Document:

<Page>

                                                                    EXHIBIT 4.13

                                                                  CONFORMED COPY

                              DATED 6th March, 2002

                             SUPPLEMENTAL AGREEMENT

                                     BETWEEN

                                   SPIRENT plc
                        (formerly known as BOWTHORPE plc)

                                       AND

                            HSBC INVESTMENT BANK PLC
                                    as Agent

        relating to a L315,000,000 and U.S.$200,000,000 CREDIT AGREEMENT
       dated 14th June, 1999 (as amended by a supplemental agreement dated
        15th July, 1999, a syndication agreement dated 16th August, 1999
     and two further supplemental agreements each dated 15th November, 2000)

                                  ALLEN & OVERY
                                     London

<Page>

                                      INDEX

<Table>
<Caption>
CLAUSE                                                                     PAGE
<S>    <C>                                                                 <C>
1.     Interpretation.........................................................1
2.     Amendments.............................................................1
3.     Representations........................................................2
4.     Fees...................................................................2
5.     Miscellaneous..........................................................3
6.     Governing law..........................................................3

SCHEDULE
</Table>

<Page>

THIS SUPPLEMENTAL AGREEMENT is dated 6th March, 2002 between:

(1)    SPIRENT plc (formerly known as BOWTHORPE plc) (Registered No. 470893)
       (the "COMPANY"); and

(2)    HSBC INVESTMENT BANK PLC as agent (in this capacity the "AGENT").

BACKGROUND

(A)    This Agreement is supplemental to and amends a credit agreement dated
       14th June, 1999, as amended by a supplemental agreement dated 15th July,
       1999, a syndication agreement dated 16th August, 1999 and two further
       supplemental agreements, each dated 15th November, 2000 between, among
       others, the Company and the Facility Agent (the "CREDIT AGREEMENT").

(B)    The Majority Banks (as defined in the Credit Agreement) have consented to
       the amendments to the Credit Agreement contemplated by this Agreement.
       Accordingly, the Agent is authorised to execute this Agreement on behalf
       of the Finance Parties.

(C)    The Parties have agreed that as of 23rd November, 2001 Tranche A (of
       which U.S $152,000,000 is currently outstanding) would be converted from
       a term loan facility to a revolving credit facility.

IT IS AGREED as follows:

1.     INTERPRETATION

1.1    DEFINITIONS

       Capitalised terms defined in the Credit Agreement have, unless expressly
       defined in this Agreement, the same meaning in this Agreement.

       "EFFECTIVE DATE"

       means 7th March 2002 or such other date as the Company and the Facility
       Agent may agree.

       "SUPPLEMENTAL FEE LETTER"

       means the letter dated the date of this Agreement between the Company and
       the Agent setting out the amount of the fee referred to in Clause 4
       (Fees).

1.2    CONSTRUCTION

       The provisions of Clause 1.2 (Construction) of the Credit Agreement apply
       to this Agreement as though they were set out in full in this Agreement
       except that references to the Credit Agreement are to be construed as
       references to this Agreement.

2.     AMENDMENTS

       Subject as set out below, the Credit Agreement will be amended and
       restated in the form set out in Schedule 2 (Restated Credit Agreement).

       The Credit Agreement will not be amended by this Agreement unless the
       Agent notifies the Company and the Banks that it has received all of the
       documents set out in Schedule 1 in

<Page>

                                        2

       form and substance satisfactory to the Agent on or prior to the Effective
       Date. The Agent must give this notification as soon as reasonably
       practicable.

       If the Agent fails to give the notification under paragraph (a) above by
       the Effective Date, the Credit Agreement will not be amended in the
       manner contemplated by this Agreement.

3.     REPRESENTATIONS

3.1    REPRESENTATIONS

       The representations set out in this Clause are made by the Company on the
       date of this Agreement to each Finance Party.

3.2    POWERS AND AUTHORITY

       It has the power to enter into and perform, and has taken all necessary
       action to authorise the entry into and performance of this Agreement and
       the transactions contemplated by this Agreement.

3.3    LEGAL VALIDITY

       This Agreement constitutes its legally binding, valid and enforceable
       obligation.

3.4    NON-CONFLICT

       The entry into and performance by it of, and the transactions
       contemplated by, this Agreement do not and will not conflict with:

       (a)     any law or regulation applicable to it; or

       (b)     its or any of its Subsidiaries' constitutional documents; or

       (c)     any document which is binding on it or any of its Subsidiaries or
               any of its or its Subsidiaries' assets.

3.5    AUTHORISATIONS

       All authorisations required by it in connection with the entry into,
       performance, validity and enforceability of, and the transactions
       contemplated by, this Agreement have been obtained or effected (as
       appropriate) and are in full force and effect.

3.6    CREDIT AGREEMENT

       The representations set out in Clause 18 (Representations and warranties)
       of the Credit Agreement (with the exception of Clause 18.8(d) (Accounts))
       are true as if made on the date of this Agreement and as if references to
       the Credit Agreement are references to the Credit Agreement, as amended
       by this Agreement, with reference to the facts and circumstances then
       existing.

4.     FEES

       The Company shall on the date of this Agreement pay to the Agent for each
       Bank a fee in the amount referred to in the Supplemental Fee Letter.

<Page>

                                        3

5.     MISCELLANEOUS

(a)    This Agreement is a Finance Document.

(b)    Subject to the terms of this Agreement, the Credit Agreement will remain
       in full force and effect and the Credit Agreement and this Agreement will
       be read and construed as one document.

6.     GOVERNING LAW

       This Agreement is governed by English law.

This Agreement has been entered into on the date stated at the beginning of this
Agreement.

<Page>

                                        4

                                   SCHEDULE 1

                         CONDITIONS PRECEDENT DOCUMENTS

1.     A copy of the constitutional documents of the relevant Obligor or, if the
       Agent already has a copy, a certificate of an authorised signatory of the
       relevant Obligor confirming that the copy in the Agent's possession is
       still correct, complete and in full force and effect as at a date no
       earlier than the date of this Agreement.

2.     A copy of a resolution of the board of directors of each Obligor (or a
       committee of its board of directors) approving the terms of, and the
       transactions contemplated by, this Agreement.

3.     If applicable, a copy of a resolution of the board of directors of each
       Obligor establishing the committee referred to in paragraph 2 above.

4.     If not already supplied to the Agent, a specimen of the signature of each
       person authorised on behalf of each Obligor to sign this Agreement.

5.     A certificate of an authorised signatory of each Obligor certifying that
       each copy document specified in this Schedule is correct, complete and in
       full force and effect as at a date no earlier than the date of this
       Agreement.

6.     A copy of any other authorisation or other document, opinion or assurance
       which the Agent has notified the Company is necessary or desirable in
       connection with the entry into and performance of, and the transactions
       contemplated by, this Agreement or for the validity and enforceability of
       this Agreement.

7.     Evidence that all fees and expenses then due and payable from the Company
       in respect of this Agreement have been paid.

<Page>

                                        5

                                   SCHEDULE 2

                            RESTATED CREDIT AGREEMENT

                                    AGREEMENT

                              DATED 14th June, 1999

                       L315,000,000 and U.S. $200,000,000
                              AMENDED AND RESTATED

                                 CREDIT FACILITY

                                       FOR

                  SPIRENT plc (formerly known as BOWTHORPE plc)

                                   ARRANGED BY

                             DEUTSCHE BANK AG LONDON
                            HSBC INVESTMENT BANK plc

                                  ALLEN & OVERY
                                     London

<Page>

                                        6

                                    CONTENTS

<Table>
<Caption>
CLAUSE                                                                    PAGE
<S>    <C>                                                                  <C>
1.     Interpretation........................................................8
2.     The Facilities.......................................................30
3.     Purpose..............................................................32
4.     Conditions precedent.................................................32
5.     Loans and Term-out Option............................................33
6.     Repayment............................................................34
7.     Prepayment and cancellation..........................................35
8.     Interest Periods.....................................................39
9.     Interest.............................................................41
10.    Optional Currencies..................................................43
11.    Amount of Optional Currencies........................................43
12.    Payments.............................................................44
13.    Taxes................................................................46
14.    Market disruption....................................................48
15.    Increased costs......................................................50
16.    Illegality...........................................................51
17.    Guarantee............................................................51
18.    Representations and warranties.......................................54
19.    Undertakings.........................................................57
20.    Default..............................................................63
21.    The Agent and the Arrangers..........................................67
22.    Fees.................................................................71
23.    Expenses.............................................................73
24.    Stamp duties.........................................................73
25.    Indemnities..........................................................73
26.    Evidence and calculations............................................75
27.    Amendments and waivers...............................................75
28.    Changes to the parties...............................................76
29.    Disclosure of information............................................80
30.    Set-off..............................................................81
31.    Pro rata sharing.....................................................81
32.    Severability.........................................................82
33.    Counterparts.........................................................82
34.    Notices..............................................................83
35.    Language.............................................................84
36.    Jurisdiction.........................................................84
37.    Governing law........................................................85
</Table>

<Page>

                                        7

SCHEDULES

ERROR! NO TABLE OF CONTENTS ENTRIES FOUND.

<Page>

                                        8

THIS AGREEMENT is made on 14th June, 1999 between:

(1)    SPIRENT plc (formerly known as BOWTHORPE plc) (Registered No. 470893)
       (the "COMPANY");

(2)    DEUTSCHE BANK AG LONDON AND HSBC INVESTMENT BANK plc as arrangers (in
       this capacity the "ARRANGERS");

(3)    THE FINANCIAL INSTITUTIONS listed in Schedule 1 as banks (the "BANKS");
       and

(4)    HSBC INVESTMENT BANK plc as agent (in this capacity the "AGENT").

IT IS AGREED as follows:

1.     INTERPRETATION

1.1    DEFINITIONS

       In this Agreement:

       "ACCOUNTING PERIOD"

       means:

       (a)     in respect of the Group, any period of 12 months ending on the
               last day of a financial year or financial half-year of the Group;
               or

       (b)     for the purposes of Clause 19.18 (Material Subsidiaries), in
               respect of the Company or any Material Subsidiary, any period of
               12 months ending on the last day of a financial year or financial
               half-year of the Company or that Material Subsidiary (as
               applicable).

       "ACCOUNTS"

       means, at any time:

       (a)     in respect of any Accounting Period of the Group, the
               consolidated balance sheet and profit and loss account of the
               Group provided to the Agent under Clause 19.2(a) or (b)
               (Financial information) in respect of that Accounting Period; or

       (b)     for the purposes of Clause 19.18 (Material Subsidiaries), in
               respect of any Accounting Period of the Company or any Material
               Subsidiary the balance sheet and profit and loss account of the
               Company or that Material Subsidiary (as applicable) in respect of
               that Accounting Period.

       "ACQUISITION FINANCIAL INDEBTEDNESS"

       means any indebtedness (without double counting) in respect of:

       (a)     moneys borrowed;

       (b)     any debenture, bond, note, loan stock or other similar security;

<Page>

                                        9

       (c)     any acceptance credit;

       (d)     the acquisition cost of any asset to the extent payable before or
               after the time of acquisition or possession by the party liable
               where the advance or deferred payment is arranged primarily as a
               method of raising finance or financing the acquisition of that
               asset to the extent that it is required by generally accepted
               U.K. accounting principles to be shown as a borrowing in the
               Accounts of the relevant company; or

       (e)     any amount raised under any other transaction having the
               commercial effect of a borrowing or raising of money.

       "ADDITIONAL BORROWER"

       means a member of the Group which becomes a Borrower in accordance with
       Clause 28.5 (Additional Borrowers).

       "ADDITIONAL GUARANTOR"

       means a member of the Group which becomes a Guarantor in accordance with
       Clause 28.6 (Additional Guarantors).

       "AFFILIATE"

       means a Subsidiary or a Holding Company of a person or any other
       Subsidiary of that Holding Company.

       "AGENT'S SPOT RATE OF EXCHANGE"

       means the Agent's spot rate of exchange for the purchase of the relevant
       Optional Currency in the London foreign exchange market with Sterling at
       or about 11.00 a.m. on a particular day.

       "BALANCE SHEET"

       means, at any time, the latest published consolidated balance sheet of
       the Group, which, for the avoidance of doubt, shall be deemed not to
       include the Excluded Subsidiaries.

       "BORROWER"

       means, subject to Clause 28.7 (Removal of Obligors), the Company or an
       Additional Borrower.

       "BORROWER ACCESSION AGREEMENT"

       means a letter substantially in the form of Part II of Schedule 5 with
       such amendments as the Agent and the Company may agree.

