|   | (1) | The entities listed in Schedule 1 (as Original Chargors) |
|--------|-----|----------------------------------------------------------|

|   | (2) | Silicon Valley Bank (as Bank) |
|--------|-----|-------------------------------|

| Dated   February 24 | 2017 |
|-------------------------------|------|

----

| 1.                      | Interpretation                                | 2  |
|-------------------------|-----------------------------------------------|----|
| 2.                      | Covenant to Pay                               | 5  |
| 3.                      | Security Assets                               | 6  |
| 4.                      | Nature of Security                            | 7  |
| 5.                      | Further Assurances and Protection of Priority | 8  |
| 6.                      | Representations and Warranties                | 9  |
| 7.                      | Undertakings                                  | 9  |
| 8.                      | Enforcement and Powers of the Bank            | 14 |
| 9.                      | Appointment of a Receiver or Administrator    | 15 |
| 10.                     | Powers of a Receiver                          | 16 |
| 11.                     | Application of Moneys                         | 16 |
| 12.                     | Protection of Third Parties                   | 17 |
| 13.                     | Protection of the Bank                        | 18 |
| 14.                     | Cumulative Powers and Avoidance of Payments   | 18 |
| 15.                     | Ruling-off Accounts                           | 18 |
| 16.                     | Power of Attorney                             | 19 |
| 17.                     | Delegation                                    | 19 |
| 18.                     | Redemption of Prior Charges                   | 19 |
| 19.                     | Miscellaneous                                 | 19 |
| 20.                     | Governing Law                                 | 20 |
| 21.                     | Jurisdiction                                  | 20 |
| Schedule 1              |                                               |
| The Original Chargors   |                                               |
| Schedule 2              |                                               |
| Security Assets         |                                               |
| Schedule 3              |                                               |
| Form of Notices         |                                               |
| Schedule 4              |                                               |
| Form of Accession Deed  |                                               |
| Schedule 5              |                                               |
| Form of Deed of Release |                                               |
| Schedule 6              |                                               |
| Supplemental Debenture  |                                               |

----

| This Deed is made on |  2017 |
|----------------------|------------|

| (1) | Each/The person listed in Schedule 1 to this Deed (the "Original Chargors"); and |
|-----|--------------------------------------------------------------------------------------------|

| (2) | Silicon Valley Bank a California corporation with its principal place of business at 3003 Tasman Drive, Santa Clara, California 95054 US (the "Bank"). |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | Interpretation |
|----|----------------|

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

----

|  | (a) | any refinancing, novation, deferral or extension granted or agreed with the Bank; and |
|--|-----|---------------------------------------------------------------------------------------|

|  | (b) | any claim for breach of representation, warranty or undertaking or on an event of default or under any indemnity given under or in connection with any of the Loan documents. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (a) | all freehold, leasehold or other immovable property of a Chargor situate in England and Wales; |
|--|-----|------------------------------------------------------------------------------------------------|

|  | (b) | any buildings, fixtures, fittings, plant and machinery from time to time on or forming part of the property referred to in paragraph (a) above, other than that which belongs to any landlord, tenant or occupant other than a Chargor; and |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (c) | any Related Rights arising in relation to any of the assets described in paragraphs (a) and (b) above (inclusive), |
|--|-----|--------------------------------------------------------------------------------------------------------------------|

----

|  | (a) | the proceeds of sale and/or other realisation of that asset (or any part thereof or interest therein); |
|--|-----|--------------------------------------------------------------------------------------------------------|

|  | (b) | all Authorisations, options, agreements, rights, easements, benefits, indemnities, guarantees, warranties or covenants for title in respect of such asset; |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (c) | all allotments, rights, benefits and advantages at any time accruing, offered or arising in respect of or incidental to any asset and all money or property accruing or offered at any time by way of conversion, redemption, bonus, preference, option, dividend, distribution, interest or otherwise in respect of an asset; and |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (d) | all other rights derived from or incidental to such asset. |
|--|-----|------------------------------------------------------------|

|  | (a) | the assets mortgaged, charged or assigned by way of security to the Bank by this Deed, any Accession Deed or any Supplemental Debenture; and |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | any assets held on trust by a Chargor for the Bank. |
|--|-----|-----------------------------------------------------|

|  | (a) | the shares described in Part 3 of Schedule 2 (Security Assets) and Part 3 of the schedule to each Accession Deed (if any); and |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | all Related Rights in respect of paragraph (a) above. |
|--|-----|-------------------------------------------------------|

