Chlor 2 AFC).
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                         |                                                                                       
|2.3 | Deferred
    Ineos External Debt drawdown                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                         |                                                                                       
|    | If
        any Internally Generated Amount forms part of any payment of the Ineos
        Contribution in any financial year, then to the extent necessary to pay
        to Ineos SPV any amount of Chlor 2 AFC allocated to it pursuant to this
        Schedule, Chlor 2 shall borrow under the Ineos External Debt Agreement
    an amount equal to that Internally Generated Amount.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                         |                                                                                       
|2.4 | Good
    faith                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                         |                                                                                       
|(1) | Chlor
        2 shall ensure that, in determining the amount of Chlor 2 AFC pursuant
        to Paragraph 2.2 (Meaning
        of "Chlor 2 AFC"),
    the board of Chlor 2 acts reasonably and in good faith.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                         |                                                                                       
|(2) | Chlor
        2 shall not in any way artificially reduce the amount available for payment
    pursuant to this Schedule 6 or delay its payment.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                         |                                                                                       
|3.  | PROCEDURE
    FOR DETERMINING CHLOR 2 AFC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                         |                                                                                       
|3.1 | Preparation
    of Statement of Chlor 2 AFC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                         |                                                                                       
|    | Chlor
        2 shall prepare a statement of the Chlor 2 AFC in accordance with Paragraph
        2.2 (Meaning
        of "Chlor 2 AFC")
    and issue it to Ineos SPV within 120 days of the end                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       

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|    | of
    each of its financial years.                                                                                                                                                                                                                                                                                                                                                          
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                              
|3.2 | Access
    to working papers                                                                                                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                                              
|    | To
        enable Ineos SPV to review each Statement of Chlor 2 AFC, Chlor 2 shall
        give Ineos SPV and its advisers prompt and reasonable access at all reasonable
        times during business hours and upon reasonable notice to (including
        the ability to take copies of) all records, working papers and other
    information relating to the Statement of Chlor 2 AFC.
|    |                                                                                                                                                                                                                                                                                                                                                                                              
|3.3 | Dispute
    resolution                                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                              
|    | Schedule
        5, Paragraphs 4.4 (If
        Ineos SPV or the DTI disagrees with calculation)
        and 4.5 (Records
        etc to be made available)
        shall apply as if set out in full again here, with references to Chlor
        1 being replaced by references to Chlor 2, with references to the DTI
    being ignored and with appropriate cross-referencing changes.    
|    |                                                                                                                                                                                                                                                                                                                                                                                              
|4.  | PAYMENT
    AND APPLICATION OF CHLOR 2 AFC                                                                                                                                                                                                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                                                                                                                              
|4.1 | Order
    of payment of Chlor 2 AFC                                                                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                              
|    | Subject
        to the remainder of this Paragraph 4, Chlor 2 shall allocate payments
        of the Chlor 2 AFC between Ineos SPV on the one hand and the Relevant
    Ineos Entities on the other in the following order:                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                              
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                              
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                              
|    | (c)                                                                                                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                              
|    | (d)                                                                                                                                                                                                                                                                                                                                                                                          

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|4.2 | Application
    by Ineos SPV and Relevant Ineos Entities of cash shares                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|(1) | Any
        amounts paid to Ineos SPV under Paragraph 4.1 (c) or (e) (Order
        of payment of Chlor 2 AFC)
        will be paid by Chlor 2 pursuant to the Chlor 2 Guarantee and shall be
    applied by Ineos SPV as follows:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    | (d)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|(2) | Any
        amounts allocated to the Relevant Ineos Entities under Paragraph 4.1
        (Order
        of payment of Chlor 2 AFC)
    shall be applied as New Ineos Holdings thinks fit.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|(3) | If
        and to the extent that a payment of Chlor 2 AFC is pursuant to Paragraph
        4.1 (Order
        of payment of Chlor 2 AFC)
        to be allocated to Ineos SPV or the Relevant Ineos Entities in circumstances
        where the routes for the application of that payment pursuant to this
        Paragraph 4.2 have been exhausted or are otherwise for some reason not
        available to Ineos SPV or, as the case may be, the Relevant Ineos Entities,
        the payment shall still be made and applied by any route which may be
        specified by Ineos SPV and New Ineos Holdings, that agreement not to
        be unreasonably withheld or delayed by either of them to any route proposed
        by the recipient of the payment which has the same economic effect as
        the route or routes which would have applied but for its or their exhaustion
    or non-availability.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|4.3 | Adjustment
      for Default Reimbursement Payments (Chlor 2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    | In
        making any allocation of Chlor 2 AFC pursuant to Paragraph 4.1 (Order
        of payment of Chlor 2 AFC)
        after it has made any Default Reimbursement Payments (Chlor 2), the amount
        of the Chlor 2 AFC shall (for the purposes of determining the amounts
        to be allocated to Ineos SPV and the Relevant Ineos Entities only) be
        deemed to have been increased by an amount equal to the aggregate of
    the Default Reimbursement Payments (Chlor 2) and Chlor 2 shall:                                                                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       

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|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | payment
          of Chlor 2 AFC)
          (and in the order those amounts would otherwise have been allocated
          pursuant to that Paragraph) up to an amount equal in aggregate to those
    Ineos SPV Default Reimbursement Payments (Chlor 2).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|4.4 | Timing
    of payments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    | Schedule
        5, Paragraph 5.3 (Timing
        of payments)
        shall apply as if set out in full again here, with references to Agreed
        Chlor 1 AFC being replaced by references to Chlor 2 AFC and with appropriate
    cross-referencing changes.                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|4.5 | Payment
    restrictions under Ineos External Debt Agreements                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|(1) | Subject
        to Paragraph 4.5(3), no payment shall be made pursuant to this Schedule
        6 if that would constitute or lead to a breach of a provision of the
        Ineos External Debt Intercreditor Deed or the provisions of the Ineos
        External Debt Agreements reflecting the covenants set out under "Financial
        Covenants" in paragraph 5 (a) and (b) of the Term Sheet attached to the
        Ineos External Debt Commitment Letter (a "Relevant
    HBOS Prohibition").
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|(2) | If
        at any time a payment otherwise due to be made to Ineos SPV pursuant
        to this Schedule 6 is not made by reason of a Relevant HBOS Prohibition
        (an "HBOS
        Deferred Payment"),
    then:                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | at the request
        of Ineos SPV the amount of the HBOS Deferred Payment shall be placed
        and maintained by Chlor 2 in a separate bank account with the lenders
        of the Ineos External Debt and denominated as an account held on trust
        for Ineos SPV subject to the security granted to the lenders of the Ineos
        External Debt and Ineos SPV hereby acknowledges and consents to the release
        of such moneys from this account only to the extent that such monies
        are expended on the business of Chlor 2 at the direction of HBOS or the
        board of directors of Chlor 2, provided that such a direction may only
        be given if (in the case of a direction by HBOS) HBOS, acting reasonably,
        considers that an event of default, however described, occurring under
        the Ineos External Debt Agreements may arise or that a potential event
        of default, however described, has occurred and is continuing under the
        Ineos External Debt Agreements or (in the case of a direction by the
        board of directors of Chlor 2) the board of directors of Chlor 2, acting
        reasonably and in good faith, consider that an event of default, however
        described, will occur under the Ineos External Debt Agreements if (in
        the case of a direction by HBOS or the board of directors of Chlor 2)
    the moneys are not expended on the business of Chlor 2; and
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | the HBOS Deferred
        Payment, together with the interest earned on the account (or if and
        to the extent that, by virtue of the proviso to Paragraph 4.5(2)(a) the
        amount of the HBOS Deferred Payment has not been in the account, on the
        amount of it not held in the account at the rate which it would have
        earned if it had remained in the account) shall be made by Chlor 2, to
        the extent applicable out of the account, as soon as permitted under
        the Relevant HBOS Prohibition and shall in any subsequent calculation
        of Chlor 2 AFC be treated as if it had been paid to Ineos SPV (so that
        it shall be deducted in calculating Chlor 2 AFC). The amount of interest
    payable in respect of Further Advances                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     

