**Exhibit 4.3**

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|   |                                                                                                                  |   |
|--------|-----------------------------------------------------------------------------------------------------------------------|--------|
|   | Dated 31 July 2003                                                                                                    |
|   |                                                                                                                  |
|   |                                                                                                                  |
| (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 AGREEMENTrelating 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                     | 8        |
| 2.         | Conditions                                         | 24       |
| 3.         | Completion                                         | 26       |
| 4.         | Novations of Remaining Non-novated Contracts       | 29       |
| 5.         | Intra-Group Receivables and EVC Shares             | 30       |
| 6.         | Requests for ICI and Ineos funding                 | 32       |
| 7.         | ICI Contributions                                  | 33       |
| 8.         | Ineos Contribution                                 | 34       |
| 9.         | Ineos Group Loan                                   | 35       |
| 10.        | Funding order and conditions                       | 36       |
| 11.        | Chlor 1 cash sharing arrangements                  | 37       |
| 12.        | Chlor 2 cash sharing arrangements                  | 37       |
| 13.        | Change of control of ICI and 2010 and Golden Share | 37       |
| 14.        | Warranties and representations                     | 39       |
| 15.        | Further obligations of the parties                 | 40       |
| 16.        | Costs                                              | 47       |
| 17.        | Entire agreement                                   | 47       |
| 18.        | Liability and invalidity                           | 48       |
| 19.        | Amendments, releases and waivers                   | 49       |
| 20.        | Assignment                                         | 50       |
| 21.        | Notices                                            | 51       |
| 22.        | Contracts (Rights of Third Parties) Act 1999       | 53       |
| 23.        | Confidentiality and announcements                  | 53       |
| 24.        | Counterparts                                       | 55       |
| 25.        | Law and jurisdiction                               | 55       |

 

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**Schedule**

| 1.  | Completion obligations                                  |
|-----|---------------------------------------------------------|
| 2.  | Project Genesis                                         |
| 3.  | Remaining Non-novated Contracts                         |
| 4.  | Transaction Documents                                   |
| 5.  | Chlor 1 cash sharing arrangements                       |
| 6.  | Chlor 2 cash sharing arrangements                       |
| 7.  | Change of control of ICI and 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 |

 

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**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

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)

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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Cover

**TRANSACTION MASTER AGREEMENT**

**DATE:**      31 July 2003

**PARTIES:**

| (1) | **IMPERIAL CHEMICAL INDUSTRIES PLC**a 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 LIMITED** a 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**a 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 LIMITED**a company incorporated in England and Wales (registered number 3965021) whose registered office is at Hawkslease, Chapel Lane, Lyndhurst, Hampshire SO43 7FG (**"Ineos Holdings"**); |

|   |                                                                                                                                                                                                                              |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5)    | **INEOS CHLOR NEWCO 1 LIMITED**a 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 LIMITED** a 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 LIMITED** a 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 LIMITED**a 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 LIMITED**a 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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Cover

| (10) | **INEOS GROUP LIMITED** a 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 LIMITED** a 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 REECE**and **ANTHONY VERRIJCKT** each care of Ineos Capital (each an **"Individual Guarantor"** and together the **"Individual Guarantors"**); and |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (13)   | **EVC INTERNATIONAL NV**a company registered in Eijsden, The Netherlands, whose registered office is at Ir. Rocourstraat 28, 6245 AD Eijsden, The Netherlands, **INEOS FLUOR LIMITED**a company incorporated in England and Wales (registered number 4041123) whose registered office is at The Heath, Runcorn, Cheshire WA7 4QF and **INEOS 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"**). |

**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 Ineos Holdings) acquired from Ineos 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 Ineos Holdings, and the authorised share capital of Chlor 1 will be redesignated to consist of 100 OrdinaryShares 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. |

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| (C) | All of the shares in Ineos 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)    | Ineos 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"**) 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 and release*). |

|   |                                                                                                                                                                                                                                                                                                                                                                                             |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (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. |

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|  **IT IS AGREED as follows:** |   |
|------------------------------------|--------|

|   |                               |
|--------|------------------------------------|
| **1.** | **DEFINITIONS AND INTERPRETATION** |

|   |
|--------|
| 1.1    | **Definitions** |

|   |               |
|--------|--------------------|
|   | In this Agreement: |

|   |                                                                                                                                                                                                                                                                        |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | **"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 (*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; |

|   |                                                                                                                                      |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------|
|   | **"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; |

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|   |                                                                                                                                                                                                                                                                                       |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | **"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 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; |

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|   | **"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*); |

|   |                                                                                                                             |
|--------|----------------------------------------------------------------------------------------------------------------------------------|
|   | **"Change of Control Payment"** has the meaning given to it in Schedule 7, Paragraph 1 (*Definitions for Schedule 7*); |

|   |                                                                                                             |
|--------|------------------------------------------------------------------------------------------------------------------|
|   | **"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 ICI SPV, Ineos 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*); |

|   |                                                                                   |
|--------|----------------------------------------------------------------------------------------|
|   | **"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 ICI 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*); |

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|   | **"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 8 euros each in EVC owned by Ineos Vinyls Limited; |

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|   | **"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 ICI SPV, under this Agreement in relation to the ICI New PIK Notes Subscription and pursuant to the Amended RLF Agreement in relation to the RLF Further Advances Facility; |

|   |   |
|--------|--------|
|   | (b)    | by ICI, under this Agreement in relation to the ICI Grant; |

|   |   |
|--------|--------|
|   | (c)    | to Chlor 2, pursuant to the Ineos External Debt Agreements and the Ineos Internal Debt Agreement; |

|   |   |
|--------|--------|
|   | (d)    | by Chlor 2, under this Agreement in relation to the Ineos Contribution; |

|   |   |
|--------|--------|
|   | (e)    | by the Ineos Group Loan Lenders, pursuant to the Ineos Group Loan Agreement; |

|   |   |
|--------|--------|
|        | (f)    | by Ineos Capital and others, pursuant to the Ineos Standby Facility Agreement; |

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|   | **"Genesis Deed"** means the deed in the Agreed Terms to be entered into between New Ineos Holdings and ICI 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 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 Contributions"** means the ICI Grant and the ICI New PIK Notes Subscription; |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | **"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 Default"** has the meaning given to it in Schedule 9, Paragraph 1 (*Definitions for Schedule 9*); |

|   |                                                                                                                                                           |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | **"ICI Grant"** means a capital contribution of up to £15,000,000 (fifteen million pounds sterling) in aggregate to be made by ICI to Chlor 1; |

|   |                                                                                                                                                                                                                                                                                                                      |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | **"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; |

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|   | **"ICI New PIK Notes Subscription"** means a subscription of up to £15,000,000 (fifteen million pounds sterling) in aggregate to be made by ICI SPV (or another member of the ICI Group) for the issue of further PIK Notes pursuant to the Amended PIK Note Instrument; |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |                                                                         |
|--------|------------------------------------------------------------------------------|
|   | **"ICI Parties"**has    the meaning given to it in Background (E); |

|   |                                                                                                                                                                                                                |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | **"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 Refinancing Moneys"** means any money provided to Chlor 1 by, or guaranteed by, ICI SPV or any member of the ICI Group at any time on or after Golden Share Exercise; |

|   |                                                                                                         |
|--------|--------------------------------------------------------------------------------------------------------------|
|   | **"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 Clause    8.3 (*Ineos Contribution*); |

|   |                                                                                                                 |
|--------|----------------------------------------------------------------------------------------------------------------------|
|   | **"Ineos Default"** has the meaning given to it in Schedule 9, Paragraph 1 (*Definitions for Schedule 9*); |

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|   | **"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 ICI SPV pursuant to the Ineos External Debt Agreements; |

|   |                                                                                                                                                                                                                                                                                                                                                                                                             |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | **"Ineos Group Loan"** means loans in the aggregate sum of £20,000,000 (twenty 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 to be entered into on or before the date of this Agreement in the Agreed Terms by the Ineos Group Loan Lenders and Chlor 1 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; |

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|   | **"Ineos' Lawyers"** means Slaughter and May of One Bunhill Row, London  EC1Y 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 Standby Facility"** means    a £7,500,000 (seven million, five hundred thousand 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 to be entered into on or before the date of this Agreement between Ineos Capital and Chlor 1 for the provision of the Ineos Standby Facility; |

|   |                                                                                                                                                                                             |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | **"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)    | the intra-group receivables: |

|   |   |
|--------|--------|
|        |   | (i) | owed to Chlor 1 by Screencondor Limited in the aggregate sum of £7,313,156 (seven million, three hundred and thirteen thousand one hundred and fifty six pounds sterling); and |

|   |
|--------|
|        |   | (ii) | owed to Chlor 1 by Ineos Vinyls Holdings Limited and Ineos Vinyls Limited in the aggregate sum of £41,000,000 (forty one million pounds sterling) plus interest; |

|   |   |
|--------|--------|
|   |   | each of which are to be transferred to Chlor 2 pursuant to the Business Transfer Agreement and in respect of each of which ICI has the benefit of security under the Existing ICI Security Document; and |

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|  | (b) | any intra-group receivable which may become owed to Chlor 2 in a principal sum of up to £800,000 (eight hundred thousand pounds sterling) by an Ineos Company as a result of Chlor 2 transferring Lawson House to that Ineos 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 Ineos 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; |

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|   | **"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 Partners to be entered into by those parties; |

|   |                                                                                                                         |
|--------|------------------------------------------------------------------------------------------------------------------------------|
|   | **"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"*); |

|   |                                                                                                                                                                                                                                                                                                                                                  |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | **"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: |

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|  | (a) | seeks to recover amounts claimed against that member of the Kestrel and Canary Group by a third party (i.e. not a member of the Wider Ineos Group) or amounts relating to requirements of or imposed under Environmental Law as defined in part 1 of schedule 15A to the MSPA (as amended pursuant to the MSPA Deed of Amendment) upon that member of the Kestrel and Canary Purchaser's Group by a governmental or regulatory authority (ie not a member of the Wider Ineos Group); or |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|
|        | (b)    | is brought by way of enforcement of security by or on behalf of the lenders under the facility agreement in place for the Kestrel and Canary Purchaser's Group (as defined in the MSPA (as amended pursuant to the MSPA Deed of Amendment)) as at the date of this Agreement; |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | **"Piggy-back Claim"** means a claim brought by any member of the Kestrel and 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; |

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|   | **"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*); |

|   |                                                                                                                                                          |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | **"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, ICI 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; |

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|   | **"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; |

|   |                                                                                                                                                                                                                                                             |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | **"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; |

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|   | **"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)    | the **Background** is to the statements about the background to this Agreement made above or to a **Clause**, a **Schedule** or an **Appendix** is to a clause of, schedule to or appendix to this Agreement and any reference in a Schedule to a **Paragraph** is to a paragraph of that Schedule; |

|   |   |
|--------|--------|
|        | (b)    | this **Agreement** includes the Background, the Schedules and the Appendices, each of which forms part of this Agreement for all purposes; |

|   |   |
|--------|--------|
|        | (c)    | a **party** or the **parties** is to a party or the parties (as the case may be) to this Agreement and shall include any permitted assignees of a party; |

|   |   |
|--------|--------|
|        | (d)    | the masculine, feminine and neuter **genders** shall include the other genders and any reference to the **singular**includes the plural and vice versa; |

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|  | (e) | a **person** includes any individual, firm, unincorporated association, corporation, government, state or agency of state, association, partnership or joint venture (whether or not having a separate legal personality); |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|
|        | (f)    | a **company** includes any company, corporation or other body corporate wherever and however incorporated or established; |

|   |   |
|--------|--------|
|        | (g)    | a person being **associated** with another person shall be to a person connected with that other person within the meaning of s839 Income and Corporation Taxes Act 1988; |

|   |   |
|--------|--------|
|        | (h)    | a **document** is to that document as supplemented, otherwise amended or replaced from time to time; |

|   |   |
|--------|--------|
|        | (i)    | a **statute** or a **statutory provision** includes 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)    | any **English statutory provision** or **English legal term** for 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 sterling** or **£** is to the lawful currency of the United Kingdom; |

|   |   |
|--------|--------|
|        | (l)    | **writing** includes any mode of reproducing words in a legible and non-transitory form; and |

|   |   |
|--------|--------|
|        | (m)    | a **time** of day is to London time and any reference to a **day** is 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. |

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| 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 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)    | the DTI Grant having been obtained on the terms of the DTI Grant Offer Letter, either without additional conditions or subject only to additional conditions satisfactory to ICI and Ineos Capital and all preconditions to the availability of all of the funding under it (including without limitation the precondition relating to the approval of the European Commission) having been satisfied, save for any precondition to the extent relating to the occurrence of Completion; |

|   |   |
|--------|--------|
|        | (b)    | the satisfaction of the escrow conditions attaching to the delivery by Chlor 1, all relevant Ineos Companies and all relevant EVC Companies and Huntsman Companies of each of the documents listed in Schedule 8 (*Up-front novations*); and |

|   |   |
|--------|--------|
|        | (c)    | the lender(s) under the Ineos External Debt Agreements having indicated that they are ready, willing and able to enter into the Ineos External Debt Agreements and not having subsequently indicated to the contrary. |

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| 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 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** |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | 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 shallhave 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*). |

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| 2.6 | **Resolution regarding novations** |
|-----|------------------------------------|

|   |                                                                                                                                                                                                                                        |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Ineos Holdings shall procure that the board of Chlor 1 shall, at any time reasonably requested by ICI, pass (and provide to ICI a certified copy of) the resolution in the Agreed Terms relating to the availability to Chlor 1 of funding. |

|   |           |
|--------|----------------|
| **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)    | the Ineos Parties shall carry out those acts which fall to be carried out by them in accordance with Schedule 1, Part 1 (*Sequence of events*) and shall deliver, or procure to be delivered, the items listed in Schedule 1, Part 2, Paragraph 1 (*Ineos Completion obligations*); and |

|   |   |
|--------|--------|
|        | (b)    | the ICI Parties shall carry out those acts which fall to be carried out by them in accordance with Schedule 1, Part 1 (*Sequence of events*) and shall deliver, or procure to be delivered, the items listed in Schedule 1, Part 2, Paragraph 2 (*ICI Completion obligations*). |

|   |                                                                                                                                                                                                                    |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Subject to Clause 3.3 (*Rights following default*), Completion shall have occurred when all of the obligations of the Ineos Parties and the ICI Parties under 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. |

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| (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 besatisfied 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 beunreasonably 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 theIneos 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). |

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|   |                                                                                                                                                                                                                                                                                                       |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5)    | For the purposes of this Clause 3.2, **"best endeavours"** shall include the carrying out 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)    | any obligation on the Ineos Parties themselves to make good any shortfall in funding to Chlor 1 as a consequence of Clause 4(b) being unfulfilled or unsatisfied and not waived; |

|   |   |
|--------|--------|
|   | (b)    | any obligation on the Ineos Parties to incur any expenditure or provide any other asset, other than incurring fees and paying commissions to third parties, as referred to above, and other than incurring other expenditure of an incidental nature; |

|   |   |
|--------|--------|
|   | (c)    | any obligation on the Ineos Parties to accept or agree to any action or proposal which would materially adversely affect the position of any Ineos Party or JR in connection with the transactions which are the subject of the Transaction Documents; |

|   |   |
|--------|--------|
|   | (d)    | any obligation on the Ineos Parties to change (or procure that any member of the Wider Ineos Group changes) its existing business operating practices; or |

|   |   |
|--------|--------|
|   | (e)    | requiring any of the Ineos Parties or JR to sell, transfer or pledge any assets (including transferring or allotting share capital in Chlor 1 or Chlor 2, or allotting shares in any member of the Wider Ineos Group, to third parties) to do so. |

|   |                         |
|--------|------------------------------|
| 3.3    | **Rights following default** |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | If the Ineos Parties or the 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 ICI Parties or (if the Defaulting Parties are the 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)    | defer Completion to a date not more than 28 days after the date provided for in Clause 3.1 (*Completion arrangements*) (so that the provisions of this Clause 3 shall apply to Completion as so deferred); |

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|  | (b) | proceed to Completion so far as practicable (without limiting their rights under this Agreement); |
|--|-----|---------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|
|        | (c)    | rescind this Agreement without liability on their part to any of the other parties; or |

|   |   |
|--------|--------|
|        | (d)    | waive all or any of the obligations of the Defaulting Parties. |

|   |                                             |
|--------|--------------------------------------------------|
| **4.** | **NOVATIONS OF REMAINING NON-NOVATED CONTRACTS** |

|   |
|--------|
| 4.1    | **Novation of Remaining Non-novated Contracts** |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | 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)    | the release of all relevant members of the ICI Group from their present and future obligations under that Remaining Non-novated Contract, save in respect of any breach of it prior to 9 January 2001;and |

|   |   |
|--------|--------|
|        | (b)    | the acceptance of the performance by Chlor 1 or, in the case of a Remaining Non-novated Contract which relates to the Business transferred to Chlor 2 under the Business Transfer Agreement, Chlor 2 of those obligations in substitution for each relevant member of the ICI Group. |

|   |                                              |
|--------|---------------------------------------------------|
| 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; |

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|  | (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. |

|   |                         |
|--------|------------------------------|
| 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 ICI SPV and Chlor 2 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. |