----

| 1.2 | Construction |
|-----|--------------|

|  | (a) | Unless otherwise defined in this Deed, terms defined in the Loan Agreement have the same meaning in this Deed as they do in the Loan Agreement. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | Unless a contrary intention appears, Clause 1.2 (Interpretation) and Clause 1.4 (Third Party Rights) of the Loan Agreement apply to this Deed, and shall be deemed to be incorporated into this Deed as though set out in full in this Deed, with any reference to "this Agreement" being deemed to be a reference to "this Deed", subject to any other necessary changes. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (c) | Any references to the Bank or any Receiver shall include its Delegates. |
|--|-----|-------------------------------------------------------------------------|

| 1.3 | Law of Property (Miscellaneous Provisions) Act 1989 |
|-----|-----------------------------------------------------|

| 1.4 | Implied Covenants for Title |
|-----|-----------------------------|

| 1.5 | Effect as a Deed |
|-----|------------------|

| 1.6 | Loan Document |
|-----|---------------|

| 2. | Covenant to Pay |
|----|-----------------|

----

| 3. | Security Assets |
|----|-----------------|

| 3.1 | Fixed Charges |
|-----|---------------|

|  | (a) | Each Chargor, as security for the payment discharge and performance of the Secured Liabilities, charges in favour of the Bank, with full title guarantee, the following assets, from time to time owned by it or in which it has an interest: |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (i) | by way of first legal mortgage, each Property legal title to which is vested in it on the date of this Deed specified in Part 5 of Schedule 2 (Security Assets); and |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (ii) | by way of first fixed charge: |
|--|------|-------------------------------|

|  | (A) | all Property not effectively mortgaged under Clause 3.1(a)(i)); |
|--|-----|-----------------------------------------------------------------|

|  | (B) | all Plant and Machinery; |
|--|-----|--------------------------|

|  | (C) | all Shares; |
|--|-----|-------------|

|  | (D) | all Investments other than the Shares; |
|--|-----|----------------------------------------|

|  | (E) | all Receivables directed to be paid into the SVB Blocked Accounts; |
|--|-----|--------------------------------------------------------------------|

|  | (F) | all Receivables directed to be paid into the SVB Operating Accounts; |
|--|-----|----------------------------------------------------------------------|

|  | (G) | all Receivables directed to be paid into the Third Party Accounts; |
|--|-----|--------------------------------------------------------------------|

|  | (H) | the SVB Blocked Accounts; |
|--|-----|---------------------------|

|  | (I) | the SVB Operating Accounts; |
|--|-----|-----------------------------|

|  | (J) | the Third Party Accounts; |
|--|-----|---------------------------|

|  | (K) | all Intellectual Property specified in Part 2 of Schedule 2 (Security Assets); |
|--|-----|--------------------------------------------------------------------------------|

|  | (L) | all other Intellectual Property; and |
|--|-----|--------------------------------------|

|  | (M) | its goodwill and uncalled capital. |
|--|-----|------------------------------------|

| 3.2 | Security Assignment |
|-----|---------------------|

|  | (a) | the Insurances and the Insurance Proceeds; |
|--|-----|--------------------------------------------|

|  | (b) | each Assigned Contract; and |
|--|-----|-----------------------------|

|  | (c) | all Related Rights in respect of each of the above, |
|--|-----|-----------------------------------------------------|

----

| 3.3 | Floating Charge |
|-----|-----------------|

|  | (a) | As further security for the payment discharge and performance of the Secured Liabilities, each Chargor charges with full title guarantee in favour of the Bank by way of first floating charge its undertaking and all its present and future assets other than those assets which are effectively charged by way of first fixed charge or legal mortgage under Clause 3.1 (Fixed Charges) or which are effectively assigned by way of security under Clause 3.2 (Security Assignment). |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | Paragraph 14 of Schedule B1 to the Insolvency Act 1986 shall apply to the floating charge created by this Deed. |
|--|-----|-----------------------------------------------------------------------------------------------------------------|

| 3.4 | Conversion of Floating Charge by Notice |
|-----|-----------------------------------------|

|  | (a) | there occurs an Acceleration Event; or |
|--|-----|----------------------------------------|

|  | (b) | the Bank is of the view that (acting reasonably) any legal process or execution is being enforced against any Floating Charge Asset or (acting reasonably) that any Floating Charge Asset is in danger of being seized, sold or is otherwise in jeopardy, |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.5 | Automatic Conversion of Floating Charge |
|-----|-----------------------------------------|