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|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | under the Amended
        RLF Agreement shall be reduced by the amount of interest paid by Chlor
    2 under this Paragraph 4.5(2).
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                    
|(3) | If
        at any time a payment otherwise due to a Relevant Ineos Entity pursuant
        to this Schedule 6 is not made by reason of a Relevant HBOS Prohibition,
        then that amount shall be paid by Chlor 2 to the Relevant Ineos Entity
        as soon as permitted under the Relevant HBOS Prohibition and shall in
        any subsequent calculation of Chlor 2 AFC be treated as if it had been
        paid to the Relevant Ineos Entity (so that it shall be deducted in calculating
    Chlor 2 AFC).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                    
|4.6 | Postponement
    of Ineos cash share                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                    
|    | Any
        Relevant Ineos Entity may by notice in writing to Chlor 2 elect to postpone
        its entitlement to receive any payment of Chlor 2 AFC due to it under
        this Schedule and if it does so, the relevant payment shall be payable
        to the Relevant Ineos Entity when it so requires, subject always to any
        Relevant HBOS Prohibition and the amount of the payment shall in any
        subsequent calculation of Chlor 2 AFC be treated as if it had been paid
        (even if it has not been) to the Relevant Ineos Entity (so that it shall
    be deducted in calculating Chlor 2 AFC).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                    
|4.7 | Deleted                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                    
|4.8 | Payments
    in respect of the Chlor 2 DTI Guarantee                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                    
|    | If
        a Crystallisation Notice (as defined in a letter agreement dated on or
        about the date of this Agreement between The Governor and Company of
        the Bank of Scotland and the Secretary of State for Trade and Industry)
        has been served and the monies the subject of that Crystallisation Notice
        are still outstanding to the DTI under the Chlor 2 DTI Grant Guarantee
        then, in priority to the allocation of Chlor 2 AFC pursuant to Paragraph
        4.1 (Order
        of payment of Chlor 2 AFC)
        but subject to Paragraph 4.5(1) (Payment
        restrictions under Ineos External Debt Agreements),
        Chlor 2 shall pay amounts of Chlor 2 AFC equal in aggregate to the amount
        of those outstanding monies to the DTI in satisfaction of those outstanding
        monies and the amount of Chlor 2 AFC to be allocated pursuant to Paragraph
        4.1 (Order
        of payment of Chlor 2 AFC)
        shall be reduced accordingly. For the avoidance of doubt, any amount
        paid to the DTI pursuant to this Paragraph 4.8 shall be deducted (but
    only once) in any subsequent calculation of Chlor 2 AFC.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                    
|5.  | CHLOR
    2 GUARANTEE                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                    
|5.1 | Guarantee                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                    
|(1) | Chlor
        2 irrevocably, and subject always to Paragraph 5.1(2) unconditionally,
        guarantees the due and punctual performance by Chlor 1 of all of its
        obligations from time to time to Ineos SPV in respect of the RLF Further
        Advances and the Amended PIK Notes (which obligations shall, for the
    purposes of this guarantee, be deemed to be immediately due and payable).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                    
|(2) | The
        aggregate liability of Chlor 2 under the Chlor 2 Guarantee shall not
        exceed the aggregate of all amounts which Chlor 2 from time to time is
    required to pay to Ineos                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              

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|    | SPV
      pursuant to Paragraph 4.1 (Order
      of payment of Chlor 2 AFC)
      (for the avoidance of doubt after taking into account amounts it has already
      paid) and any amounts paid under the Chlor 2 Guarantee shall be applied
      in the order set out in Paragraph 4.1 (Order
      of payment of Chlor 2 AFC).                                                                                                                                                                                                                                                                                                                                           
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|5.2 | Continuing
      guarantee                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|(1) | The
      Chlor 2 Guarantee:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|(2) | Chlor
      2's liability under the Chlor 2 Guarantee shall not be affected by any concession,
      time, indulgence or release granted by Ineos SPV to Chlor 1 or by any payment
      or other dealing or anything else (whether by or relating to Chlor 1, Chlor
      2, any co-guarantor or any other person) which would, but for this Paragraph
      5.2(2), operate to discharge or reduce that liability.                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|5.3 | Invalidity                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    | If
      anything (including any legal limitation, disability, liquidation or other
      incapacity on the part of Chlor 1 or any disclaimer by a liquidator or other
      insolvency appointee) causes any of the obligations of Chlor 1 in respect
      of the RLF Further Advances and/or the Amended PIK Notes and/or the Chlor
      2 Guarantee to be or become invalid or unenforceable, then Chlor 2 shall
      perform and discharge all of the obligations of Chlor 1 in respect of the
      RLF Further Advances and/or the Amended PIK Notes as if they were the primary
      obligations of Chlor 2 (but subject always to Paragraph 5.1(2) (Guarantee)).
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|5.4 | No
      set off                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    | Chlor
      2 shall make any payments due from it under this Schedule 6 in full, without
      any deduction or withholding in respect of any claim (whether by way of
      set-off, counterclaim or otherwise) asserted from time to time by Chlor
      1 or Chlor 2 against Ineos SPV in respect of the RLF Further Advances, the
      Amended PIK Notes, this Agreement or anything else.                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|5.5 | No
      exercise of rights                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    | Chlor
      2 shall not exercise any rights which it may have against Chlor 1 arising
      from or otherwise relating to the Chlor 2 Guarantee or its other obligations
      under this Paragraph 5 unless and until all of the obligations of Chlor
      1 and Chlor 2 in respect of the RLF Further Advances and the Amended PIK
      Notes and under this Agreement                                                                                                                                                                                                                                                                                                  

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|    | have
      been performed and discharged.                                                                                                                                                                                                                                                                                                                    
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                              
|5.6 | No
      prior claim required                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                              
|    | Ineos
      SPV may claim under this Paragraph 5 without first making demand of Chlor
      1 or taking any action to claim under or enforce any other right, security
      or other guarantee which it may hold from time to time in respect of the
      obligations of Chlor 1 in respect of the RLF Further Advances and/or the
      Amended PIK Notes.
|    |                                                                                                                                                                                                                                                                                                                                                              
|6.  | TERMINATION
      OF CHLOR 2 CASH SHARING PROVISIONS                                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                              
|    | Chlor
      2's obligations to make cash share payments pursuant to Paragraph 4 (Payment
      and application of Chlor 2 AFC)
      shall cease to apply:                                                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                                                                                              
|    | (a)                                                                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                              
|    | (b)                                                                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                              
|    | (c)                                                                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                              
|    | except
      that this shall not affect Chlor 2's obligation to pay:                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                              
|    | (i)                                                                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                              
|    | (ii)                                                                                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                              
|    | (iii)                                                                                                                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                                                              
|    | (iv)                                                                                                                                                                                                                                                                                                                                                         