       "BUSINESS DAY"

       means a day (other than a Saturday or Sunday) on which banks are open for
       general business in London and:

       (a)     in relation to a payment in an Optional Currency other than
               euros, the principal financial centre of the country of that
               Optional Currency; or

<Page>

                                       10

       (b)     in relation to a payment in euros, a TARGET Business Day.

       "CASH AND CASH EQUIVALENTS"

       means, at any time:

       (a)     cash on deposit in any Permitted Bank;

       (b)     any investment in:

               (i)     marketable obligations issued or guaranteed by the U.S.
                       or the U.K. or by an instrumentality or agency of the
                       U.S. or the U.K. having an equivalent credit rating;

               (ii)    certificates of deposit, maturing within one year after
                       acquisition thereof, issued by a Permitted Bank;

               (iii)   bankers' acceptances and eligible bills accepted by
                       Permitted Banks, maturing within one year after
                       acquisition thereof; and

               (iv)    open market commercial paper or other unsubordinated
                       indebtedness:

                       (A)  for which a recognised trading market exists on any
                            Business Day;

                       (B)  issued in the U.S., the U.K. or the Eurodollar
                            market;

                       (C)  which matures within one year after acquisition
                            thereof; and

                       (D)  which has a credit rating of either A-1 by Standard
                            & Poor's or IBCA or P-1 by Moody's or any future
                            equivalent of any such credit rating, or, if no
                            rating is available with respect to such commercial
                            paper or indebtedness, the issuer of which has, in
                            respect of its long-term debt obligations, an
                            equivalent rating; or

       (c)     any other instrument, security or investment approved by the
               Majority Banks,

       in each case, to which any member of the Group is beneficially entitled
       at that time.

       "CLEAN-UP PERIOD"

       means the period from the date of this Agreement to the date falling 180
       days after the Target becomes a Subsidiary of the Company.

       "CODE"

       means the United States Internal Revenue Code of 1986 as amended from
       time to time.

       "COMMITMENT"

       means a Tranche A Commitment, a Tranche B Commitment or a Tranche C
       Commitment.

<Page>

                                       11

       "COMMITMENT PERIOD"

       means the Tranche A Commitment Period, the Tranche B Commitment Period or
       the Tranche C Commitment Period.

       "COMPLIANCE CERTIFICATE"

       means a certificate substantially in the form of Schedule 6.

       "CONSOLIDATED EBIT"

       means, in relation to any Accounting Period of the Group, the
       consolidated operating profit of the Group for that Accounting Period
       calculated by reference to the Accounts of the Group for that Accounting
       Period and:

       (a)     before deducting, charging or providing for:

               (i)     Consolidated Net Interest Expense; and

               (ii)    any taxation as shown in the profit and loss section of
                       those Accounts for that Accounting Period; and

       (b)     before taking into account any exceptional items (including,
               without limitation, profits or losses on the sale or termination
               of an operation, costs of a fundamental reorganisation or
               restructuring and profits or losses on the disposal of fixed
               assets) as shown in the profit and loss section of the Accounts
               of the Group for that Accounting Period.

       "CONSOLIDATED EBITA"

       means, in relation to any Accounting Period of the Group, the
       consolidated operating profit of the Group for that Accounting Period
       calculated by reference to the Accounts of the Group for that Accounting
       Period and:

       (a)     before deducting, charging or providing for:

               (i)     Consolidated Net Interest Expense;

               (ii)    any taxation as shown in the profit and loss section of
                       those Accounts for that Accounting Period;

               (iii)   amortisation charged during that Accounting Period; and

       (b)     before taking into account any exceptional items (including,
               without limitation, profits or losses on the sale or termination
               of an operation, costs of a fundamental reorganisation or
               restructuring and profits or losses on the disposal of fixed
               assets) as shown in the profit and loss section of the Accounts
               of the Group for that Accounting Period.

<Page>

                                       12

       "CONSOLIDATED EBITDA"

       means, in relation to any Accounting Period, the consolidated operating
       profit of the Group for that Accounting Period calculated by reference to
       the Accounts for that Accounting Period and:

       (a)     before deducting, charging or providing for:

               (i)     Consolidated Net Interest Expense;

               (ii)    any taxation as shown in the profit and loss section of
                       those Accounts for that Accounting Period;

               (iii)   depreciation in respect of that Accounting Period; and

               (iv)    amortisation charged during that Accounting Period; and

       (b)     before taking into account any exceptional items (including,
               without limitation, profits or losses on the sale or termination
               of an operation, costs of a fundamental reorganisation or
               restructuring and profits or losses on the disposal of fixed
               assets) as shown in the profit and loss section of the Accounts
               of the Group for that Accounting Period.

       "CONSOLIDATED INTEREST EXPENSE"

       means, in relation to any Accounting Period, all interest, acceptance
       commission and any other continuing, regular or periodic costs and
       expenses in the nature of interest (whether paid, payable or capitalised)
       incurred by the Group (other than interest paid or payable to another
       member of the Group) during that Accounting Period.

       "CONSOLIDATED INTEREST RECEIVABLE"

       means, in relation to any Accounting Period, all interest received or
       receivable by any member of the Group (other than interest received or
       receivable from another member of the Group) during that Accounting
       Period.

       "CONSOLIDATED NET DEBT"

       means, at any time and without double counting, Total Consolidated Debt
       less Cash and Cash Equivalents at that time.

       "CONSOLIDATED NET INTEREST EXPENSE"

       means, in relation to any Accounting Period, Consolidated Interest
       Expense for that period less Consolidated Interest Receivable for that
       period.

       "CONSOLIDATED TOTAL ASSETS"

       means, at any time, the consolidated fixed assets and consolidated
       current assets of the Group as shown in its Balance Sheet excluding, for
       the avoidance of doubt, goodwill and investment in joint ventures.

<Page>

                                       13

       "DANGEROUS SUBSTANCES"

       means any radioactive emissions and any natural or artificial substance
       (whether in solid or liquid form or in the form of a gas or vapour), the
       generation, transportation, storage, treatment, use or disposal of which
       (whether alone or in combination with any other substance) gives a risk
       of causing harm to man or any other living organism or damaging in any
       material respect the environment or public health or welfare, including,
       but not limited to, any controlled, special, hazardous, toxic,
       radioactive or dangerous waste.

       "DEFAULT"

       means an Event of Default or a Potential Event of Default.

       "DRAWDOWN DATE"

       means the date of the making of a Loan.

       "EBIT"

       means, in relation to any Accounting Period for the Company or any
       Material Subsidiary, the operating profit of the Company or that Material
       Subsidiary (as applicable) for that Accounting Period calculated by
       reference to the Accounts of the Company or that Material Subsidiary (as
       applicable) for that Accounting Period and:

       (a)     before deducting, charging or providing for:

               (i)     all interest, acceptance commission and any other
                       continuing, regular or periodic costs and expenses in the
                       nature of interest (whether paid, payable or capitalised)
                       incurred by the Company or that Material Subsidiary (as
                       applicable) during that Accounting Period less all
                       interest received or receivable by the Company or that
                       Material Subsidiary (as applicable) during that
                       Accounting Period; and

               (ii)    any taxation as shown in the profit and loss section of
                       those Accounts for that Accounting Period; and

       (b)     before taking into account any exceptional items (including,
               without limitation, profits or losses on the sale or termination
               of an operation, costs of a fundamental reorganisation or
               restructuring and profits or losses on the disposal of fixed
               assets) as shown in the profit and loss section of those Accounts
               for that Accounting Period.

       "ECB COSTS"

       means the cost imputed to the Banks of compliance with any reserve asset
       requirements of the European Central Bank.

       "ENVIRONMENTAL CLAIM"

       means any claim by any person:

       (a)     in respect of losses or liabilities suffered or incurred by that
               person as a result of or in connection with the violation of any
               Environmental Law; or

<Page>

                                       14

       (b)     giving rise to any remedy or penalty that may be enforced or
               assessed by private or public legal action as a result of
               environmental contamination or any application for any interim or
               financial, judicial or administrative decree, injunction, cease
               and desist order, abatement order, compliance order, consent
               order, clean-up order, or enforcement notice, stop notice,
               improvement notice, prohibition notice or revocation order in
               respect of that environmental contamination; or

       (c)     in respect of any other remedial action or action to comply that
               the relevant person is obliged to take pursuant to any
               Environmental Law in respect of any environmental contamination.

       "ENVIRONMENTAL LAW"

       means any common or statutory law or regulation concerning the protection
       of human health, any living organism, the workplace or the environment or
       the conditions of the workplace or the generation, transportation,
       storage, treatment or disposal of Dangerous Substances.

       "ERISA"

       means the United States Employee Retirement Income Security Act of 1974,
       as amended from time to time, and the rulings and regulations issued
       under it.

       "ERISA AFFILIATE"

       means any person which is, for the purposes of Title IV of ERISA, a
       member of the controlled group of any U.S. Borrower or U.S. Material
       Subsidiary or under common control of any U.S. Borrower or U.S. Material
       Subsidiary within the meaning of section 414(b), (c), (m) or (o) of the
       Code.

       "EURO" OR "EURO"

       means the single currency of the Participating Member States.

       "EVENT OF DEFAULT"

       means an event specified as such in Clause 20.1 (Events of Default).

       "EXCLUDED SUBSIDIARY"

       means:

       (a)     WAGO Kontakttechnik GmbH and its Subsidiaries;

       (b)     WAGO Contact SA and its Subsidiaries; or

       (c)     any other Subsidiary of the Company which is designated as such
               with the approval of the Agent,

       but only for so long as such Subsidiary is not treated as a Subsidiary
       for the purposes of the audited consolidated accounts of the Group.

<Page>

                                       15

       "EXISTING FACILITY"

       means:

       (a)     the L25,000,000 facility provided by Deutsche Bank AG London
               pursuant to a facility agreement dated 1st July, 1998 (as
               supplemented on 14th March, 1999) between Deutsche Bank AG London
               and the Company; or

       (b)     the L50,000,000 facility provided by Midland Bank plc pursuant to
               a facility agreement dated 5th June, 1998 (as supplemented on
               12th January, 1999) between Midland Bank plc and the Company.

       "FACILITY"

       means the Tranche A Facility, the Tranche B Facility or the Tranche C
       Facility and "FACILITIES" means all of them.

       "FACILITY OFFICE"

       means the office(s) notified by a Bank to the Agent:

       (a)     on or before the date it becomes a Bank; or

       (b)     by not less than 5 Business Days' notice,

       as the office(s) through which it will perform all or any of its
       obligations under this Agreement which, in the case of:

       (i)     any U.K. Bank shall be situated in the U.K.; and

       (ii)    any U.K. Treaty Bank shall be situated outside the U.K.

       "FEE LETTER"

       means a letter dated on or about the date of this Agreement between the
       Arrangers and the Company or the Agent and the Company setting out the
       amount of various fees referred to in Clause 22 (Fees).

       "FINAL MATURITY DATE"

       means the fifth anniversary of the first Drawdown Date.

       "FINANCE DOCUMENT"

       means:

       (a)     this Agreement;

       (b)     a Novation Certificate;

       (c)     a Fee Letter;

       (d)     the Mandate Letter;

<Page>

                                       16

       (e)     a Borrower Accession Agreement;

       (f)     a Guarantor Accession Agreement;

       (g)     the Syndication Side-Letter;

       (h)     a Syndication Agreement; or

       (i)     any other document designated as such by the Agent and the
               Company.

       "FINANCE PARTY"

       means an Arranger, a Bank or the Agent.

       "FINANCIAL INDEBTEDNESS"

       means any indebtedness (without double counting) in respect of:

       (a)     moneys borrowed;

       (b)     any debenture, bond, note, loan stock or other similar security;

       (c)     any acceptance credit;

       (d)     receivables sold or discounted (to the extent of recourse);

       (e)     the acquisition cost of any asset to the extent payable before or
               after the time of acquisition or possession by the party liable
               where the advance or deferred payment is arranged primarily as a
               method of raising finance or financing the acquisition of that
               asset and, for the purposes of Clause 19.8 (Preferred
               Indebtedness), to the extent that it is required by generally
               accepted U.K. accounting principles to be shown as a borrowing in
               the Accounts of the relevant company;

       (f)     any lease entered into primarily as a method of raising finance
               or financing the acquisition of the asset leased and required to
               be accounted for as a finance lease under SSAP 21 or FRS 5;

       (g)     any currency swap or interest swap, cap or collar arrangement or
               any other derivative instrument the amount of which will be
               calculated on a mark to market basis;

       (h)     any amount raised under any other transaction having the
               commercial effect of a borrowing or raising of money; or

       (i)     any guarantee, indemnity, counter indemnity or similar assurance
               against financial loss of any person given for a type of
               indebtedness referred to in paragraphs (a) to (h) above.