|  | (a) | a Chargor creates any Security Interest (other than a Permitted Security Interest) over all or any of the Security Assets or attempts to do so; |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | any person levies or attempts to levy any attachment, execution or other legal process against any of such Security Assets; |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------|

|  | (c) | a resolution is passed or an order is made for the winding up, dissolution, administration or other reorganisation of a Chargor; or |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------|

|  | (d) | any steps are taken for the appointment of, or notice is given of intention to appoint, or a petition is filed or application is made, or a competent court makes an order for the appointment of an administrator, in relation to a Chargor, |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | Nature of Security |
|----|--------------------|

| 4.1 | Continuing Security |
|-----|---------------------|

|  | (a) | The Security Interests created by this Deed are to be a continuing security interests notwithstanding any intermediate payment or settlement of all or any part of the Secured Liabilities. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | Until the Security Period has ended, the Bank may refrain from applying or enforcing any other moneys, Security Interest or rights held or received by the Bank in respect of that amount, and may or apply and enforce the same in such manner and order as it sees fit (whether against those amounts or otherwise) and a Chargor shall not be entitled to the benefit of the same. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 4.2 | Non-merger of Security Interests |
|-----|----------------------------------|

| 5. | Further Assurances and Protection of Priority |
|----|-----------------------------------------------|

| 5.1 | General |
|-----|---------|

|  | (a) | Each Chargor shall, at its own expense, promptly do all such acts or execute all such documents (including assignments, transfers, mortgages, charges, notices and instructions) as the Bank may reasonably specify (and in such form as the Bank may reasonably require in favour of the Bank or its nominee(s) or any purchaser): |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (i) | to perfect or protect the Security Interests created or intended to be created under, or evidenced by, this Deed (which may include the execution of a mortgage, charge, assignment or other Security Interests over all or any of the assets which are, or are intended to be, the subject of this Deed) or for the exercise of any rights, powers and remedies of the Bank provided by or pursuant to this Deed or by law; |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (ii) | to confer on the Bank, Security Interests over any assets of a Chargor, located in any jurisdiction, equivalent or similar to the Security Interests intended to be conferred by or pursuant to this Deed and, pending the conferring of such Security Interests, hold such assets upon trust (or in any manner required by the Bank) for the Bank; and/or |
|--|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (iii) | following the occurrence of an Acceleration Event, to facilitate the realisation or enforcement of the assets which are the subject of the Security Interests created by this Deed. |
|--|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | Each Chargor shall take all such action as is available to it (including making all filings and registrations) as may be reasonably necessary for the purpose of the creation, perfection, protection or maintenance of any Security Interest conferred or intended to be conferred on the Bank by or pursuant to this Deed. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.2 | HM Land Registry |
|-----|------------------|

|  | (a) | In relation to any Property from time to time vested in a Chargor which is registered or is to be registered at HM Land Registry, such Chargor, hereby consents to the Bank applying to the Chief Land Registrar for the registration of a restriction to be entered on the Register of Title of all that Property (including any unregistered properties subject to compulsory first registration at the date of this Deed) on the prescribed Land Registry form and in the following or substantially similar terms: |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | The Bank must perform its obligations under the Loan Agreement (including any obligation to make available further advances) and this Deed has been entered into in order to secure such further advances. In relation to any Property from time to time vested in a Chargor which is registered or is to be registered at HM Land Registry, the Bank and each Chargor consent to an application to the Chief Land Registrar for the registration of a notice to be entered onto the Register of Title of all that Property (including any unregistered properties subject to compulsory first registration at the date of this Deed) of the obligation to make further advances. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 5.3 | Register of Intellectual Property |
|-----|-----------------------------------|

| 5.4 | Notices |
|-----|---------|

|  | (a) | Promptly following the date of this Deed, the charge over its Third Party Accounts under this Deed to the person at which such accounts are maintained in the form set out in Part 1 of Schedule 3 (Form of notice in relation to a Third Party Account); |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | if the Bank so requires, the assignment or charge of any other Security Asset to the relevant third party (in the form of Part 2 of Schedule 3 (Form of notice to counterparties) or such other form as the Bank so requires, |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | Representations and Warranties |
|----|--------------------------------|

| 6.1 | Each Chargor represents and warrants that: |
|-----|--------------------------------------------|

