<PAGE>

THIS AGREEMENT is made the 10th day of May 2002

BETWEEN:

(1)     NARROWSTEP LIMITED (registered number 4412126, whose registered office
        is at no1 Marylebone High Street, London, W1U 4NB

AND

(2)     IOLO JONES of 103B South Hill Park, London NW3 2SP (the "Employee").

THE PARTIES AGREE as follows:

1       (A)      Definitions

In this Agreement unless the context otherwise requires the following
expressions have the following meanings:

WORDS AND EXPRESSIONS           MEANING

the "Management"                the Management of the Company for the time
                                being, or any Executive of the Company for the
                                time being;

"Bonus"                         the bonus calculated in accordance with Schedule
                                2;

"Confidential Information"      information relating to the business, products,
                                affairs and finances of the Company or of any,
                                Group Company for the time being confidential to
                                it or to them or treated by it or them as such
                                and trade secrets (including, without
                                limitation, technical data and know-how)
                                relating to the business of the Company or of
                                any Group Company or of any of its or their
                                suppliers, clients or customers;

the "Employment"                the Employee's employment with the Company;

the " ERA"                      the Employment Rights Act 1996 as amended;

the "Group"                     the Company and the Group Companies;

"Group Company"                 any company which is for the time being a
                                subsidiary or holding company of the Company and
                                any subsidiary of any such holding company and
                                for the purposes of this Agreement the terms
                                "subsidiary" and "holding company" shall have
                                the meanings ascribed to them by sections 736
                                and 736A Companies Act 1985;

"Permitted Activities"          those activities in which the Employee is
                                permitted to be engaged in addition to his
                                activities as a director and employee of the
                                Company, as set out in Schedule 2;

the "Salary"                    the salary referred to in clause 6(A).

(B)     References to clauses and schedules are unless otherwise stated to
        clauses of and schedules to this Agreement.

(C)     The headings to the clauses are for convenience only and shall not
        affect the construction or interpretation of this Agreement.

<PAGE>

2.      APPOINTMENT

(A)     With effect from Completion the Company appoints the Employee and the
        Employee agrees to act in the capacity set out in Schedule 1 or in such
        other capacity as the Company from time to time reasonably directs on
        the terms of this Agreement.

(B)     The Company may appoint any other person or persons to act jointly with
        the Employee in any position to which he may be assigned from time to
        time.

3.      DURATION OF THE EMPLOYMENT

(A)     The Employment under this Agreement shall commence on and, subject to
        the provisions of this Agreement, shall continue for a fixed period of
        12 months and thereafter unless and until terminated by either party
        giving to the other not less than 12 months' notice in writing to expire
        on or at any time after the expiry of that fixed period.

(B)     Notwithstanding clause-3(A), the Employment shall terminate
        automatically without the need for notice when the Employee reaches 60
        years of age.

(C)     The Company reserves the right to terminate the Employment without any
        notice or on notice less than that required by clause 3(A) provided that
        if it does so it will pay to the Employee a sum equal to, but no more
        than, the Salary in respect of that part of the period of notice in
        clause 3(A) which the Company has not given to the Employee less any
        appropriate tax and other statutory deductions and any other deduction
        considered by the Company to be appropriate and reasonable to take
        account of accelerated receipt and the Employee's duty to mitigate his
        loss. Failure by the Company to give notice shall not entitle the
        Employee to receive such a payment and nor shall this clause release the
        Employee from any duty to mitigate any loss arising from the termination
        of his Employment.

(D)     At any time during any period of notice (whether given by the Company or
        the Employee), the Company shall be under no obligation to assign any
        duties to the Employee and shall be entitled to exclude him from its
        premises and/or the Company may require the Employee to carry out
        specified projects, provided that this shall not affect the Employee's
        entitlement to receive the Salary and other contractual benefits.

(E)     For the purposes of the ERA the Employee's period of continuous
        employment with the Company began on The Employee's employment with the
        Company and is not continuous with any previous employment with any
        previous employer.

(F)     The Employee represents and warrants that he is not bound by or subject
        to any court order, agreement, arrangement or undertaking which in any
        way restricts or prohibits him from entering into this Agreement or from
        performing his duties under it.