       "FRS"

       means a financial reporting standard issued by the Accounting Standards
       Board.

<Page>

                                       17

       "GROUP"

       means the Company and its Subsidiaries other than any Excluded
       Subsidiary.

       "GUARANTOR"

       means, subject to Clause 28.7 (Removal of Obligors), the Company or an
       Additional Guarantor.

       "GUARANTOR ACCESSION AGREEMENT"

       means a letter substantially in the form of Part III of Schedule 5 with
       such amendments as the Agent and the Company may agree.

       "HOLDING COMPANY"

       has the meaning given to it in Section 736 of the Companies Act 1985.

       "IBCA"

       means The Fitch IBCA Group.

       "INFORMATION MEMORANDUM"

       means the information memorandum to be prepared on behalf of the Company
       and delivered to potential Banks in connection with the syndication of
       the Facilities.

       "INTEREST PERIOD"

       means each period determined in accordance with Clause 8 (Interest
       Periods).

       "LIBOR"

       means:

       (a)     the rate per annum appearing on page 3750 or page 3740 (as
               appropriate) on the Telerate Screen information display (the
               "TELERATE SCREEN"); or

       (b)     if no rate appears on the Telerate Screen (or its successor), the
               arithmetic mean (rounded upward to four decimal places) of the
               rates, as supplied to the Agent at its request, quoted by the
               Reference Banks to leading banks in the London interbank market,

       at or about 11.00 a.m. on the applicable Rate Fixing Day for the offering
       of deposits in the currency of the relevant Loan for a period comparable
       to the relevant Interest Period.

       "LOAN"

       means, subject to Clauses 8 (Interest Periods) and 10 (Optional
       Currencies), the principal amount of each borrowing by a Borrower under
       this Agreement or the principal amount outstanding of that borrowing.

<Page>

                                       18

       "MAJORITY BANKS"

       means, at any time:

       (a)     if any Loan is outstanding, Banks with an aggregate outstanding
               Original Sterling Amount of participations in Loans at that time
               of more than 66 2/3 per cent. of the aggregate Original Sterling
               Amount of all Loans then outstanding; or

       (b)     if no Loan is outstanding, Banks whose Commitments then aggregate
               more than 66 2/3 per cent. of the Total Commitments (or, if the
               Total Commitments have been reduced to zero, aggregated more than
               66 2/3 per cent. of the Total Commitments immediately before the
               reduction).

       "MANDATE LETTER"

       means the mandate letter dated 14th June, 1999 between the Arrangers and
       the Company.

       "MANDATORY COST"

means the cost of complying with certain regulatory requirements, expressed as a
percentage rate per annum and calculated by the Agent under Schedule 3.

       "MARGIN"

       means, subject to Clause 9.5 (Adjustment of the Margin), 0.80 per cent.
       per annum.

       "MARGIN CERTIFICATE"

       means a certificate substantially in the form of Schedule 7.

       "MATERIAL ADVERSE EFFECT"

       means a material adverse effect on the ability of the Company to perform:

       (a)     any of its payment obligations under the Finance Documents; or

       (b)     any of its obligations under Clause 19.10 (Financial covenants).

       "MATERIAL SUBSIDIARY"

       means:

       (a)     before any Compliance Certificate is delivered under Clause
               19.2(c) (Financial information), each Subsidiary of the Company
               listed in Schedule 9; or

       (b)     each Subsidiary of the Company listed in the Compliance
               Certificate most recently provided to the Agent under Clause
               19.2(c) (Financial information),

       so long as it is a Subsidiary of the Company.

       "MERGER"

       means the merger of the Target and Norman Acquisition Corp. pursuant to
       the Merger Agreement.

<Page>

                                       19

       "MERGER AGREEMENT"

       means the merger agreement dated on or around the date of this Agreement
       and made between the Target, Norman Acquisition Corp., Bowthorpe
       Financing Corp. and the stockholders of the Target named therein.

       "MOODY'S"

       means Moody's Investors Service, Limited.

       "NOVATION CERTIFICATE"

       has the meaning given to it in Clause 28.3 (Procedure for novations).

       "OBLIGOR"

       means a Borrower or a Guarantor.

       "OPTIONAL CURRENCY"

       means:

       (a)     U.S. Dollars; and

       (b)     any other currency (other than Sterling) which is for the time
               being freely transferable and convertible into Sterling and
               deposits of which are readily available in the London interbank
               market.

       "ORIGINAL GROUP ACCOUNTS"

       means the audited consolidated accounts of the Group for the year ended
       31st December, 1998.

       "ORIGINAL STERLING AMOUNT"

       means:

       (a)     the principal amount of a Loan denominated in Sterling; or

       (b)     the principal amount of a Loan denominated in an Optional
               Currency translated into Sterling on the basis of the Agent's
               Spot Rate of Exchange 3 Business Days before its Drawdown Date
               or, in the case of a Term Loan, its then current Interest Period.

       "PARTICIPATING MEMBER STATE"

       means a member state of the European Communities that adopts the euro as
       its currency in accordance with legislation of the European Union
       relating to European Economic and Monetary Union.

       "PARTY"

       means a party to this Agreement.

<Page>

                                       20

       "PBGC"

       means the Pension Benefit Guaranty Corporation and any entity succeeding
       to any of its functions under ERISA.

       "PENSION PLAN"

       means any single employer plan as defined in Section 4001(a)(15) of ERISA
       which is subject to Title IV of ERISA that is maintained for employees of
       any U.S. Obligor, U.S. Material Subsidiary or any ERISA Affiliate.

       "PERMITTED BANK"

       means:

       (a)     any commercial bank or trust company having, in respect of its
               long-term debt obligations, a rating of A or higher by Standard &
               Poor's or IBCA or A-2 or higher by Moody's or a comparable rating
               from a nationally recognised (in England) credit rating agency;
               or

       (b)     the Agent.

       "POTENTIAL EVENT OF DEFAULT"

       means an event or circumstance which, with the giving of notice and/or
       lapse of time and/or fulfilment of any other applicable condition, as
       provided in Clause 20.1 (Events of Default), would constitute an Event of
       Default.

       "PREFERRED INDEBTEDNESS"

       means the principal amount of Financial Indebtedness (or in the case of
       any derivative transaction, the mark to market value of that derivative
       transaction) of:

       (a)     all members of the Group (other than Guarantors); and

       (b)     the Guarantors which is secured by Security Interests,

       other than:

       (i)     the Financial Indebtedness listed in Schedule 8 and outstanding
               as at 14th May, 1999 (and any Financial Indebtedness incurred in
               refinancing any of the Financial Indebtedness listed in Schedule
               8 and any Financial Indebtedness listed in Schedule 8 which has
               been repaid and reborrowed, in each case, up to the amount of
               that Financial Indebtedness set out in Schedule 8 which has been
               refinanced or repaid and reborrowed);

       (ii)    Financial Indebtedness incurred under the Finance Documents; and

       (iii)   the mark to market value of any derivative transaction entered
               into by any Obligor.

<Page>

                                       21

       "PRESS RELEASE"

       means the press release to be made by or on behalf of the Company
       announcing the terms of the Merger.

       "QUALIFYING BANK"

       means:

       (a)     in respect of the UK:

               (i)     a U.K. Bank;

               (ii)    to the extent permitted in the Syndication Side-Letter, a
                       U.K. Treaty Bank; or

       (b)     in respect of the U.S. a U.S. Bank or a U.S. Treaty Bank.

       "RATE FIXING DAY"

       means:

       (a)     the first day of an Interest Period for a Loan denominated in
               Sterling;

       (b)     the second TARGET Business Day before the first day of an
               Interest Period for a Loan denominated in euros; or

       (c)     the second Business Day before the first day of an Interest
               Period for a Loan denominated in any currency other than Sterling
               or euros,

       or such other day as is generally treated as the rate fixing day by
       market practice in the London interbank market for the currency
       concerned, as notified by the Agent to the other Parties by not less than
       five Business Days' notice.

       "REFERENCE BANKS"

       means, subject to Clause 28.8 (Reference Banks), Deutsche Bank AG London
       and HSBC Bank plc and, following completion of Syndication, one other
       Bank (or an Affiliate of a Bank) selected by the Agent in accordance with
       Clause 28.8(b) (Reference Banks).

       "REGULATION D"

       means Regulation D of the Board of Governors of the Federal Reserve
       System (or any successor).

       "REGULATION D COSTS"

       means, in relation to its participation in a Loan made to a U.S. Borrower
       (or deposits maintained by a Bank to fund that participation), the amount
       (if any) certified by a Bank to be the cost to it of complying with
       Regulation D (or any similar reserve requirements) in respect of its
       participation or those deposits.

<Page>

                                       22

       "REQUEST"

       means a request made by a Borrower to utilise a Facility, substantially
       in the form of Schedule 4.

       "REVOLVING LOAN"

       means a Tranche A Loan, Tranche B Loan or a Tranche C Loan before the
       exercise of the Term-out Option.

       "REVOLVING CREDIT REPAYMENT DATE"

       means, in relation to a Revolving Loan, the last day of its Interest
       Period.

       "ROLLOVER LOAN"

       means a requested Loan:

       (a)     which is being made solely to refinance an outstanding Loan;

       (b)     whose Original Sterling Amount is equal to or less than that
               outstanding Loan; and

       (c)     whose Drawdown Date coincides with the Revolving Credit Repayment
               Date of that outstanding Loan.

       "SECURITY INTEREST"

       means any mortgage, charge, assignment, pledge, lien, hypothecation or
       security interest or any other agreement having the effect of conferring
       security but, for the avoidance of doubt, excluding any finance lease.

       "SSAP"

       means a standard of accounting practice issued by the Accounting
       Standards Committee.

       "STANDARD & POOR'S"

       means Standard & Poor's Rating Services, a division of McGraw Hill
       Companies Inc.

       "STERLING" OR "L"

       means the lawful currency for the time being of the U.K.

       "SUBSIDIARY"

       means:

       (a)     a subsidiary within the meaning of section 736 of the Companies
               Act 1985; and

       (b)     in relation to the financial statements or any financial
               covenants in respect of the Group, a subsidiary undertaking
               within the meaning of section 258 of the Companies Act 1985.

<Page>

                                       23

       "SYNDICATION"

       means general syndication of the Facilities by the Arrangers.

       "SYNDICATION AGREEMENT"

       means an agreement between the then Parties and other banks and financial
       institutions, substantially in the form of Part IV of Schedule 5.

       "SYNDICATION SIDE-LETTER"

       means the letter between the Company and the Arrangers, dated on or about
       the date of this Agreement, relating to primary syndication (which will
       comprise both the sub-underwriting and general syndication processes).

       "TARGET"

       means Netcom Systems, Inc.

       "TARGET BUSINESS DAY"

       means a day on which the Trans-European Real-Time Gross Settlement
       (TARGET) System is open.

       "TARGET GROUP"

       means the Target and its Subsidiaries.

       "TAXES"

       includes all present and future income and other taxes, levies, imposts,
       deductions and charges and withholdings whatsoever together with interest
       thereon and penalties with respect thereto, if any, and any payments made
       on or in respect thereof; "TAXATION" and "TAX" shall be construed
       accordingly.

       "TERM DATE"

       means the Tranche A Term Date, the Tranche B Term Date or the Tranche C
       Term Date.

       "TERM LOAN"

       means a Tranche C Loan after the exercise of the Term-out Option.

       "TERM-OUT OPTION"

       means the option of the Company in Clause 5.4 (Term-out Option) to
       convert the Tranche C Facility into a term loan facility.

       "TOTAL ASSETS"

       means, at any time in respect of the Company or any Material Subsidiary,
       the fixed assets and current assets of the Company or that Material
       Subsidiary (as applicable) as shown in the then

<Page>

                                       24

       latest balance sheet of the Company or that Material Subsidiary (as
       applicable) excluding, for the avoidance of doubt, goodwill.

       "TOTAL COMMITMENTS"

       means, at any time, the aggregate of the Total Tranche A Commitments
       (converted from U.S. Dollars into Sterling at the exchange rate of
       1.6:1), the Total Tranche B Commitments and the Total Tranche C
       Commitments.