|  | (a) | the Security Assets are legally and beneficially owned by the Chargor free from any Security Interest other than as created by this Deed; |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | this Deed creates the Security Interest which it purports to create and is not liable to be avoided or otherwise set aside on the liquidation or administration of a Chargor or otherwise; and |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (c) | Save for the Disclosed Matters, there are no actions, arbitration or any administrative or other proceedings pending or, to the knowledge of each Chargor's Responsible Officers or legal counsel, threatened by or against a Chargor or any Subsidiary of a Chargor involving more than £100,000. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (d) | . |
|--|-----|---|

| 6.2 | Repetition |
|-----|------------|

| 7. | Undertakings |
|----|--------------|

| 7.1 | Duration of Undertakings |
|-----|--------------------------|

----

| 7.2 | General Undertakings |
|-----|----------------------|

|  | (a) | Negative Pledge and Disposal Restrictions |
|--|-----|-------------------------------------------|

|  | (i) | It will not: |
|--|-----|--------------|

|  | (A) | create or agree to create or permit to subsist or arise any Security Interest over all or any part of the Security Assets; or |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------|

|  | (B) | sell, transfer, lease out, lend or otherwise dispose of all or any part of the Security Assets (save for Floating Charge Assets and other than in relation to Intellectual Property in the ordinary course of its business) or agree or attempt to do the same, |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (ii) | In relation to the Specified IP only, the Bank agrees that the Chargors are permitted to cease to maintain the registration of the Specified IP, by ceasing to make the payments required to maintain registered status. |
|--|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | Deposit of Documents or Title Deeds |
|--|-----|-------------------------------------|

|  | (i) | to the extent that the relevant documents have not been deposited with a clearance system, settlement system or custodian acceptable to the Bank, all deeds, stock and share certificates or other documents of title (or documents evidencing title or the right to title) and agreements relating to a Security Asset (including all deeds and documents of title relating to the Property); |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (ii) | any stock transfer forms or other instruments of transfer duly completed and executed to the Bank’s satisfaction; |
|--|------|-------------------------------------------------------------------------------------------------------------------------|

|  | (iii) | to the extent requested by the Bank from time to time: |
|--|-------|--------------------------------------------------------|

|  | (A) | certified copies of all the Assigned Contracts; and |
|--|-----|-----------------------------------------------------|

|  | (B) | all deeds and documents of title (if any) relating to the Receivables. |
|--|-----|------------------------------------------------------------------------|

|  | (C) | details of all Plant and Machinery; |
|--|-----|-------------------------------------|

|  | (iv) | any other document which the Bank may reasonably require for the purposes of perfecting the Security Interests created or intended to be created by this Deed. |
|--|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (c) | Compliance with Laws |
|--|-----|----------------------|

|  | (d) | Information |
|--|-----|-------------|

|  | (e) | Registration and Notifications |
|--|-----|--------------------------------|

----

| 7.3 | Investments and Shares |
|-----|------------------------|

|  | (a) | Exercise of Rights |
|--|-----|--------------------|

|  | (i) | Prior to the occurrence of an Acceleration Event, it shall not exercise or refrain from exercising (or direct the same) any of the powers or rights conferred upon or exercisable by the legal or beneficial owner of the Investments or the Shares which would place it in breach of the terms of the Loan Agreement or which would be prejudicial to the interests of the Bank hereunder. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (ii) | Following the occurrence of an Acceleration Event, it shall not, without the prior written consent of the Bank, exercise or refrain from exercising (or direct the same) any of the powers or rights conferred upon or exercisable by the legal or beneficial owner of the Investments or the Shares. |
|--|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | Registration of Transfers |
|--|-----|---------------------------|

|  | (c) | Clearance Systems etc |
|--|-----|-----------------------|

|  | (d) | Acquisition and Calls |
|--|-----|-----------------------|

|  | (i) | promptly notify the Bank of the acquisition of any Investment or Shares; and |
|--|-----|------------------------------------------------------------------------------|

|  | (ii) | duly and promptly pay all calls, instalments or other payments which may be due and payable in respect of any Investments or Shares and, for the avoidance of doubt, the Bank shall not incur any liability in respect of any amounts due from a Chargor in respect of such Investments or Shares. |
|--|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (e) | Dividends |
|--|-----|-----------|

|  | (i) | Prior to the occurrence of an Acceleration Event it shall be entitled to receive and retain all dividends, distributions and other monies paid on or derived from its Shares and Investments. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (ii) | Following the occurrence of an Acceleration Event it shall promptly pay all dividends or other monies received by it in respect of the Investments and the Shares into a SVB Operating Account or an SVB Blocked Account (as directed by the Bank). |
|--|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (f) | Nominees |
|--|-----|----------|