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SCHEDULE
  7

2010

|1. | DEFINITIONS
      FOR SCHEDULE 7                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   | In
      this Agreement:                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   | "Additional
      Debt Capacity"means
      on any date 2.75 times Average EBITDA at that date;                                                                                                                                                                                                                                                                                                                                                                                  
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   | "Agreed
      Additional Debt Capacity"has the meaning set out in Paragraph 4.5 (Meaning
      of "Agreed Additional Debt Capacity");                                                                                                                                                                                                                                                                                                                                            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   | "Average
      EBITDA"means at any date in respect of which a calculation of Average EBITDA falls
      to be made (a) the aggregate EBITDA for the last Financial Year completed
      on or prior to such date and the two Financial Years preceding that divided
      by three; or (b) if the calculation is to be made in respect of a date in
      2003, the aggregate EBITDA for the financial years ending 31 December 2001
      and 2002 respectively, divided by two;
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   | "EBITDA"in respect of any Financial Year has the meaning given in Schedule 5, Paragraph
      2.1 (Additional
      definitions for Schedule 5)
      but subject in the case of the references to that expression in this Schedule
      to:                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   | "Financial
      Year"means any accounting period in respect of which audited accounts of Chlor
      1 have been or are to be prepared in accordance with the Companies Act 1985;                                                                                                                                                                                                                                                                                               
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   | "Relevant
      Accounts (ADC)"in respect of any Financial Year means the audited accounts of Chlor 1 and
      its subsidiaries relating to that accounting period;                                                                                                                                                                                                                                                                                                             
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   | "Review
      Period (ADC)"means the period of 15 Business Days following delivery to Ineos SPV of
      the 2010 Statement;                                                                                                                                                                                                                                                                                                                                                     
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   | "2010
      Agreed Additional Debt Capacity"has the meaning given to it in Paragraph 12.3 (Payment
      of 2010 Payment);                                                                                                                                                                                                                                                                                                                                                       
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   | "2010
      Chlor 1 Cash Share On Account Payment"has the meaning given to it in Paragraph 12.1(1)(a)(ii) (2010
      On Account Payments);                                                                                                                                                                                                                                                                                                                                      
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   | "2010
      Chlor 2 Cash Share On Account Payment"has the meaning given to it in                                                                                                                                                                                                                                                                                                                                                                                                 

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|     | Paragraph
      12.1(1)(b) (2010
      On Account Payments);                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|     | "2010
      On Account Payment"has the meaning given to it in Paragraph 12.1(1)(a)(i) (2010
      On Account Payments);                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|     | "2010
      Payment"means the 2010 Agreed Additional Debt Capacity less the aggregate of:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|     | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|     | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|     | "2010
      Statement"has
      the meaning given to it in Paragraph 12.2(1) (Application
      of Paragraph 4).                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|2-3. | [Deleted]                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|4.   | PROCEDURE
      FOR DETERMINING AGREED ADDITIONAL DEBT CAPACITY                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|4.1  | [Deleted]                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|4.2  | Access
      to working papers                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|     | To
      enable Ineos SPV to review the 2010 Statement and present any objections
      referred to in Paragraph 4.3 (If
      Ineos SPV disagrees with calculation),
      Chlor 1 shall give Ineos SPV and its advisers reasonable access at all reasonable
      times during business hours and upon reasonable notice to all records, working
      papers and other information relation to the 2010 Statement and generally
      shall provide Ineos SPV and its advisers with any other information and
      assistance which Ineos SPV and its advisers may reasonably request.
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|4.3  | If
      Ineos SPV disagrees with calculation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|(1)  | Provided
      that Chlor 1 has complied with its obligations pursuant to Paragraph 4.2
      (Access
      to working papers),
      Ineos SPV shall, before the end of the Review Period (ADC), either confirm
      it agrees with the calculation of Additional Debt Capacity and the 2010
      Payment or state in writing that it disagrees giving the reason for its
      disagreement.                                                                                                                                                                                          

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|(2) | If
      Ineos SPV shall disagree with any matter affecting the calculation of the
      Additional Debt Capacity and the 2010 Payment, then Chlor 1 and Ineos SPV
      shall attempt to resolve the issue. Any resolution of the issue between
      Chlor 1 and Ineos SPV which enables the Additional Debt Capacity and the
      2010 Payment to be agreed shall be expressed in a joint confirmation (the"Joint
      Resolution"),
      signed by both Ineos SPV and Chlor 1, stating the Additional Debt Capacity
      and the 2010 Payment.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|(3) | If
      no Joint Resolution shall be issued within 10 Business Days after the giving
      of Ineos SPV's statement as referred to in Paragraph 4.3(1), the matter
      or matters remaining in dispute only shall be referred to and conclusively
      determined by a firm of independent chartered accountants jointly agreed
      upon between Ineos SPV and Chlor 1 or (failing such agreement) appointed,
      at the request of either Ineos SPV or Chlor 1 at any time, by the President
      from time to time of the Institute of Chartered Accountants in England and
      Wales, which firm (the"Independent
      Accountants")
      shall then determine the matter in dispute and shall certify the Additional
      Debt Capacity. The Independent Accountants shall act as experts not as arbitrators.
      Their determination and certification shall be communicated in writing to
      Ineos SPV and Chlor 1 (the"Accountants'
      Certificate")
      and shall be final and binding upon Ineos SPV and Chlor 1. The costs of
      the Independent Accountants in connection with all matters specified in
      this Schedule 7 shall be borne jointly between the parties to the dispute.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|4.4 | Records
      etc. to be made available                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    | Each
      of the parties shall each use all reasonable endeavours to procure that
      all records, working papers and other information within its possession
      or control which are reasonably required by the Independent Accountants
      for the purposes of this Schedule 7 shall be made available upon the request
      for them and each of the parties shall generally render all reasonable assistance
      reasonably necessary for the determination of the Additional Debt Capacity
      and the 2010 Payment by the Independent Accountants.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|4.5 | Meaning
      of "Agreed Additional Debt Capacity"                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    | In
      this Schedule, the"Agreed
      Additional Debt Capacity"means:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           