       "TOTAL CONSOLIDATED DEBT"

       means at any time the aggregate (without double counting) of the
       following:

       (a)     the outstanding principal amount of any moneys borrowed by any
               member of the Group and any outstanding overdraft debit balance
               of any member of the Group (but subject to set-off in accordance
               with generally accepted U.K. accounting principles);

       (b)     the outstanding principal amount of any debenture, bond, note,
               loan stock or other similar security of any member of the Group;

       (c)     the outstanding principal amount of any acceptance under any
               acceptance credit opened by a bank or other financial institution
               in favour of any member of the Group;

       (d)     any amount raised pursuant to any issue of shares which are or
               may be expressed to be redeemable at the insistence of the holder
               at any time prior to the date on which all amounts due and owing
               by the Obligors or any of them to any of the Finance Parties
               hereunder, whether present or future, actual or contingent, have
               been irrevocably and unconditionally discharged in full;

       (e)     the outstanding principal amount of all moneys owing by a member
               of the Group in connection with the sale or discounting of
               receivables (to the extent of recourse to that member of the
               Group);

       (f)     the outstanding principal amount of any indebtedness of any
               member of the Group arising from any advance or deferred payment
               agreements arranged primarily as a method of raising finance or
               financing the acquisition of an asset to the extent that is
               required by generally accepted U.K. accounting principles to be
               shown as a borrowing in the Accounts;

       (g)     the capitalised element of indebtedness of any member of the
               Group in respect of a lease entered into primarily as a method of
               raising finance or financing the acquisition of the asset leased
               and required to be accounted for under SSAP 21 or FRS 5;

       (h)     any fixed or minimum premium on the repayment or redemption at
               maturity of any instrument referred to in paragraph (b) above
               which is or may be expressed to be payable at any time prior to
               the date on which all amounts due and owing by the Obligors or
               any of them to any of the Finance Parties hereunder, whether
               present or future, actual or contingent, have been irrevocably
               and unconditionally discharged in full; and

       (i)     the outstanding principal amount of any indebtedness of any
               person of a type referred to in paragraphs (a) - (h) above which
               is the subject of a guarantee, indemnity or similar assurance
               against financial loss given by any member of the Group.

<Page>

                                       25

       "TOTAL TRANCHE A COMMITMENTS"

       means the aggregate of the Tranche A Commitments of all the Banks, being
       U.S.$200,000,000 at 15th July, 1999.

       "TOTAL TRANCHE B COMMITMENTS"

       means the aggregate of the Tranche B Commitments of all the Banks,
       being L100,000,000 at 15th July, 1999.

       "TOTAL TRANCHE C COMMITMENTS"

       means the aggregate of the Tranche C Commitments of all the Banks, being
       L215,000,000 at 15th July, 1999.

       "TRANCHE A FACILITY"

       means the facility referred to in Clause 2.1(a)(i) (Facilities).

       "TRANCHE A COMMITMENT"

       means:

       (a)     in relation to a Bank which is a Bank on the date of this
               Agreement, the amount in U.S. Dollars set opposite its name in
               Part I of Schedule 1 under the heading "Tranche A Commitment" and
               the amount of any other Bank's Tranche A Commitment acquired by
               it under Clause 28 (Changes to the Parties); and

       (b)     in relation to a Bank which becomes a Bank after the date of this
               Agreement, the amount of any other Bank's Tranche A Commitment
               acquired by it under Clause 28 (Changes to the Parties),

       to the extent not cancelled, transferred or reduced under this Agreement.

       "TRANCHE A COMMITMENT PERIOD"

       means the period from the date of this Agreement up to and including the
       Tranche A Term Date.

       "TRANCHE A LOAN"

       means a Loan drawn down or to be drawn down under the Tranche A Facility.

       "TRANCHE A LOAN REDUCTION AMOUNT"

       has the meaning given to it in Clause 6.1 (Reduction of Tranche A).

       "TRANCHE A TERM DATE"

       means the Final Maturity Date.

<Page>

                                       26

       "TRANCHE B COMMITMENT"

       means:

       (a)     in relation to a Bank which is a Bank on the date of this
               Agreement, the amount in Sterling set opposite its name in Part
               II of Schedule 1 under the heading "Tranche B Commitment" and the
               amount of any other Bank's Tranche B Commitment acquired by it
               under Clause 28 (Changes to the Parties); and

       (b)     in relation to a Bank which becomes a Bank after the date of this
               Agreement, the amount of any other Bank's Tranche B Commitment
               acquired by it under Clause 28 (Changes to the Parties),

       to the extent not cancelled, transferred or reduced under this Agreement.

       "TRANCHE B COMMITMENT PERIOD"

       means the period from the date of this Agreement up to and including the
       Tranche B Term Date.

       "TRANCHE B FACILITY"

       means the facility referred to in Clause 2.1(a)(ii) (Facilities).

       "TRANCHE B LOAN"

       means a Loan drawn down or to be drawn down under the Tranche B Facility.

       "TRANCHE B TERM DATE"

       means the earliest of:

       (a)     unless the Merger has become effective in accordance with the
               Merger Agreement, the date falling 150 days after the date of
               this Agreement; or

       (b)     the date upon which the Merger Agreement is terminated; and

       (c)     the Final Maturity Date.

       "TRANCHE C COMMITMENT"

       means:

       (a)     in relation to a Bank which is a Bank on the date of this
               Agreement, the amount in Sterling set opposite its name in Part
               III of Schedule 1 under the heading "Tranche C Commitment" and
               the amount of any other Bank's Tranche C Commitment acquired by
               it under Clause 28 (Changes to the Parties); and

       (b)     in relation to a Bank which becomes a Bank after the date of this
               Agreement, the amount of any other Bank's Tranche C Commitment
               acquired by it under Clause 28 (Changes to the Parties),

       to the extent not cancelled, transferred or reduced under this Agreement.

<Page>

                                       27

       "TRANCHE C COMMITMENT PERIOD"

       means the period from the date of this Agreement up to and including the
       Tranche C Term Date.

       "TRANCHE C CURRENT FINAL MATURITY DATE"

       means the date falling 364 days after the 11th June, 2001 (being 364 days
       after the date of this Agreement).

       "TRANCHE C FACILITY"

       means the facility referred to in Clause 2.1(a)(iii) (Facilities).

       "TRANCHE C FINAL MATURITY DATE"

       means the latest of:

       (a)     the Tranche C Current Final Maturity Date;

       (b)     the date specified by the Agent in accordance with Clause 2.4(b)
               (Extension of Tranche C Final Maturity Date) i.e. the date
               falling 364 days after the Tranche C Current Final Maturity Date;
               or

       (c)     if the Term-out Option is exercised, 364 days after the Term-out
               Option is exercised.

       "TRANCHE C LOAN"

       means a Loan drawn down or to be drawn down under the Tranche C Facility.

       "TRANCHE C TERM DATE"

       means the earliest of:

       (a)     unless the Merger has become effective in accordance with the
               Merger Agreement, the date falling 150 days after the date of
               this Agreement;

       (b)     the date on which the Merger Agreement is terminated; and

       (c)     if the Agent:

               (i)     has been provided a notice under Clause 2.4(b) (Extension
                       of Tranche C Final Maturity Date), the date falling 364
                       days after the Tranche C Current Final Maturity Date; or

               (ii)    has not been provided a notice under Clause 2.4 (b)
                       (Extension of Tranche C Final Maturity Date), the Tranche
                       C Current Final Maturity Date.

       "U.K."

       means the United Kingdom.

<Page>

                                       28

       "U.K. BANK"

       means a person which is:

       (a)     a bank as defined in section 840A of the Income and Corporation
               Taxes Act 1988; and

       (b)     beneficially entitled, and within the charge to U.K. corporation
               tax for the purposes of section 349(3) of the Income and
               Corporation Taxes Act 1988, as regards any interest received by
               it under this Agreement.

       "U.K. TREATY BANK"

       means any person to whom payments of interest and fees on the Loans may
       be made free from U.K. withholding tax or deduction for or on account of
       tax by virtue of a double tax treaty entered into between the U.K. and
       the jurisdiction in which that person is resident.

       "U.S."

       means the United States of America.

       "U.S. BANK"

       means a bank or financial institution which is organised under the laws
       of the U.S., any state of the U.S. or the District of Columbia or any
       branch or office located in the U.S. through which any Bank is
       participating in any Loan.

       "U.S. BORROWER"

       means a Borrower which is incorporated in the U.S.

       "U.S. DOLLARS" OR "U.S.$"

       means the lawful currency for the time being of the U.S.

       "U.S. MATERIAL SUBSIDIARY"

       means a Material Subsidiary which is incorporated in the U.S.

       "U.S. OBLIGOR"

       means an Obligor which is incorporated in the U.S.

       "U.S. TREATY BANK"

       means a Bank which is entitled to the benefit of a double taxation treaty
       between the U.S. and the jurisdiction in which that Bank is resident
       under which payments of interest and fees under this Agreement may be
       made free of U.S. withholding tax to that Bank.

1.2    CONSTRUCTION

(a)    In this Agreement, unless the contrary intention appears, a reference to:

<Page>

                                       29

       (i)     an "AMENDMENT" includes a supplement, novation or re-enactment
               and "AMENDED" is to be construed accordingly;

               "ASSETS" includes present and future properties, revenues and
               rights of every description;

               an "AUTHORISATION" includes an authorisation, consent, approval,
               resolution, licence, exemption, filing and registration;

               a "MONTH" is a reference to a period starting on one day in a
               calendar month and ending on the numerically corresponding day in
               the next calendar month, except that:

               (1)     if there is no numerically corresponding day in the month
                       in which that period ends, that period shall end on the
                       last Business Day in that calendar month; or

               (2)     if an Interest Period commences on the last Business Day
                       of a calendar month, that Interest Period shall end on
                       the last Business Day in the calendar month in which it
                       is to end;

               a "PERSON" includes any person, company, partnership,
               association, government, state, agency or other entity or any of
               its successors and assigns;

               a "REGULATION" includes any regulation, rule, official directive,
               request or guideline (whether or not having the force of law but,
               if not having the force of law, being of a type which the person
               to whom it applies is accustomed to comply) of any governmental,
               inter-governmental or supranational body, agency, department or
               regulatory, self-regulatory or other authority or organisation;

       (ii)    a provision of law is a reference to that provision as amended or
               re-enacted;

       (iii)   a Clause or a Schedule is a reference to a clause of or a
               schedule to this Agreement;

       (iv)    a person includes its successors, transferees and assigns;

       (v)     a Finance Document or another document is a reference to that
               Finance Document or other document as amended; and

       (vi)    a time of day is a reference to London time.

(b)    Unless the contrary intention appears, a term used in any other Finance
       Document or in any notice given under or in connection with any Finance
       Document has the same meaning in that Finance Document or notice as in
       this Agreement.

(c)    Unless expressly provided to the contrary in a Finance Document, a person
       who is not a party to a Finance Document may not enforce any of its terms
       under the Contract (Rights of Third Parties) Act 1999 and notwithstanding
       any term of any Finance Document, the consent of any third party is not
       required for any variation (including any release or compromise or any
       liability) or termination of that Finance Document.

(d)    The index to and the headings in this Agreement are for convenience only
       and are to be ignored in construing this Agreement.

<Page>

                                       30

2.     THE FACILITIES

2.1    FACILITIES

(a)    Subject to the terms of this Agreement, the Banks agree to make available
       to the Borrowers the following facilities:

       (i)     a committed U.S. Dollar revolving credit facility under which the
               Banks agree to make Tranche A Loans to the Borrowers up to an
               aggregate amount not exceeding the Total Tranche A Commitments;
               and

       (ii)    a committed multicurrency revolving credit facility under which
               the Banks agree to make Tranche B Loans to the Borrowers up to an
               aggregate outstanding Original Sterling Amount not exceeding the
               Total Tranche B Commitments; and

       (iii)   a committed multicurrency revolving credit facility (with
               term-out and extension options) under which the Banks agree to
               make Tranche C Loans to the Borrowers up to an aggregate
               outstanding Original Sterling Amount not exceeding the Total
               Tranche C Commitments.

(b)    The:

       (i)     aggregate of all outstanding Tranche A Loans shall not exceed the
               Total Tranche A Commitments;

       (ii)    aggregate Original Sterling Amount of all Tranche B Loans shall
               not exceed the Total Tranche B Commitments; and

       (iii)   aggregate Original Sterling Amount of all Tranche C Loans shall
               not exceed the Total Tranche C Commitments.