----

| 7.4 | Receivables |
|-----|-------------|

|  | (a) | During the Security Period, each Chargor shall: |
|--|-----|-------------------------------------------------|

|  | (i) | direct all its customers and other debtors to pay the proceeds of all Receivables into the SVB Operating Accounts and pay into an SVB Operating Account all monies it may otherwise receive in respect of such Receivables |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (ii) | hold the proceeds of such collection and realisation of the Receivables upon trust for the Bank pending payment of such proceeds into an SVB Operating Account; |
|--|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (iii) | not at any time without the prior written consent of the Bank deal with the Receivables or other monies relating thereto otherwise than by getting in the same and making payment thereof into an SVB Operating Account.  Without prejudice to the generality of the foregoing, the Chargors shall not at any such time factor or discount any of such debts or claims or enter into any agreement for such factoring or discounting; and |
|--|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (iv) | if called upon so to do by the Bank after an Acceleration Event, execute a legal assignment of the Receivables to the Bank in such terms as the Bank in its discretion may require, give such notice of that legal assignment to the debtors from whom the Receivables are due, owing or incurred and take any such other step as the Bank in its discretion may require to perfect such legal assignment. |
|--|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | Blocked Accounts |
|--|-----|------------------|

|  | (c) | Other Bank Accounts |
|--|-----|---------------------|

| 7.5 | To repair |
|-----|-----------|

|  | (a) | at all times keep in good and substantial repair and condition all the Property including all buildings, erections and structures on and in the Property; |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | keep all Plant and Machinery in good repair, working order and condition and fit for its purpose; and |
|--|-----|-------------------------------------------------------------------------------------------------------|

|  | (c) | where it is uneconomic to repair any part of the Property, replace such property by another similar asset of equal or greater quality and value. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 7.6 | To allow entry |
|-----|----------------|

| 7.7 | Alterations |
|-----|-------------|

|  | (a) | commit any waste, or in any manner lessen the value of the Property; |
|--|-----|----------------------------------------------------------------------|

|  | (b) | carry out any work of demolition, construction, refurbishment, addition or otherwise in or to the Property; or |
|--|-----|----------------------------------------------------------------------------------------------------------------|

|  | (c) | except with the prior written consent of the Bank (not to be unreasonably withheld), make any alterations to the Property. |
|--|-----|----------------------------------------------------------------------------------------------------------------------------|

| 7.8 | No creation of leases |
|-----|-----------------------|

|  | (a) | grant nor agree to grant (whether in exercise of any statutory power or otherwise) any lease, underlease, tenancy or agreement for lease affecting the Property; |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | confer nor agree to confer on any person any other right or licence to occupy any land or buildings forming part of the Property nor grant any licence or permission to assign, underlet or sub-let nor part with, nor share occupation or possession of, the Property or any part thereof; |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (c) | waive, release nor vary or agree to waive, release or vary any of the terms of any lease, underlease, tenancy or agreement for lease affecting the Property including the determination or review of any rent payable thereunder nor exercise any power to terminate or extend the same; |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (d) | forfeit nor commence proceedings for forfeiture nor exercise any right of re-entry nor accept the surrender of any lease, underlease, tenancy or agreement for lease affecting the Property; nor |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (e) | change nor permit or suffer to be changed the present user of any part of the Property. |
|--|-----|-----------------------------------------------------------------------------------------|

| 7.9 | No creation of easements |
|-----|--------------------------|

| 7.10 | Power to Remedy |
|------|-----------------|

----

| 8. | Enforcement and Powers of the Bank |
|----|------------------------------------|

| 8.1 | Enforcement |
|-----|-------------|

|  | (a) | enforce all or any part of the Security Interests created by this Deed and take possession of or dispose of all or any of the Security Assets (in accordance with its power of sale under section 101 LPA) in each case at such times and upon such terms as it sees fit; and |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | whether or not it has appointed a Receiver, exercise all of the powers, authorities and discretions: |
|--|-----|------------------------------------------------------------------------------------------------------|

|  | (i) | conferred from time to time on mortgagees by the LPA (as varied or extended by this Deed) or by law; and |
|--|-----|----------------------------------------------------------------------------------------------------------|