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|5-11. | Deleted                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|12.   | 2010                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|12.1  | 2010
      On Account Payments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|(1)   | On
      31 December 2010:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|      | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|      | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|(2)   | Immediately
      upon Chlor 1 paying the 2010 On Account Payment and the 2010 Chlor1 Cash Share On Account
      Payment, and Chlor 2 paying the 2010 Chlor 2 Cash Share On Account Payment,
      to Ineos SPV, Ineos SPV will, if so requested by Newco 2, transfer its shares
      in Chlor 1 to Newco 2 for £1 (one pound sterling) and (in any event)
      the provisions of Schedule 5 and Schedule 6 shall terminate other than in
      respect of (a) the payment of Chlor 1 AFC and Chlor 2 AFC in the Relevant
      Period expiring on 31 December 2010 in respect of which Paragraph 12.5 (Payment
      of Cash Shares for 2010)
      shall apply and (b) as set out in Paragraph 13 (After
      2010)
      except that in each case this shall not affect either Chlor 1's obligations
      to pay as soon as permitted under the Relevant Barclays Prohibition and
      in any event by 31 December 2010 any Deferred Barclays Amount and/or Chlor
      2s obligation to pay as soon as permitted under the Relevant HBOS
      Prohibition and in any event by 31 December 2010 any Deferred HBOS Amount.
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|(3)   | Chlor
      1 undertakes to Ineos SPV that if on 31 December 2010 it does not satisfy
      the conditions set out in the proviso to paragraph 1(xi)(b) of schedule
      3 to the DTI Grant Offer Letter for a transfer of shares pursuant to Paragraph
      12.1(2), then it shall forthwith repay the remainder of the loan forming
      part of the DTI Grant so as to bring                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  

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|     | the
      Monitoring Period (as defined in the DTI Grant Offer Letter) to an end.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|12.2 | Application
      of Paragraph 4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|(1)  | Chlor
      1 shall prepare a statement (the"2010
      Statement")
      of the Additional Debt Capacity of Chlor 1 calculated as at 31 December
      2010 and of its estimate of the amount of the 2010 Payment.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|(2)  | Chlor
      1 shall immediately following the preparation of the 2010 Statement, and
      in any event by 31 March 2011, deliver the 2010 Statement to Ineos SPV confirming
      the amount of Additional Debt Capacity at 31 December 2010 and the amount
      of the 2010 Payment and the underlying calculations on which these figures
      are based. The provisions of Paragraph 4 (Procedure
      for determining Agreed Additional Debt Capacity)
      shall apply to determine the Agreed Additional Debt Capacity and the 2010
      Payment; for the avoidance of doubt, the Average EBITDA figure forming part
      of the calculation shall be based on the three financial years ending on
      31 December 2008, 2009 and 2010 respectively.
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|12.3 | Payment
      of 2010 Payment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|     | Within
      five Business Days of determination of the Agreed Additional Debt Capacity
      as at 31 December 2010 ("2010
      Agreed Additional Debt Capacity")
      and the 2010 Payment, Chlor 1 will apply the 2010 Payment pursuant to Paragraph
      12.4 (Application
      of the 2010 Payment)
      (and if the amount allocable to Ineos SPV pursuant to that Paragraph is
      determined to be less than the amount of the 2010 On Account Payment, notify
      Ineos SPV to that effect).                                                                                                                                                                                                                                                     
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|12.4 | Application
      of the 2010 Payment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|(1)  | Subject
      to Paragraph 12.4 (2), the 2010 Payment shall be applied by Chlor 1 in the
      following order:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|     | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|     | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    

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|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | and interest)
      in respect of the Amended PIK Notes,                                                                                                                                                                                                                                                                                                                                                                                                          
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|     | provided
      that Chlor 1 may deduct from any amount of the 2010 Payment allocable to
      Ineos SPV pursuant to this Paragraph 12.4 an amount equal to the 2010 On
      Account Payment (and if the 2010 On Account Payment is greater than the
      amount allocable to Ineos SPV pursuant to this Paragraph 12.4, then Ineos
      SPV will within five Business Days of notification from Chlor 1 of that
      determination repay the difference to Chlor 1).                                                                                                                         
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|(2)  | In
      applying the 2010 Payment pursuant to Paragraph 12.4(1) after it has made
      any Default Reimbursement Payments in respect of which an adjustment has
      not been made pursuant to Schedule 5, Paragraph 5.6 (Adjustment
      for Default Reimbursement Payments),
      Chlor 1 shall make the calculation under Paragraph 12.4(1)(a) and the allocation
      under Paragraph 12.4(1)(a) as if:                                                                                                                                                                                
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|     | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | in the
      case of any Ineos SPV Default Reimbursement Payments, the amounts outstanding
      under the RLF Further Advances had been reduced by an amount equal in aggregate
      to those Ineos SPV Default Reimbursement Payments; and                                                                                                                                                                                                                     
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|     | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | in the
      case of any Ineos Default Reimbursement Payments, the amounts outstanding
      under the Ineos Group Loan had been reduced by an amount equal in aggregate
      to those Ineos Default Reimbursement Payments.                                                                                                                                                                                                                                     
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|12.5 | Payment
      of cash shares for 2010                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|     | The
      amounts of Chlor 1 AFC and Chlor 2 AFC to be allocated to Ineos SPV for
      the Relevant Period up to 31 December 2010 shall be determined and paid
      in accordance with Schedule 5 (Chlor
      1 cash sharing arrangements)
      (excluding Paragraph 5.4 (Payment
      restrictions under Barclays Facility)
      and 5.5 (Performance
      andCAPEX
      retentions)
      and Schedule 6 (Chlor
      2 cash sharing arrangements)
      (excluding Paragraph 4.5 (Payment
      restrictions under Ineos External Debt Agreements))
      respectively, provided that:
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|     | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | Chlor
      1 may deduct from the amount of Chlor 1 AFC so allocable to Ineos SPV an
      amount equal to the 2010 Chlor 1 Cash Share On Account Payment (and if the
      2010 Chlor 1 Cash Share On Account Payment is greater than the amounts of
      Chlor 1 AFC so allocable to Ineos SPV, then Ineos SPV will on the relevant
      date provided for in Schedule 5, Paragraph 5.3 (Timing
      of payments)
      repay the difference to Chlor 1); and
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|     | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | Chlor
      2 may deduct from the amount of Chlor 2 AFC so allocable to Ineos SPV an
      amount equal to the 2010 Chlor 2 Cash Share On Account Payment (and if the
      2010 Chlor 2 Cash Share On Account Payment is greater than the amounts of
      Chlor 2 AFC so allocable to Ineos SPV, then Ineos SPV will on the relevant
      date provided for in Schedule 6, Paragraph 4.3 (Timing
      of payments)
      repay the difference to Chlor 2).    

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|12.6 | Interest                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|     | If:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|     | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|     | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|     | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|     | in
      any case after the date on which, pursuant to the terms of this Schedule,
      it was due to be paid, then the payer shall pay interest to the payee on
      the unpaid amount at the rate then applicable to Unpaid Sums pursuant to
      the Amended RLF Agreement from the due date to the actual date of payment.                                                                                                                                                                                                                                                                                                                                                                                                                                
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|12.7 | Following
      the application of the 2010 Payment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|     | If
      following the application of the 2010 Payment pursuant to Paragraph 12.4
      (Application
      of the 2010 Payment)
      and any distribution to Ineos SPV of the Agreed Chlor 1 AFC and Chlor 2
      AFC for the Relevant Period ending on 31 December 2010 there are any amounts
      remaining outstanding in respect of the RLF Further Advances, those amounts
      shall be written off (in a manner which is tax efficient for Ineos SPV and,
      to the extent this can also be achieved, the Ineos Parties).                                                                                                                                                                                                                          
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|13.  | AFTER
      2010                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|     | Any
      amounts remaining outstanding in respect of the Amended PIK Notes after
      payment to Ineos SPV of its proportion of the Agreed Chlor 1 AFC in respect
      of the Relevant Period ending on 31 December 2010 shall be written off (in
      a manner which is tax efficient for Ineos SPV and, to the extent this can
      also be achieved, the Ineos Parties) and the Amended PIK Notes shall then
      be cancelled. Nothing in this Paragraph 13 shall prejudice or affect the
      continued payment of Agreed Chlor 1 AFC to the DTI pursuant to Schedule
      5, Paragraph 5.1(b) (Order
      of payment of Agreed Chlor 1 AFC)
      until repayment in full of the principal amount of the loan forming part
      of the DTI Grant.