(c)    No Bank is obliged to lend if it would cause:

       (i)     the aggregate of its participations in the Tranche A Loans to
               exceed its Tranche A Commitment;

       (ii)    the Original Sterling Amount of the aggregate of its
               participations in the Tranche B Loans to exceed its Tranche B
               Commitment; or

       (iii)   the Original Sterling Amount of the aggregate of its
               participations in the Tranche C Loans to exceed its Tranche C
               Commitment.

2.2    NATURE OF A FINANCE PARTY'S RIGHTS AND OBLIGATIONS

(a)    The obligations of a Finance Party under the Finance Documents are
       several. Failure of a Finance Party to carry out those obligations does
       not relieve any other Party of its obligations under the Finance
       Documents. No Finance Party is responsible for the obligations of any
       other Finance Party under the Finance Documents.

(b)    The rights of a Finance Party under the Finance Documents are divided
       rights. A Finance Party may, except as otherwise stated in the Finance
       Documents, separately enforce those rights.

<Page>

                                       31

2.3    NUMBER OF LOANS AND CURRENCIES

       Unless otherwise agreed by the Agent, no more than 40 Loans may be
       outstanding at any time and Loans may not be denominated in more than
       eight currencies at any time.

2.4    EXTENSION OF TRANCHE C FINAL MATURITY DATE

(a)    If the Term-out Option has not been exercised, the Company may, by not
       more than 60 days' nor less than 30 days' notice prior to the Tranche C
       Current Final Maturity Date, request an extension of the Tranche C Final
       Maturity Date to the date falling 364 days after the date of the Tranche
       C Current Final Maturity Date.

(b)    If the Agent has received, not less than 10 days before the Tranche C
       Current Final Maturity Date, a notice of acceptance to any request made
       by the Company under paragraph (a) above from all the Banks, the Tranche
       C Final Maturity Date shall be extended to the date falling 364 days
       after the Tranche C Current Final Maturity Date and the Agent shall
       promptly notify the Company accordingly.

(c)    The Agent shall notify the Banks promptly on receipt of any notice under
       paragraph (a) above and any such notice will be irrevocable.

(d)    The Company may only make one request under paragraph (a) above.

2.5    AFFILIATES OF BANKS

(a)    Each Bank may, if it so elects, fulfil its commitment as to any Loan by
       designating a branch or an Affiliate to make that Loan. However:

       (i)     the Bank shall remain solely responsible for the performance of
               its obligations under this Agreement;

       (ii)    no such designation shall result in any additional costs to the
               Obligors (whether under this Agreement, by loss or limitation of
               tax deduction or relief or otherwise); and

       (iii)   the branch or Affiliate shall:

               (A)     be a Qualifying Bank;

               (B)     in the case of any U.K. Bank, be situated in the U.K.;

               (C)     in the case of any U.K. Treaty Bank, be situated outside
                       the U.K.; and

               (D)     comply with all form, delivery and other requirements
                       under this Agreement.

(b)    A Bank may provide for an Affiliate to participate in certain Loans in
       the manner contemplated in paragraph (a) above by:

       (i)     joining the relevant Affiliate in as a Bank by means of a
               Novation Certificate in accordance with Clause 28.2 (Transfers by
               Banks); and

       (ii)    giving notice to the Agent and the Company, detailing the Loans
               in which that Affiliate will participate.

<Page>

                                       32

       In this event that Bank and its Affiliate:

       (A)     will be treated as having a single relevant Commitment, but, for
               all other purposes other than that mentioned in paragraph (c)
               below, will be treated as separate Banks; and

       (B)     participate in Loans in the manner described in sub-paragraph
               (ii) above.

(c)    For the purposes of:

       (i)     compliance with Clause 28.2 (Transfers by Banks); and

       (ii)    voting in connection with any Finance Document,

       each Bank and its Affiliate will be regarded as a single Bank.

3.     PURPOSE

(a)    (i)     Each Borrower shall apply each Tranche A Loan borrowed by it
               towards its general corporate purposes.

       (ii)    Each Borrower shall apply each Tranche B Loan borrowed by it
               towards its working capital requirements or the payment of any
               amount under Clause 11 (Amount of Optional Currencies) or, after
               the Tranche C Facility has been repaid and/or cancelled in full,
               towards its general corporate purposes including the refinancing
               of existing indebtedness.

       (iii)   Each Borrower shall apply each Tranche C Loan borrowed by it
               towards its general corporate purposes including the refinancing
               of existing indebtedness.

(b)    Without affecting the obligations of any Borrower in any way, no Finance
       Party is bound to monitor or verify the application of any Loan.

4.     CONDITIONS PRECEDENT

4.1    DOCUMENTARY CONDITIONS PRECEDENT

(a)    No Borrower may deliver the first Request until the Agent has received:

       (i)     all of the documents set out in Part I of Schedule 2, in form and
               substance satisfactory to the Agent; and

       (ii)    all of the documents set out in Part II of Schedule 2.

(b)    Any references to an Arranger and/or this Agreement contained in the
       documents referred to in paragraph (a)(ii) above shall be in the form
       approved by the Arrangers (such approval not to be unreasonably withheld
       or delayed).

4.2    FURTHER CONDITIONS PRECEDENT

       The obligations of each Bank to participate in any Loan are subject to
       the further conditions precedent that:

<Page>

                                       33

       (a)     on both the date for the Request and the Drawdown Date for that
               Loan:

               (i)     the representations and warranties in Clause 18
                       (Representations and Warranties) to be repeated on those
                       dates are correct and will be correct immediately after
                       the Loan is made; and

               (ii)    no Default or (in the case of a Rollover Loan) no Event
                       of Default is outstanding or would result from the Loan;
                       and

       (b)     the Loan would not cause Clause 2.1 (Facilities) to be
               contravened.

5.     LOANS AND TERM-OUT OPTION

5.1    COMMITMENT PERIOD

       A Borrower may borrow a Loan during the relevant Commitment Period if the
       Agent receives, not later than 10.00 a.m. three (or, in the case of a
       Loan in Sterling, one) Business Day(s) before the proposed Drawdown Date,
       a duly completed Request. Each Request is irrevocable and, subject to the
       terms of this Agreement, shall oblige the Borrower to borrow the Loan.

5.2    COMPLETION OF REQUESTS

       A Request will not be regarded as having been duly completed unless:

       (a)     it specifies whether the Loan is a Tranche A Loan, a Tranche B
               Loan or a Tranche C Loan;

       (b)     the Drawdown Date is a Business Day falling on or before the
               final day of the relevant Commitment Period;

       (c)     the amount of the Loan is:

               (i)     if the currency is Sterling, a minimum of L5,000,000 and
                       an integral multiple of L1,000,000; or

               (ii)    if the currency is U.S. Dollars, a minimum of
                       U.S.$8,000,000 and an integral multiple of
                       U.S.$1,000,000; or

               (iii)   if the currency is euro, a minimum of EURO6,000,000 and
                       an integral multiple of EURO1,000,000; or

               (iv)    if the currency is an Optional Currency other than U.S.
                       Dollars or euro either:

                       (A)  the equivalent of a minimum of L5,000,000 and an
                            integral multiple of 1,000,000 units of the relevant
                            currency; or

                       (B)  such amount as the Agent and the Company may agree;
                            or

               (v)     the balance of the relevant undrawn Commitments;

       (d)     the amount selected under paragraph (c) above does not cause
               Clause 2.1 (Facilities) to be contravened;

<Page>

                                       34

       (e)     the currency selected complies with Clause 10 (Optional
               Currencies);

       (f)     the Interest Period selected complies with Clause 8 (Interest
               Periods) and does not extend beyond the Final Maturity Date or
               Tranche C Final Maturity Date, as appropriate; and

       (g)     the payment instructions comply with Clause 12 (Payments).

       Each Request must specify one Loan only, but the Borrowers may, subject
       to the other terms of this Agreement, deliver more than one Request on
       any one day.

5.3    ADVANCE OF LOAN

(a)    The Agent shall promptly notify each Bank of the details of the requested
       Loan and the amount of its participation in the Loan.

(b)    Subject to the terms of this Agreement, each Bank shall make its
       participation in the Loan available to the Agent for the relevant
       Borrower on the relevant Drawdown Date.

(c)    The amount of each Bank's participation in the Loan will be the
       proportion of the Loan which its relevant Commitment bears to the Total
       Tranche A Commitments, the Total Tranche B Commitments or the Total
       Tranche C Commitments, as appropriate, on the proposed Drawdown Date.

5.4    TERM-OUT OPTION

(a)    Provided that the Tranche C Final Maturity Date has not been extended in
       accordance with Clause 2.4 (Extension of the Tranche C Final Maturity
       Date), the Company may at any time prior to the Tranche C Current Final
       Maturity Date by notice to the Agent convert the Tranche C Facility into
       a term loan facility.

(b)    With effect from the date of the notice under paragraph(a) above all
       Tranche C Loans will be Term Loans.

6.     REPAYMENT

6.1    REDUCTION OF TRANCHE A

       Subject to Clause 7 (Prepayment and cancellation), on each date specified
       below (each a "TRANCHE A REDUCTION DATE"), the Borrower shall repay (if
       necessary) an amount of the Tranche A Loans set opposite that date below
       so that the Total Tranche A Commitments shall be cancelled (if not
       already) by the amount set opposite that date below ("TRANCHE A LOAN
       REDUCTION AMOUNT"):

<Table>
<Caption>
         TRANCHE A REDUCTION DATE       TRANCHE A LOAN REDUCTION AMOUNT (U.S.$)
         <S>                           <C>

         15th January, 2003                         U.S.$40,000,000
         15th January, 2004                         U.S.$56,000,000
         Final Maturity Date           remainder of Tranche A Total Commitments
</Table>

<Page>

                                       35

       provided that if on any Tranche A Reduction Date the amounts of the
       Tranche A Total Commitments are less than the required Tranche A Loan
       Reduction Amount then the amount to be repaid and cancelled on that date
       will be equal to the Total Tranche A Commitments on that date.

6.2    REPAYMENT OF TRANCHE A LOANS

       Subject to Clause 6.1 (Reduction of Tranche A), each Borrower shall repay
       in full each Tranche A Loan made to it on its Revolving Credit Repayment
       Date.

6.3    REPAYMENT OF TRANCHE B LOANS

       Each Borrower shall repay in full each Tranche B Loan made to it on its
       Revolving Credit Repayment Date.

6.4    REPAYMENT OF TRANCHE C LOANS

(a)    Subject to paragraph (b) below, each Borrower shall repay each Tranche C
       Loan made to it in full on its Revolving Credit Repayment Date.

(b)    After the exercise of the Term-out Option, each Borrower shall repay each
       Tranche C Loan in full on the Tranche C Final Maturity Date.

6.5    RE-BORROWING

       Subject to Clause 6.1 (Reduction of Tranche A) and the other terms of
       this Agreement:(a) any Revolving Credit Loan repaid may be re-borrowed;
       and

       (b)     no amount of a Term Loan prepaid or repaid under this Agreement
               may be subsequently re-borrowed.

7.     PREPAYMENT AND CANCELLATION

7.1    AUTOMATIC CANCELLATION

(a)    The undrawn Tranche A Commitment of each Bank shall be automatically
       cancelled at the close of business in London on the Tranche A Term Date.

(b)    The Tranche B Commitment of each Bank shall be automatically cancelled at
       the close of business in London on the Tranche B Term Date.

(c)    (i)     If the Term-out Option has not been exercised, the Tranche C
               Commitment of each Bank shall be automatically cancelled at the
               close of business in London on the Tranche C Term Date.

       (ii)    If the Term-out Option has been exercised, the undrawn amount of
               the Tranche C Commitment of each Bank shall be automatically
               cancelled at the close of business in London on the Tranche C
               Current Final Maturity Date.

<Page>

                                       36

7.2    VOLUNTARY CANCELLATION

(a)    The Company may, by giving not less than 14 days' prior notice to the
       Agent (or such shorter period as the Majority Banks may agree), at any
       time prior to the relevant Term Date, cancel the unutilised portion of:

       (i)     the Total Tranche A Commitments in whole or in part (but, if in
               part, in a minimum of U.S.$8,000,000 and an integral multiple of
               U.S.$1,000,000).

       (ii)    the Total Tranche B Commitments or the Total Tranche C
               Commitments, as appropriate, in whole or in part (but, if in
               part, in a minimum of L5,000,000 and an integral multiple of
               L1,000,000).

(b)    Any cancellation in part shall be applied against the relevant Commitment
       of each Bank pro rata.