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|   |                      |
|--------|---------------------------|
| 5.2    | **Write-off and release** |

|   |
|--------|
| (1)    | Clause 5.2(2) shall apply immediately following: |

|   |
|--------|
|   | (a) | the obligations of Chlor 2 under Clause 8 (*Ineos Contribution)* having been fulfilled in respect of the full £25,000,000 (twenty-five million pounds sterling) amount of the Ineos Contribution; and |

|   |
|--------|
|   | (b) | the Ineos Group Loan (if relevant as reduced under Clause 9.2 (*Cancellation of part of Ineos Group Loan and Tranche B*)) having been drawn down in cash in full. |

|   |
|--------|
| (2)    | When this Clause 5.2(2) applies (but not before): |

|   |
|--------|
|   | (a) | Chlor 2 shall, if and to the extent requested so to do by New Ineos Holdings (and without any requirement for ICI's consent): |

|   |
|--------|
|   |   | (i) | agree with Screencondor Limited, Ineos Vinyls Holdings Limited, Ineos Vinyls Limited and the Ineos Company which owes any Lawson House Intra-Group 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 |

|   |
|--------|
|   |   | (ii) | 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; and |

|   |
|--------|
|   | (b) | ICI shall (and shall procure that each member of the ICI Group shall), following completion of the actions set out in Clause 5.2(2)(a), release any remaining security interest, carried interests and other encumbrances which it (or which any member of the ICI Group) may have over or in respect of the Intra-Group Receivables and/or EVC Shares. |

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| (3) | If for any taxation reason the carrying out of any arrangement set out in Clause 5.2(2) shall be prejudicial to Chlor 2 or any relevant Debtor, then New Ineos Holdings may propose to ICI an alternative arrangement in respect of the Intra-Group Receivables and ICI shall not unreasonably withhold its consent to that alternative proposal, provided that either: |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|
|   | (a)    | no member of the ICI Group is or may be disadvantaged by it; or |

|   |   |
|--------|--------|
|   | (b)    | to the extent that any member of the ICI Group would or might otherwise be disadvantaged, it is indemnified to ICI's reasonable satisfaction. |

|   |             |
|--------|------------------|
| 5.3    | **Lawson House** |

|   |                                                                                                                                                           |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | ICI 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 ICI AND INEOS FUNDING** |

|   |
|--------|
| 6.1    | **Chlor 1 request for funds** |

|   |                                                                                                                                                                                                                                                                                                                                                                                                        |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | At any time after the later of Completion and drawdown in full of Tranche A, Chlor 1 may give the ICI Parties and the Ineos Parties no less than five Business Days prior written notification that it requires, based on monthly management accounts and 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)    | a specified proportion of the ICI Contributions and the Ineos Contribution (this proportion, being the same proportion of the total ICI Contributions and the total Ineos Contribution, the **"Requested Contributions Proportion"**); or |

|   |   |
|--------|--------|
|        | (b)    | if and to the extent that the ICI Contributions and the Ineos Contribution have been and remain fully drawn, a specified proportion of Tranche B and the Ineos Group Loan (this proportion, being the same proportion of the total principal amount of Tranche B and the total principal amount of the Ineos Group Loan, the **"Requested Loan Proportion"**) in accordance with the provisions of the Amended RLF Agreement and the Ineos Group Loan Agreement respectively. |

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| 6.2 | **Provision of Contributions** |
|-----|--------------------------------|

|   |                                                                                                                                                                         |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | 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 (*ICI Contributions*), ICI SPV or, as the case may be, ICI shall advance the Requested Contributions Proportion of the ICI Contributions 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.** | **ICI CONTRIBUTIONS** |

|   |                                          |
|--------|-----------------------------------------------|
| 7.1    | **Conditions precedent to ICI Contributions** |

|   |                                                                                                                                             |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------|
|   | ICI SPV or, as the case may be, ICI will only be required to advance any Requested Contributions Proportion of the ICI Contributions 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    | **ICI New PIK Notes Subscription** |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | To the extent that the ICI New PIK Notes Subscription has not then already been made, any Requested Contributions Proportion of the ICI Contributions which is to be advanced by ICI SPV pursuant to Clause 6.2(a) (*Provision of Contributions*) shall on the relevant Contributions Date (subject to Clause 7.1 (*Conditions precedent to ICI Contributions*)) be advanced by way of ICI New PIK Notes Subscription (and Chlor 1 shall promptly issue an appropriate loan note certificate). |

|   |          |
|--------|---------------|
| 7.3    | **ICI Grant** |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | To the extent that any Requested Contributions Proportion of the ICI Contributions which is to be advanced by ICI SPV pursuant to Clause 6.2(a) (*Provision of Contributions*) exceeds any remaining amount of the ICI New PIK Notes Subscription which has not then already been made, it shall on the relevant Contributions Date (subject to Clause 7.1 (*Conditions precedent to ICI Contributions*)) be advanced by ICI by way of a payment of the ICI Grant, provided that Chlor 1 first confirms in writing to ICI that the payment will be used exclusively for expenditure which is qualifying expenditure for capital allowances purposes and that Chlor 1 will not claim plant and machinery capital allowances in respect of that expenditure. |

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| **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)    | draw down the relevant amounts of the Ineos External Debt and the Ineos Internal Debt which are referred to in Clauses 8.1 (*Ineos Internal Debt*) and 8.2 (*Ineos External Debt*); and |

|   |   |
|--------|--------|
|        | (b)    | (as consideration as to the first £18,000,000 (eighteen million pounds sterling) in aggregate of any such capital contributions for Chlor 1's assumption by way of novation by the Deed of Novation of Chlor 2 Advance of Chlor 2's liability to repay £18,000,000 (eighteen million pounds sterling) drawn by Chlor 2 at Completion under the Amended RLF Agreement (in order to finance in part Chlor 2's acquisition of assets pursuant to the Business Transfer Agreement) in accordance with Schedule 1 (*Completion obligations*)), forthwith pay to Chlor 1 (using the amounts drawn down as referred to in Clause 8.3(a) and other funds as necessary) the relevant Requested Contributions Proportion of the Ineos Contribution by way of capitalcontribution. |

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| 8.4 | **Impact of Golden Share Exercise** |
|-----|-------------------------------------|

|   |                                                                                                                                                                        |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | For the avoidance of doubt, Chlor 2's obligations under this Clause 8 shall not be affected by clause 11 of the Chlor 1 Shareholders Agreement or by Golden Share Exercise. |

|   |                 |
|--------|----------------------|
| **9.** | **INEOS GROUP LOAN** |

|   |
|--------|
| 9.1    | **Ineos Group Loan** |

|   |                                                                                                                                                                                                                                                                                                                                                                           |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Subject to Clause 10 (*Funding order and conditions*), the Ineos Group Loan Lenders shall advance the Requested Loan Proportion of the Ineos Group Loan 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: |

|   |   |
|--------|--------|
|   | (a)    | (subject to Clause 9.1(b)) the Requested Loan Proportion of Tranche B is advanced simultaneously by ICI SPV; and |

|   |   |
|--------|--------|
|   | (b)    | the Ineos Parties may procure that the whole of the Ineos Group Loan may be advanced to Chlor 1 in advance of some or all of the Tranche B Advances in order to permit Chlor 2 to deal with the Intra-Group Receivables under Clause 5.2 (*Write-off and release*). |

|   |                                                       |
|--------|------------------------------------------------------------|
| 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 Ineos Group Loan and Tranche B, then the relevant proportion of the Ineos Group Loan 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. |

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| **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)    | first, Chlor 1 shall to the extent reasonably practicable in the circumstances at all times make and maintain the maximum available utilisation of the facility available under the Amended Barclays Facility Agreement and shall to the extent reasonably practicable utilise the Barclays Bond and Guarantee Facility as an alternative to depositing or otherwise utilising cash; |

|   |   |
|--------|--------|
|        | (b)    | second but subject to and conditional upon compliance with Clause 10.1(a), Tranche A shall be fully utilised pursuant to the Amended RLF Agreement; |

|   |   |
|--------|--------|
|        | (c)    | third, the Ineos Contribution shall be utilised by Chlor 1 pursuant to Clause 8.3 (*Ineos Contribution*) and the ICI Contributions shall be utilised pursuant to Clause 7 (*ICI Contributions*); and |

|   |   |
|--------|--------|
|        | (d)    | fourth, from 1 January 2004 onwards Tranche B and the Ineos Group Loan shall be utilised by advances each in the Requested Loan Proportion, pursuant to the Amended RLF Agreement and the Ineos Group Loan Agreements respectively, subject to the proviso to Clause 9.1 (*Ineos Group Loan*). |

|   |                          |
|--------|-------------------------------|
| 10.2   | **Common Funding Conditions** |

|   |                                                                                                                                                                                                                                                                                       |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Any obligation to advance or procure the advance of any of the ICI Contributions, 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. |

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| 10.3 | **Further conditions precedent to funding** |
|------|---------------------------------------------|

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | None of ICI SPV, ICI, 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. |

|    |                                  |
|---------|---------------------------------------|
| **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 as if set out in this Clause 12. |

|    |                                               |
|---------|----------------------------------------------------|
| **13.** | **CHANGE OF CONTROL OF ICI AND2010ANDGOLDENSHARE** |

|       |
|------------|
|  13.1 | **Change of control of ICI and 2010** |

|   |                                                                                                                                                                                    |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | The provisions of Schedule 7 (*Change of control of ICI and 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)    | Chlor 1 shall cease to be entitled to have any further advances made pursuant to the Ineos Standby Facility Agreement; |

|   |   |
|--------|--------|
|   | (b)    | subject to Clause 13.2(d), Chlor 1 shall (and shall procure that each member of the Chlor 1 Group shall) cease to use and for five years shall not use the name or mark "INEOS CHLOR" or any associated logo or device other than the Bubble Logo (as illustrated in schedule 2 to the IP Licence) (the **"Trade Marks"**) or any confusingly similar name or mark (but without prejudice to its ability to use a name or mark which is not confusingly similar but contains the word "CHLOR") in its business or any other business which competes with the business (at that time) of Chlor 2 or any of its subsidiaries or subsidiary undertakings from time to time; |

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|   | (c) | Chlor 1 shall as soon as reasonably practicable after Golden Share Exercise, subject to Clause 13.2(d) and to Chlor 2 paying any costs of Chlor 1 reasonably incurred in so doing, assign (or procure the assignment) to Chlor 2 (or its nominee) any rights in any of the words "INEOS CHLOR" or any confusingly similar name which are owned by it or any member of the Chlor 1 Group; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|
|   | (d)    | for a period of six months after Golden Share Exercise, Chlor 1 and the other members of the Chlor 1 Group shall have the right to continue to use the Trade Marks on stocks, literature, stationery, signage, packaging, uniforms and vehicles used by them (as the case may be) but only to the extent that the Trade Marks had already been applied to such items prior to the date of Golden Share Exercise; |

|   |   |
|--------|--------|
|   | (e)    | ICI shall (and shall procure that each other member of the ICI Group, other than Chlor 1 and its subsidiaries, shall) give up all rights and interests in Chlor 2 and/or under contracts to which Chlor 2 is a party including, without limitation, transferring or procuring the transfer of any shares held by members of the ICI Group, other than Chlor 1 and its subsidiaries, in the capital of Chlor 2 to New Ineos Holdings in consideration of the payment of £1 in aggregate; and |

|   |   |
|--------|--------|
|   | (f)    | in relation to any amounts owing by Newco 2 under the Amended RLF Agreement (the **"Ineos Debt"**), ICI SPV shall, or shall procure that each lender under the Amended RLF Agreement (each a **"Lender"**) shall, waive the Ineos Debt; provided however that if Newco 2 shall propose to ICI SPV an alternative arrangement in respect of the Ineos Debt which is not prejudicial in tax terms to any Lender, ICI SPV shall not unreasonably withhold its consent to that alternative proposal, provided that either: |

|   |   |
|--------|--------|
|   |   | (i) | no member of the ICI Group is    or may be disadvantaged by it; or |
|   |   |   |   |
|   |   | (ii) | to the extent that any member of the ICI Group would or might be otherwise be disadvantaged, it is indemnified to ICI SPV's satisfaction. |

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| **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)    | 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 Agreement and any other documents to be executed by it pursuant to this Agreement; |

|   |   |
|--------|--------|
|        | (c)    | this Agreement and the other documents which are to be executed by it pursuant to this Agreement 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 Agreement and any other documents to be executed by it pursuant to this Agreement will not: |

|   |
|--------|
|        |   | (i) | result in a breach of any provision of the constitutional documents of the Warrantor; or |

|   |
|--------|
|        |   | (ii) | except as otherwise stated in this Agreement, require the consent of any third party. |

|   |                       |
|--------|----------------------------|
| 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). |

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| 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)    | shares comprising up to 10% of the enlarged issued share capital of Chlor 2 shall be made available for purchase by management and employees under the terms (to be first approved by ICI, that approval not to be unreasonably withheld or delayed in circumstances where the terms are in accordance with the Agreed Terms Chlor 2 Employee Share Scheme Proposals) of an employee share scheme; and |

|   |   |
|--------|--------|
|        | (b)    | shares comprising up to 10% of the enlarged issued share capital of Chlor 1 shall be made available to management and employees under the terms (to be first approved by ICI, that approval not to be unreasonably withheld or delayed in circumstances where the terms are in accordance with the Agreed Terms Chlor 1 Employee Share Scheme Proposals but provided such terms are consistent with paragraph 2 of schedule 2 to the Chlor 1 Shareholders Agreement) of an employee share scheme, |

|   |                                                                                                                                                                               |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | on terms that the shareholdings of ICI SPV and New Ineos Holdings in Chlor 2 and the shareholdings of ICI SPV and Newco 2 in Chlor 1 are in each case diluted on a pro rata basis. |

|   |                |
|--------|---------------------|
| 15.2   | **James Ratcliffe** |

|   |       |
|--------|------------|
|   | JR agrees: |

|   |   |
|--------|--------|
|   | (a)    | that he will, before or at Completion, become a director of each of Chlor 1 and Chlor 2 and that he will remain a director of both of them until 31 December 2010, in each case unless prior to 31 December 2010 he becomes physically unable to perform his duties as a director or he shall become disqualified from acting as a director under the provisions of any applicable law; |

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|   | (b) | that so long as he is a director of Chlor 1, he will attend at least four board meetings of that company each year (and each of the ICI Parties acknowledges that he will not be required to attend any additional board meetings of that company); and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|
|   | (c)    | that so long as he is a director of Chlor 2, he will attend at least two board meetings of that company each year (and each of the ICI Parties acknowledges that he will not be required to attend any additional board meetings of that company). |

|   |                  |
|--------|-----------------------|
| 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   | **Lock up** |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)    | New Ineos Holdings undertakes that it will not, without the prior written consent of ICI, sell, transfer or otherwise dispose of any interest in any share in Ineos Holdings at any time before the later of 31 December 2010 and the date on which the payments specified in Schedule 7, Paragraph 12.1(1) (*On Account Payments*) are made.  Ineos Holdings undertakes that it will not without the prior written consent of ICI sell, transfer or otherwise dispose of any interest in any share in Newco 1 (prior to Completion) or Newco 2 at any time before the later of 31 December 2010 and the date on which the payments specified in Schedule 7, Paragraph 12.1(1) (*On Account Payments*) are made. |

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| (2) | Except in the case of a transfer not giving rise to Tag Along Rights pursuant to clause 12.8 of the Chlor 2 Shareholders Agreement, each of the shareholders of New Ineos Holdings undertakes that it will not, without the prior written consent of ICI, sell, transfer or otherwise dispose of any interest in any share in New Ineos Holdings at any time before the later of 31 December 2010 and the date on which the payments specified in Schedule 7, Paragraph 12.1(1) (*On Account Payments*) are made. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |                                                                                                                                                          |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3)    | The restrictions set out in Clauses 15.5 (1) and (2) shall cease to apply upon Newco 2 ceasing to hold any shares in Chlor 1 following Golden Share Exercise. |

|   |           |
|--------|----------------|
| 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 theRelevant Losses arise (using a time-weighted average where more than one such rate applies to such period) and the denominator is 100, this consideration: |

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|   | (a) | as to 33%, to be paid by Chlor 2 to Chlor 1 in cash at the time Chlor 2 requests the surrender; and |
|--------|-----|-----------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|
|   | (b)    | as to 67%, to be left outstanding as an interest-free inter-company balance (the **"Debt"**). |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4)    | If, in respect of any accounting period ending on or before 31 December 2015, 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 cashsharing 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). |

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| 15.9 | **Property Transfers** |
|------|------------------------|

|   |
|--------|
| (1)    | Each of Chlor 1 and Chlor 2 shall use all reasonable endeavours: |

|   |
|--------|
|   | (a) | to agree or procure the agreement of the form of each of the Property Transfers, subject in each case to the prior written approval of ICI, that approval not to be unreasonably withheld or delayed; |

|   |
|--------|
|   | (b) | to ensure that each of the Property Transfers is duly executed by each of the parties to it; and |

|   |
|--------|
|   | (c) | to procure the discharge of any subsisting legal charge and the delivery of a 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  | **Amendments to subsidiary articles** |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Each of Chlor 1 and Chlor 2 undertakes to ICI (for itself and on behalf of all other members of the ICI Group) that it shall, if called upon by ICI to do so (where ICI reasonably considers it necessary), procure that each member specified by ICI of the Chlor 1 Group or, as the case may be, the Chlor 2 Group shall (to the extent permitted by law and in the case of Ineos Asiatic Chemical Co Ltd subject to the agreement of the joint venture partner East Asiatic Co (Thailand) Ltd) amend their respective articles of association (or similar constitutional documents) within 10 Business Days of such call by ICI so as to include specifically within such articles or similar constitutional documents such of the "Retained Rights" (as defined ineither or both of the Chlor 1 Shareholders Agreement and the Chlor 2 Shareholders Agreement) as ICI requires. |

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| 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 BusinessTransfer, 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 asdefined 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 HazardousMaterials) 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. |