4.      SCOPE OF THE EMPLOYMENT

(A)     During the Employment the Employee shall:

        (i)     devote the whole of his time, attention and skill to the
                business and affairs of the Company both -during normal business
                hours (as set out in Schedule 1) and during such additional
                hours as are necessary for the proper performance of his duties
                or as the Management may reasonably require from time to time
                subject to the Employee's ability to carry out Permitted
                Activities to the extent set out in Schedule 2;

        (ii)    faithfully and diligently perform such duties and exercise such
                powers consistent with his position as may from time to time be
                assigned to or vested in him by the Management to a standard
                that is acceptable to the Management;

        (iii)   obey the reasonable and lawful directions of the Management;

        (iv)    comply with all the Company's rules, regulations, policies and
                procedures from time to time in force; and

(B)     The Employee agrees, for the purposes of Regulation 5 of The Working
        Time Regulations 1998 (the 'Regulations'), that Regulation 4 of the
        Regulations does not apply to him. The Company and the Employee agree
        that the Employee's consent, for the purpose of this clause 4 (B), shall
        continue indefinitely provided that the Employee may withdraw such
        consent at any time by giving the Company three months' notice of his
        wish to do so.

(C)     The Employee acknowledges the obligations on the Company to maintain up
        to date records as set out in Regulation 5 (4) and accordingly
        undertakes to provide the Company with such records as are necessary to
        enable the Company to comply with the Regulations.

<PAGE>

(D)     The Employee shall if and so long as the Company requires and without
        any further remuneration carry out his duties on behalf of any Group
        Company.

(E)     The Company may at its sole discretion transfer this Agreement to any
        Group Company at any time.

5.      PLACE OF WORK

(A)     The Employee's place of work will initially be the Company's offices at
        29 Queen Anne Street, London W1G 9HU, but the Company may require the
        Employee to work at any place (whether inside or outside the United
        Kingdom) for such periods as the Company may from time to time require.

(B)     The Company shall have the right to require the Employee to move house
        to an appropriate location for the better performance of his duties. The
        Employee will be given reasonable notice of any such requirements and
        the Company will reimburse to him all expenses incurred by him in such a
        move as it may consider reasonable in all the circumstances.

6.      REMUNERATION

(A)     The Company shall pay to the Employee a salary at the rate set out in
        Schedule 1, on the last day of each calendar month by equal monthly
        instalments in arrears (or such other sum as may from time to time be
        agreed). The rate of salary will be reviewed annually or more regularly
        at the Company's discretion.

(B)     For the purposes of the Employment Rights Act 1996 and otherwise the
        Employee consents to the deduction of any sums owing by him to the
        Company at any time from his salary or any other payment due from the
        Company to him. The Employee also agrees to make any payment to the
        Company of any sums owed by him to the Company upon demand by the
        Company at any time.

7.      EXPENSES

(A)     The Company shall reimburse the Employee in respect of all expenses
        reasonably incurred by him in the proper performance of his duties,
        subject to his providing such receipts or other appropriate evidence as
        the Company may require.

8.      HOLIDAYS

(A)     The Employee shall be entitled, in addition to all Bank and Public
        holidays normally observed in England, to the number of working days
        paid holiday as set out in Schedule 1 in each holiday year (being the
        period from 1 January to 31 December). The Employee may take his holiday
        only at such times as are agreed with the Management.

(B)     In the respective holiday years in which the Employment commences or
        terminates, the Employee's entitlement to holiday shall accrue on a pro
        rata basis for each completed calendar month of service during the
        relevant year.

(C)     If, on the termination of the Employment, the Employee has exceeded his
        accrued holiday entitlement, the value of such excess, calculated by
        reference to clause 9(B) and the Salary, may be deducted from ally sums
        due to him and if there are no such sums due, the Employee shall repay
        such excess to the Company on such termination. If the Employee has any
        unused holiday entitlement, the Company may either require the Employee
        to take such unused holiday during any notice period or make a payment
        to him in lieu of it, calculated as above.

(D)     Holiday entitlement for one holiday year cannot be taken in subsequent
        holiday years unless otherwise agreed by the Management. Failure to take
        holiday entitlement in the appropriate holiday year will lead to
        forfeiture of any accrued holiday not taken without any right to payment
        in lieu of it.