7.3    MANDATORY PREPAYMENT - CHANGE OF CONTROL

(a)    (i)     If any person, or group of persons acting in concert (as defined
               in the City Code on Takeovers and Mergers) acquires control (as
               defined in the City Code on Takeovers and Mergers) of the
               Company, the Company shall immediately notify the Agent.

       (ii)    On the date falling 5 Business Days after notice under
               sub-paragraph (i) above:

               (A)     the Facilities shall be cancelled; and

               (B)     each Borrower shall prepay all Loans made to it together
                       with accrued interest and all other amounts payable by it
                       under the Finance Documents.

(b)    (i)     If any Borrower ceases to be beneficially wholly-owned by the
               Company, the Company shall immediately notify the Agent. For this
               purpose, a Borrower will be regarded as wholly-owned if a portion
               of the share capital is required to be held by law by officers of
               that Borrower.

       (ii)    On the date falling 5 Business Days after notice under
               sub-paragraph (i) above the relevant Borrower shall either:

               (A)     prepay all Loans made to it together with accrued
                       interest and all other amounts payable by it under the
                       Finance Documents; or

               (B)     transfer its obligations under the Finance Documents to
                       another Borrower pursuant to Clause 28.1(b) (Transfers by
                       Obligors).

       (iii)   Any amount prepaid under sub-paragraph (ii)(A) above shall,
               subject to the other terms of this Agreement, remain available
               for re-borrowing by any other Borrower.

7.4    MANDATORY PREPAYMENT/CANCELLATION - TRANCHE C

(a)    If, at any time when the Total Tranche C Commitments equal or exceed
       L107,500,000, any member of the Group makes a capital markets issue,
       then:

<Page>

                                       37

       (i)     the net proceeds of that capital markets issue shall be applied
               by the Company in prepayment of the Tranche C Loans but only to
               the extent necessary to reduce the aggregate Tranche C Loans to
               L107,500,000; and

       (ii)    the Total Tranche C Commitments shall be reduced by an amount
               equal to the lesser of (A) the net proceeds of that capital
               markets issue and (B) an amount necessary to reduce the Total
               Tranche C Commitments to L107,500,000.

       Any such prepayment and cancellation shall occur promptly on receipt of
       the net proceeds of the capital markets issue.

(b)    If, at any time when the Total Tranche C Commitments equal or exceed
       L107,500,000, any member of the Group disposes (in a single transaction
       or a series of transactions, whether related or not) of any business or a
       substantial part of a business of that member of the Group otherwise than
       to another member of the Group, and, if the aggregate net proceeds of all
       such disposals exceed L60,000,000 (or its equivalent in any other
       currency or currencies) in any financial year of the Company then, in
       respect of the amount in excess of L60,000,000:

       (i)     the Company:

               (A)     may use all or any part of that excess to prepay the
                       Tranche C Loans so as to reduce the aggregate Tranche C
                       Loans outstanding to L107,500,000; or

               (B)     if the Company does not prepay the Tranche C Loans under
                       sub-paragraph (A) above, shall promptly (subject to
                       sub-paragraph (ii) below) pay the amount of that excess
                       into a separate interest bearing account of the Company
                       with the Agent (on behalf of the Finance Parties) on
                       terms to be agreed between the Company and the Agent;

       (ii)    the Company shall apply the amount standing to the credit of the
               account referred to in sub-paragraph (i)(B) above in or towards
               prepaying the Tranche C Loans on or before the date falling 364
               days after the date of this Agreement (but only to the extent
               necessary to reduce the aggregate Tranche C Loans to
               L107,500,000);

       (iii)   the Total Tranche C Commitments shall be reduced by an amount
               equal to any prepayment under sub-paragraphs (i) or (ii) above;

       (iv)    if on the date falling 364 days after the date of this Agreement
               the aggregate Tranche C Loans outstanding exceed L 107,500,000
               the Total Tranche C Commitments shall be reduced by an amount
               equal to the lesser of (A) the amount then standing to the credit
               of the account referred to in sub-paragraph (i) above and (B) an
               amount necessary to reduce the Total Tranche C Commitments to
               L107,500,000; and

       (v)     any moneys standing to the credit of the account referred to in
               sub-paragraph (i)(B) above may be withdrawn by the Company at any
               time if the Total Tranche C Commitments have been reduced to
               L107,500,000.

(c)    For the purpose of this Clause 7.4:

       (i)     "NET PROCEEDS" means the proceeds of the capital markets issue or
               disposal, as appropriate, received by the relevant member of the
               Group less all directly related tax and expenses;

<Page>

                                       38

       (ii)    "CAPITAL MARKETS ISSUE" means any debt capital markets issue; and

       (iii)   any cancellation to be made under paragraph (a) or (b) above
               shall be converted (if applicable) into Sterling at the Agent's
               Spot Rate of Exchange on the date of that cancellation.

7.5    VOLUNTARY PREPAYMENT

       A Borrower may, by giving not less than 14 days' prior notice to the
       Agent and, subject to Clause 25.2(d) (Other indemnities), prepay:

       (a)     any Tranche A Loan in whole or in part (but, if in part, in a
               minimum amount of U.S.$8,000,000 and an integral multiple of
               U.S.$1,000,000); or

       (b)     any Term Loan in whole or in part (but, if in part, in a minimum
               Original Sterling Amount of L5,000,000 and an integral multiple
               of L1,000,000).

7.6    ADDITIONAL RIGHT OF PREPAYMENT AND CANCELLATION

(a)    If:

       (i)     a Borrower is required to pay to a Bank any additional amounts
               under Clause 13 (Taxes); or

       (ii)    a Borrower is required to pay to a Bank any amount under Clause
               15 (Increased Costs); or

       (iii)   interest on a Bank's participation in a Loan is being calculated
               in accordance with Clause 14.3(d) (Alternative basis),

       and that Borrower has not transferred its obligations under the Finance
       Documents in accordance with Clause 28.1 (Transfers by Obligors) to
       another Borrower, then, without prejudice to the obligations of any
       Obligor under those Clauses, the Company may, whilst the circumstances
       giving rise to the requirement continue, serve a notice of prepayment and
       cancellation on that Bank through the Agent. On the date falling 2
       Business Days after the date of service of the notice and subject to
       Clause 25.2(d) (Other indemnities):

       (A)     that Borrower shall prepay that Bank's participation in all the
               Loans made to it; and

       (B)     if the notice given by the Company so specifies, the Commitments
               of that Bank shall be cancelled.

(b)    Any amount prepaid under paragraph (a) above shall, subject to the other
       terms of this Agreement, remain available for re-borrowing by any other
       Borrower.

7.7    MITIGATION

       If, in respect of any Bank, circumstances arise which would, or would on
       the giving of notice, result in:

       (a)     any additional amounts becoming payable under Clause 13 (Taxes);
               or

<Page>

                                       39

       (b)     any amount becoming payable under Clause 15 (Increased Costs); or

       (c)     any prepayment, early payment or cancellation under Clause 16
               (Illegality),

       then, without in any way limiting, reducing or otherwise qualifying the
       obligations of any Obligor under this Agreement and without prejudice to
       the terms of those Clauses, that Bank shall, in consultation with, and at
       the reasonable expense of, the Company through the Agent and to the
       extent that it can do so lawfully, take such reasonable steps as may be
       open to it to mitigate or remove such circumstances, including (without
       limitation) the transfer of its rights and obligations under this
       Agreement to another branch or an Affiliate or another bank or financial
       institution nominated by the Company, unless to do so might (in the
       reasonable opinion of the Bank) be prejudicial to it.

7.8    MISCELLANEOUS PROVISIONS

(a)    Any notice of prepayment and/or cancellation under this Agreement is
       irrevocable. The Agent shall notify the Banks promptly of receipt of any
       such notice.

(b)    All prepayments under this Agreement shall be made together with accrued
       interest on the amount prepaid and, subject to Clause 25.2(d) (Other
       indemnities), without premium or penalty.

(c)    No prepayment or cancellation is permitted except in accordance with the
       express terms of this Agreement.

(d)    Any cancellation of all or part of the Total Tranche A Commitments will
       be applied against the Tranche A Loan Reduction Amount pro rata.

(e)    No amount of the Total Commitments cancelled under this Agreement may
       subsequently be reinstated.

(f)    Without prejudice to the right of a Borrower to re-borrow amounts repaid
       under Clauses 6.2 (Repayment of Tranche A Loans), 6.3 (Repayment of
       Tranche B Loans) or Clause 6.4 (Repayment of Tranche C Loans) in
       accordance with Clause 6.5 (Re-borrowing) or amounts prepaid under Clause
       7.3(b) (Mandatory prepayment - change of control) or Clause 7.6
       (Additional right of prepayment and cancellation), no amount repaid or
       prepaid under any other provision of this Agreement may subsequently be
       re-borrowed.

(g)    Any cancellation in part of the Total Tranche C Commitments shall be
       applied against the Tranche C Commitment of each Bank pro rata.

8.     INTEREST PERIODS

8.1    SELECTION

(a)    (i)     Each Term Loan will have successive Interest Periods.

       (ii)    Each Revolving Loan has one Interest Period only.

(b)    A Borrower may select the Interest Period for a Revolving Loan in the
       relevant Request. Each Interest Period for a Revolving Loan will commence
       on its Drawdown Date.

<Page>

                                       40

(c)    A Borrower may select the Interest Period for a Term Loan in the relevant
       Request or, if the Term Loan has been borrowed, in a notice received by
       the Agent not later than 10.00 a.m. three (or, in the case of Sterling,
       one) Business Day(s) before the commencement of that Interest Period.
       Each Interest Period for a Term Loan (other than the first which shall
       commence on its Drawdown Date) shall commence on the expiry of its
       preceding Interest Period.

(d)    Subject to the following provisions of this Clause 8, each Interest
       Period will be one, two, three or six months or any other period agreed
       by the relevant Borrower and the Banks.

(e)    If the Borrower fails to select an Interest Period for a Term Loan in
       accordance with paragraph (c) above, that Interest Period will, subject
       to the other provisions of this Clause 8, be three months.

(f)    Prior to completion of Syndication, each Interest Period will be agreed
       between the Company and the Arrangers and will be a maximum of one month
       unless otherwise agreed by the Arrangers.

8.2    NON-BUSINESS DAYS

       If an Interest Period would otherwise end on a day which is not a
       Business Day, that Interest Period shall instead end on the next Business
       Day in that calendar month (if there is one) or the preceding Business
       Day (if there is not).

8.3    CONSOLIDATION

       In the case of each Term Loan to any Borrower then, notwithstanding
       Clause 8.1 (Selection) and only if the Company and the Agent agree the
       next Interest Period for that Term Loan shall end on the same day as the
       current Interest Period for any other Term Loan denominated in the same
       currency and borrowed by that Borrower and on the last day of those
       Interest Periods, those Term Loans shall be consolidated and treated as
       one Term Loan.

8.4    COINCIDENCE WITH REPAYMENT DATES

(a)    If an Interest Period for a Loan would otherwise overrun the Final
       Maturity Date or the Tranche C Final Maturity Date, as appropriate, it
       will be shortened so that it ends on the Final Maturity Date or the
       Tranche C Final Maturity Date, as appropriate.

(b)    Any Interest Period for any Tranche A Loan will be shortened to ensure
       that the aggregate principal amount of Tranche A Loans with an Interest
       Period ending on a Tranche A Reduction Date is not less than the amount
       required to enable the Borrowers to comply with Clause 6.1 (Reduction of
       Tranche A).

8.5    OTHER ADJUSTMENTS

       The Agent (after consultation with the Banks) and the Company may enter
       into such other arrangements as they may agree for the adjustment of
       Interest Periods and the consolidation and/or splitting of Loans.

8.6    NOTIFICATION

       The Agent shall notify the relevant Borrower and the Banks of the
       duration of each Interest Period promptly after ascertaining its
       duration.

<Page>

                                       41

9.     INTEREST

9.1    INTEREST RATE

       The rate of interest on each Loan for each of its Interest Periods is the
       rate per annum determined by the Agent to be the aggregate of the
       applicable:

       (a)     Margin;

       (b)     LIBOR; and

       (c)     Mandatory Cost.

9.2    DUE DATES

       Except as otherwise provided in this Agreement, accrued interest on each
       Loan is payable by the relevant Borrower on the last day of each Interest
       Period for that Loan and also, if the Interest Period is longer than six
       months, on the dates falling at six monthly intervals after the first day
       of that Interest Period.