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SCHEDULE 8

UP-FRONT NOVATIONS

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SCHEDULE
  9

INDEMNITY
  AND CONTRIBUTION ARRANGEMENTS

|1. | DEFINITIONS
      FOR SCHEDULE 9                                                                                                                                                                                                                                                                                                                                                                       
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                        
|   | In
      this Agreement:                                                                                                                                                                                                                                                                                                                                                                               
|   |                                                                                                                                                                                                                                                                                                                                                                                                        
|   | "Guarantee
      Payments"means
      Ineos SPV Guarantee Payments and Ineos Guarantee Payments;                                                                                                                                                                                                                                                                                                       
|   |                                                                                                                                                                                                                                                                                                                                                                                                        
|   | "Guarantees"means the Ineos SPV DTI Grant Guarantee and the Ineos DTI Grant Guarantees;                                                                                                                                                                                                                                                                                                                
|   |                                                                                                                                                                                                                                                                                                                                                                                                        
|   | "Guarantors"means Ineos SPV and the Ineos Guarantors and"Guarantor"means any of them;                                                                                                                                                                                                                                                                                                                  
|   |                                                                                                                                                                                                                                                                                                                                                                                                        
|   | "Ineos
      Corporate Guarantors"means Chlor Holdings, New Ineos Holdings, Newco 2 and Chlor 2;                                                                                                                                                                                                                                                                                                       
|   |                                                                                                                                                                                                                                                                                                                                                                                                        
|   | "Ineos
      Default"means
      a breach of the DTI Grant Offer Letter caused by any failure by any Ineos
      Party or member of the Wider Ineos Group to provide any item, take any other
      action or refrain from taking any action which the DTI Grant Offer Letter
      provided or envisaged it would provide (or would be provided in relation
      to it), take or refrain from taking;
|   |                                                                                                                                                                                                                                                                                                                                                                                                        
|   | "Ineos
      Default Payment"means
      any payment made by a Guarantor to meet in whole or part any demand made
      against it under a Guarantee as a result of any Ineos Default and not as
      a result of any Ineos SPV Default and for this purpose a demand is made
      as a result of an Ineos SPV Default or, as the case may be, an Ineos Default
      if, but only if:               
|   |                                                                                                                                                                                                                                                                                                                                                                                                        
|   | (i)                                                                                                                                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                                                        
|   | (ii)                                                                                                                                                                                                                                                                                                                                                                                                   
|   |                                                                                                                                                                                                                                                                                                                                                                                                        
|   | "Ineos
      DTI Grant Guarantees"means each of the Ineos Corporate DTI Grant Guarantees and each of the Ineos
      Individual DTI Grant Guarantees;                                                                                                                                                                                                                                                  
|   |                                                                                                                                                                                                                                                                                                                                                                                                        
|   | "Ineos
      Guarantee Payments"has the meaning given to it in Paragraph 2.1(2) (Indemnities
      to the Guarantors);                                                                                                                                                                                                                                                                                 
|   |                                                                                                                                                                                                                                                                                                                                                                                                        
|   | "Ineos Guarantors"
      means the Ineos Corporate Guarantors and the Individual Guarantors;                                                                                                                                                                                                                                                                                                           
|   |                                                                                                                                                                                                                                                                                                                                                                                                        
|   | "Ineos
      Individual DTI Grant Guarantees"means the guarantees to be given by each of the Individual Guarantors to
      the DTI in respect of Chlor 1's obligations under the DTI Grant Offer Letter;                                                                                                                                                                                              

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|    | "Ineos
            SPV Default"means
    any breach of the DTI Grant Offer Letter caused by:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    | "Ineos
            SPV Default
Payment"means
any payment made by any Guarantor to meet in whole or part any demand made against
it on or before 31 December 2010 under a Guarantee as a result of an Ineos SPV
Default and not as a result of an Ineos Default and, for this purpose, a demand
is made as a result of an Ineos SPV Default or, as the case may be, an Ineos
Default if, but only if:                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    | (i)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    | (ii)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    | "Ineos
            SPV DTI
Grant Guarantee"means
the guarantee to be given by Ineos SPV to the DTI in respect of Chlor 1's obligations
under the DTI Grant Offer Letter;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    | "Ineos
            SPV Guarantee
Payments"has
the meaning given to it in Paragraph 2.1(1) (Indemnities
to the Guarantors);                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    | "Ineos
            Corporate
DTI Grant Guarantees"means
the guarantees to be given by each of Chlor Holdings, New Ineos Holdings, Newco
2 and Chlor 2 to the DTI in respect of Chlor 1's obligations under the DTI Grant
Offer Letter;                                                                                                                                                                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    | "Lucite
            Shares"means
            the 798,200 B ordinary shares in Lucite International Limited currently
    owned (in aggregate) by the Ineos Guarantors; and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    | "Relevant
            Proportion"means
            in respect of Ineos SPV, 50% and in respect of the Ineos Guarantors
            in aggregate, 50% (except that in relation to an Ineos Default and
            any liability under the Guarantees in respect of such Ineos Default,
            it means in respect of Ineos SPV, 0%, and in respect of the Ineos
            Guarantors in aggregate, 100% and, in relation to an Ineos SPV Default
            and any liability under the Guarantees in respect of such Ineos SPV
            Default, it means in respect of Ineos SPV, 100%, and in respect of
    the Ineos Guarantors in aggregate, 0%).
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|2.  | COUNTER-INDEMNITY                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|2.1 | Indemnities
    to the Guarantors                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|(1) | Chlor
        1 shall indemnify Ineos SPV and keep it indemnified on demand against
        any payment, other than an Ineos SPV Default Payment, which Ineos SPV
    makes under                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   