9.      SICKNESS BENEFITS

(A)     Subject to clause 15 the Company shall continue to pay the Employee's
        salary for up to a maximum of the number of working days' absence as set
        out in Schedule 1 on medical grounds in any period of 3 calendar months
        provided that the Employee shall from time to time if required:

        (i)     supply the Company with medical certificates covering any period
                of sickness or incapacity exceeding seven days (including
                weekends); and

        (ii)    undergo at the Company's expense, by a doctor appointed by the
                Company, any medical examination.

<PAGE>

(B)     Payment in respect of any other or further period of absence shall be at
        the Company's discretion.

(C)     Any payment to the Employee pursuant to clause 1 O(A) shall be subject
        to set off by the Company in respect of any Statutory Sick Pay and any
        Social Security Sickness Benefit or other benefits to which the Employee
        may be entitled.

(D)     If the Employee's absence shall be occasioned by the actionable
        negligence of a third party in respect of which damages are recoverable,
        then the Employee shall:

        (i)     notify the Company immediately of all the relevant circumstances
                and of any claim compromise, settlement or judgement made or
                awarded in connection with it;

        (ii)    give to the Company such information concerning the above
                matters as the Company may reasonably require; and

        (iii)   if the Company so requires, refund to the Company any amount
                received by him from any such third party provided that the
                refund shall be no more than the amount which he has recovered
                in respect of remuneration.

10.     PENSION, DEATH BENEFIT AND MEDICAL INSURANCE

(A)     No provision of retirement or death in service benefits will be made by
        the Company for the Employee, There is therefore no contracting-out
        certificate in force under the Pension Schemes Act 1993 in respect of
        the Employment.

11.     RESTRICTIONS DURING THE EMPLOYMENT

(A)     During the Employment the Employee shall not directly or indirectly:

        (i)     be employed, engaged, concerned or interested in any other
                business or undertaking or

        (ii)    engage in any activity which the Management reasonably considers
                may be, or become, harmful to the interests of the Company or of
                any Group Company or which might reasonably be considered to
                -Interfere with the performance of the Employee's duties under
                this Agreement,

(B)     Clause 12(A) shall not apply to the engagement of the Employee in any
        Permitted Activity.

(C)     The Employee shall comply with every rule of law and every regulation of
        the Company for the time being in force in relation to dealings in
        shares or other securities of the Company or any Group Company.

12.     CONFIDENTIAL INFORMATION AND COMPANY DOCUMENTS

(A)     The Employee shall neither during the Employment (except in the proper
        performance of his duties) nor at any time (without limit) after the
        termination of the Employment except in compliance with an order of a
        competent court:

        (i)     divulge or communicate to any person, company, business entity
                or other organisation any Confidential Information;

        (ii)    use any Confidential Information for his own purposes or for any
                purposes other than those of the Company or any Group Company;
                or

        (iii)   through any failure to exercise due care and diligence, permit
                or cause any unauthorised disclosure of any Confidential
                Information.

        These restrictions shall cease to apply to any information which shall
        become available to the public generally otherwise than through any
        breach by the Employee of the provisions of this Agreement or other
        default of the Employee.

(B)     The Employee acknowledges that all books, notes, memoranda, records,
        lists of customers and suppliers and employees, correspondence,
        documents, computer and other discs and tapes, data listings, codes,
        designs and drawings and other documents and material whatsoever
        (whether made or created by the Employee or otherwise) relating to the
        business of the Company or any Group Company (and any copies of the
        same):

        (i)     shall be and remain the property of the Company or the relevant
                Group Company; and

<PAGE>

        (ii)    shall be handed over by the Employee to the Company or to the
                relevant Group Company on demand and in any event on the
                termination of the Employment and the Employee shall certify
                that all such property has been handed over on request by the
                Management and agrees that he will take all reasonable steps to
                prevent the disclosure of the same.

13.     INVENTIONS AND OTHER INTELLECTUAL PROPERTY

(A)     The parties foresee that the Employee may make inventions or create
        other intellectual property in the course of his duties and agree that
        in this respect the Employee has a special responsibility to further the
        interests of the Company and the Group Companies.

(B)     Any invention, improvement, design, process, information, copyright
        work, trade mark or trade name or get-up made, created or discovered by
        the Employee in the course of the Employment (whether capable of being
        patented or registered or not and whether or not made or discovered in
        the course of the Employment) in conjunction with or in any way
        affecting or relating to the business of the Company or of any Group
        Company or capable of being used or adapted for use in or in connection
        with such business ("Intellectual Property Rights") shall -be disclosed
        immediately to the Company and shall (subject to Sections 39 to 43
        Patents Act 1977) belong to and be the absolute property of the Company
        or such Group Company as the Company may direct.