9.3    DEFAULT INTEREST

(a)    If an Obligor fails to pay any amount payable by it under the Finance
       Documents, it shall forthwith on demand by the Agent pay interest on the
       overdue amount from the due date up to the date of actual payment, as
       well after as before judgment, at a rate (the "DEFAULT RATE") determined
       by the Agent to be one per cent. per annum above, subject to
       sub-paragraph (b) below, the rate which would have been payable if the
       overdue amount had, during the period of non-payment, constituted a Loan
       in the currency of the overdue amount for such successive Interest
       Periods of such duration as the Agent may determine having due regard to
       the likely date for payment of the overdue amount (each a "DESIGNATED
       INTEREST PERIOD").

(b)    If the overdue amount is a principal amount of a Loan and it becomes due
       and payable prior to the last day of an Interest Period for that Loan,
       then:

       (i)     the first Designated Interest Period for that overdue sum will be
               the unexpired portion of that Interest Period; and

       (ii)    the rate of interest on the overdue amount for that first
               Designated Interest Period will be one per cent. per annum above
               the rate on the overdue amount under Clause 9.1 (Interest rate)
               immediately before the due date.

       After the expiry of the first Designated Interest Period for that overdue
       amount, the rate on the overdue amount will be calculated in accordance
       with sub-paragraph (a) above.

(c)    The default rate will be determined by the Agent (acting reasonably) on
       each Business Day or the first day of, or 2 Business Days before the
       first day of, the relevant Designated Interest Period, as appropriate.

(d)    If the Agent (acting reasonably) determines that deposits in the currency
       of the overdue amount are not at the relevant time being made available
       by the Reference Banks to leading banks in the relevant interbank market,
       the default rate will be determined by reference to the cost of funds to
       the Agent from whatever sources it may reasonably select.

<Page>

                                       42

(e)    Default interest will be compounded at the end of each Designated
       Interest Period.

9.4    NOTIFICATION OF RATES OF INTEREST

       The Agent shall promptly notify each relevant Party of the determination
       of a rate of interest under this Agreement.

9.5    ADJUSTMENT OF THE MARGIN

(a)    The Company shall deliver to the Agent with any press release with the
       preliminary results of the Company a Margin Certificate signed by two
       authorised signatories of the Company for the purposes of calculating
       whether the Margin is to be adjusted in accordance with this Clause 9.5.

(b)    Following delivery of each Margin Certificate, the Margin for each
       Facility will be adjusted as appropriate by reference to the ratio of
       Consolidated Net Debt to Consolidated EBITDA as follows:

<Table>
<Caption>
       RATIO OF CONSOLIDATED NET DEBT TO                    APPLICABLE MARGIN (PER ANNUM)
       CONSOLIDATED EBITDA
       <S>                                                               <C>
       Equal to or above 2.5 to 1                                         0.80%

       Less than 2.5 to 1 but greater than or                             0.70%
       equal to 2.0 to 1

       Less than 2.0 to 1 but greater than or                            0.625%
       equal to 1.5 to 1

       Less than 1.5 to 1                                                 0.55%
</Table>

(c)    The adjustment (if any) specified in paragraph (b) above will apply in
       the case of an outstanding Term Loan, from the commencement of its next
       Interest Period and, in the case of Revolving Loans, will take effect
       only in respect of a Revolving Loan made after the date the Company
       delivers the relevant Margin Certificate.

(d)    Whilst a Potential Event of Default is outstanding the Margin may be
       increased under paragraph (b) above but not decreased and, when no
       Potential Event of Default is outstanding will revert to the applicable
       rate calculated under paragraph (b) above.

(e)    For so long as:

       (i)     the Company is in default of its obligation to provide the
               relevant Margin Certificate or to provide accounts under Clause
               19.2(a)(i) or (b) (Financial information); or

       (ii)    an Event of Default is outstanding;

       the Margin for any Loan made or outstanding in the period during which
       that default or Event of Default remains outstanding will be (if it is
       not already) 0.80 per cent. per annum and will subsequently revert to the
       applicable rate calculated under paragraph (b) above. Any adjustment to
       the Margin under this paragraph (e) for an outstanding Term Loan will
       apply from the commencement of its next Interest Period.

<Page>

                                       43

(f)    The Company shall deliver to the Agent with any accounts delivered by it
       under Clause 19.2(a)(i) and (b) (Financial information), a Margin
       Certificate signed by two authorised signatories of the Company. If that
       Margin Certificate (a "Supported Certificate") shows that in reliance on
       a Margin Certificate (an "Unsupported Certificate") delivered under
       paragraph (a) above the applicable Margin of any Loan for any Interest
       Period has been incorrectly adjusted or determined at a level lower than
       required by paragraph (b) above, such Margin shall be re-adjusted or
       re-determined with effect from the first day of such Interest Period and
       if the Borrowers have, in reliance on such Unsupported Certificate, paid
       to the Finance Parties an amount less than the amount which the Borrowers
       would have paid if the Supported Certificate had been delivered to the
       Agent instead of the Unsupported Certificate, the Company shall, within 5
       Business Days of demand, pay to the Agent for the Banks an amount equal
       to that difference.

10.    OPTIONAL CURRENCIES

10.1   SELECTION

(a)    A Borrower may select the currency of a Loan in the relevant Request
       except that each Tranche A Loan shall be in U.S. Dollars.

(b)    The currency of each Loan must be Sterling or an Optional Currency except
       that each Tranche A Loan shall be in U.S. Dollars.

10.2   REVOCATION OF CURRENCY

       If, before 9.30 a.m. on any Rate Fixing Day for a Loan denominated in an
       Optional Currency (other than U.S. Dollars or euros), the Agent receives
       notice from a Bank that:

       (a)     it is impracticable for that Bank to fund its participation in
               the Loan in the relevant Optional Currency during that Interest
               Period in the ordinary course of business in the relevant
               interbank market; and/or

       (b)     the use of the proposed Optional Currency might contravene any
               law or regulation,

       the Agent shall give notice to the relevant Borrower and to the Banks to
       that effect before 11.00 a.m. on that day. In this event:

               (i)     the Borrower and the Banks may agree that the drawdown
                       will not be made; or

               (ii)    in the absence of agreement or for a Term Loan, that
                       Bank's participation in the Loan (or if more than one
                       Bank is similarly affected, those Banks' participations
                       in the Loan) shall be treated as a separate Loan
                       denominated in Sterling during that Interest Period.

11.    AMOUNT OF OPTIONAL CURRENCIES

11.1   DRAWDOWNS

       If a Loan is to be drawn down in an Optional Currency, the Original
       Sterling Amount of each Bank's participation in that Loan will be
       determined by converting into Sterling the Bank's participation in that
       Loan on the basis of the applicable Agent's Spot Rate of Exchange 3

<Page>

                                       44

       Business Days before its Drawdown Date. The Agent shall notify each Bank
       and each Borrower of the Original Sterling Amount of each Loan
       denominated in an Optional Currency and the applicable Agent's Spot Rate
       of Exchange promptly after they are ascertained.

11.2   DENOMINATION OF TERM LOANS

       Subject to the terms of this Agreement, a Term Loan will remain
       denominated in the same currency.

12.    PAYMENTS

12.1   PLACE

       All payments by an Obligor or a Bank under the Finance Documents shall be
       made to the Agent to its account at such office or bank:

       (a)     in the principal financial centre of the country of the relevant
               currency; or

       (b)     in the case of euros, in the principal financial centre of a
               Participating Member State or London,

       as it may notify to that Obligor or Bank for this purpose.

12.2   FUNDS

       Payments under the Finance Documents to the Agent shall be made for value
       on the due date in such funds as the Agent may specify to the Party
       concerned as being customary at the time for the settlement of
       transactions in the relevant currency in the place for payment.

12.3   DISTRIBUTION

(a)    Each payment received by the Agent under the Finance Documents for
       another Party shall, subject to paragraphs (b) and (c) below, be made
       available by the Agent to that Party by payment (on the date and in the
       currency and funds of receipt) to its account with such office or bank:

       (i)     in the principal financial centre of the country of the relevant
               currency; or

       (ii)    in the case of euros, in the principal financial centre of a
               Participating Member State or London,

       as it may notify to the Agent for this purpose by not less than 5
       Business Days' prior notice or in the relevant Request.

(b)    If the relevant Obligor agrees, the Agent may apply any amount received
       by it for an Obligor in or towards payment (on the date and in the
       currency and funds of receipt) of any amount due from that Obligor under
       the Finance Documents or in or towards the purchase of any amount of any
       currency to be so applied.

(c)    Where a sum is to be paid to the Agent under the Finance Documents for
       another Party, the Agent is not obliged to pay that sum to that Party
       until it has established that it has actually received that sum. The
       Agent may, however, assume that the sum has been paid to it in accordance
       with this Agreement, and, in reliance on that assumption, make available
       to that

<Page>

                                       45

       Party a corresponding amount. If the sum has not been made available but
       the Agent has paid a corresponding amount to another Party, that Party
       shall forthwith on demand by the Agent refund the corresponding amount
       together with interest on that amount from the date of payment to the
       date of receipt, calculated at a rate determined by the Agent (acting
       reasonably) to reflect its cost of funds.

12.4   CURRENCY

(a)    A repayment or prepayment of a Loan or any part of a Loan is payable in
       the currency in which the Loan is denominated on its due date.

(b)    Interest is payable in the currency in which the relevant amount in
       respect of which it is payable is denominated.

(c)    Amounts payable in respect of costs, expenses and taxes and the like are
       payable in the currency in which they are incurred.

(d)    Any other amount payable under the Finance Documents is, except as
       otherwise provided in this Agreement, payable in Sterling.

12.5   SET-OFF AND COUNTERCLAIM

       All payments made by an Obligor under the Finance Documents shall be made
       without set-off or counterclaim.

12.6   NON-BUSINESS DAYS

(a)    If a payment under the Finance Documents is due on a day which is not a
       Business Day, the due date for that payment shall instead be the next
       Business Day in the same calendar month (if there is one) or the
       preceding Business Day (if there is not).

(b)    During any extension of the due date for payment of any principal under
       this Agreement interest is payable on that principal at the rate payable
       on the original due date.

12.7   PARTIAL PAYMENTS

(a)    If the Agent receives a payment insufficient to discharge all the amounts
       then due and payable by the Obligors under the Finance Documents, the
       Agent shall apply that payment towards the obligations of the Obligors
       under the Finance Documents in the following order:

       (i)     FIRST, in or towards payment pro rata of any unpaid fees, costs
               and expenses of the Agent under the Finance Documents;

       (ii)    SECONDLY, in or towards payment of any commitment fee due under
               Clause 22.3 (Commitment fee) but unpaid;

       (iii)   THIRDLY, in or towards payment pro rata of any accrued interest
               due but unpaid under this Agreement;

       (iv)    FOURTHLY, in or towards payment pro rata of any principal due but
               unpaid under this Agreement; and

<Page>

                                       46

       (v)     FIFTHLY, in or towards payment pro rata of any other sum due but
               unpaid under the Finance Documents.

(b)    The Agent shall, if so directed by all the Banks, vary the order set out
       in sub-paragraphs (a)(ii) to (v) above.

(c)    Paragraphs (a) and (b) above will override any appropriation made by an
       Obligor.

13.    TAXES

13.1   GROSS-UP

       All payments by an Obligor under the Finance Documents shall be made
       without any deduction and free and clear of and without any deduction for
       or on account of any Taxes, except to the extent that the Obligor is
       required by law to make payment subject to any Taxes. If any Tax, or
       amounts in respect of Tax, must be deducted from any amounts payable or
       paid by an Obligor, or paid or payable by the Agent to a Bank, under the
       Finance Documents, the Obligor shall pay such additional amounts as may
       be necessary to ensure that the relevant Bank receives a net amount equal
       to the full amount which it would have received had payment not been made
       subject to Tax. Notwithstanding the foregoing, no Obligor shall be
       required to pay additional amounts under this Clause 13.1 in respect of
       such Taxes to the extent they are net income taxes or branch taxes or
       franchise taxes imposed in lieu of net income taxes on any Finance Party.

13.2   TAX RECEIPTS

       All Taxes required by law to be deducted by an Obligor from any amounts
       paid or payable under the Finance Documents shall be paid by the relevant
       Obligor when due and the Obligor shall, as soon as practicable, deliver
       to the Agent for the relevant Bank appropriate evidence that the payment
       has been duly remitted to the appropriate authority.