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| (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)    | the Long Stop Date, if Completion has not occurred by the Long Stop Date;  or |
|   |   |   |
|   | (b)    | if earlier, the date of termination    of this Agreement, |

|   |                                                                                                                                                                                                                                                                                                                |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | 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)    | carried on business from its date of incorporation; |

|   |   |
|--------|--------|
|        | (b)    | acquired or agreed to acquire any assets; or |

|   |   |
|--------|--------|
|        | (c)    | incurred any liabilities (other than expenses of incorporation) or entered into any commitments. |

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| 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 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)    | that shall not affect the validity of this Agreement or the rights and obligations of the parties under it, nor shall it give any party the right to alter or terminate this Agreement unilaterally; and |

|   |   |
|--------|--------|
|        | (b)    | with effect from the date on which it occurs any amount referred to in the Agreement in pounds sterling shall be redenominated in euros at the rate and in the manner determined by the relevant legislation. |

|    |                 |
|---------|----------------------|
| **17.** | **ENTIRE AGREEMENT** |

|   |
|--------|
| 17.1   | **Entire agreement** |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | This Agreement and the other Transaction Documents contain the whole agreement between the parties in relation to the transactions contemplated by this Agreement and the other Transaction Documents 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 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. |

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| 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. |

|    |                         |
|---------|------------------------------|
| **18.** | **LIABILITY AND INVALIDITY** |

|   |
|--------|
| 18.1   | **Joint and several liability** |

|   |                                                                                                                                                                                                                                                                                                                |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)    | The obligations of 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 of the ICI Parties under this Agreement are joint and several.  If any liability of one but not all 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 Agreement. |

|   |                                                                                                                                                                                                                                |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3)    | Any obligation expressed in this Agreement to be the obligation of Ineos Holdings or Newco 2 alone shall be construed (so far as the context permits) as if it were the joint and several obligation of Ineos Holdings and Newco 2. |

|   |
|--------|
| 18.2   | **Obligations of Chlor 1 and Chlor 2** |

|   |                                                                                                                                                                                                                                                                                                                                                                              |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Each of Ineos 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. |

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| 18.3 | **ICI to fund ICI SPV** |
|------|-------------------------|

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | ICI undertakes to the Ineos Parties that to the extent that ICI SPV is not already in funds to make any payment due from it to Chlor 1 by way of ICI New PIK Notes Subscription, RLF Further Advance (including pursuant to Schedule 5, Paragraph 5.8(b) (*Redrawing of Chlor 1 cash share payments*)) or redrawing pursuant to Schedule 5, Paragraph 3.3 (*Redrawing of Short Term Cash Repayments*), ICI will make the amount due from ICI SPV available (or procure that there is made available) to ICI SPV by way of equity subscription or debt funding. |

|   |           |
|--------|----------------|
| 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. |

|    |                                 |
|---------|--------------------------------------|
| **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. |

|   |                                                                                                                                                                                                                    |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (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)    | be confined to the specific circumstances in which it is given; and |

|   |   |
|--------|--------|
|        | (b)    | not affect any other enforcement of the same right or the enforcement of any other right by or against any of the parties. |

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| **20.** | **ASSIGNMENT** |
|---------|----------------|

|   |
|--------|
| 20.1   | **Prohibition on assignment** |

|   |                                                                                                                                                                          |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Save as provided in Clauses 20.2 (*ICI intra-group 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)    | if at the time of the assignment any of the parties (other than the ICI Parties) will or is reasonably likely, by virtue of tax or other laws then in force, to suffer or incur by reason of the assignment any liability or loss which would not have been suffered but for the assignment, then the assignment shall not take effect until that party has been indemnified to its satisfaction against that liability or loss; and |

|   |   |
|--------|--------|
|        | (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 Agreement to ICI or one of its subsidiaries. |

|   |                              |
|--------|-----------------------------------|
| 20.3   | **Chlor 2 assignment to lenders** |

|   |                                                                                                                                                                                                                                                                |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Chlor 2 may assign or otherwise dispose of the benefit of any one or more of the Business Transfer Documents and the Business Transfer Agreement without ICI's consent to its lenders by way of security, but only if the following conditions are first fulfilled: |

|   |   |
|--------|--------|
|        | (a)    | Chlor 1 and ICI are notified in advance of the proposed assignment or disposal; |

|   |   |
|--------|--------|
|        | (b)    | Chlor 1 is not in the reasonable opinion of Chlor 1 or ICI in any way adversely affected by such assignment or disposal (with Chlor 1 and ICI confirming for this purpose that, subject always to Clause 20.3(c), the proposed assignment by way of security in favour to the lenders of the Ineos External Debt as called for and envisaged by the Ineos External Debt Commitment Letter shall not adversely affect Chlor 1); and |

|   |   |
|--------|--------|
|        | (c)    | the assignment or disposal is subject to any rights Chlor 1 has to set off amounts owed to it by Chlor 2 against amounts owed to Chlor 2 by Chlor 1 at any time and whether those rights to set-off arise under the relevant Business Transfer Document or, as the case may be, the Business Transfer Agreement or otherwise. |

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| **21.** | **NOTICES** |
|---------|-------------|

|   |
|--------|
| 21.1   | **Notice requirements** |

|   |                                                             |
|--------|------------------------------------------------------------------|
|   | All notices and other communications relating to this Agreement: |

|   |   |
|--------|--------|
|        | (a)    | shall be in writing; |

|   |   |
|--------|--------|
|        | (b)    | shall be delivered by hand or sent by post or facsimile (and if sent by facsimile, a hard copy shall also be sent by post but this shall not affect the validity of the facsimile as notice for the purpose of this Clause 21); |

|   |   |
|--------|--------|
|        | (c)    | (subject to Clause 21.1(d)) shall be delivered or sent to the party concerned at the relevant address or number, as appropriate, and marked as shown in Clause 21.2 (*Initial details of parties*), subject to such amendments as may be notified from time to time in accordance with this Clause 21 by the relevant party to the other parties by not less than 15 Business Days' notice, except that no party may so notify an address outside England and Wales; |

|   |   |
|--------|--------|
|        | (d)    | may in the alternative in the case of any judgement or other notice or process on any party which is a company incorporated in England and Wales, be delivered or sent to its registered office from time to time; and |

|   |   |
|--------|--------|
|        | (e)    | shall take effect: |

|   |
|--------|
|   |   | (i) | if posted or delivered by hand, upon delivery; or |

|   |
|--------|
|   |   | (ii) | if sent by facsimile, when a complete and legible copy of the communication, whether that sent by facsimile or a hard copy sent by post or delivered by hand, has been received at the appropriate address, |

|   |   |
|--------|--------|
|   |   | provided that if any communication would otherwise become effective on a non-Business Day or after 5.00 p.m. on a Business Day, it shall instead 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. |

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| 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/ICI |   |
|   |                         | Industrial Investments 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 GroupLimited/Ineos Capital Limited/Individual Guarantors |   |
|   | 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 |   |

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| 21.3 | **Agent for service of process** |
|------|----------------------------------|

|   |                                                                                                                                                                                                                                                                                                                                                        |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | 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)    | the provisions or the subject matter of this Agreement or any other Transaction Document; |

|   |   |
|--------|--------|
|        | (b)    | the negotiations relating to this Agreement or any other Transaction Document; or |

|   |   |
|--------|--------|
|        | (c)    | any of the other parties. |

|   |           |
|--------|----------------|
| 23.2   | **Exceptions** |

|   |                                                                                                                                |
|--------|-------------------------------------------------------------------------------------------------------------------------------------|
|   | Any party may disclose information referred to in Clause 23.1 (*Confidentiality obligation*) which would otherwise be confidential: |

|   |   |
|--------|--------|
|        | (a)    | if and to the extent the disclosure is required by law or by any securities exchange or regulatory or governmental body, including the DTI/IDU (and their respective advisers), the London Stock Exchange, the UK Listing Authority or the Takeover Panel; |

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|  | (b) | to the DTI in relation to the DTI Grant, subject to the DTI first acknowledging the commercial confidentiality of the information, but subject to any exceptions that the DTI may reasonably require; |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|
|        | (c)    | to Barclays and to the providers of the Ineos External Debt, conditional in each case on appropriate confidentiality agreements having been first obtained; |

|   |   |
|--------|--------|
|        | (d)    | to any lender to Ineos Vinyls Limited, Chlor 2, any Ineos Company and/or EVC, conditional in each case on appropriate confidentiality agreements having been first obtained; |

|   |   |
|--------|--------|
|        | (e)    | to its professional advisers, conditional on appropriate confidentiality 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, ICI C&P or ICI SPV) Chlor 1 and Ineos Holdings and (in the case of a proposed announcement by any other party) 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). |

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| **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 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 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)    | the principal sub-divisions of the Project, shown in emboldened capitals on the First Table (defined below) (**"Sub-projects"**); and |

|   |   |
|--------|--------|
|   | (b)    | the sub-divisions separately identified beneath a Sub-project heading on the First Table (defined below) (**"Line Items"**), |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | 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*). |

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**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)    | at the end of the initial detailed design phase for phase 1 of the Project; and |

|   |   |
|--------|--------|
|   | (b)    | at the end of the detailed design phase for phase 2 of the Project. |

|   |                                |
|--------|-------------------------------------|
| 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 Ineos Holdings and ICI SPV, with the prior written consent of Ineos Holdings and ICI 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: |

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|   | (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 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)    | in the case of each Funding Arrangement and the DTI Grant: |

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|   |   | (i) | it remains in force and the amount undrawn under it remains available; |
|--------|--------|-----|------------------------------------------------------------------------|

|   |   |
|--------|--------|
|   |   | (ii) | all conditions precedent to the drawdown of moneys under it (including without limitation the Common Funding Conditions, where applicable, other than the condition that the Project be On Plan) are satisfied; and |

|   |   |
|--------|--------|
|   |   | (iii) | no right to terminate or demand repayment under it has arisen and is continuing and with no amounts already advanced under it having become repayable prematurely; |

|   |   |
|--------|--------|
|   | (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, Ineos Holdings and ICI 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 or Chlor 2 without ICI SPV's prior written consent in contravention of Paragraphs 19 or 20 of Schedule 2 *(Reserved Rights)* to the Chlor 1 Shareholders Agreement or Paragraph 7 of Schedule 2 (*Reserved Rights*) to the Chlor 2 Shareholders Agreement. |

|   |                                                                                                         |
|--------|--------------------------------------------------------------------------------------------------------------|
| (2)    | Expenditure committed or incurred by Chlor 1 (orany of its 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 |

|   |   |
|--------|--------|
|   | (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. |

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| 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 Ineos Holdings and ICI 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 Ineos Holdings, ICI 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 ICI 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. |

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| (2) | Chlor 1 may not (and shall        procure that no other member of the Chlor 1 Group shall) 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)    | On Plan capital expenditure;        and |

|   |   |
|--------|--------|
|   | (b)    | Urgent SHE Expenditure of        up to an aggregate (for all Urgent SHE Expenditure committed or incurred        by any member of the Chlor 1 Group and when added together with any amount,        whether Urgent SHE Expenditure or not, committed or incurred pursuant        to Paragraph 5.1(1) as part of the Discretionary Capital Expenditure        in a particular Financial Year) of £3,000,000 (three million pounds        sterling) (Index-linked) in that Financial Year |

|   |                                                                                                                                                                                                                                                                                |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | without ICI 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 ICI 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; |

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|   | **"Urgent SHE Action"** means        action: |
|--------|--------------------------------------------------------|

|   |   |
|--------|--------|
|   | (a)    | which is urgent, critical        and necessary to address an immediate and significant risk of death or        serious harm to human health or the environment; and |

|   |   |
|--------|--------|
|   | (b)    | which: |

|   |   |
|--------|--------|
|   |   | (i) | is required by applicable        environmental and/or health and safety legislation or permits; |

|   |   |
|--------|--------|
|   |   | (ii) | is required by the relevant        environmental or health and safety regulatory authority to avoid non-compliance        with such legislation or permits; |

|   |   |
|--------|--------|
|   |   | (iii) | would be so required to avoid        non-compliance with such legislation or 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 ICI SPV of the        identified risk, the action proposed to be taken and its anticipated        cost (an **"Urgent SHE Notification"**); and |

|   |   |
|--------|--------|
|   | (b)    | shall consult with ICI 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): |

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|   | (a) | promptly provide to ICI 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 ICI 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 ICI SPV's consideration of the        identified risk, proposed (and actual) action and proposed (and actual)        expenditure; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|
|   | (b)    | give ICI 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),        ICI 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 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 ICI 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 ICI 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 ICI SPV and approved by Chlor 1 (that approval not to be        unreasonably withheld or delayed). |

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| (2) | The Environmental Consultant        shall be jointly appointed by ICI 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 ICI 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 ICI SPV or the Environmental Consultant, promptly give the Environmental        Consultant the same information and rights of access as ICI SPV is entitled        to pursuant to Paragraph 5.3(1)(b) and (2) (*Urgent SHE Notifications*)        and any other assistance reasonably requested by ICI 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 ICI 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 pursuant to Schedule        5 (*Chlor 1 cash sharing arrangements*). |

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| 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)    | ICI 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 ICI 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 ICI 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 Change of Control Payment or 2010 Payment**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|      | Any Urgent SHE Expenditure or        other capital expenditure committed or incurred for SHE or licence to        operate reasons approved by ICI 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 ICI 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 Change of Control Payment or 2010 Payment. |

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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)      Chlor        1 will not carry material cash balances; |

|   |   |
|--------|--------|
|   | (b)    | utilisation is made of the        Barclays Facility and the Barclays Bond and Guarantee Facility to the        fullest extent reasonably practicable in all the circumstances and that        Chlor 1 continues to optimise its working capital position; and |

|   |   |
|--------|--------|
|   | (c)    | to the extent that Chlor 1        has free cash available from time to time, it shall be paid and applied        in accordance with the terms of this Schedule 5. |

| 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 Ineos        Holdings or ICI 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*). |

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| **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**"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)    | Chlor 1 has notified ICI SPV        that it wishes to apply that change and it has been approved by ICI SPV,        that approval not to be unreasonably withheld or delayed; and |

|   |   |
|--------|--------|
|   | (b)    | this Agreement has been amended        in any manner agreed between ICI SPV and Ineos Holdings, that agreement        not to be unreasonably withheld or delayed by either of them, to ensure        that the effect of this Agreement based on the audited or, as the case        may be, management accounts incorporating the change to GAAP or its accounting        principles will be the same as if that change had not been made; |

|   |                                                                                           |
|--------|------------------------------------------------------------------------------------------------|
|   | **"Approved Capital Expenditure"** means        capital expenditure which is either: |

|   |   |
|--------|--------|
|   | (a)    | On Plan; or |

|   |   |
|--------|--------|
|   | (b)    | Consent Urgent SHE Expenditure        to which ICI's prior written consent has been obtained, Discretionary        Capital Expenditure or Mid Range Urgent SHE Expenditure; |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | **"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; |

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|   | **"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 the          ICI Grant or 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        AFC")*; |

|   |                                                                                                                                               |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------|
|   | **"Chlor 1 Guarantee"**means        the guarantee of Newco 2's obligations given by Chlor 1 in Paragraph        6 (*Chlor 1 Guarantee*); |

|   |                                                                                                                                                                                                                                                                                                                                                                               |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | **"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; |

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|   | **"Daily Available Amount"** in        relation to any day means the aggregate of: |
|--------|----------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|
|   | (a)    | the amount available for drawing        (including drawn amounts) under the Barclays Facility as notified to        Chlor 1 by Barclays (or the relevant lender or purchaser of receivables        under the Barclays Facility) as at the start of business on (for a Business        Day) that day or (for a non-Business Day) the immediately preceding Business        Day, adjusted: |

|   |   |
|--------|--------|
|   |   | (i) | by adding the Early Payment        percentage applicable under the Barclays Facility (85% as at the date        of this Agreement) of the amount of sales made (including items despatched        but not yet invoiced) up to the close of business on the preceding day        and not yet notified to Barclays (or the relevant lender or purchaser        of receivables under the Barclays Facility); and |

|   |   |
|--------|--------|
|   |   | (ii) | by adjusting the estimated        figure used by Barclays (or the relevant lender or purchaser of receivables        under the Barclays Facility) in its calculation for non-Eligible Debtors        (as "Eligible Debtors" is defined in the Amended Barclays Facility        Agreement) to the actual figure for non-Eligible Debtors as at close        of business on the preceding day; and |

|   |   |
|--------|--------|
|   | (b)    | the aggregate amount of Cash        held by Chlor 1 and its subsidiaries as at the start of business on that        day less Excluded Cash; |

|   |                                                                                                                                                                                                                                                                                        |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | **"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 ICI Default Reimbursement Payment or an          Ineos Default Reimbursement Payment; |

|   |                                                                                       |
|--------|--------------------------------------------------------------------------------------------|
|   | **"EBITDA"** in        relation to any Relevant Period means an amount equal to: |

|   |   |
|--------|--------|
|   | (a)    | the consolidated operating        profit or loss of Chlor 1 and its subsidiaries for that Relevant Period        before: |

|   |   |
|--------|--------|
|        |        | (i) | any provision for taxes based on income        or profits; |

|   |   |
|--------|--------|
|        |        | (ii) | operating and non-operating Exceptional        Items and Extraordinary Items; and |

|   |   |
|--------|--------|
|        |        | (iii) | Consolidated Net Interest Expense; |