(C)     If and whenever required so to do by the Company the Employee shall at
        the expense of the Company or such Group Company as the Company may
        direct:

        (i)     apply or join with the Company or such Group Company in applying
                for letters patent or other protection or registration for an
                other Intellectual Property Rights in the United Kingdom and in
                any other part of the world; and

        (ii)    execute all instruments and do all things necessary for vesting
                all such right, title and interest in such letters patent or
                other Intellectual Property Rights in the Company or such Group
                Company or such other person as the Company may specify
                absolutely as sole beneficial owner.

(D)     The Employee irrevocably and unconditionally waives all rights under
        Chapter IV of Part 1 of the Copyright , Designs and Patents Act 1988 in
        connection with his authorship Copyright of any existing or future
        copyright work in the course of the Employment, in whatever part of the
        world such rights may be enforceable including, without limitation:

        (i)     the right conferred by section 77 of that Act to be identified
                as the author of any such work., and

        (ii)    the right conferred by section 80 of that Act not to have any
                such work subjected to derogatory treatment.

(E)     The Employee irrevocably appoints the Company to be his Attorney in his
        name and on his behalf to execute any such instrument or do any such
        thing and generally to use his name for the purpose of giving to the
        Company the full benefits of this clause 14. A certificate in writing in
        favour of any third party signed by any director or by the Secretary of
        the Company that any, instrument or act falls within the authority
        conferred by this Agreement shall be conclusive evidence that such is
        the case.

(F)     Nothing in this clause 14 shall be construed as restricting the rights
        of the Employee or the Company under sections 39 to 43 Patents Act 1977.

14.     TERMINATION

(A)     Notwithstanding any other provisions of this Agreement in any of the
        following circumstances the Company may terminate the Employment
        immediately by serving written notice on the Employee to that effect, In
        such event the Employee shall not be entitled to any further payment
        from the Company except such sums as shall have accrued due at that
        time. The circumstances are if the Employee:

        (i)     commits any serious breach of this Agreement or is guilty of any
                gross misconduct or any wilful neglect in the discharge of his
                duties;

        (ii)    repeats or continues (after warning) any breach of this
                Agreement;

        (iii)   is guilty of any fraud, dishonesty or any conduct tending, to
                bring himself, the Company, or any Group Company into disrepute;

<PAGE>

        (iv)    shall commit any act of bankruptcy or shall take advantage of
                any statute for the time being in force offering relief for
                insolvent debtors;

        (v)     is convicted of any criminal offence (other than minor offences
                under the Road Traffic Acts or the Road Safety Acts for which a
                fine or non-custodial penalty is imposed) which might reasonably
                be thought to affect adversely the performance of his duties;

        (vi)    refuses (without reasonable cause) to accept the novation by the
                Company of this Agreement, or an offer of employment on terms no
                less favourable to him than the terms of this Agreement, by any
                company which, as a result of a reorganisation, amalgamation or
                reconstruction of the Company, acquires or agrees to acquire not
                less than 90 per cent of the issued equity share capital of the
                Company (as defined by sectlion 744 of the Companies Act 1985);
                or

        (vii)   resigns as or otherwise ceases to be or becomes prohibited by
                law from being a director of the Company, otherwise than at the
                Company's request.

        Any delay by the Company in exercising such right of termination shall
        not constitute a waiver of it.

(B)     If at any time the Employee is unable to perform his duties properly
        because of ill health, accident or otherwise for a period or periods
        totalling at least 130 working days in any period of 12 calendar months,
        or becomes incapable by reason of mental disorder of managing and
        administering his property and affairs, then the Company may terminate
        the Employment by giving him not less than 1 months' written notice to
        that effect provided that if at any time during the currency of such a
        notice the Employee shall provide a medical certificate satisfactory to
        the Management to the effect that he has fully recovered his physical
        and/or mental health and that no recurrence of illness or incapacity can
        reasonably be anticipated, the Company shall withdraw the notice unless,
        by that date, a replacement for the Employee has been appointed.