|  | (ii) | granted to a Receiver by this Deed or from time to time by law; and |
|--|------|---------------------------------------------------------------------|

|  | (c) | exercise all the rights, powers and discretions conferred on a Receiver by this Deed, the LPA, the Insolvency Act 1986 or otherwise by law, without first appointing a Receiver or notwithstanding the appointment of a Receiver. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.2 | Power of Sale, Leasing and Other Powers |
|-----|-----------------------------------------|

| 8.3 | Following the date that the Security Interests are enforceable pursuant to Clause 8.1 above: |
|-----|----------------------------------------------------------------------------------------------|

|  | (a) | The Bank may lease, make agreements for leases at a premium or otherwise, accept surrenders of leases and grant options or vary or reduce any sum payable under any leases or tenancy agreements as it thinks fit, without the need to comply with any of the provisions of sections 99 and 100 of the LPA; and |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | In the exercise of the powers conferred by this Deed, the Bank may sever and sell plant, machinery or other fixtures separately from the property to which they may be annexed and it may apportion any rent or other amount without the consent of any Chargor. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.4 | Statutory Restrictions |
|-----|------------------------|

----

| 8.5 | Appropriation |
|-----|---------------|

|  | (a) | In this deed, "financial collateral" has the meaning given to that term in the Financial Collateral Arrangements (No.2) Regulations 2003. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | At any time after the occurrence of an Acceleration Event, the Bank may appropriate all or part of the financial collateral forming part of the Security Assets in or towards satisfaction of the Secured Liabilities. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (c) | The Parties agree that the value of any such Security Assets appropriated in accordance with paragraph (b) above shall be in the case of cash, the amount of cash so appropriated and in the case of other Security Assets the market price of such Security Assets at the time the right of appropriation is exercised as determined by the Bank by reference to such method or source of market valuation as the Bank may reasonably select, including by independent valuation.  The Parties agree that the methods or sources of valuation provided for or selected by the Bank in accordance with this paragraph (c) shall constitute a commercially reasonable manner of valuation for the purposes of the Financial Collateral Arrangements (No.2) Regulations 2003. |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (d) | The Bank shall notify the relevant Chargor, as soon as reasonably practicable, of the exercise of its right of appropriation as regards such of the Security Assets as are specified in such notice. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9. | Appointment of a Receiver or Administrator |
|----|--------------------------------------------|

| 9.1 | Appointment |
|-----|-------------|

|  | (a) | At any time after the occurrence of an Acceleration Event, or at the request of a Chargor, the Bank may, without prior notice to the Chargors or any of them, in writing (under seal, by deed or otherwise under hand) appoint: |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (i) | a Receiver in respect of the Security Assets or any part thereof and may in like manner from time to time (and insofar as it is lawfully able to do) remove any Receiver and appoint another in his place; or |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (ii) | one or more persons to be an Administrator in accordance with paragraph 14 of Schedule B1 to the Insolvency Act 1986. |
|--|------|-----------------------------------------------------------------------------------------------------------------------|

|  | (b) | Nothing in paragraph (a) above shall restrict the exercise by the Bank of any one or more of the rights of the Bank under Schedule B1 to the Insolvency Act 1986 and the rules thereunder or at common law. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.2 | Several Receivers |
|-----|-------------------|

| 9.3 | Remuneration of Receiver |
|-----|--------------------------|

| 9.4 | Liability of Bank for Actions of a Receiver or Administrator |
|-----|--------------------------------------------------------------|

|  | (a) | Each Receiver shall be the agent of the relevant Chargor which shall be solely responsible for his acts or defaults, and for his remuneration and expenses, and be liable on any agreements or engagements made or entered into by him.  The Bank shall not be responsible for any misconduct, negligence or default of a Receiver. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | The Bank shall not have any liability for the acts or omissions of an Administrator. |
|--|-----|--------------------------------------------------------------------------------------|