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|   | (b) | plus, to the extent they have        reduced consolidated operating profit for the Relevant Period (or in        the case of (ii), minus to the extent that it has increased consolidated        operating profit for the Relevant Period): |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|
|   |   | (i) | depreciation; |

|   |   |
|--------|--------|
|   |   | (ii) | amortisation of intangibles; |

|   |   |
|--------|--------|
|   |   | (iii) | any other non-cash items (other        than any non-cash item to the extent that it represents an accrual of        or reserve for cash expenditures in any future period); and |

|   |   |
|--------|--------|
|        |        | (iv) | any losses on the sale of any fixed assets; |

|   |   |
|--------|--------|
|   | (c)    | minus, to the extent they        have increased consolidated operating profit for that Relevant Period: |

|   |   |
|--------|--------|
|   |   | (i) | any profits on the sale of        any fixed assets; and |

|   |   |
|--------|--------|
|   |   | (ii) | any non-cash items (other        than any non-cash item to the extent that it will result in the receipt        of cash payments in any future period); and |

|   |   |
|--------|--------|
|   | (d)    | minus, to the extent it has        not been deducted in calculating consolidated operating profit, any Specified        Regeneration Expenditure, |

|   |
|--------|
|   | 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)    | the aggregate amount of Cash        held by subsidiaries of Chlor 1, up to a maximum aggregate of £1,500,000        (one million five hundred thousand pounds sterling); |

|   |   |
|--------|--------|
|   | (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); |

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|   | (c) | the aggregate amount of Cash        deposited by Chlor 1 in blocked accounts, subject to ICI's approval in        the case of any deposit made when the aggregate amount of Cash so deposited        exceeds £100,000 (one hundred thousand pounds sterling) or which        would result in the aggregate amount so deposited exceeding that figure;        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; |

|   |                                                                                        |
|--------|---------------------------------------------------------------------------------------------|
|   | **"ICI 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 ICI Default and not as a result of an Ineos Default; or |

|   |   |
|--------|--------|
|   | (b)    | to any Ineos Guarantor pursuant        to Schedule 9, Paragraph 2.1(2) (*Indemnities to the Guarantors*)        in respect of an ICI Default Payment made by that Ineos Guarantor, |

|   |                                                                                                                                          |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------|
|   | and, for this purpose, a demand        is made as a result of an ICI Default or, as the case may be, an Ineos        Default if, but only if: |

|   |   |
|--------|--------|
|   | (i)    | the relevant ICI 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)   | ICI SPV (in the case of an        ICI 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 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 ICI Default; or |

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|   | (b) | to ICI SPV pursuant to Schedule        9, Paragraph 2.1(1) (*Indemnities to the Guarantors*) in respect        of an Ineos Default Payment made by ICI SPV, |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |                                                                                                                                          |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------|
|   | and, for this purpose, a demand        is made as a result of an ICI Default or, as the case may be, an Ineos        Default if, but only if: |

|   |   |
|--------|--------|
|   | (i)    | the relevant ICI 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)   | ICI SPV (in the case of an        ICI 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; |

|   |                                                                                                         |
|--------|--------------------------------------------------------------------------------------------------------------|
|   | **"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 made under, applied in or towards paying interest on or repaying        the principal amount outstanding under, or otherwise primarily relates        to, the Ineos Group Loan, the Ineos Group Loan Lenders; |

|   |   |
|--------|--------|
|   | (c)    | 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 |

|   |   |
|--------|--------|
|   | (d)    | otherwise, Ineos 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 ICI SPV and Relevant Ineos Entities of cash shares*); or Schedule        6, Paragraph 4.2(2) (*Application by ICI 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; |

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|   | **"Review Period"** means        the period of 20 Business Days following delivery to ICI 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: |

|   |   |
|--------|--------|
|   | (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) | 75% of the Daily Available        Amount; and |

|   |   |
|--------|--------|
|   |   | (ii) | £25,000,000 (twenty        five million pounds sterling) |

|   |   |
|--------|--------|
|   |   | 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: |

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|   | (a) | the aggregate of the Cash        balances of Chlor 1 and its subsidiaries on the Cash Sharing Start Date        (the **"Cash Starting Point"**); |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|
|        | (b)    | plus: |

|   |
|--------|
|   |   | (i) | (or if negative, minus the absolute value        of) EBITDA for the Relevant Period; |

|   |
|--------|
|   |   | (ii) | any amounts borrowed during the Relevant        Period (including the borrowings envisaged in Clause 10.1 (*Funding        order*) and for the avoidance of doubt counting again any amounts        which are re-borrowed after having been repaid, other than any amounts        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); |

|   |
|--------|
|   |   | (iii) | any amounts received during the Relevant        Period as or on account of the ICI Contributions, the Ineos Contribution,        the DTI Grant or any other grant, gift or award (in each case, to the        extent not falling within Paragraph 2.1(b)(ii)); |

|   |
|--------|
|   |   | (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) | any decrease (or increase) in net working        capital during the Relevant Period; |

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|  |  | (ii) | any receipts (or payments, other than payments        which pursuant to the Chlor 1 Shareholders Agreement require ICI SPV's        consent but in respect of which that consent has not been obtained) in        the nature of Exceptional Items or Extraordinary Items received (or paid)        during the Relevant Period; |
|--|--|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|
|        |        | (iii) | any increase (or decrease) in provisions        for liabilities and charges made in respect of the Relevant Period, to        the extent reflected in cash movements and not taken into account in        calculating EBITDA for the Relevant Period; |

|   |   |
|--------|--------|
|        |        | (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 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; |

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|  |  | (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        Agreements 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 ICI 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 ICI SPV and so shall not form        part of the calculation of Chlor 1 AFC; |

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|  | (b) | amounts representing the cash share of ICI        SPV from Chlor 2 which during the Relevant Period are paid by Chlor 2        pursuant to Schedule 6, Paragraph 5 (*Chlor 2 Guarantee*) shall        be paid directly to ICI SPV and so shall not form part of the calculation        of Chlor 1 AFC; |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|
|        | (c)    | amounts representing payments made or due        to any member of the ICI Group as a result of any proceedings or actual        or alleged breach of an obligation owed to that member of the ICI Group        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 ICI        SPV pursuant to Clause 13 (*Change of Control of ICI and 2010)*shall        not form part of the calculation of Chlor 1 AFC; |

|   |   |
|--------|--------|
|        | (e)    | where a payment is due to ICI SPV pursuant        to Clause 13 (*Change of Control of ICI and 2010)*it shall not        affect the calculation and payment of Chlor 1 AFC in respect of any Relevant        Period for which a Change of Control Payment or 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"**. |

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| **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 Ineos Holdings and ICI 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: |

|   |   |
|--------|--------|
|   | (a)    | first, where there are any        ICI Refinancing Moneys outstanding, against any interest accrued on those        ICI 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) | where the last payment to        Chlor 1 under the Funding Arrangements (other than the Ineos Standby        Facility) was an advance under Tranche A, 100% to ICI SPV which, if and        to the extent it relates to the period from 1 January 2005, shall be        applied against the interest accruing on Tranche A; |

|   |   |
|--------|--------|
|   |   | (ii) | where the last payments to        Chlor 1 under the Funding Arrangements (other than the Ineos Standby        Facility) were advances of the ICI Contributions and the Ineos Contribution,        30/55 to ICI SPV to be treated as a payment of commission on the ICI        Contributions and 25/55 to Chlor 2 to be treated as a payment of commission        on the Ineos Contribution; and |

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|   |   | (iii) | where the last payments to        Chlor 1 under the Funding Arrangements (other than the Ineos Standby        Facility) were advances of Tranche B and the Ineos Group Loan, 30/50        to ICI SPV (which, if and to the extent that it relates to the period        from 1 January 2005, shall be applied against outstanding interest on        Tranche B) and 20/50 to the Ineos Group Loan Lenders (which, if and to        the extent that it relates to the period from 1 January 2005, shall be        applied against outstanding interest on the Ineos Group Loan). |
|--------|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |                           |
|--------|--------------------------------|
| 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: |

|   |   |
|--------|--------|
|   | (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 ICI 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 ICI 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        ICI 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; |

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|   | (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) | where the last advances to Chlor 1 under the Funding Arrangements (other than the Ineos Standby Facility) were advances of Tranche B and/or the Ineos Group Loan: |

|   |   |
|--------|--------|
|   |   |   | (aa) | the lesser of: |

|   |   |
|--------|--------|
|   |   |   |   | (1) | the ICI Relevant Proportion of the Short Term Cash Repayment; and |

|   |   |
|--------|--------|
|   |   |   |   | (2) | the principal balance outstanding on Tranche B (less the principal balance outstanding on any previous loan to ICI SPV under this Paragraph 3.2(3)(d)(i)(aa)) |

|   |   |
|--------|--------|
|   |   |   |   | shall be lent to ICI SPV; and |

|   |   |
|--------|--------|
|   |   |   | (bb) | the lesser of: |

|   |   |
|--------|--------|
|   |   |   |   | (1) | the Ineos Relevant Proportion of the Short Term Cash Repayment; and |

|   |   |
|--------|--------|
|   |   |   |   | (2) | the principal balance outstanding on the Ineos Group Loan (less the principal balance outstanding on any previous loan to the Ineos Group Loan Lenders pursuant to this Paragraph 3.2(3)(d)(i)(bb)), |

|   |   |
|--------|--------|
|   |   |   |   | shall be lent to the Ineos Group Loan Lenders, |

|   |   |
|--------|--------|
|   |   |   | and for these purposes the **"ICI      Relevant Proportion"** shall be 30/50 and the **"Ineos Relevant      Proportion"**20/50 unless the Ineos Group Lenders have pursuant      to Clause 9.1(b) (*Ineos Group Loan*) advanced the entire Ineos Group      Loan in advance of the relevant proportion of Tranche B in circumstances      where Chlor 1 has made a request for the |

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|   |   |   | relevant amount of funding pursuant    to Clause 6.1 (*Chlor 1 request for funds*) and ICI, acting reasonably,    does not consider that that request was made in bad faith to permit the Ineos    Parties to take advantage of Clause 9.1(b) before Chlor 1 needed the funds,    in which case the **"ICI Relevant Proportion"** shall be the    same proportion as the principal balance outstanding of Tranche B is of the    aggregate principal balance outstanding of Tranche B and the Ineos Group    Loan and the **"Ineos Relevant Proportion"**shall be the same    proportion as the principal balance outstanding of the Ineos Group Loan is    of the aggregate principal balance outstanding of Tranche B and the Ineos    Group Loan; |
|--------|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|
|   |   | (ii) | to the extent that Paragraph 3.2(3)(d)(i) 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 ICI Contributions and the Ineos Contribution: |

|   |   |
|--------|--------|
|   |   |   | (aa) | the lesser of : |

|   |   |
|--------|--------|
|   |   |   |   | (1) | 30/55 of the surplus or, as applicable, the Short Term Cash Repayment; and |

|   |   |
|--------|--------|
|   |   |   |   | (2) | the amount of the ICI Contributions already advanced (less the principal balance outstanding on any previous loan to ICI SPV under this Paragraph 3.2(3)(d)(ii)(aa)) |

|   |   |
|--------|--------|
|   |   |   |   | shall be lent to ICI SPV; and |

|   |   |
|--------|--------|
|   |   |   | (bb) | an amount equal to 25/30 of the amount lent to ICI SPV under Paragraph 3.2(3)(d)(ii)(aa) shall be lent to Chlor 2. |

|   |   |
|--------|--------|
|   |   |   | 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 ICI Grant or the Ineos Contribution; and |

|   |   |
|--------|--------|
|   |   | (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 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 ICI SPV. |

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| (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 ICI SPV: |

|   |   |
|--------|--------|
|   |   | (i) | pursuant to Paragraph 3.2(3)(d)(i), 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)(ii), shall be interest free; or |

|   |   |
|--------|--------|
|   |   | (iii) | pursuant to Paragraph 3.2(3)(d)(iii), 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 pursuant to Paragraph 3.2(3)(d)(i), 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)(ii), 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 ICI 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 ICI 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 Agreement but otherwise subject only to the following conditions precedent: |

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|   | (a) | there being: |
|--------|-----|--------------|

|   |   |
|--------|--------|
|   |   | (i) | no outstanding Event of Default under the Amended RLF Agreement; and |

|   |   |
|--------|--------|
|   |   | (ii) | no outstanding failure by Chlor 1, Chlor 2 or any Ineos Party to pay any amount required pursuant to any of the Transaction Documents to be paid to any member of the ICI Group which is overdue for payment (taking into account any applicable grace period) and which is not being disputed in good faith, provided that any dispute relating to an amount which has been agreed or determined by a procedure involving an independent third party set out in the Transaction Documents shall not be "in good faith"; and |

|   |   |
|--------|--------|
|   | (b)    | the Short Term Cash Repayments being re-drawn in inverse chronological order (ie with the latest one being re-drawn first) and with any re-drawing of part of a Short Term Cash Repayment being divided in the same proportions (as between the different loans comprising that Short Term Cash Repayment) as applied to the making of that Short Term Cash Repayment pursuant to Paragraph 3.2(3) (*Short Term Cash Repayments*), |

|   |                                                                                                                                                                                                                                                                                                                                               |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | and subject also (without prejudice to Paragraph 3.3(a)) to ICI SPV's right to deduct by way of set off from any re-drawing from ICI SPV an amount equal to any amount then overdue for payment (taking into account any applicable grace period) to ICI 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)      a month of 30 days; |
|--------|-------------------------------------------------------|

|   |   |
|--------|--------|
|   | (b)    | on ten of those days, the Daily Available Amount was £36m and the Daily Barclays Drawing was £30m; |

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|   | (c) | on ten of those days, the Daily Available Amount was £32m and the Daily Barclays Drawing was £22m; |
|--------|-----|----------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|
|   | (d)    | on ten of those days, the Daily Available Amount was £24m and the Daily Barclays Drawing was £15m; |

|   |   |
|--------|--------|
|   | (e)    | the Barclays interest rate was 7% per annum on the final day in the month; |

|   |   |
|--------|--------|
|   | (f)    | the approved management forecasts for the following month show a Daily Headroom of at least £7m on each day; |

|   |   |
|--------|--------|
|   | (g)    | the last drawdowns by Chlor 1 under the Funding Arrangements were advances of £3m under Tranche B and £2m under the Ineos Group Loan; and |

|   |   |
|--------|--------|
|   | (h)    | there are no ICI Refinancing Moneys outstanding and no moneys outstanding under the Ineos Standby Facility or any Ineos Refinancing Agreement. |

|   |                  |
|--------|-----------------------|
| (2)    | On these assumptions: |

|   |   |
|--------|--------|
|   | (a)    | a Short Term Cash Repayment of £1m will be payable pursuant to Paragraph 3.2 (*Short Term Cash Repayments*) since the Daily Headroom on each day of 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 ICI 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 ICI 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). |

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| **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 ICI SPV or Ineos 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 Ineos Holdings or ICI 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 ICI SPV and the DTI. |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4.3    | **Access to working    papers**                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   | To enable ICI SPV and the DTI to review each Statement of Chlor 1 AFC and present any objections referred to in Paragraph 4.4 (*If ICI SPV or the DTI disagrees with calculation*), Chlor 1 shall give ICI 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. |

|   |                                                                                                                                                                                                                                                                                                                |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4.4    | **If ICI 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*), ICI 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 ICI 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, ICI SPV and (if applicable) the DTI |

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|   | shall attempt to resolve the      issue. Any resolution of the issue between Chlor 1, ICI 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 ICI 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 ICI 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 ICI SPV, the DTI and Chlor 1 or (failing such agreement) appointed, at the request of either ICI 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 1AFC.  The Independent Accountants shall act as experts and not as arbitrators.  Their determination and certification (the **"Accountants' Certificate"**) shall be communicated in writing to ICI 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)    | the amount of Chlor 1 AFC set out in the Statement of Chlor 1 AFC (if that amount is agreed by ICI SPV or if no notice of disagreement is served by ICI SPV or the DTI within the Review Period pursuant to Paragraph 4.4 (*If ICI SPV or the DTI disagrees with calculation*)); |

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|   | (b) | the amount of Chlor 1 AFC set out in the Joint Resolution (if a disagreement shall have been resolved by agreement as mentioned in Paragraph 4.4 (*If ICI 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 ICI 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 ICI SPV, the Relevant Ineos Entities and the DTI in the following order: |

|   |   |
|--------|--------|
|   | (a)    | first, as to 60/105 to ICI SPV and as to 45/105 to the Relevant Ineos Entities, until (by virtue of the application of the receipts in accordance with Paragraph 5.2 (*Application by ICI 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 1 Employee Share Scheme (the **"Chlor 1 Management Allocation"**); and |

|   |   |
|--------|--------|
|   | (d)    | fourth, any remaining balance shall be allocated as to 60/105 to ICI SPV and as to 45/105 to the Relevant Ineos Entities, |

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|   | provided that: |
|--------|----------------|

|   |   |
|--------|--------|
|   | (i)    | when the combined aggregate amount allocated to ICI 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 ICI SPV and as to 45/105 to the Relevant Ineos Entities" shall be replaced by provisions for allocation of payments "as to 75% to ICI SPV and as to 25% to the Relevant Ineos Entities" in each case; and |

|   |   |
|--------|--------|
|   | (ii)   | when the combined aggregate amount paid to ICI 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 ICI SPV and as to 25% to the Relevant Ineos Entities" shall be replaced by provisions for allocation of payments "as to 25% to ICI SPV and as to 75% to the Relevant Ineos Entities" in each case. |

|   |                                                                                                                             |
|--------|----------------------------------------------------------------------------------------------------------------------------------|
| 5.2    | **Application by    ICI SPV and Relevant Ineos Entities of cash shares**                                                         |
|   |                                                                                                                             |
| (1)    | ICI 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 Bond (other than the portion of the Bond owed by Newco 2); |

|   |   |
|--------|--------|
|   | (d)    | fourth, in or towards payment of interest accrued on the portion of the Bond owed by Newco 2; |

|   |   |
|--------|--------|
|   | (e)    | fifth, in or towards repayment of any principal amount of the Bond (other than the portion of the Bond owed by Newco 2); |

|   |   |
|--------|--------|
|   | (f)    | sixth, in or towards repayment of the principal amount of the portion of the Bond owed by Newco 2; |