(C)     If the Company believes that it may be entitled to terminate the
        Employment pursuant to clause 15(A) it shall be entitled (but without
        prejudice to its right subsequently to terminate the Employment on the
        same or any other ground) to suspend the Employee on full pay and other
        benefits for so long as it may think fit.

(D)     On the termination of the Employment or upon either the Company or the
        Employee having served notice of such termination, the Employee shall:

        (i)     immediately deliver to the Company all materials within the
                scope of clause 13(A) and all keys, credit cards, motor-cars,
                and other property of or relating to the business of the Company
                or of any Group Company which may be in his possession or under
                his power or control;

                and the Employee irrevocably authorises the Company to appoint
                any person in his name and on his behalf to sign any documents
                and do any things necessary or requisite to give effect to his
                obligations under this clause 15(D).

(E)     With a view to ensuring that his departure can be arranged with the
        minimum of inconvenience or disruption to the business of the Group and
        its relationship with third parties and its other employees, the
        Employee undertakes not, without the prior approval of the Management as
        to the timing and manner of any communication about his departure, to
        inform any of his colleagues about the proposed cessation of his
        employment hereunder.

(F)     The Employee acknowledges the right of the Company to monitor and
        control the performance of its employees and acknowledges the fiduciary
        obligations attaching to his position including obligations to inform
        the Management forthwith upon his becoming aware that any of his
        colleagues engaged in the business of any Group Company of which he is a
        director is intending or contemplating the termination of his contract
        of employment with the Company of any other company in the Group.

15.     RESTRICTIVE COVENANTS

(A)     The Employee will not without the written consent of the Management for
        a period of 6 months (less any period during which the Employee has not
        been provided with work pursuant to clause 3(D)) after the termination
        of the Employment whether as principal or agent, and whether alone or
        jointly with, or as a director, manager, partner, shareholder, employee
        or consultant of any other person, directly or indirectly:

<PAGE>

        (i)     interfere with, tender for, canvass, solicit or endeavour to
                entice away from the Company or from any Group Company the
                business of any person who at the date of termination of the
                Employment or during the period of 1 year prior to that date (or
                if earlier, prior to the date on which the Employee last carried
                out duties assigned to him by the Company) was, to his
                knowledge, a customer, client or agent of or supplier to or who
                had dealings with the Company or with any Group Company and with
                whom he had personal dealings in the normal course of his
                employment at that date or during that period. This restriction
                will be limited to activities by the Employee which will involve
                offering or providing services similar to those which he will
                have provided during the Employment;

        (ii)    supply any product, carry out or undertake or provide any
                service similar to those with which he was concerned to a
                material extent during the period of 6 months prior to the
                termination of the Employment to or for any person who, at the
                date of termination of the Employment or during the period of 1
                year prior to that date was a customer, client or agent of or
                supplier to or was in the habit of dealing with the Company or
                with any Group Company and with whom the Employee had personal
                dealings in the normal course of his employment during that
                period of 1 year;

        (iii)   be employed by, or enter into partnership with, employ or
                attempt to employ or negotiate or arrange the employment or
                engagement by any other person, of any person who to his
                knowledge was, at the date of the termination of the Employment,
                or within 1 year prior to that date had been, an employee of the
                Company or any Group Company and with whom he had personal
                dealings during that period;

        (iv)    solicit, interfere with, tender for or endeavour to entice away
                from the Company or from any Group Company any contract, project
                or business, or the renewal of any of them, carried on by the
                Company or by any Group Company which is currently in progress
                at the date of the termination of the Employment or which was in
                the process of negotiation at that date and in respect of which
                the Employee had contact with any customer, client or agent of
                or supplier to the Company or any Group Company at any time
                during the period of 1 year prior to the date of termination of
                the Employment.

(B)     None of the restrictions contained in clause 16(A) shall prohibit any
        activities by the Employee which are not in direct or indirect
        competition with any business being carried on by the Company or by any
        Group Company at the date of the termination of the Employment.

(C)     At no time after the termination of the Employment shall the Employee
        directly or indirectly represent himself as being interested in or
        employed by or in any way connected with the Company or any Group
        Company, other than as a former employee of the Company

(D)     The Employee agrees that, having regard to all the circumstances and
        having taken independent legal advice, the restrictions contained in
        this clause are reasonable and necessary for the protection of the
        Company and the Group Companies and that they do not bear harshly upon
        him and the parties agree that:

        (i)     each restriction shall be read and construed independently of
                the other restrictions so that if one or more are found to be
                void or unenforceable as an unreasonable restraint of trade or
                for any other reason the remaining restrictions shall not be
                affected; and

        (ii)    if any restriction is found to be void but would be valid and
                enforceable if some part of it were deleted, that restriction
                shall apply with such deletion as may be necessary to make it
                valid and enforceable.