----

| 10. | Powers of a Receiver |
|-----|----------------------|

|  | (a) | all of the powers of an administrative receiver set out in Schedule 1 to the Insolvency Act 1986 (whether or not the Receiver is an administrative receiver); |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | all of the powers conferred from time to time on receivers, mortgagors and mortgagees in possession by the LPA; |
|--|-----|-----------------------------------------------------------------------------------------------------------------|

|  | (c) | all of the powers conferred on the Bank under this Deed; |
|--|-----|----------------------------------------------------------|

|  | (d) | all the powers and rights of a legal and beneficial owner and the power to do or omit to do anything which a Chargor itself could do or omit to do; |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (e) | the power to do all things which, in the opinion of the Receiver, are incidental to any of the powers, functions, authorities or discretions conferred or vested in the Receiver pursuant to this Deed or upon receivers by statute or law generally (including the bringing or defending of proceedings in the name of, or on behalf of, a Chargor; the collection and/or realisation of Security Assets in such manner and on such terms as the Receiver sees fit; and the execution of documents in the name of a Chargor (whether under hand, or by way of deed or by utilisation of the company seal of a Chargor). |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11. | Application of Moneys |
|-----|-----------------------|

| 11.1 | Order of Application |
|------|----------------------|

|  | (a) | in discharging any sums owing to the Bank or any Receiver or Administrator; |
|--|-----|-----------------------------------------------------------------------------|

|  | (b) | in payment of all costs and expenses incurred by the Bank in connection with any realisation or enforcement of the Security Interests created by this Deed; |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (c) | in payment of any Secured Liabilities; and |
|--|-----|--------------------------------------------|

|  | (d) | the balance of any Recoveries, after all amounts due under paragraphs (a) to (c) above have been paid in full, to the relevant Chargor or other person entitled thereto. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.2 | Prospective Liabilities |
|------|-------------------------|

|  | (a) | any sum owed to the Bank; and |
|--|-----|-------------------------------|

|  | (b) | any part of the Secured Liabilities, |
|--|-----|--------------------------------------|

----

| 11.3 | Investment of Proceeds |
|------|------------------------|

| 11.4 | Currency Conversion |
|------|---------------------|

|  | (a) | For the purpose of, or pending the discharge of, any of the Secured Liabilities the Bank may convert any moneys received or recovered by the Bank from one currency to another, at a market rate of exchange. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | To the extent that any amount converted pursuant to Clause 11.4(a) falls short of the amount due in respect of that part of the Secured Liabilities (whether due to costs of conversion or other matters) then the Chargors will remain liable for any such shortfall. . |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.5 | Permitted Deductions |
|------|----------------------|

|  | (a) | to set aside by way of reserve, amounts required to meet, and to make and pay, any deductions and withholdings (on account of taxes or otherwise) which it is or may be required by any applicable law to make from any distribution or payment made by it under this Deed; and |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | to pay all Taxes which may be assessed against it in respect of any of the Security Assets, or as a consequence of performing its duties, or by virtue of its capacity as Bank under any of the Loan Documents or otherwise. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12. | Protection of Third Parties |
|-----|-----------------------------|

| 12.1 | No Obligation to Enquire |
|------|--------------------------|

|  | (a) | the right of the Bank to exercise any of the powers conferred by this Deed has arisen or become exercisable or as to the propriety or validity of the exercise or purported exercise of any such power; or |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | any of the Secured Liabilities remains outstanding or be concerned with notice to the contrary and the title and position of such a purchaser or other person shall not be impeachable by reference to any of those matters. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 12.2 | Receipt Conclusive |
|------|--------------------|

| 13. | Protection of the Bank |
|-----|------------------------|

| 13.1 | No Liability |
|------|--------------|

| 13.2 | Possession of Security Assets |
|------|-------------------------------|

| 14. | Cumulative Powers and Avoidance of Payments |
|-----|---------------------------------------------|

| 14.1 | Cumulative Powers |
|------|-------------------|

| 14.2 | Amounts Avoided |
|------|-----------------|

| 14.3 | Discharge Conditional |
|------|-----------------------|

| 15. | Ruling-off Accounts |
|-----|---------------------|

----

| 16. | Power of Attorney |
|-----|-------------------|

| 16.1 | Upon the occurrence of an Acceleration Event, each Chargor, by way of security, irrevocably and severally appoints each of the Bank and any Receiver as its attorney (with full power of substitution and delegation) in its name and on its behalf and as its act and deed to execute, seal and deliver (using the company seal where appropriate) and otherwise perfect and do any deed, assurance, agreement, instrument, act or thing which it ought to execute and do under the terms of this Deed, or which may be required or deemed proper in the exercise of any rights or powers conferred on the Bank or any Receiver under this Deed or otherwise for any of the purposes of this Deed, and each Chargor covenants with  each of the Bank and any Receiver to ratify and confirm all such acts or things made, done or executed by that attorney. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17. | Delegation |
|-----|------------|