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|   | (g) | seventh, in or towards payment of any interest accrued on the Amended PIK Notes; and |
|--------|-----|--------------------------------------------------------------------------------------|

|   |   |
|--------|--------|
|   | (h)    | eighth, 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; |

|   |   |
|--------|--------|
|   | (b)    | second, in or towards repayment of the principal amount of the Ineos Group Loan; and |

|   |   |
|--------|--------|
|   | (c)    | third, in or towards repayment of the principal amount of the Zero Coupon Loan Notes or (provided that this could not, in ICI SPV's reasonable opinion, adversely affect the entitlement, return or financial position of any member of the ICI Group) in any other manner specified by Ineos 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 ICI 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 ICI 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 ICI SPV, Ineos 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 them to any route proposed by the recipient of the payment which has the same economic effectas 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: |

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|   | (a) | in the case of an agreement or other determination as referred to in Paragraph 4.6(a), within five Business Days after the end of the Review Period; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|
|   | (b)    | in the case of an agreement or other determination as referred to in Paragraph 4.6(b), within five Business Days after the date of the Joint Resolution; and |

|   |   |
|--------|--------|
|   | (c)    | in the case of a determination as referred to in Paragraph 4.6(c), within five Business Days after the date of the Accountants' Certificate; |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | provided that if at any time ICI 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 ICI 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)    | at the request of ICI SPV or, as the case may be, the Relevant Ineos Entity, the amount of the Barclays Deferred Payment shall be placed and maintained by Chlor 1 in a separate bank account denominated as an account held on trust for ICI SPV or, as the case may be, the Relevant Ineos Entity, subject to the security constituted by the Amended Barclays Security Document; and |

|   |   |
|--------|--------|
|   | (b)    | the Barclays Deferred Payment, together with the interest earned on the account, shall be made out of the account as soon as permitted under the Relevant Barclays Prohibition. |

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| (3) | If a payment due to be made to ICI SPV or a Relevant Ineos Entity which would pursuant to Paragraph 5.2(1) (*Application by ICI 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 ICI 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 ICI SPV and Relevant IneosEntities 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. |

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| (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 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 ICI 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)    | in the case of any ICI Default Reimbursement Payments, be deemed to have paid already the amounts which would otherwise have been allocated to ICI SPV pursuant to Paragraph 5.1 (*Order of payment of Agreed Chlor 1 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 ICI Default Reimbursement Payments; and |

|   |   |
|--------|--------|
|   | (b)    | in the case of any Ineos Default Reimbursement Payments, be deemed to have paid already the amounts which would otherwise have been allocated to the Relevant Ineos Entities pursuant to Paragraph 5.1 (*Order of payment of Agreed Chlor 1 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 Default Reimbursement Payments. |

|   |                                          |
|--------|-----------------------------------------------|
| 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: |

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|   | (a) | re-drawn pursuant to Paragraph 3.3 (*Redrawing of Short Term Cash Repayments*); or |
|--------|-----|------------------------------------------------------------------------------------|

|   |   |
|--------|--------|
|   | (b)    | treated pursuant to this Paragraph 5.7 as if it had been re-drawn. |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (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 inaccordance with Paragraph 3.3(b) (*Redrawing of Short Term Cash Repayments*) and the amounts of the loan repayments applied in or towards 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 ICI SPV and Relevant Ineos Entities of cash shares*) allocated to ICI SPV or the Relevant Ineos Entities: |

|   |   |
|--------|--------|
|   | (a)    | in payment of interest, that allocation shall be permanent and the relevant amount shall not be capable of being redrawn; or |

|   |   |
|--------|--------|
|   | (b)    | in payment of principal, the amount so repaid shall be capable of being redrawn in accordance with the terms of the relevant Funding Arrangement, provided that amounts repaid under this Paragraph 5.8(b) shall be re-drawn, before any other drawings pursuant to the Funding Arrangements, in inverse chronological order (ie with the latest one being re-drawn first) and with any re-drawing of part of the total of the repaid amounts being made in the same order and the same proportions (as between the different Funding Arrangements) as applied to the application of the repayments pursuant to Paragraph 5.2 (*Application by ICI SPV and Relevant Ineos Entities of cash shares*). |

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| 5.9 | **Worked example for Paragraph 5** |
|-----|------------------------------------|

|   |    |
|--------|---------|
| (1)    | Assume: |

|   |   |
|--------|--------|
|   | (a)    | £10m of Agreed Chlor 1 AFC is payable pursuant to Paragraph 5.1 (*Order of payment of Agreed Chlor 1 AFC*), £7.5m to ICI SPV and £2.5m to the Ineos Group Loan Lenders, all of which will fall to be applied against the RLF Further Advances (£5m interest, £2.5m principal) and the Ineos Group Loan (all principal) respectively; and |

|   |   |
|--------|--------|
|   | (b)    | there has been a single Short Term Cash Repayment which is still outstanding of £7.5m, which (because of the time at which it was made and the profile of most recent advances at the time) was lent £4.5m to ICI SPV and £3m to Chlor 2. |

|   |                  |
|--------|-----------------------|
| (2)    | On those assumptions: |

|   |   |
|--------|--------|
|   | (a)    | pursuant to Paragraph 5.7(2) (*Application of Short Term Cash Repayments*), the £7.5m Short Term Cash Repayment shall be treated as if it had been re-drawn by way of loan repayments from each of ICI SPV and Chlor 2; |

|   |   |
|--------|--------|
|   | (b)    | ICI SPV will apply the £4.5m deemed to be re-drawn from it towards the £7.5m of Agreed Chlor 1 AFC owed to it; |

|   |   |
|--------|--------|
|   | (c)    | Chlor 2 will pay £2.5m of the £3m deemed to be re-drawn from Chlor 2 towards the £2.5m of Agreed Chlor 1 AFC owed to the Ineos Group Loan Lenders; |

|   |   |
|--------|--------|
|   | (d)    | Chlor 2 will pay £500,000 of the £3m deemed to be re-drawn from Chlor 2 to ICI SPV, in part payment of the Agreed Chlor 1 AFC owed to it; |

|   |   |
|--------|--------|
|   | (e)    | Chlor 1 will pay ICI SPV the balance of £2.5m of Agreed Chlor 1 AFC owed to it; |

|   |   |
|--------|--------|
|   | (f)    | ICI 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 re-drawable, subject to the terms of the Amended RLF Agreement); |

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|   | (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 ICI 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 ICI 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 ICI 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)    | ICI 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 ICI 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.** | **CHLOR 1 GUARANTEE** |
|--------|-----------------------|

|   |          |
|--------|---------------|
| 6.1    | **Guarantee** |

|   |                                                                                                                                                                                                                                                                                                                          |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)    | Chlor 1 irrevocably, and subject always to Paragraph 6.1(2) unconditionally, guarantees the due and punctual performance by Newco 2 of all of its obligations from time to time to ICI SPV in respect of the Bond (which obligations shall, for the purposes of this guarantee, be deemed to be immediately due and payable). |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2)    | The aggregate liability of Chlor 1 under the Chlor 1 Guarantee shall not exceed the aggregate of all amounts which Chlor 1 from time to time is required to pay to ICI SPV pursuant to Paragraph 5.1 (*Order of payment of Agreed Chlor 1 AFC*) (for the avoidance of doubt after taking into account amounts it has already paid) which are pursuant to Paragraph 5.2(1) (*Application by ICI SPV and Relevant Ineos Entities of cash shares*)  to be applied in or towards payment of interest and/or repayment of principal on any portion of the Bond owed by Newco 2. |

|     |                     |                                                                                                                                                                                        |
|-----|--------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 6.2 | **Continuing guarantee** |
|     |                     |                                                                                                                                                                                        |
| (1) | The Chlor 1 Guarantee:   |
|     |                     |                                                                                                                                                                                        |
|     |  (a)                | is a continuing guarantee and shall remain in force and effect until no further payment is or can become due under this Schedule 5 or Schedule 7 (*Change of Control of ICI and 2010*); and |

|   |      |
|--------|-----------|
|        |  (b) | is additional to (and not in substitution for) any other security or guarantee which is or may be held by ICI SPV from time to time in respect of the obligations of Newco 2 in respect of the portion of the Bond owed by it. |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2)    | Chlor 1's liability under the Chlor 1 Guarantee shall not be affected by any concession, time, indulgence or release granted by ICI SPV to Newco 2, by any waiver of the portion of the Bond owed by Newco 2 pursuant to Clause 13.2(f) (*Golden*Share) of this Agreement or clause 11.9(C) of the Chlor 1 Shareholders Agreement or by any payment or other dealing or anything else (whether by or relating to Newco 2, Chlor 1 any co-guarantor or any other person) which would, but for this Paragraph 6.2(2), operate to discharge or reduce that liability. |

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| 6.3 | **Invalidity** |
|-----|----------------|

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | If anything (including any legal limitation, disability, liquidation or other incapacity on the part of Newco 2 or any disclaimer by a liquidator or other insolvency appointee) causes any of Newco 2's obligations in respect of the Bond and/or the Chlor 1 Guarantee to be or become invalid or unenforceable, then Chlor 1 shall perform and discharge all of Newco 2's obligations in respect of the Bond as if they were the primary obligations of Chlor 1 (but subject always to Paragraph 6.1(2) (*Guarantee*)). |

|   |           |
|--------|----------------|
| 6.4    | **No set off** |

|   |                                                                                                                                                                                                                                                                                                     |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Chlor 1 shall make any payments due from it under this Schedule 5 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 Newco 2 or Chlor 1 against ICI SPV in respect of the Bond or anything else. |

|   |                      |
|--------|---------------------------|
| 6.5    | **No exercise of rights** |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Chlor 1 shall not exercise any rights which it may have against Newco 2 arising from or otherwise relating to the Chlor 1 Guarantee or its other obligations under this Paragraph 6 unless and until all of the obligations of Newco 2 and Chlor 1 in respect of the Bond and the RLF Further Advances and under this Agreement have been performed and discharged and, in any event, Chlor 1 shall not exercise any such rights against Newco 2 following Golden Share Exercise. |

|   |                        |
|--------|-----------------------------|
| 6.6    | **No prior claim required** |

|   |                                                                                                                                                                                                                                                                    |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | ICI SPV may claim under this Paragraph 6 without first making demand of Newco 2 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 Newco 2's obligations in respect of Bond. |

|   |                                               |
|--------|----------------------------------------------------|
| **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)    | if all of the amounts outstanding (including principal and interest) in respect of any ICI Refinancing, the RLF Further Advances, the Bond and the PIK Notes are repaid and/or cancelled in accordance with the terms of this Agreement in full; |

|   |   |
|--------|--------|
|   | (b)    | where Golden Share Exercise has occurred, upon the later of Golden Share Exercise and the repayment in full of the Ineos Group Loan; |

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|   | (c) | if there are no amounts outstanding (including principal and interest) in respect of the PIK Notes on 31 December 2010 and the payments set out in Schedule 7, Paragraph 12.1 (*On Account Payments*) have been made in full; or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|
|   | (d)    | in the circumstances set out in Schedule 7, Paragraph 13 (*After 2010*), after payment to ICI SPV of its proportion of the Agreed Chlor 1 AFC in respect of the Relevant Period ending on 31 December 2015, |

|   |                                                            |
|--------|-----------------------------------------------------------------|
|   | 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; |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | **"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*); |
|--------|-----------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

|   | **"Default Reimbursement          Payment (Chlor 2)"** means an ICI Default Reimbursement Payment          (Chlor 2) or an Ineos Default Reimbursement Payment (Chlor 2); |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

|   | **"HBOS"** means        The Governor and Company of the Bank of Scotland; |
|--------|-------------------------------------------------------------------------------------|

|   |                                                                                                                                                                                                                                                      |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | **"ICI 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)    | 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 ICI Default and not as a result of an Ineos Default; or |

|   |   |                                                                                                                                                                              |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | (b)    | to any other Ineos Guarantor        pursuant to Schedule 9, Paragraph 5 (*Individual Guarantors*)        in respect of an ICI Default Payment made by that other Ineos Guarantor, |

|   |                                                                                                                                                                                                                                                                                                                                                                                   |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | 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 ICI SPV pursuant        to Schedule 9, Paragraph 3 (*Contribution*) and, for this purpose,        a demand is made as a result of an ICI Default or, as the case may be,        an Ineos Default if, but only if: |

|   |   |
|--------|--------|
|   | (i)    | the relevant ICI 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)   | ICI SPV (in the case of an        ICI 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; |

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|   | **"ICI Surplus"** has        the meaning given to it in Paragraph 4.7(3)(b) (*Ineos Funded Debt        Repayments*); |
|--------|--------------------------------------------------------------------------------------------------------------------------------|

|   |                                                                                                                                                                                                                                                       |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | **"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)    | 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 ICI Default; or |

|   |   |
|--------|--------|
|   | (b)    | to any other Guarantor pursuant        to Schedule 9 (*Indemnity and contribution arrangements*) in respect        of an Ineos 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 ICI Default or, as the case may be, an Ineos        Default if, but only if: |

|   |   |
|--------|--------|
|   | (i)    | the relevant ICI 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)   | ICI SPV (in the case of an        ICI 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 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); |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | **"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 Schedule 5, Paragraph        2.2 (*Meaning of "Chlor 1 AFC"*), but: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

|   |   | (i) | excluding from the calculation        drawdowns of the Ineos External Debt and the Ineos Internal Debt which        have been paid to Chlor 1 as part of the Ineos Contribution (or which        have been retained in Cash by Chlor 2 for the purpose of doing so) and        any amount paid to Chlor 2 pursuant to Schedule 5, Paragraph 5 (*Payment        and Application of Agreed Chlor 1 AFC*) but adding into the calculation        an amount equal to any Internally Generated Amount which formed part        of any payment of the Ineos Contribution made by Chlor 2 to Chlor 1 in        that financial year to the extent that amount has been deducted in the        calculation; |
|--------|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   |   | (ii) | excluding from the calculation        any Ineos Funded Debt Repayments but deducting any principal repayments        of the Ineos External Debt or any Acquisition Financing (other than Ineos        Funded Debt Repayments) and any principal repayments of indebtedness        incurred to fund capital expenditure; and |
|--------|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

|   |   | (iii) | (to the extent that the calculation        does not have this effect) after payment of: |
|--------|--------|-------|-----------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

|   |   |   | (aa) | tax; |
|--------|--------|--------|------|------|

|   |   |
|--------|--------|

|   |   |   | (bb) | any payment made to Chlor 1        pursuant to Clause 15.6 (*Tax losses*); |
|--------|--------|--------|------|----------------------------------------------------------------------------|

|   |   |
|--------|--------|

|   |   |   | (cc) | interest on the Ineos External        Debt and any Acquisition Financing; |
|--------|--------|--------|------|---------------------------------------------------------------------------|

|   |   |
|--------|--------|

|   |   |   | (dd) | (in respect of a working capital        revolving facility of up to £5,000,000 (five million pounds sterling))        an arm's length commitment fee, interest and principal repayments payable        to a third party bank (but adding back any other interest, commission,        fees or other financing charges); |
|--------|--------|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

|   |   |   | (ee) | any payment (other than a Default        Reimbursement Payment (Chlor 2)) made by Chlor 2 under (or in satisfaction        of any liability under) the Chlor 2 DTI Grant Guarantee; |
|--------|--------|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

|   |   |   | (ff) | the management fee payable        pursuant to the New Management Agreement; and |
|--------|--------|--------|------|---------------------------------------------------------------------------------|

|   |   |
|--------|--------|

|   |   |   | (gg) | any amount (other than a Default        Reimbursement Payment (Chlor 2)) paid by Chlor 2 pursuant to Schedule        9 (*Indemnity and contribution arrangements*) and not reimbursed        to it by Chlor 1 or another Guarantor pursuant to that Schedule; and |
|--------|--------|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

|   |   |   | (hh) | any Default Reimbursement Payment        (Chlor 2); and |
|--------|--------|--------|------|---------------------------------------------------------|

|   |   |
|--------|--------|

|   |   | (iv) | excluding the aggregate amount        of any sums held on trust pursuant to Paragraph 4.5 (*Payment restrictions        under Ineos External Debt Agreements*); |
|--------|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | (c) | current and planned capital        expenditure; |
|--------|-----|-------------------------------------------------|

|   |   |
|--------|--------|

|   | (d) | any representations made by        ICI 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 ICI 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 ICI 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. |

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| **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 ICI SPV within 120 days of the end of        each of its financial years. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

| 3.2    | **Access to working          papers**                                                                                                                                                                                                                                                                                                                                                    |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                     |
|   | To enable ICI SPV to review        each Statement of Chlor 2 AFC, Chlor 2 shall give ICI 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          ICI 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 ICI SPV on the one hand and the Relevant Ineos Entities on the        other in the following order: |

|   |   |
|--------|--------|
|   | (a)    | first, as to £2,000,000        (two million pounds sterling) in aggregate, to the Relevant Ineos Entities; |

|   |   |
|--------|--------|
|   | (b)    | second, in the case of any        payments of the Chlor 2 AFC arising in respect of any financial year        of Chlor 2 commencing on or after 1 January 2005, and to the extent required,        up to 10% of any balance of the Chlor 2 AFC after making the payments        pursuant to Paragraph 4.1(a) shall be made available for payment by Chlor        2 under the Chlor 2 Employee Share Scheme (the **"Chlor 2 Management        Allocation"**); |