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|    | the
        Ineos SPV DTI Grant Guarantee ("Ineos SPV Guarantee Payments")
        and any other Losses (including all legal and other costs and expenses
        incurred in enforcing its rights under this Paragraph 2) which Ineos
    SPV suffers or incurs in relation to that payment.                                                                                                                                                                                                                                                                                                         
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|(2) | Chlor
        1 shall indemnify each of the Ineos Guarantors and keep it indemnified
        on demand against any payment, other than an Ineos Default Payment, which
        that Ineos Guarantor makes under any Ineos DTI Grant Guarantee ("Ineos
        Guarantee Payments")
        and any other Losses (including all legal and other costs and expenses
        incurred in enforcing its rights under this Paragraph 2) which that Ineos
        Guarantor suffers or incurs in relation to that payment.                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|2.2 | Demands                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | Each
        Guarantor shall be entitled to make any number of demands on Chlor 1
        pursuant to Paragraph 2.1 (Indemnities to the Guarantors), but
    no demand may be made:                                                                                                                                                                                                                                                                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|2.3 | Continuing
    nature of indemnities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|(1) | The
        indemnity contained in Paragraph 2.1 (Indemnities to the Guarantors)
        in favour of each Guarantor is a continuing counter-indemnity and shall
        remain in full force and effect for so long as that Guarantor has any
        actual or contingent liability of any kind under or in connection with
    its Guarantee, notwithstanding any amendment or supplement to that Guarantee.                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|(2) | A
        Guarantor may at any time and without reference to Chlor 1 give time
        for payment or grant any other indulgence and give up, deal with, vary,
        exchange or abstain from taking, perfecting or enforcing any other indemnities,
        guarantees or other obligations held by it at any time and discharge
        any party to them, and realise them, and compound with, accept compositions
        from and make any other arrangements with any person or persons as the
        Guarantor thinks fit, without affecting Chlor 1's liability under this
    Paragraph 2.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|2.4 | Effect
    of other indemnities etc                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | The
        rights of each Guarantor under this Paragraph 2 shall be in addition
        to and shall not be in any way prejudiced or affected by any one or more
        other indemnities, guarantees, securities or other rights (including
        without limitation rights of contribution or subrogation) which that
        Guarantor may now or subsequently hold, whether from Chlor 1 or from
    any other person.                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       

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|2.5 | Payments
    without further authority                                                                                                                                                                                                                                                                                                                                                                           
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                  
|(1) | Chlor
        1 irrevocably authorises each of the Guarantors to comply with any claim
        or demand for payment made, or which appears or purports to be made,
    under its Guarantee:                                                                                                                                                                                                                     
|    |                                                                                                                                                                                                                                                                                                                                                                                                                  
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                  
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                  
|    | (c)                                                                                                                                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                  
|(2) | Each
        of the parties agrees that any payment made by any Guarantor pursuant
        to any claim or demand for payment made, or which appears or purports
        to be made, under its Guarantee shall be binding on it and shall, as
        between the parties, be accepted as conclusive evidence that the relevant
    Guarantor was liable to pay or comply with it.                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                  
|(3) | If a
        claim or demand is made on Ineos SPV or any Ineos Guarantor under the
        relevant Guarantee then before making payment Ineos SPV or, as the case
        may be, the relevant Ineos Guarantor will to the extent reasonably practicable
        consult with (in the case of Ineos SPV) Chlor Holdings or (in the case
    of an Ineos Guarantor) Ineos SPV in relation to the claim or demand.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                  
|3.  | CONTRIBUTION                                                                                                                                                                                                                                                                                                                                                                                                     
|    |                                                                                                                                                                                                                                                                                                                                                                                                                  
|3.1 | Principles                                                                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                                                  
|(1) | The
        intention of the Guarantors is that payments under the Guarantees shall
    be borne as follows:                                                                                                                                                                                                                                                                                                     
|    |                                                                                                                                                                                                                                                                                                                                                                                                                  
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                  
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                  

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|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | (ii)                                                                                                                                                                                          | Ineos
        SPV will have a right of indemnity pursuant to Paragraph 3.3 (Right
        of indemnity  Ineos Default Payments) against the Ineos Corporate
        Guarantors in respect of any Ineos Default Payment it makes and, if the
        Ineos Corporate Guarantors do not pay on demand under that indemnity,
        a right of indemnity from Chlor 1 under Paragraph 2.1(1) (Indemnities
    to the Guarantors); and
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                     
|    | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | in
        relation to any other payment, by Chlor 1 or, failing that the Guarantors
        in their respective Relevant Proportions, so that the Guarantor which
    has made that payment:
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                     
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | (i)                                                                                                                                                                                           | will
        have a right of indemnity from Chlor 1 under Paragraph 2.1 (Indemnities
    to the Guarantors); and                                                                                                                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                     
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | (ii)                                                                                                                                                                                          | to the
        extent that it is not reimbursed by Chlor 1 under that indemnity and
        (in the case of an Ineos Guarantor) if the payment was made pursuant
        to a claim made under the relevant Guarantee on or prior to 31 December
    2010, Paragraph 3.4 (Right of contribution) will apply.                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                     
|(2) | Obligations
        expressed in this Schedule (in whatever form of words) to be the obligations
        of the Ineos Corporate Guarantors are their joint and several obligations.
        Obligations expressed in this Schedule (in whatever form of words) to
        be the obligations of the Ineos Guarantors are their joint and several
        obligations; but in the case of the Individual Guarantors, this is subject
    to Paragraph 5.2 (Claims against Individual Guarantors).
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                     
|3.2 | Right
    of indemnity  Ineos SPV Default Payments                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                     
|    | Ineos
        SPV shall indemnify each Ineos Guarantor and keep it indemnified on demand
        against any Ineos SPV Default Payments which it makes under any Ineos
    DTI Grant Guarantee.                                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                     
|3.3 | Right
    of indemnity  Ineos Default Payments                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                     
|    | The
        Ineos Corporate Guarantors shall indemnify Ineos SPV and keep it indemnified
        on demand against any Ineos Default Payments which it makes under the
    Ineos SPV DTI Grant Guarantee.                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                     
|3.4 | Right
    of contribution                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                     
|(1) | Immediately
        following the making of any Guarantee Payment, the relevant Guarantor
        may make a demand in respect of it from Chlor 1 pursuant to Paragraph
        2 (Counter-indemnity) and pursuant to any right of subrogation
        and other right of recovery it may have against Chlor 1 in respect of
    that Guarantee Payment.                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                     
|(2) | The relevant
        Guarantor may at any time notify the other Guarantors that it has made
        a Guarantee Payment (the"Initial
        Notification").
    Within five Business Days of the Initial Notification:                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                     
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | Ineos
        SPV shall notify the Ineos Guarantors of the"Ineos
        SPV Net Payment",
    calculated as follows:                                                                        
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                     