| 17.1 | The Bank may, at any time, delegate by power of attorney or otherwise to any person for any period, all or any of the rights, powers and discretions vested in it by or pursuant to this Deed. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.2 | That delegation may be made upon any terms and conditions (including the power to sub delegate) and subject to any restrictions that the Bank may, in its discretion, think fit in the interests of the Bank and it shall not be bound to supervise, or be in any way responsible for any loss incurred by reason of any misconduct or default on the part of any such delegate or sub delegate. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18. | Redemption of Prior Charges |
|-----|-----------------------------|

| 19. | Miscellaneous |
|-----|---------------|

| 19.1 | Assignment |
|------|------------|

| 19.2 | Counterparts |
|------|--------------|

|  | (a) | This Deed may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this Deed. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | Failure by one or more Parties ("Non-Signatories") to execute this Deed on the date of this Deed will not invalidate the provisions of this Deed as between the other Parties who do execute this Deed. Any Non-Signatories may execute this Deed (or a counterpart of this Deed) on a subsequent date and will thereupon become bound by its provisions. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (c) | If any one or more of the Chargors is not bound by any or all of the provisions of this Deed (whether by reason of lack of capacity, improper execution, failure to execute or for any other reason whatsoever) the remaining Chargors shall nonetheless continue to be bound as if such Chargor had never been a party. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 19.3 | Covenant to Release |
|------|---------------------|

|  | (a) | executing a release substantially in the form set out in Schedule 5 (Form of Deed of Release) with such amendments as the Bank may agree; |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | re-assigning any of the Security Assets to the Chargors; |
|--|-----|----------------------------------------------------------|

|  | (c) | to the extent the Bank holds original documents or deeds by way of security in respect of Security Assets, by promptly delivering up such documents to the Chargors; or |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (d) | executing any other documents or taking any other action which may be necessary to release the Security Assets from the Security constituted by this Deed. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19.4 | Notices |
|------|---------|

| 20. | Governing Law |
|-----|---------------|

| 21. | Jurisdiction |
|-----|--------------|

| 21.1 | The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Deed (including a dispute relating to the existence, validity or termination of this Deed or any non-contractual obligation arising out of or in connection with this Deed) (a "Dispute"). |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.2 | The Parties agree that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly no Party will argue to the contrary. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.3 | This Clause 21 is for the benefit of the Bank only.  As a result, the Bank shall not be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction.  To the extent allowed by law, the Bank may take concurrent proceedings in any number of jurisdictions. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Original Chargors                                                                                                                                                     |                                                                                                                                             |                                                                                                                                             |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                  |                                                                                                                                             |                                                                                                                                             |   |
| Executed as a deed by                         | )                                                                                                                                                |                                                                                                                                             |   |
| Midatech Pharma Plc                                                                                                                                                   | )                                                                                                                                                | /s/ Nicholas Robbins-Cherry                                                                                                                      |
|                                                                                                                                                                  |                                                                                                                                             |                                                                                                                                             |   |
|                                                                                                                                                                  |                                                                                                                                             |                                                                                                                                             |   |
| Executed as a deed by                                                                                                                                                 | )                                                                                                                                                |                                                                                                                                             |   |
| Midatech Ltd                                                                                                                                                          | )                                                                                                                                                | /s/ Nicholas Robbins-Cherry                                                                                                                      |
|                                                                                                                                                                  |                                                                                                                                             |                                                                                                                                             |
|                                                                                                                                                                  |                                                                                                                                             |                                                                                                                                             |
|                                                                                                                                                                  |                                                                                                                                             |                                                                                                                                             |
| Executed as a deed by                                                                                                                                                 | )                                                                                                                                                |                                                                                                                                             |
| Midatech Pharma (Wales) Limited                                                                                                                                       | )                                                                                                                                                | /s/ Nicholas Robbins-Cherry                                                                                                                      |
|                                                                                                                                                                  |                          |                          |   |
| Bank                                                                                                                                                                  |                                                                                                                                             |                                                                                                                                             |   |
|                                                                                                                                                                  |                                                                                                                                             |                                                                                                                                             |   |
| Executed as a deed by                                                                                                                                                 | )                                                                                                                                                |                                                                                                                                             |   |
| an authorised signatory                                                                                                                                               | )                                                                                                                                                |                                                                                                                                             |   |
| for and on behalf of                                                                                                                                                  | )                                                                                                                                                |                                                                                                                                             |   |
| Silicon Valley Bank                                                                                                                                                   | )                                                                                                                                                | /s/ Ian Murchie                                                                                                                                  |

----