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|   | (c) | third, in the case of any        payments of the Chlor 2 AFC arising in respect of a financial year during        which at any time the aggregate principal amount of the Ineos External        Debt and any Acquisition Financing equalled or exceeded £25,000,000        (twenty five million pounds sterling), as to £900,000 (nine hundred        thousand pounds sterling) per annum, to ICI SPV; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|
|   | (d)    | fourth, any balance (after        making the payments referred to in Paragraph 4.1(a), (b) and (c)), to        ICI SPV for application to reduce any ICI Surplus; and |

|   |   |
|--------|--------|
|   | (e)    | fifth, any balance (after        making the payments referred to in Paragraph 4.1(a), (c) and (d) and        after paying any applicable Chlor 2 Management Allocation) shall be allocated        as to 25% to ICI SPV (deducting from the amount payable to ICI SPV in        respect of Chlor 2 AFC at the end of any financial year of Chlor 2 any        amount paid to it pursuant to Paragraph 4.1(c) in respect of the Chlor        2 AFC as at the end of that financial year) and as to 75% to the Relevant        Ineos Entities, |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | but this is subject to Paragraph        4.7 (*Ineos Funded Debt Repayments*) and to the proviso that any        payment to ICI SPV as referred to in paragraph 4(B) of schedule 2 to        the Chlor 2 Shareholders Agreement of no less than 25% of the net proceeds        of the disposal of an asset shall be treated as an advance payment of        the Chlor 2 AFC which Chlor 2 would otherwise have become liable to pay        to ICI SPV pursuant to this Paragraph as a result of that disposal (with        the result that any Chlor 2 AFC referable to the remaining net proceeds        shall be allocated to the Relevant Ineos Entities). |

|   |                                                                                                                                                                                                                      |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4.2    | **Application          by ICI SPV and Relevant Ineos Entities of cash shares**                                                                                                                                            |
|   |                                                                                                                                                                                                                      |
| (1)    | Any amounts paid to ICI 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 ICI SPV 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 Bond (other than the portion of the Bond        owed by Newco 2); |

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|   | (d) | fourth, in or towards payment        of interest accrued on the portion of the Bond owed by Newco 2; |
|--------|-----|------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|
|   | (e)    | fifth, in or towards repayment        of any principal amount of the Bond (other than the portion of the Bond        owed by Newco 2); |

|   |   |
|--------|--------|
|   | (f)    | sixth, in or towards repayment        of the principal amount of the portion of the Bond owed by Newco 2; |

|   |   |
|--------|--------|
|   | (g)    | seventh, in or towards payment        of any interest accrued on the Amended PIK Notes; and |

|   |   |
|--------|--------|
|   | (h)    | eighth, in or towards repayment        of the principal amount of the Amended PIK Notes. |

|   |                                                                                                                                                                                                                                                                    |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (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, provided        that any Ineos Funded Debt Repayments shall be paid out of those amounts. |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (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 ICI 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 ICI 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 agreed by ICI 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 ICI 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: |

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|   | (a) | in the case of any ICI Default        Reimbursement Payments (Chlor 2), be deemed to have paid already the        amounts which would otherwise have been allocated to ICI SPV pursuant        to Paragraph 4.1 (*Order of 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 ICI Default Reimbursement        Payments (Chlor 2); and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|
|   | (b)    | in the case of any Ineos Default        Reimbursement Payments (Chlor 2), be deemed to have paid already the        amounts which would otherwise have been allocated to the Relevant Ineos        Entities pursuant to Paragraph 4.1 (*Order of 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        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 ICI 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 ICI 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 ICI SPV subject        to the security granted to the lenders of the Ineos External Debt and        ICI 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 |

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|   |   | 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 ICI SPV (so that it shall be deducted        in calculating Chlor 2 AFC). The amount of interest payable in respect        of Further Advances 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). |

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| 4.7    | **Ineos Funded          Debt Repayments**                                                                                                                                                                                                                                                                                                                            |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                 |
| (1)    | It is the intention of the        parties that all Ineos Funded Debt Repayments will be paid out of Chlor        2 AFC allocated to Relevant Ineos Entities pursuant to Paragraph 4.1        (*Order of payment of Chlor 2 AFC*); and the board of Chlor 2 may        calculate and allocate Chlor 2 AFC more frequently than once a year to        facilitate this. |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2)    | If and to the extent that        there is Objective Chlor 2 AFC in respect of any Relevant Period, then        Chlor 2 shall allocate it pursuant to Paragraph 4.1 (*Order of payment        of Chlor 2 AFC*) as if it were Chlor 2 AFC, to the extent necessary        to ensure that any Ineos Funded Debt Repayments are paid out of Chlor        2 AFC allocated to Relevant Ineos Entities, and the board of Chlor 2        shall if necessary calculate and allocate Objective Chlor 2 AFC more        frequently than once a year to facilitate this. |

|   |                                                                                                                                                                                                                                                                                                                                                                                              |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3)    | If and to the extent that        an Ineos Funded Debt Repayment falls due to be made at a time when there        is insufficient Chlor 2 AFC (and, if different, insufficient Objective        Chlor 2 AFC) to ensure that all of the Ineos Funded Debt Repayment is        paid out of Chlor 2 AFC allocated to Relevant Ineos Entities as referred        to in Paragraph 4.4(1) and (2), then: |

|   |   |
|--------|--------|
|   | (a)    | Chlor 2 shall nevertheless        make the Ineos Funded Debt Repayment in accordance with the relevant        terms; |

|   |   |
|--------|--------|
|   | (b)    | Chlor 2 shall calculate on        an ongoing basis the amount of Chlor 2 AFC which would pursuant to Paragraph        4.1 (*Order of payment of Chlor 2 AFC*) have been allocated to ICI        SPV if there had been sufficient Chlor 2 AFC for all of the Ineos Funded        Debt Repayment (or, if applicable, the part of it not paid out of Chlor        2 AFC allocated to Relevant Ineos Entities) (in relation to each Ineos        Funded Debt Repayment, the **"ICI Surplus Principal"**)        together with interest on that amount from the date of payment of the        Ineos Funded Debt Repayment to the date of payment of the ICI Surplus        Principal at the rate then applicable to Further Advances pursuant to        the Amended RLF Agreement, to be compounded quarterly if not paid, (in        relation to each Ineos Funded Debt Repayment, the **"ICI Surplus        Interest"**). The aggregate amount of ICI Surplus Principal and        ICI Surplus Interest outstanding from time to time in relation to all        Ineos Funded Debt Repayments is referred to as the **"ICI Surplus"**.        The amount of interest payable in respect of Further Advances under the        Amended RLF Agreement shall be reduced by the amount of ICI Surplus Interest        paid by Chlor 2 under this Paragraph 4.7(3)(b). |

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|   | (c) | Chlor 2 AFC shall be allocated        to ICI SPV to apply against the ICI Surplus as referred to in Paragraph        4.1(d) (*Order of payment of Chlor 2 AFC*). If and to the extent        that there is Objective Chlor 2 AFC in respect of any Relevant Chlor        2 Period, then Chlor 2 shall allocate it pursuant to Paragraph 4.1 (*Order        of payment of Chlor 2 AFC*) as if it were Chlor 2 AFC, to the extent        necessary to ensure that the ICI Surplus shall be reduced or extinguished,        and the board of Chlor 2 shall if necessary calculate and allocate Objective        Chlor 2 AFC more frequently than once a year to facilitate this; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|
|   | (d)    | if there is any unpaid balance        of ICI Surplus as at 31 December 2010, then the 2010 Chlor 2 Cash Share        on Account Payment (as defined in Schedule 7, Paragraph 12.1(1)(b) (*On        Account Payments*)) and (whether or not there is sufficient Chlor        2 AFC to justify this) the amount to be allocated to ICI SPV in respect        of the Relevant Chlor 2 Period up to 31 December 2010 pursuant to Paragraph        4.1(d) (*Order of payment of Chlor 2 AFC*) shall be increased by        the amount necessary to pay off the ICI Surplus in full; except that        this shall not apply if and to the extent that it would result in a payment        to ICI SPV of more than the amount necessary to pay off in full the principal        amount of, and interest accrued on, any ICI Refinancing Moneys, the RLF        Further Advances, the Bond and the Amended PIK Notes. |

|           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 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. |

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| **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 and Newco 2 of all of their respective obligations        from time to time to ICI SPV in respect of the RLF Further Advances,        the Bond 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 ICI        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)     | is a continuing guarantee and shall remain        in force and effect until no further payment is or can become due under        this Schedule 6 or Schedule 7 (*Change of Control of ICI and 2010*);        and |

|   |                              |
|--------|-----------------------------------|
|        |  (b)     | is additional to (and not in substitution        for) any other security or guarantee which is or may be held by ICI SPV        from time to time in respect of the obligations of Chlor 1 and Newco        2 in respect of the RLF Further Advances, the Bond and/or the Amended        PIK Notes. |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2)    | Chlor 2's liability under        the Chlor 2 Guarantee shall not be affected by any concession, time,        indulgence or release granted by ICI SPV to Chlor 1 or Newco 2 or by        any payment or other dealing or anything else (whether by or relating        to Chlor 1, Newco 2, 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. |

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| 5.3 | **Invalidity** |
|-----|----------------|

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | If anything (including any legal        limitation, disability, liquidation or other incapacity on the part of        Chlor 1 or Newco 2 or any disclaimer by a liquidator or other insolvency        appointee) causes any of the obligations of Chlor 1 and/or Newco 2 in        respect of the RLF Further Advances, the Bond 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 and/or Newco 2 in respect of the RLF Further Advances, the Bond 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, Newco 2 or Chlor 2 against ICI        SPV in respect of the RLF Further Advances, the Bond, 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 or Newco 2 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, Newco        2 and Chlor 2 in respect of the RLF Further Advances, the Bond and the        Amended PIK Notes and under this Agreement have been performed and discharged. |

|   |                        |
|--------|-----------------------------|
| 5.6    | **No prior claim required** |

|   |                                                                                                                                                                                                                                                                                                                                                                                                 |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | ICI SPV may claim under this        Paragraph 5 without first making demand of Chlor 1 or Newco 2 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 and/or Newco 2 in respect of the RLF Further Advances, the        Bond 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: |

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|   | (a) | if all of the amounts outstanding        (including principal and interest) in respect of any ICI Refinancing,        the RLF Further Advances, the Bond and the PIK Notes are repaid and/or        cancelled in accordance with the terms of this Agreement in full; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|
|   | (b)    | upon receipt by ICI SPV of        a Notice of Election duly served pursuant to Schedule 7, Paragraph 2        (*Notice of Election*); |

|   |   |
|--------|--------|
|   | (c)    | upon Golden Share Exercise        (but without prejudice to any amounts of Chlor 2 AFC payable to ICI SPV,        or which subsequently become payable by ICI SPV, in respect of any period        prior to, and the period up to, the date of that exercise); and |

|   |   |
|--------|--------|
|   | (d)    | in respect of any period after        31 December 2010, provided that the 2010 On Account Payment, the 2010        Chlor 1 Cash Share On Account Payment and the 2010 Chlor 2 Cash Share        On Account Payment are duly made in accordance with Schedule 7, Paragraph        12 (*2010*), |

|   |                                                                  |
|--------|-----------------------------------------------------------------------|
|   | except that this shall not affect        Chlor 2's obligation to pay: |

|   |   |
|--------|--------|
|   | (i)    | any amounts falling due prior        to the cessation; |

|   |   |
|--------|--------|
|   | (ii)   | any amounts which relate to        a Relevant Period ending before the cessation but do not become due pursuant        to Paragraph 4.4 (*Timing of payments*) until after the cessation; |

|   |   |
|--------|--------|
|   | (iii)  | as soon as permitted under        the Relevant HBOS Prohibition, any HBOS Deferred Payment; and |

|   |   |
|--------|--------|
|   | (iv)   | on a continuing basis pursuant        to Paragraph 4.8 (*Payments in respect of the Chlor 2 DTI Grant Guarantee*)        until the earlier of expiry of the Chlor 2 DTI Grant Guarantee and the        final discharge of all amounts outstanding under the Ineos External Debt        Agreements. |

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**SCHEDULE 7**

| **CHANGE OF CONTROL OF ICI          AND 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; |

|   |                                                                                                                                     |
|--------|------------------------------------------------------------------------------------------------------------------------------------------|
|   | **"Change of Control Cash          Share"** has the meaning given to it in Paragraph 5 (*Change          of Control Payment*); |

|   |                                                                                                                                                                  |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | **"Change of Control Payment"** means        a payment (other than of Change of Control Cash Share) under Paragraph        5 (*Change of Control Payment)*; |

|   |                                                                                                             |
|--------|------------------------------------------------------------------------------------------------------------------|
|   | **"Date of Election"** has        the meaning given to it in Paragraph 3 (*Additional Debt Capacity*); |

|   |                                                                                                                                                                                                                                                        |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | **"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)    | Schedule 2, Paragraph 5.7        (*Impact on any Change of Control Payment or 2010 Payment*); and |

|   |   |
|--------|--------|
|   | (b)    | adding back, to the extent        deducted in calculating EBITDA in respect of any Financial Year, any        payment made 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, any        interest so demanded or to any Guarantor pursuant to Schedule 9 (*Indemnity        and contribution arrangements*); |

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|   | **"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; |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | **"ICI Change of Control"**means        a situation where a person acquires Control or, pursuant to a single        transaction or a series of related transactions, a number of persons,        acting together, acquire Control of ICI or its ultimate parent company        where no person previously had Control of ICI or its ultimate parent        company or a situation where a person acquires Control or, pursuant to        a single transaction or a series of related transactions, a number of        persons, acting together, acquire Control of any ultimate parent company        of ICI (ICI or its ultimate parent company referred to in this definition        as **"ICICo"**), provided that: |

|   |   |
|--------|--------|
|   | (a)    | where there is a transaction        pursuant to which either: |

|   |   |
|--------|--------|
|        |        | (i) | ICICo acquires securities in another body        corporate in exchange for the issue of securities by ICICo; or |

|   |   |
|--------|--------|
|        |        | (ii) | another body corporate acquires securities        in ICICo in exchange for the issue of securities by another body corporate, |

|   |   |
|--------|--------|
|   |   | there shall be deemed not to        be a Change of Control where immediately after the transaction the parent        company of the resulting group is Controlled by persons who immediately        before the transaction had Control of ICICo and there shall be deemed        to be a Change of Control where immediately after the transaction the        parent company of the resulting group is Controlled by persons who immediately        before the transaction did not Control ICICo (provided that for the purposes        of this paragraph (a) where immediately prior to the transaction a person        holds securities in both ICICo and such other body corporate, those securities        shall be treated as held by different persons when seeking to establish        whether there has been a Change of Control); and |

|   |   |
|--------|--------|
|        | (b)    | a person or persons shall not be treated        as acquiring control of ICICo where Control has been obtained pursuant        to: |

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|  |  | (i) | any amalgamation or reconstruction, including        as a component or element of it the elimination or reduction of any liability,        debt or other obligation, provided always that, for these purposes, an        amalgamation or reconstruction shall only include transactions where        the sole or principal purpose of the transaction is an amalgamation or        reconstruction rather than a takeover offer (**"takeover offer"** including,        for the avoidance of doubt, a takeover offer implemented by way of scheme        of arrangement); or |
|--|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|
|        |        | (ii) | any capital raising (whether by way of rights        issue, offer for sale, placing or otherwise) whether such capital raising        is pursuant to underwriting or similar arrangements or otherwise; |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | and, for the purposes of this        definition, **"Control"** means, in relation to a body corporate,        the ability of a person or persons, assuming they are acting together        even if they are not, to ensure that the activities and business of that        body corporate are conducted in accordance with the wishes of that person        or persons and a person or persons shall be deemed to have Control of        a body corporate if that person or persons possess the majority of the        issued share capital or the voting rights in that body corporate; |

|   |                                                                                                         |
|--------|--------------------------------------------------------------------------------------------------------------|
|   | **"Notice of Election"** has        the meaning given to it in Paragraph 2 (*Notice of Election*); |

|   |                                                                                                                                                                                  |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | **"Relevant Accounts (ADC)"** in        respect of any Financial Year means the audited accounts of Chlor 1 and        its subsidiaries relating to that accounting period; |

|   |                                                                                                                                                                  |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | **"Relevant ICI Personnel"**means        the executive directors, group legal counsel and head of mergers and        acquisitions of ICI from time to time; |

|   |                                                                                                                                                               |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | **"Review Period (ADC)"** means        the period of 15 Business Days following delivery to ICI SPV of the Statement        of Additional Debt Capacity; |

|   |                                                                                                                                                              |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | **"Statement of Additional          Debt Capacity"** means the statement prepared in accordance          with Paragraph 3 (*Additional Debt Capacity*); |

|   |                                                                                                                                              |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------|
|   | **"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 Paragraph          12.1(1)(b) (*2010 On Account Payments*); |

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|   | **"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)    | the outstanding principal        amount owed by Chlor 1 to Barclays as at 31 December 2010 under the Amended        Barclays Facility Agreement (or to the relevant lender(s) or purchaser(s)        of receivables under any equivalent, debtor-based working capital facility        which may have been obtained by Chlor 1 on similar terms and with a similar        level of availability to replace the Amended Barclays Facility Agreement)        or if less, an amount equal to the average Daily Barclays Drawing over        the preceding 12 months; |

|   |   |
|--------|--------|
|   | (b)    | the principal amount of any        indebtedness incurred by Chlor 1 solely for the purpose of, and applied        in, refinancing the RLF Further Advances and the Bond pursuant to clause        6.4 (*Refinancing obligation*) of the Amended RLF Agreement, to        the extent that that principal amount is still outstanding as at 31 December        2010; and |

|   |   |
|--------|--------|
|   | (c)    | the principal amount of any        indebtedness incurred by Chlor 1 solely for the purpose of, and applied        in, making a Change of Control Payment pursuant to Paragraph 5 (*Change        of Control Payment*), to the extent that that principal amount is        still outstanding as at 31 December 2010; and |

|   |                                                                                                                          |
|--------|-------------------------------------------------------------------------------------------------------------------------------|
|   | **"2010 Statement"** has        the meaning given to it in Paragraph 12.2(1) (*Application of Paragraph        4*). |

|                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **2.**  **** | **NOTICE OF ELECTION**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                   | If there is an ICI Change of        Control and within six months following an ICI Change of Control becoming        effective or wholly unconditional (in the case of the latter term within        the accepted meaning of such term in the City Code on Takeovers and Mergers)        (the **"Change of Control Date"**) the lower of three in        number and fifty per cent in each case of the Relevant ICI Personnel        immediately before the Change of Control Date leave the employment of        the ICI Group (which expression for the avoidance of doubt shall include        all parent undertakings of ICI and all subsidiary undertakings of such        parent undertakings) or cease to be directors of ICI then this Paragraph        2 shall apply and Chlor 1 shall have the right within one month of its        receipt of information sufficient for Chlor 1 to ascertain that this        Paragraph 2 applies (whether that receipt is before or after the expiry        of the period of six months from the Change of Control Date) to give        written notice to ICI SPV (a **"Notice of Election"**) of        its wish to make a Change of Control Payment under the provisions of        this Schedule 7. |