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|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | (i)                                                                                                               | the aggregate
        amount of any Guarantee Payments made by it and any payments made by
    it under Paragraph 3.4(3) or 3.4(4);                                                                                                                                                     
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                   |                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | less                                                                                                              |                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                   |                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | (ii)                                                                                                              | the aggregate
        of any amounts which it has recovered from Chlor 1 in respect of the
        Guarantee Payments it has made and any amounts received by it pursuant
    to Paragraph 3.4(3); and                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                   |                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | in
    each case at any time up to the date of the Initial Notification; and                                     
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                   |                                                                                                                                                                                                                                                                                         
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | the Ineos
        Guarantors shall notify Ineos SPV of the"Ineos
        Net Payment",
    calculated as follows:
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                   |                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | (i)                                                                                                               | the aggregate
        amount of any Guarantee Payments (excluding any made under an Ineos DTI
        Grant Guarantee pursuant to a claim under the relevant Guarantee after
        31 December 2010) and any payments made under Paragraph 3.4(3) or 3.4(4)
    by any or all of them;
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                   |                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | less                                                                                                              |                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                   |                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | (ii)                                                                                                              | the aggregate
        of any amounts which any or all has recovered from Chlor 1 in respect
        of the Guarantee Payments and any amount any or all has made or received
    pursuant to Paragraph 3.4(4);                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                   |                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | in
    each case at any time up to the date of the Initial Notification.                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                   |                                                                                                                                                                                                                                                                                         
|(3) | If
        the Ineos SPV Net Payment is greater than the aggregate of Ineos SPV's
        Relevant Proportion of each element of the Ineos SPV Net Payment and
        the Ineos Net Payment, then (subject to the provisions of Paragraph 5.2 (Claims
        against Individual Guarantors) in respect of the Individual Guarantors)
        the Ineos Guarantors shall within ten Business Days of the Initial Notification
        pay to Ineos SPV the amount of the difference. If Ineos SPV subsequently
        recovers from Chlor 1 an amount in respect of any of the Guarantee Payments
        taken into account in calculating the amount of the payment by the Ineos
        Guarantors pursuant to this Paragraph 3.4(3), then it shall pay a Relevant
    Proportion of that to the relevant Ineos Guarantors.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                   |                                                                                                                                                                                                                                                                                         
|(4) | If
        the Ineos Net Payment is greater than the aggregate of the Ineos Guarantors'
        Relevant Proportion of each element of the Ineos Net Payment and the
        Ineos SPV Net Payment, then Ineos SPV shall within ten Business Days
        of the Initial Notification pay to Chlor Holdings the amount of the difference.
        If any Ineos Guarantor subsequently recovers from Chlor 1 an amount in
        respect of any of the Guarantee Payments taken into account in calculating
        the amount of the payment by Ineos SPV pursuant to this Paragraph 3.4(4),
        then the relevant Ineos Guarantors shall pay a Relevant Proportion of
    that to Ineos SPV.                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                   |                                                                                                                                                                                                                                                                                         
|(5) | The
        rights granted to each Guarantor pursuant to this Paragraph 3.4 are intended
        to replace, and so each Guarantor by entering into this Agreement irrevocably
        waives, any rights of contribution or indemnity which that Guarantor
        would otherwise have had by implication of law against any one or more
        of the other Guarantors in respect of any Guarantee Payment; but nothing
    in this Schedule 9 is intended to prejudice or                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                   |                                                                                                                                                                                                                                                                                         

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|    | affect
      any claim which one party may have against another for breach of a Transaction
      Document.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|4.  | LUCITE
      SHARES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    | If the
        proceeds of any disposal of the Lucite Shares are applied to meet any
        obligation of the Ineos Guarantors under any Ineos Individual DTI Grant
        Guarantee, then that shall be treated as a Guarantee Payment by the relevant
      Individual Guarantors of the amount so applied.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|5.  | INDIVIDUAL
      GUARANTORS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|5.1 | Indemnity
      from Chlor 2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|(1) | Without
         prejudice to the Individual Guarantors rights under Paragraph
         2 (Counter-indemnity),
          Chlor 2 shall indemnify each Individual Guarantor and keep each of
         them
      indemnified on demand against any payments which that Individual Guarantor
          makes under the Ineos Individual DTI Grant Guarantees ("Individual
           Guarantee Payments")
            and any other Losses (including all legal and other costs and expenses
           incurred
      in enforcing its rights under this Paragraph 5(1)) which that Individual
            Guarantor suffers or incurs in relation to the Ineos Individual DTI
           Grant
      Guarantees. Each Individual Guarantor shall be entitled to make any number
            of demands on Chlor 2 pursuant to this Paragraph 5(1). Paragraphs
           2.3 (Continuing
            nature of indemnities)
             to 2.5 (Payments
              without further authority)
              shall  be deemed repeated here, with such amendments as are necessary
              to fit the
      context.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|(2) | Any claim
      of an Individual Guarantor pursuant to Paragraph 5.1(1) in relation to an
      Individual Guarantee Payment made following an Ineos Default shall be subordinated
      to any claim which Ineos SPV may have against Chlor 2 on any account, so
      that until any claims which Ineos SPV may have against Chlor 2 on any account
      have been discharged in full, the Individual Guarantor may not claim, receive
      or take any action to recover any amount pursuant to Paragraph 5.1(1) and
      Chlor 2 may not make any payment to the Individual Guarantor whether pursuant
      to Paragraph 5.1(1) or otherwise.                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|5.2 | Claims
      against Individual Guarantors                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|(1) | No demand
      may be made by Ineos SPV against any Individual Guarantor under Paragraph
      3.4 (Right
      of contribution)
      before it has made a claim against Chlor 2 under Paragraph 3.4 (Right
      of contribution)
      which has not been discharged within five Business Days; provided that this
      will not apply to any claim which Ineos SPV would otherwise be entitled
      to make against any Individual Guarantor in the final ten Business Days
      of 2006.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|(2) | Any claim
      against an Individual Guarantor pursuant to this Schedule 9 shall be limited
      to the cash proceeds of a Disposal (as defined below) (net of reasonable
      expenses which have been properly incurred and any tax payable in relation
      to the Disposal) of such Individual Guarantor's Lucite Shares, and shall
      rank behind any claim on those proceeds in favour of the Secretary of State
      (provided always that where and to the extent that the consideration for
      a Disposal is any non-cash asset, such asset shall be treated as if it were
      Lucite Shares for the purposes of this                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    

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|    | Paragraph
      5.2). "Disposal" for the purposes of this Paragraph 5.2 means a sale, exchange
      or any other disposal, in each case wholly or partly for cash consideration.
      Each Individual Guarantor undertakes that any Disposal he makes will be
      on a bona fide arm's length basis and shall use best endeavours to ensure
      that any Disposal is wholly or mainly for cash consideration and, to the
      extent that there is any choice between cash and non-cash assets, shall
      elect to receive cash. For the purposes of this paragraph, "best endeavours"
      shall not include any obligation to make a cash payment nor provide any
      other form of consideration in connection with a disposal and shall not
      include any obligation to accept a reduction (other than a de minimis reduction)
      in the purchase price in connection with the disposal.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|(3) | No Individual
      Guarantor shall have any liability under this Schedule 9 in respect of any
      claim made against it after 31 December 2006.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|5.3 | Contribution
      between Individual Guarantors                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    | If any
      one or more of the Individual Guarantors makes an Individual Guarantee Payment,
      the remaining Individual Guarantors shall make such contribution payments
      between themselves such that such Individual Guarantee Payment (taking account
      of any amounts received pursuant to Paragraphs 2 (Counter-indemnity),
      3 (Contribution)
      or 5.1 (Indemnity
      from Chlor 2))
      is borne between the Individual Guarantors in proportion to their holdings
      of Lucite Shares.                                                                                                                                                                                                                                                                                                                                                                                     
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|6.  | PAYMENTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|6.1 | Payments
      in Full                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    | Save
      to the extent required by law, all payments made or to be made pursuant
      to this Schedule 9 shall be made in full, without any deduction, withholding,
      set-off or counterclaim on account of any taxes of any type or of any claim
      that any party may have against another.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|6.2 | Interest                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    | If any
      amount payable under this Schedule is not paid when due, then the payer
      shall pay interest to the payee on the unpaid amount at the rate and on
      the basis then applicable to Unpaid Sums pursuant to the Amended RLF Agreement
      from the due date to the date of actual payment.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 