16.     DISCIPLINARY AND GRIEVANCE PROCEDURES

(A)     If the Employee wishes to obtain redress of any grievance relating to
        the Employment or is dissatisfied with any reprimand, suspension or
        other disciplinary step taken by the Company, he may address this to his
        direct manager, or to the CEO of the Company.

17.     NOTICES

A notice may be given by any party hereto to any other party hereto either
personally or by sending it by prepaid first class post or airmail to his
address stated in this Agreement or to any other address supplied by him to the
other par-ties hereto for the giving of notice to him. A properly addressed and
prepaid notice sent by post shall be deemed to have been served at an address
within the United Kingdom at the expiry of 48 hours after the notice is posted
and to have been served at an address outside the United Kingdom at the expiry
of 48 hours after the notice is posted and to have been served at an address
outside the United Kingdom at the expiry of 72 hours after the notice is posted.

<PAGE>

18.     FORMER CONTRACTS OF EMPLOYMENT

This Agreement shall be in substitution for any previous. contracts, whether by
way of letters of appointment, agreements or arrangements, whether written, oral
or implied, relating to the employment of the Employee (including all bonus and
option arrangements), which shall be deemed to have been terminated by mutual
consent as from the date of this Agreement and the Employee acknowledges to the
Company for itself and on behalf of each Group Company that he has no
outstanding claims of any kind against the Company or any Group Company in
respect of any such contract.

19.     CHOICE, OF LAW AND SUBMISSION TO JURISDICTION

(A)     This Agreement shall be governed by and interpreted in accordance with
        English law.

(B)     The parties submit to the exclusive jurisdiction of the English courts
        but this Agreement may be enforced by the Company in any court of
        competent jurisdiction.

20.     GENERAL

(A)     This Agreement constitutes the written statement of the terms of
        employment of the Employee provided in compliance with Part 1 of the
        ERA.

(B)     Save as otherwise herein provided there are no terms or conditions of
        employment relating to hours of work or to normal working hours or to
        entitlement to holiday (including public holidays) or holiday pay or to
        incapacity for work due to sickness or injury or to pensions or pension
        schemes or to requirements to work abroad and no collective agreement
        has any effect upon the Employee's Employment under this Agreement.

<PAGE>

SCHEDULE1

<TABLE>
<CAPTION>
<S>                                                                           <C>

THE EMPLOYEE

Job title                                                                        Chief Executive Officer
Notice period                                                                                  12 months
Remuneration                                                                               (pound)65,000
Holidays                                                                                        30 days,
Sickness benefit                                                                                130 days
Hours of work                9.00am to 6.00pm, (with an hour break for lunch) Monday to Friday inclusive
</TABLE>

Additional

You will be paid a fee equivalent to 5% of the previous year's audited turnover
of any acquisition target if profitable or 1% if not profitable, subject to
Board approval in each case.

Share options based on the share price at the time of granting them will be made
to ensure that you do not dilute below 20% as a result of acquisition or
fundraising.

Upon the company achieving a quarterly profit your salary will be reviewed to
(pound)90,000 and thereafter reviewed by the company's renumeration committee.

<PAGE>

SCHEDULE 2

                              PERMITTED ACTIVITIES


1. The Employee is permitted to be engaged, concerned or interested in or to
hold office in any business or undertaking provided that:

(a)     the business or undertaking in question does not compete with the
business of the Company or any Group Company;

(b)     the Employee's engagement, concern or interest in the business or
undertaking in question does not require him to devote time and attention to it
such as to prevent the Employee from properly fulfilling his duties to the
Company or any Group Company, and in particular the Employee's duties under
clause 4 (A) of this Agreement; and

(c)     the Employee notifies the Company in writing before or as soon as
practicable after his engagement, concern or interest arises begins.

EXECUTED as a DEED for

and on behalf of THE COMPANY by:

Director

/s/ Peter Lloyd

Secretary

Signed by the said IOLO JONES in the presence of:

/s/ Iolo Jones