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| **3.** **** | **ADDITIONAL DEBT          CAPACITY**                                                                                                                                                                                                                                                                                                                                                                                 |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|             |                                                                                                                                                                                                                                                                                                                                                                                                                  |
|             | Within 20 Business Days after        the date on which a Notice of Election is served on ICI SPV (the **"Date        of Election"**), Chlor 1 shall prepare a statement based on its        Relevant Accounts confirming its Additional Debt Capacity at the Date        of Election and the Change of Control Payment and including the underlying        calculation on which that figure has been based. |

|   |                                                                   |
|--------|------------------------------------------------------------------------|
| **4.** | **PROCEDURE FOR DETERMINING          AGREED ADDITIONAL DEBT CAPACITY** |

|     |                                                                                                                                                                                                                                                                |
|----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4.1 **** | **Issue of Statement          of Additional Debt Capacity**                                                                                                                                                                                                         |
|     |                                                                                                                                                                                                                                                                |
|     | Chlor 1 shall immediately following        the preparation of the Statement of Additional Debt Capacity, and in        any event within 20 Business Days after the Date of Election, issue and        deliver the Statement of Additional Debt Capacity to ICI SPV. |

|          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|---------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4.2 **** | **Access to working          papers**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|          | To enable ICI SPV to review        the Statement of Additional Debt Capacity and present any objections        referred to in Paragraph 4.3 (*If ICI SPV disagrees with calculation)*,        Chlor 1 shall give ICI 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 Statement        of Additional Debt Capacity and generally shall provide ICI SPV and its        advisers with any other information and assistance which ICI SPV and        its advisers may reasonably request. |

|      |                                                                                                                                                                                                                                                                                                                                                                                                   |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4.3  | **If ICI SPV          disagrees with calculation**                                                                                                                                                                                                                                                                                                                                                     |
|      |                                                                                                                                                                                                                                                                                                                                                                                                   |
| (1)       | Provided that Chlor 1 has        complied with its obligations pursuant to Paragraph 4.2 (*Access to        working papers*), ICI SPV shall, before the end of the Review Period        (ADC), either confirm it agrees with the calculation of Additional Debt        Capacity and the Change of Control Payment or state in writing that it        disagrees giving the reason for its disagreement. |

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| (2) | If ICI SPV shall disagree with any matter affecting the calculation of the Additional Debt Capacity and the Change of Control Payment, then Chlor 1 and ICI SPV shall attempt to resolve the issue.  Any resolution of the issue between Chlor 1 and ICI SPV which enables the Additional Debt Capacity and the Change of Control Payment to be agreed shall be expressed in a joint confirmation (the **"Joint Resolution"**), signed by both ICI SPV and Chlor 1, stating the Additional Debt Capacity and the Change of Control Payment. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3)    | If no Joint Resolution shall be issued within 10 Business Days after the giving of ICI 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 ICI SPV and Chlor 1 or (failing such agreement) appointed, at the request of either ICI 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 andcertification shall be communicated in writing to ICI SPV and Chlor 1 (the **"Accountants' Certificate"**) and shall be final and binding upon ICI 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 Change of Control Payment by the Independent Accountants. |

|   |                                                                        |
|--------|-----------------------------------------------------------------------------|
| 4.5    | **Meaning of "Agreed    Additional Debt Capacity"**               |
|   |                                                                        |
|   | In this Schedule, the **"Agreed Additional Debt Capacity"**means: |

|   |   |
|--------|--------|
|   | (a)    | the amount of Additional Debt Capacity set out in the Statement of Additional Debt Capacity (if that amount is agreed by ICI SPV or no notice of disagreement is served by ICI SPV within the Review Period pursuant to Paragraph 4.3 (*If ICI SPV disagrees with calculation*)); or |

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|   | (b) | the amount of Additional Debt Capacity set out in the Joint Resolution (if a disagreement shall have been resolved by agreement as mentioned in Paragraph 4.3 (*If ICI SPV disagrees with calculation*)); or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|
|   | (c)    | the amount of Additional Debt Capacity determined by the Independent Accountants (if any matter shall be referred to the Independent Accountants as mentioned in Paragraph 4.3 (*If ICI SPV disagrees with calculation*)). |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|--------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **5.**  | **CHANGE OF CONTROL    PAYMENT**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|         | Chlor 1 shall, forthwith after determination of the Additional Debt Capacity and the Change of Control Payment if it has the necessary funds available to it or as soon after that (being no later than five months after the Date of Election or in a case where the amount of Change of Control Payment has not been agreed or otherwise determined in accordance with this Schedule within five months of the Date of Election, being no later than five months after the Date of Election for the undisputed element with the balance being paid immediately following the amount being agreed or otherwise determined pursuant to Paragraph 4.3 (*If ICI SPV disagrees with calculation*)) as it shall be able to raise those funds, pay to ICI SPV an amount equalto: |

|   |   |
|--------|--------|
|   | (a)    | the Agreed Additional Debt Capacity; less |

|   |   |
|--------|--------|
|   | (b)    | the aggregate of: |

|   |   |
|--------|--------|
|   |   | (i) | outstanding principal amount owed immediately prior to the making of the Change of Control Payment by Chlor 1 to Barclays under the Amended Barclays Facility Agreement (or to the relevant lender(s) or purchaser(s) of receivables under any equivalent, debtor-based working capital facility which may have been obtained by Chlor 1 on similar terms and with a similar level of availability to replace the Amended Barclays Facility Agreement); and |

|   |   |
|--------|--------|
|   |   | (ii) | the principal amount of any indebtedness incurred by Chlor 1 solely for the purpose of, and applied in, refinancing the RLF Further Advances and the Bond pursuant to clause 6.4 (*Refinancing obligation*) of the Amended RLF Agreement, to the extent that that principal amount is still outstanding immediately prior to the making of the Change of Control Payment, |

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|   | provided that promptly after the Change of Control Payment is made: |
|--------|---------------------------------------------------------------------|

|   |   |
|--------|--------|
|   | (i)    | Chlor 1 shall calculate and make payment to ICI SPV, the DTI and the Relevant Ineos Entities pursuant to Schedule 5 (*Chlor 1 cash sharing arrangements*) (but with Schedule 5, Paragraphs 5.4 (*Payment restrictions under Barclays Facility*) and 5.5 (*Performance and CAPEX retentions*) not applying) of the Chlor 1 AFC; and |

|   |   |
|--------|--------|
|   | (ii)   | Chlor 2 shall calculate and make payment to ICISPV and the Relevant Ineos Entities pursuant to Schedule 6 (*Chlor 2 cash sharingarrangements*) (but with Schedule 6, Paragraph 4.5 (*Payment restrictionsunder Ineos External Debt Agreements*) not applying) of the Chlor 2 AFC; |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | in each case by reference to a Relevant Period from the Cash Sharing Start Date to immediately prior to the making of the Change of Control Payment (those payments of Chlor 1 AFC and Chlor 2 AFC together the "**Change of Control Cash Share**").  For the avoidance of doubt, no amount will be payable by ICI SPV to Chlor 1 if the aggregate referred to in Paragraph 5(b) equals or exceeds the Agreed Additional Debt Capacity. |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **6.** | **IF NO CHANGE    OF CONTROL PAYMENT MADE**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   | If the Change of Control Payment is not made within five months after the Date of Election (or, if the amount of the Change of Control Payment is being disputed, if the undisputed element is not paid within five months after the Date of Election with any balance being paid immediately following the amount being agreed or otherwise determined pursuant to Paragraph 4.3 (*If ICI SPV disagrees with calculation*)), then the election by Chlor 1 to pay the Change of Control Payment shall cease to have effect and for the avoidance of doubt no further Notice of Election may be served in respect of the relevant ICI Change of Control. |

|   |                                                                                                                                                 |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------|
| **7.** | **APPLICATION OF    CHANGE OF CONTROL PAYMENT**                                                                                                      |
|   |                                                                                                                                                 |
|   | If Chlor 1 makes the Change of Control Payment in accordance with Paragraph 5 (*Change of Control Payment*), then ICI SPV shall apply it 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; |

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|   | (c) | third, in or towards payment of any interest accrued on the Bond (other than the portion of the Bond owed by Newco 2); |
|--------|-----|------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|
|   | (d)    | fourth, in or towards payment of interest accrued on the portion of the Bond owed by Newco 2; |

|   |   |
|--------|--------|
|   | (e)    | fifth, in or towards repayment of any principal amount of the Bond (other than the portion of the Bond owed by Newco 2); and |

|   |   |
|--------|--------|
|   | (f)    | sixth, in or towards repayment of the principal amount of the portion of the Bond owed by Newco 2, |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | and upon the latest of that application being made, payment of the Change of Control Cash Share and payment of any Barclays Deferred Payment or HBOS Deferred Payment (provided that the total Change of Control Payment together with the aggregate of any Barclays Deferred Payments and any HBOS Deferred Payments shall not exceed the amounts of principal and interest outstanding in respect of the RLF Further Advances and the Bond, and further provided that any payment of any Barclays Deferred Payment or HBOS Deferred Payment will be applied as set out in Schedule 5, Paragraph 5.2 or, as the case may be, Schedule 6, Paragraph 4.2 (*Application by ICI SPV and Relevant Ineos Entities of cash shares*) (and will therefore reduce the amountsoutstanding under the relevant borrowing accordingly)), the remaining balance (if any) of the amounts outstanding in respect of the Bond, including accrued interest, shall be written off (in a manner which is tax efficient for the ICI Group and, to the extent this can also be achieved, the Ineos Parties) by ICI SPV but, for the avoidance of doubt, the obligations of Chlor 1 in respect of the remaining balance (if any), including accrued interest, of the amounts outstanding in respect of the RLF Further Advances (the **"Remaining RLF Balance"**) will not be affected and Chlor 1 will have a continuing obligation to make repayment of the Remaining RLF Balance (if any) as soon as practicable and clause 6.4 of the Amended RLF Agreement (*Refinancing obligation*) shall apply asif the reference to January 2007 in that clause were to the Change of Control Date. |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **8.** | **AMENDED NOTES**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   | If Chlor 1 makes the Change of Control Payment in accordance with Paragraph 5 (*Change of Control Payment*), then all amounts of principal and interest outstanding under the Amended PIK Note Instrument will immediately cease to be owing and will be written off by ICI SPV.  Chlor 1 will sign any documents, and take any other action, reasonably required by ICI SPV to ensure that this writing off is effected in a manner which is tax efficient for the ICI Group and, to the extent this can also be achieved, the Ineos Parties. |

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| **9.** | **CONTINUED AVAILABILITY    OF FACILITY**                                                                                                                                                                                                                                                                                                                                                                  |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                       |
|   | Notwithstanding an ICI Change of Control and whether or not Chlor 1 shall give a Notice of Election and make a Change of Control Payment, Chlor 1 shall continue to have the right to draw down in accordance with the terms of the Amended RLF Agreement any part of the RLF Further Advances which at the Date of Election remained undrawn, which amounts shall form part of the Remaining RLF Balance. |

|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **10.** | **RANKING OF REMAINING    FACILITY BALANCE**                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|    | The Ineos Parties shall use all reasonable endeavours to procure that all debt made available to Chlor 1 to fund the Change of Control Payment (**"New Debt"**) shall rank pari passu with the Remaining RLF Balance (including any amounts undrawn or capable of redrawing at the Date of Election), provided that if insufficient New Debt can be obtained on this basis, ICI SPV shall consent to the Remaining RLF Balance being subordinated to the New Debt if: |

|   |   |
|--------|--------|
|   | (a)    | the amount of the RLF Further Advances (including any principal, accrued interest and undrawn amounts) immediately following the Change of Control Payment being made is equal to or less than £30,000,000 (thirty million pounds sterling); and |

|   |   |
|--------|--------|
|   | (b)    | the Ineos Group Loan is, and the Zero Coupon Loan Notes continue to be, subordinated to the Remaining RLF Balance. |

|    |                                                                                                                                                                                                                               |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **11.** | **ICI          SPV TRANSFER OF SHARES IN CHLOR 1 AND CHLOR 2**                                                                                                                                                                     |
|    |                                                                                                                                                                                                                               |
| 11.1    | **Chlor 1 Shares**                                                                                                                                                                                                                 |
|    |                                                                                                                                                                                                                               |
|    | If following a Change of Control Payment being made all amounts outstanding under the Amended RLF Agreement have been fully discharged, then ICI SPV shall transfer its shares in Chlor 1 to Newco 2 for £1 on the later of: |

|   |                                                    |
|--------|---------------------------------------------------------|
|   | (a)      31 December 2007; and |

|   |   |
|--------|--------|
|   | (b)    | completion of all of the works forming part of the Project which in the Summary and the Supporting Materials referred to in Schedule 2, Paragraph 1.1 (*Project Scope*) are envisaged to have been carried out by 31 December 2006. |

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|   | This shall be without prejudice to the terms of Paragraph 12 (*2010*), which will continue to apply. |
|--------|------------------------------------------------------------------------------------------------------|

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 11.2   | **Chlor 2 Shares**                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|   | Upon receipt of a Notice of Election (and for the avoidance of doubt irrespective of whether a Change of Control Payment shall be made) ICI SPV shall transfer its shares in Chlor 2 (**"Transferred Shares"**) to New Ineos Holdings for £1 and its entitlement to any cash sharing payments pursuant to Schedule 6 (*Chlor 2 cash sharing arrangements*) in respect of any period after the Change of Control Date shall cease. |

|    |                            |                |
|---------|---------------------------------|---------------------|
| **12.** | **2010**                        |
|    |                            |                |
| 12.1    | **2010 On Account    Payments** |
|    |                            |                |
| (1)     | On 31 December 2010:            |
|    |                            |                |
|    | (a)                             | Chlor 1 shall make: |

|   |   |
|--------|--------|
|   |   | (i) | a payment to ICI SPV (the **"2010 On Account Payment"**) on account of its share of the 2010 Payment, the amount of this on account payment to be calculated by Chlor 1, acting reasonably, by reference to the Additional Debt Capacity which Chlor 1 would have had based on EBITDA for the financial years ending on 31 December 2007, 2008 and 2009; and |

|   |   |
|--------|--------|
|   |   | (ii) | a payment to ICI SPV (the **"2010 Chlor 1 Cash Share On Account Payment"**) on account of the cash share to which it would be entitled under Schedule 5 (*Chlor 1 cash sharing arrangements*) in respect of the Relevant Period up to 31 December 2010, the amount of this on account payment to be calculated by Chlor 1, acting reasonably, by reference to this latest financial information then available to it; and |

|   |   |
|--------|--------|
|   | (b)    | Chlor 2 shall make a payment to ICI SPV (the **"2010 Chlor 2 Cash Share On Account Payment"**) on account of the cash share to which it would be entitled under Schedule 6 (*Chlor 2 cash sharing arrangements*) in respect of the Relevant Period up to 31 December 2010, the amount of this on account payment to be calculated by Chlor 2, acting reasonably, by reference to this latest financial information then available to it. |

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| (2) | Immediately upon Chlor 1 paying the 2010 On Account Payment and the 2010 Chlor 1 Cash Share On Account Payment, and Chlor 2 paying the 2010 Chlor 2 Cash Share On Account Payment, to ICI SPV, ICI SPV will transfer its shares in Chlor 1 to Newco 2 (and, if not previously transferred, its shares in Chlor 2 to New Ineos Holdings) for (in the case of each of Chlor 1 and, if applicable, Chlor 2) £1 (one pound sterling) and 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 ineach 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 ICI 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 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 ICI 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, with the 2010 Statement being treated as a Statement of Additional Debt Capacity and with any other changes necessary to accommodate the determination of the 2010 Payment as well as the Agreed Additional Debt Capacity; for the avoidance of doubt, the Average EBITDAfigure forming part of the calculation shall be based on the three financial years ending on 31 December 2008, 2009 and 2010 respectively. |

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| 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 ICI SPV pursuant to that Paragraph is determined to be less than the amount of the 2010 On Account Payment, notify ICI 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)    | first, until the RLF Further Advances (including principal and interest) have been repaid in full, to ICI SPV and the Ineos Group Loan Lenders in the proportions X to Y where **"X"** is the aggregate of the amounts outstanding (including principal and interest) in respect of the RLF Further Advances and the Bond and **"Y"** is the aggregate of the amounts outstanding (including principal and interest) in respect of the Ineos Group Loan, with the amount paid to ICI SPV under this Paragraph 12.4(a) being applied in payment of amounts outstanding in respect of the RLF Further Advances and the amount paid to the Ineos Parties under this Paragraph 12.4(a) being applied towards payment of amounts outstanding in respect of the Ineos GroupLoan; |

|   |   |
|--------|--------|
|   | (b)    | second, to the extent of any surplus: |

|   |   |
|--------|--------|
|   |   | (i) | (until the amounts in respect of the Bond, including principal and interest, have been paid in full) in the proportions 75% to ICI SPV and 25% to the Relevant Ineos Entities; and |

|   |   |
|--------|--------|
|   |   | (ii) | (after that) in the proportions 25% to ICI SPV and 75% to the Relevant Ineos Entities, |

|   |   |
|--------|--------|
|   |   | and ICI SPV shall apply any monies paid to it pursuant to this Paragraph 12.4(b) in or towards payment of the amounts outstanding (including principal and interest) in respect of (first) the Bond and (second) the Amended PIK Notes, |