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SCHEDULE 10

WASTE MANAGEMENT
  LICENCES TRANSFER FINANCIAL PROVISIONS

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SCHEDULE 11

INFORMATION REQUIREMENTS

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|EXECUTION
      of the Transaction Deed:             |                            
|---------------------------------------------------- | ---------------------------
|                                                     |                            
|                                                     |                            
|SIGNED
      AND DELIVERED as a deed by              | )                          
|David
    Whitewood                                  | )   /s/ David
    Whitewood
|duly authorised
      attorney for and on behalf of: | )                          
|IMPERIAL
      CHEMICAL INDUSTRIES PLC               | )                          
|                                                     |                            
|                                                     |                            
|SIGNED
      AND DELIVERED as a deed by              | )                          
|David
    Whitewood                                  | )   /s/ David
    Whitewood
|duly authorised
      attorney for and on behalf of: | )                          
|ICI
      CHEMICALS & POLYMERS LIMITED               | )                          
|                                                     |                            
|                                                     |                            
|SIGNED
      AND DELIVERED as a deed by              | )                          
|David
    Whitewood                                  | )   /s/ David
    Whitewood
|duly authorised
      attorney for and on behalf of: | )                          
|ICI
      INDUSTRIAL INVESTMENTS LIMITED             | )                          
|                                                     |                            
|                                                     |                            
|SIGNED
      AND DELIVERED as a deed by              | )                          
|David
    Whitewood                                  | )   /s/ David
    Whitewood
|duly authorised
      attorney for and on behalf of: | )                          
|INEOS
      CHLOR HOLDINGS LIMITED                   | )                          
|                                                     |                            
|                                                     |                            
|SIGNED
      AND DELIVERED as a deed by              | )                          
|David
    Whitewood                                  | )   /s/ David
    Whitewood
|duly authorised
      attorney for and on behalf of: | )                          
|INEOS
      CHLOR NEWCO 1 LIMITED                    | )                          

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|SIGNED
      AND DELIVERED as a deed by                 | )                        
|------------------------------------------------------- | -------------------------
|Mark
    Mitchell                                       | )   /s/ Mark
    Mitchell
|duly
      authorised attorney for and on behalf of:    | )                        
|INEOS
      CHLOR NEWCO 2 LIMITED                       | )                        
|                                                        |                          
|                                                        |                          
|                                                        |                          
|SIGNED
      AND DELIVERED as a deed by                 | )                        
|Mark
    Mitchell                                       | )   /s/ Mark
    Mitchell
|duly
         authorised attorney for and on behalf of: | )                        
|INEOS
      CHLOR LIMITED                               | )                        
|                                                        |                          
|                                                        |                          
|SIGNED
         AND DELIVERED as a deed by              | )                        
|Mark
    Mitchell                                       | )   /s/ Mark
    Mitchell
|duly
      authorised attorney for and on behalf of:    | )                        
|INEOS
      CHLOR ENTERPRISES LIMITED                   | )                        
|                                                        |                          
|                                                        |                          
|SIGNED
      AND DELIVERED as a deed by                 | )                        
|Mark
    Mitchell                                       | )   /s/ Mark
    Mitchell
|duly
      authorised attorney for and on behalf of:    | )                        
|INEOS
      CHLOR GROUP LIMITED                         | )                        
|                                                        |                          
|                                                        |                          
|SIGNED
      AND DELIVERED as a deed by                 | )                        
|Mark
    Mitchell                                       | )   /s/ Mark
    Mitchell
|duly
      authorised attorney for and on behalf of:    | )                        
|INEOS
      CAPITAL LIMITED                             | )                        

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|SIGNED
      AND DELIVERED as a deed by                 | )                                          
|------------------------------------------------------- | -------------------------------------------
|Mark
    Mitchell                                       |                                            
|duly
         authorised attorney for and on behalf of: | )                                          
|INEOS
      GROUP LIMITED                               | )                                          
|                                                        |                                            
|                                                        |                                            
|SIGNED
      AND DELIVERED as a deed by                 | )                                          
|Mark
    Mitchell                                       | as attorney
      for                      
|JAMES
      RATCLIFFEin
      the presence of:          | )                                          
|                                                        |                                            
|                                                        |                                            
|Witness'
      signature:                               | /s/ V
    Bradin                           
|Name:                                                   | Victoria
        Bradin                    
|Address:                                                | 11 Pilgrim
        Street, London, EC4V 6RW
|                                                        |                                            
|Occupation:                                             | Lawyer                                     
|                                                        |                                            
|                                                        |                                            
|SIGNED
      AND DELIVERED as a deed by                 | )                                          
|Mark
    Mitchell                                       | as attorney
      for                      
|ANDREW
      CURRIEin
      the presence of:            | )                                          
|                                                        |                                            
|                                                        |                                            
|Witness'
      signature:                               | /s/ V
    Bradin                           
|Name:                                                   | Victoria
    Bradin                        
|Address:                                                | 11 Pilgrim
    Street, London, EC4V 6RW    
|                                                        |                                            
|Occupation:                                             | Lawyer                                     
|                                                        |                                            
|                                                        |                                            
|SIGNED
      AND DELIVERED as a deed by                 | )                                          
|Mark
    Mitchell                                       | as attorney
      for                      
|JOHN
          REECEin the presence of:                 | )                                          
|                                                        |                                            
|Witness'
      signature:                               | /s/ V
    Bradin                           
|Name:                                                   | Victoria
    Bradin                        
|Address:                                                | 11 Pilgrim
    Street, London, EC4V 6RW    
|                                                        |                                            
|Occupation:                                             | Lawyer                                     

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|SIGNED AND DELIVERED as a deed by              | )                                      
|---------------------------------------------- | ---------------------------------------
|                                               |                                        
|Mark Mitchell                                  | as
    attorney for                    
|                                               |                                        
|ANTHONY VERRIJCKTin the presence of:           | )                                      
|                                               |                                        
|                                               |                                        
|Witness' signature:                            | /s/ V
    Bradin                       
|Name:                                          | Victoria
    Bradin                    
|Address:                                       | 11 Pilgrim
    Street, London, EC4V 6RW
|                                               |                                        
|Occupation:                                    | Lawyer                                 
|                                               |                                        
|                                               |                                        
|SIGNED AND DELIVERED as a deed by              | )                                      
|Mark
    Mitchell                              | )   /s/ Mark
    Mitchell              
|duly authorised attorney for and on behalf of: | )                                      
|EVC INTERNATIONAL NV                           | )                                      
|                                               |                                        
|                                               |                                        
|SIGNED AND DELIVERED as a deed by              | )                                      
|Mark
    Mitchell                              | )   /s/ Mark
    Mitchell              
|duly authorised attorney for and on behalf of: | )                                      
|INEOS FLUOR LIMITED                            | )                                      
|                                               |                                        
|                                               |                                        
|SIGNED AND DELIVERED as a deed by              | )                                      
|Mark
    Mitchell                              | )   /s/ Mark
    Mitchell              
|duly authorised attorney for and on behalf of: | )                                      
|INEOS SILICAS LIMITED                          | )                                      
|                                               |                                        
|                                               |                                        
|SIGNED AND DELIVERED as a deed by              | )                                      
|Mark
    Mitchell                              | )   /s/ Mark
    Mitchell              
|duly authorised attorney for and on behalf of: | )                                      
|INEOS HOLDINGS LIMITED                         | )                                      

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