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|   | provided that Chlor 1 may deduct from any amount of the 2010 Payment allocable to ICI 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 ICI SPV pursuant to this Paragraph 12.4, then ICI 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 allocations under Paragraph 12.4(1)(a) and (b)(i) as if: |

|   |   |
|--------|--------|
|   | (a)    | in the case of any ICI Default Reimbursement Payments, the amounts outstanding under the RLF Further Advances had been reduced by an amount equal in aggregate to those ICI 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 ICI 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 and**CAPEX 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 ICI 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 ICI SPV, then ICI SPV will on the relevant date provided for in Schedule 5, Paragraph 5.3 (*Timing of payments*) repay the difference to Chlor 1); and |

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|   | (b) | Chlor 2 may deduct from the amount of Chlor 2 AFC so allocable to ICI 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 ICI SPV, then ICI SPV will on the relevant date provided for in Schedule 6, Paragraph 4.3 (*Timing of payments*) repay the difference to Chlor 2). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |         |
|--------|--------------|
| 12.6   | **Interest** |

|   |   |
|--------|--------|
|   | If:    |

|   |   |
|--------|--------|
|   | (a)    | Chlor 1 pays the 2010 On Account Payment, the 2010 Chlor 1 Cash Share On Account Payment or any payment due to ICI SPV in respect of the 2010 Payment or ICI SPV's share of Chlor 1 AFC pursuant to Paragraph 12.3 (*Payment of 2010 Payment*) or, as the case may be, as referred to in Paragraph 12.5 (*Payment of cash shares for 2010*); |

|   |   |
|--------|--------|
|   | (b)    | Chlor 2 pays the 2010 Chlor 2 Cash Share On Account Payment or any payment due to ICI SPV in respect of ICI SPV's share of Chlor 2 AFC as referred to in Paragraph 12.5 (*Payment of cash shares for 2010*); or |

|   |   |
|--------|--------|
|   | (c)    | ICI SPV makes any repayment referred to in Paragraph 12.4 (*Application of the 2010 Payment*) or 12.5 (*Payment of cash shares for 2010*), |

|   |                                                                                                                                                                                                                                                                                                      |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | 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 ICI 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 and the Bond, those amounts shall be written off (in a manner which is tax efficient for the ICI Group and, to the extent this can also be achieved, the Ineos Parties). |

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| **13.** | **AFTER 2010**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|    | If after application of the 2010 Payment pursuant to Paragraph 12.4 (*Application of the 2010 Payment*) and any distribution to ICI SPV of the Agreed Chlor 1 AFC for the Relevant Period ending on 31 December 2010 there remain any amounts outstanding in respect of the Amended PIK Notes, the provisions of Schedule 5 (*Chlor 1 cash sharing arrangements*) shall continue to apply but with any payments of Agreed Chlor 1 AFC being paid pursuant to Schedule 5, Paragraph 5.1(d) (*Order of payment of Agreed Chlor 1 AFC*) in the proportions 25% to ICI SPV and 75% to the Relevant Ineos Parties with any monies allocated to ICI SPV under this Paragraph 13 being applied against any remaining amounts outstanding under the Amended PIK Notes.  Anyamounts remaining outstanding in respect of the Amended PIK Notes after payment to ICI SPV of its proportion of the Agreed Chlor 1 AFC in respect of the Relevant Period ending on 31 December 2015 shall be written off (in a manner which is tax efficient for the ICI Group 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 9**                                 |
|--------|------------------------------------------------|
|   |                                                |
|   | **INDEMNITY AND CONTRIBUTION    ARRANGEMENTS** |
|   |                                           |
| **1.** | **DEFINITIONS FOR    SCHEDULE 9**              |
|   |                                           |
|   | In this Agreement:                             |

|   |                                                                                          |
|--------|-----------------------------------------------------------------------------------------------|
|   | **"Guarantee Payments"** means ICI Guarantee Payments and Ineos Guarantee Payments; |

|   |                                                                                             |
|--------|--------------------------------------------------------------------------------------------------|
|   | **"Guarantees"** means the ICI DTI Grant Guarantee and the Ineos DTI Grant Guarantees; |

|   |                                                                                                               |
|--------|--------------------------------------------------------------------------------------------------------------------|
|   | **"Guarantors"** means ICI SPV and the Ineos Guarantors and **"Guarantor"** means any of them; |

|   |                                                                                     |
|--------|------------------------------------------------------------------------------------------|
|   | **"ICI Default"** means    any breach of the DTI Grant Offer Letter caused by: |

|   |   |
|--------|--------|
|   | (a)    | ICI SPV failing to provide at the relevant time the items envisaged to be provided by it pursuant to paragraphs 2(ii), 2(xi)(b), 2(xiii), 2(xiv), 2(xv), 2(xvi) and 2(xvii) and schedule 6, paragraph 15 of the DTI Grant Offer Letter; or |

|   |   |
|--------|--------|
|   | (b)    | a breach of the undertakings provided by ICI SPV as envisaged in paragraphs 2(xvi) or 2(xvii) or schedule 6, paragraph 15 of the DTI Grant Offer Letter; |

|   |                                                                                                                                                                                                                                                                                                                                                                                                |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | **"ICI 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 ICI Default and not as a result of an Ineos Default and, for this purpose,    a demand is made as a result of an ICI Default or, as the case may be, an    Ineos Default if, but only if: |

|   |   |
|--------|--------|
|   | (i)    | the relevant ICI 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)   | ICI SPV (in the case of an ICI 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; |

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|   | **"ICI DTI Grant Guarantee"** means the guarantee to be given by ICI SPV to the DTI in respect of Chlor 1's obligations under the DTI Grant Offer Letter; |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |                                                                                                                      |
|--------|---------------------------------------------------------------------------------------------------------------------------|
|   | **"ICI 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 Ineos 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; |

|   |                                                                                                       |
|--------|------------------------------------------------------------------------------------------------------------|
|   | **"Ineos Corporate Guarantors"** means Ineos 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 ICI Default and for this purpose a demand is made as a result    of an ICI Default or, as the case may be, an Ineos Default if, but only if: |

|   |   |
|--------|--------|
|   | (i)    | the relevant ICI 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)   | ICI SPV (in the case of an ICI 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 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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|   | **"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 ICI 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 ICI SPV, 0%, and in respect of the Ineos Guarantors in aggregate, 100% and, in relation to an ICI Default and any liability under the Guarantees in respect of such ICI Default, it means in respect of ICI 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 ICI SPV and keep it indemnified on demand against any payment, other than an ICI Default Payment, which ICI SPV makes under the ICI DTI Grant Guarantee (**"ICI Guarantee Payments"**) and any other Losses (including all legal and other costs and expenses incurred in enforcing its rights under this Paragraph 2) which ICI 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)    | by ICI SPV in respect of any Ineos Default Payment it has made, before it has made a claim under Paragraph 3.3 (*Right of indemnity – Ineos Default Payments*) which has not been discharged within five Business Days; or |

|   |   |
|--------|--------|
|   | (b)    | by any Ineos Guarantor in respect of any ICI Default Payment it has made, before it has made a claim under Paragraph 3.2 (*Right of indemnity – ICI Default Payments*) which has not been discharged within five Business Days. |

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| 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. |

|   |                                                                                                                                                                     |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 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)    | without any reference to or further authority from Chlor 1; |

|   |   |
|--------|--------|
|   | (b)    | without enquiry into the justification for the claim or demand or into the validity, genuineness or accuracy of any statement or certificate received in connection with it; and |

|   |   |
|--------|--------|
|   | (c)    | even if Chlor 1 or any other person contests the making of the claim or demand. |

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| (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 ICI SPV or any Ineos Guarantor under the relevant Guarantee then before making payment ICI SPV or, as the case may be, the relevant Ineos Guarantor will to the extent reasonably practicable consult with (in the case of ICI SPV) Ineos Holdings or (in the case of an Ineos Guarantor) ICI 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)    | in relation to any ICI Default Payments, by ICI SPV, so that: |

|   |   |
|--------|--------|
|   |   | (i) | ICI SPV will have no claim against Chlor 1 or any Ineos Guarantor in respect of any ICI Default Payments it makes; and |

|   |   |
|--------|--------|
|   |   | (ii) | each Ineos Guarantor will pursuant to Paragraph 3.2 (*Right of indemnity – ICI Default Payments*) have a right of indemnity against ICI SPV in respect of any ICI Default Payments it makes and to the extent ICI SPV does not pay on demand under that indemnity, a right of indemnity from Chlor 1 under Paragraph 2.1(2) (*Indemnities to the Guarantors*); |

|   |   |
|--------|--------|
|   | (b)    | in relation to any Ineos Default Payments, by the Wider Ineos Group (other than Chlor 2 or any of its subsidiaries), so that: |

|   |   |
|--------|--------|
|   |   | (i) | no Ineos Guarantor will have a claim against Chlor 1 in respect of any Ineos Default Payments it makes; and |

|   |   |
|--------|--------|
|   |   | (ii) | ICI 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 |

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|   | (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 – ICI Default Payments** |

|   |                                                                                                                                                                |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | ICI SPV shall indemnify each Ineos Guarantor and keep it indemnified on demand against any ICI 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 ICI SPV and keep it indemnified on demand against any Ineos Default Payments which it makes under the ICI 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. |

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| (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)    | ICI SPV shall notify the Ineos Guarantors of the **"ICI Net Payment"**, calculated as follows: |

|   |   |
|--------|--------|
|   |   | (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 ICI 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 ICI Net Payment is greater than the aggregate of ICI SPV's Relevant Proportion of each element of the ICI 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 ICI SPV the amount of the difference.  If ICI 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. |

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| (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 ICI Net Payment, then ICI SPV shall within ten Business Days of the Initial Notification pay to Ineos 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 ICI SPV pursuant to this Paragraph 3.4(4), then the relevant Ineos Guarantors shall pay a Relevant Proportion of that to ICI 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 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’ rightsunder Paragraph 2 (*Counter-indemnity*), Chlor 2 shall indemnify each IndividualGuarantor and keep each of them indemnified on demand against any payments whichthat Individual Guarantor makes under the Ineos Individual DTI Grant Guarantees(**"Individual Guarantee Payments"**) and any other Losses (includingall legal and other costs and expenses incurred in enforcing its rights underthis Paragraph 5(1)) which that Individual Guarantor suffers or incurs in relationto the Ineos Individual DTI Grant Guarantees. Each Individual Guarantor shallbe entitled to make any number of demands on Chlor 2 pursuant to this Paragraph5(1). Paragraphs 2.3 (*Continuing nature ofindemnities*) to 2.5 (*Payments without further authority*) shall bedeemed repeated here, with such amendments as are necessary to fit the context. |

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| (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 ICI SPV may have against Chlor 2 on any account, so that until any claims which ICI 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 ICI 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 ICI 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 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.  EachIndividual 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. |

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| 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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| **EXECUTION of Transaction Master          Agreement:**                             |
|-------------------------------------------------------------------------------------|
|                                                                                |   |
|                                                                                |   |
|                                                                                |   |
| SIGNED AND DELIVERED as a deed        by                                            | ) |
|                                                                                |   |
| MICHAEL HERLIHY                                            | ) |
|                                                                                |   |
| duly authorised attorney for        and on behalf of:      | ) |
|                                                                                |   |
| **IMPERIAL CHEMICAL INDUSTRIES          PLC**              | ) |
|                                                                                |   |
|                                                                                |   |
|                                                                                |   |
| SIGNED AND DELIVERED as a deed        by                   | ) |
|                                                                                |   |
| JOHN KAY                                                   | ) |
|                                                                                |   |
| duly authorised attorney for        and on behalf of:      | ) |
|                                                                                |   |
| **ICI CHEMICALS & POLYMERS          LIMITED**          | ) |
|                                                                                |   |
|                                                                                |   |
|                                                                                |   |
| SIGNED AND DELIVERED as a deed        by                        | ) |
|                                                                                |   |
| JOHN KAY                                                   | ) |
|                                                                                |   |
| duly authorised attorney for        and on behalf of:      | ) |
|                                                                                |   |
| **ICI INDUSTRIAL INVESTMENTS          LIMITED**            | ) |
|                                                                                |   |
|                                                                                |   |
|                                                                                |   |
| SIGNED AND DELIVERED as a deed        by                   | ) |
|                                                                                |   |
| JOHN REECE                                                 | ) |
|                                                                                |   |
| duly authorised attorney for        and on behalf of:      | ) |
|                                                                                |   |
| **INEOS CHLOR HOLDINGS LIMITED**                           | ) |
|                                                                                |   |
|                                                                                |   |
|                                                                                |   |
| SIGNED AND DELIVERED as a deed        by                   | ) |
|                                                                                |   |
| JOHN REECE                                                 | ) |
|                                                                                |   |
| duly authorised attorney for        and on behalf of:      | ) |
|                                                                                |   |
| **INEOS CHLOR NEWCO 1 LIMITED**                            | ) |
|                                                                                |   |
|                                                                                |   |
|                                                                                |   |
| SIGNED AND DELIVERED as a deed        by                   | ) |
|                                                                                |   |
| JOHN REECE                                                 | ) |
|                                                                                |   |
| duly authorised attorney for        and on behalf of:      | ) |
|                                                                                |   |
| **INEOS CHLOR NEWCO 2 LIMITED**                            | ) |

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| SIGNED AND DELIVERED        as a deed by                   | )      |
|-------------------------------------------------------------------------------------|--------|
|                                                                                |   |
| CALUM MACLEAN, Director and                                                         | )      |
|                                                                                |   |
| ANTHONY TRAYNOR, Director/Secretary,                                                | )      |
|                                                                                |   |
| duly authorised for and on behalf        of:               | )      |
|                                                                                |   |
| **INEOS CHLOR LIMITED**                                    | )      |
|                                                                                |   |
|                                                                                |   |
|                                                                                |   |
| SIGNED AND DELIVERED as a deed        by                   | )      |
|                                                                                |   |
| CALUM MACLEAN, Director and                                                         | )      |
|                                                                                |   |
| ANTHONY TRAYNOR, Director/Secretary,                                                | )      |
|                                                                                |   |
| duly authorised for and on behalf        of:               | )      |
|                                                                                |   |
| **INEOS CHLOR ENTERPRISES LIMITED**                        | )      |
|                                                                                |   |
|                                                                                |   |
|                                                                                |   |
| SIGNED AND DELIVERED as a deed        by                   | )      |
|                                                                                |   |
| JOHN REECE                                                 | )      |
|                                                                                |   |
| duly authorised attorney for        and on behalf of:      | )      |
|                                                                                |   |
| **INEOS CHLOR GROUP LIMITED**                              | )      |
|                                                                                |   |
|                                                                                |   |
|                                                                                |   |
| SIGNED AND DELIVERED as a deed        by                   | )      |
|                                                                                |   |
| JOHN REECE                                                 | )      |
|                                                                                |   |
| duly authorised attorney for        and on behalf of:      | )      |
|                                                                                |   |
| **INEOS CAPITAL LIMITED**                                  | )      |
|                                                                                |   |
|                                                                                |   |
|                                                                                |   |
| SIGNED AND DELIVERED as a deed        by                   | )      |
|                                                                                |   |
| JOHN REECE                                                 | )      |
|                                                                                |   |
| duly authorised        attorney for and on behalf of:      | )      |
|                                                                                |   |
| **INEOS GROUP LIMITED**                                    | )      |
|                                                                                |   |
| SIGNED AND DELIVERED        as a deed by                   | )      |
|                                                                                |   |
| JOHN REECE as attorney        for                          | )      |
|                                                                                |   |
| **JAMES RATCLIFFE** in        the presence of:             | )      |

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| Witness' signature:                       |                              |
|-------------------------------------------|-----------------------------------|
|                                      |                              |
| Name:            | Daniel Kirk                       |
| Address:         | One Bunhill Row       London |
|                                      |                              |
| Occupation:      | Solicitor                         |

|                                                                                |   |
|-------------------------------------------------------------------------------------|--------|
|                                                                                |   |
|                                                                                |   |
| SIGNED AND DELIVERED        as a deed by                   | )      |
|                                                                                |   |
| JOHN REECE                                                 | )      |
|                                                                                |   |
| duly authorised attorney for        and on behalf of:      | )      |
|                                                                                |   |
| **EVC INTERNATIONAL NV**                                   | )      |
|                                                                                |   |
|                                                                                |   |
|                                                                                |   |
| SIGNED AND DELIVERED as a deed        by                   | )      |
|                                                                                |   |
| JOHN REECE                                                 | )      |
|                                                                                |   |
| duly authorised attorney for        and on behalf of:      | )      |
|                                                                                |   |
| **INEOS FLUOR LIMITED**                                    | )      |
|                                                                                |   |
|                                                                                |   |
|                                                                                |   |
| SIGNED AND DELIVERED as a deed        by                   | )      |
|                                                                                |   |
| JOHN REECE                                                 | )      |
|                                                                                |   |
| duly authorised attorney for        and on behalf of:      | )      |
|                                                                                |   |
| **INEOS SILICAS LIMITED**                                  | )      |

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