13.3   QUALIFYING BANKS

(a)    Subject to paragraph (b) below, if a Bank is not or ceases to be a
       Qualifying Bank in respect of the U.K., no Obligor will be liable to pay
       to that Bank under Clause 13.1 (Gross-up), any amount in respect of taxes
       levied or imposed by the U.K. or any taxing authority of or in the U.K.
       in excess of the amount it would have been obliged to pay if that Bank
       had been, or had not ceased to be, a Qualifying Bank in respect of the
       U.K.

(b)    Paragraph (a) above does not apply if a Bank ceases to be a Qualifying
       Bank in respect of the U.K. as a result of the introduction of, change
       in, or any change in the interpretation, administration or application
       of, any law or regulation or any practice or concession of the U.K.
       Inland Revenue occurring after the date of this Agreement.

(c)    Each Bank represents and warrants to each Obligor that it is a Qualifying
       Bank in respect of the U.K. on the date of this Agreement or, in the case
       of a Bank which becomes a Party after the date of this Agreement, on the
       date it becomes a Party. If at any time after the date of this Agreement
       any Bank is aware that it is not or will cease to be a Qualifying Bank in
       respect of the U.K., it shall promptly notify the Agent and the Company.

(d)    Each U.K. Treaty Bank shall, subject to paragraph (e) below, deliver to
       each Borrower incorporated in the U.K. via the Agent on the date it
       becomes a Party (and prior to the expiry of any such form previously
       provided by that U.K. Treaty Bank), all such forms required to

<Page>

                                       47

       allow that Borrower to make payments to that U.K. Treaty Bank without
       deduction or withholding in respect of any tax imposed by the U.K.

(e)    No Bank is obliged to deliver any form(s) under paragraph (d) above if
       that Bank is unable to complete the form(s) in a manner which will enable
       any Borrower incorporated in the U.K. to make payments to that Bank
       without deduction or withholding in respect of taxes imposed by the U.K
       as a result of the introduction of or any change in, or in the
       interpretation or application by any relevant authority of, any law,
       treaty or regulation or any practice, position or concession of the U.K.,
       Inland Revenue after the date of this Agreement.

13.4   U.S. TAXES

(a)    Each Bank that is not organised under the laws of the U.S. (a "NON-U.S.
       BANK") represents and warrants to each U.S. Borrower on the date that
       U.S. Borrower becomes a Party or, if later, on the date that Bank becomes
       a Party, that it is a U.S. Treaty Bank. Each Non-U.S. Bank agrees that it
       shall promptly notify the Agent and the Company if it is aware that it is
       not or will cease to be a U.S. Treaty Bank.

(b)    Subject to paragraph (c) below, if a Non-U.S. Bank is not or ceases to be
       a U.S. Treaty Bank, no Obligor will be liable to pay to that Non-U.S.
       Bank under Clause 13.1 (Gross-up) any amount in respect of taxes levied
       or imposed by the U.S. or any taxing authority of or in the U.S. in
       excess of the amount it would have been obliged to pay if that Non-U.S.
       Bank had been, or had not ceased to be, a U.S. Treaty Bank.

(c)    Paragraph (b) above does not apply if a Non-U.S. Bank ceases to be a U.S.
       Treaty Bank as a result of the introduction of, change in, or any change
       in the interpretation, administration or application of, any law or
       regulation or any practice or concession of the U.S. Internal Revenue
       Service after the date of this Agreement. For the purposes of this Clause
       13.4(c), a change in, or a change in the interpretation, administration
       or application of, any law or regulation or any practice or concession of
       the U.S. Internal Revenue Service shall not include (i) the ratification
       or entry into force of the income tax treaty between the United States
       and Luxembourg or (ii) the new United States withholding regulations
       (Treasury Decision 8734 and Treasury Decision 8804).

(d)    Each Non-U.S. Bank shall, subject to paragraph (f) below, deliver to each
       Borrower incorporated in the U.S. via the Agent on the date it becomes a
       Party (and prior to the expiry of any such form previously provided by
       that Non-U.S. Bank), the appropriate number of copies of duly executed
       U.S. Internal Revenue Service Forms W-8BEN or W-8ECI or W-8IMY or any
       successor or additional form allowing that Borrower to make payments to
       that Non-U.S. Bank without deduction or withholding in respect of Income
       Taxes imposed by the United States of America.

(e)    Each Bank that is organised under the federal laws of, or the laws of any
       of, the United States of America or the District of Columbia shall,
       subject to paragraph (f) below, deliver to the Company via the Agent on
       the date it becomes a Party (and prior to the expiry of any such form
       previously provided by that Bank) the appropriate number of copies of
       duly executed U.S. Internal Revenue Service Forms W-9 or any successor to
       that form.

(f)    No Bank is obliged to deliver any form(s) under paragraph (d) or (e)
       above if the Bank is unable to complete the form(s) in a manner which
       will enable any U.S. Borrower to make payments to that Bank without
       deduction or withholding in respect of taxes imposed by the United States
       of America as a result of the introduction of or any change in, or in the
       interpretation or application by any relevant authority of, any law,
       treaty or regulation or any

<Page>

                                       48

       practice, position or concession of the U.S. Internal Revenue Service
       after the date of this Agreement.

13.5   OTHER TAX FORMS

       Without prejudice to Clause 13.3 (Qualifying Banks) or 13.4 (U.S. Taxes)
       each Finance Party shall cooperate with the relevant Obligor and the
       Agent in respect of any application to the relevant revenue authorities
       by the completion and execution (as soon as reasonably practicable
       following a request from the Obligor or the Agent) of such certificates,
       claim forms or other documentation as:

       (a)     the Finance Party is reasonably able to complete and execute
               without incurring any significant administrative burden on its
               part; and

       (b)     the Obligor or the Agent reasonably requests for the purpose of
               enabling the Obligor or the Agent to obtain authorisation from
               the relevant revenue authorities to make interest payments in
               full without deduction or withholding of Tax.

13.6   REIMBURSEMENT OF TAX CREDITS

(a)    If:

       (i)     an Obligor pays any additional amount (a "TAX PAYMENT") under
               Clause 13.1 (Gross-up); and

       (ii)    a Bank effectively obtains a refund of Tax, or credit against Tax
               on its overall net income, by reason of that Tax Payment (a "TAX
               CREDIT"); and

       (iii)   that Bank is able to identify such Tax Credit as being
               attributable to the Tax Payment,

       then the Bank shall reimburse to the relevant Obligor such proportion of
       such Tax Credit as will leave the Bank, after that reimbursement, in no
       better or worse position than it would have been in if such Tax Payment
       had not been required.

(b)    Each Bank has an absolute discretion as to whether to claim any Tax
       Credit which may be due to it (and, if it does claim, the extent, order
       and manner in which it does so) and whether any amount is due from it
       under this Clause 13.6. No Bank is obliged to disclose any information
       regarding its tax affairs or computations to any Obligor.

14.    MARKET DISRUPTION

14.1   ABSENCE OF QUOTATIONS

       If LIBOR is to be determined by reference to the Reference Banks but a
       Reference Bank does not supply an offered rate by 11.30 a.m. on the
       relevant Rate Fixing Day, the applicable LIBOR shall, subject to Clause
       14.2 (Market disruption), be determined on the basis of the quotations of
       the remaining Reference Banks.

14.2   MARKET DISRUPTION

       If:

<Page>

                                       49

       (a)     LIBOR is to be determined by reference to the Reference Banks but
               no, or (following the appointment of additional Reference Banks
               pursuant to Clause 28.8 (Reference Banks)) only one, Reference
               Bank supplies a rate by 11.30 a.m. on the Rate Fixing Day; or

       (b)     the Agent receives notification from Banks whose participations
               in a Loan exceed 33 1/3 per cent. of that Loan that, in their
               opinion:

               (i)     matching deposits may not be available to them in the
                       relevant interbank market in the ordinary course of
                       business to fund their participations in that Loan for
                       the relevant Interest Period; or

               (ii)    the cost to them of matching deposits in the relevant
                       interbank market would be in excess of the relevant
                       LIBOR,

       the Agent shall promptly notify the relevant Borrower and the Banks of
       the fact and that this Clause 14 is in operation.

14.3   ALTERNATIVE BASIS

       If a notification under Clause 14.2 (Market disruption) applies:

       (a)     (i)     in the case of a Loan which has not been made, and unless
                       the relevant Borrower notifies the Agent to the contrary
                       before close of business on the day it received the
                       notification under Clause 14.2 (Market disruption), the
                       Loan shall still be made but it shall be denominated (at
                       the option of the relevant Borrower) in Sterling or U.S.
                       Dollars (or a combination) shall have an Interest Period
                       of one month and the interest payable on that Loan shall
                       be determined in accordance with this Clause 14.3; and

               (ii)    in the case of a Term Loan which has been made, the Loan
                       shall continue but it shall have an Interest Period of
                       one month and the interest payable on that Loan shall be
                       determined in accordance with this Clause 14.3;

       (b)     within 5 Business Days of receipt of the notification for a Loan
               under Clause 14.2 (Market disruption), the Company and the Agent
               shall enter into negotiations for a period of not more than 30
               days with a view to agreeing an alternative basis for determining
               the rate of interest and/or funding applicable to that Loan;

       (c)     any alternative basis agreed under paragraph (b) above shall be,
               with the prior consent of all the Banks, binding on all the
               Parties;

       (d)     if no alternative basis is agreed each Bank shall (through the
               Agent) certify on or before 10.00 a.m. on the last day of the
               Interest Period (in respect of a Loan in Sterling) or 10.00 a.m.
               on the second Business Day before the last day of the Interest
               Period (in respect of a Loan in an Optional Currency) to which
               the notification relates an alternative basis for maintaining its
               participation in that Loan;

       (e)     any alternative basis under paragraph (b) or (d) above may
               include an alternative method of fixing the interest rate,
               alternative Interest Periods or optional currencies but it must
               reflect the cost to each Bank of funding its participation in the
               Loan from whatever sources it may select plus the applicable
               Margin plus any applicable Mandatory Cost;

<Page>

                                       50

       (f)     each alternative basis so certified shall be binding on the
               Obligors and each certifying Bank and treated as part of this
               Agreement; and

       (g)     the Agent and the Company shall consult in good faith following
               any significant change in market conditions with a view to
               returning to the normal provisions of this Agreement.

15.    INCREASED COSTS

15.1   INCREASED COSTS

(a)    Subject to Clause 15.2 (Exceptions), the Company shall within five
       Business Days of demand by a Bank pay to that Bank the amount of any
       increased cost incurred by it or its Holding Company as a result of:

       (i)     the introduction of, or any change in, or any change in the
               interpretation or application of any law or regulation; or

       (ii)    compliance with any regulation made after the date of this
               Agreement,

       including any law or regulation relating to taxation or reserve asset,
       special deposit, cash ratio, liquidity or capital adequacy requirements
       or any other form of banking or monetary control.

(b)    In this Agreement "INCREASED COST" means:

       (i)     an additional cost incurred by a Bank or its Holding Company as a
               result of having entered into, or performing, maintaining or
               funding its obligations under, this Agreement; or

       (ii)    that portion of an additional cost incurred by a Bank or its
               Holding Company in making, funding or maintaining all or any
               advances comprised in a class of advances formed by or including
               that Bank's participations in the Loans made or to be made under
               this Agreement as is attributable to that Bank making, funding or
               maintaining those participations; or

       (iii)   a reduction in any amount payable to a Bank or its Holding
               Company or the effective return to a Bank or its Holding Company
               under this Agreement or (to the extent that it is attributable to
               this Agreement) on its capital.

(c)    Each Bank shall notify the Company promptly upon it becoming aware of any
       increased cost incurred (or which is reasonably likely to be incurred) by
       it or its Holding Company. Any demand under paragraph (a) above shall be
       accompanied by a calculation of the increased cost in reasonable detail.
       However, a Finance Party is not obliged to disclose any confidential
       information.

15.2   EXCEPTIONS

       Clause 15.1 (Increased costs) does not apply to any increased cost:

       (a)     intended to be compensated for by the payment of the Mandatory
               Cost; or

<Page>

                                       51

       (b)     referred to in Clause 13 (Taxes); or

       (c)     attributable to tax on the overall net income of a Bank or its
               Holding Company.

15.3   REGULATION D COSTS

       Each U.S. Borrower shall, within 5 Business Days of demand by any Bank
       (through the Agent), pay to that Bank the amount of any Regulation D
       Costs actually incurred by that Bank in respect of its participation in
       any Loan made by it to that U.S. Borrower.

15.4   ECB COSTS

       Each Borrower shall, within 5 Business Days of demand by any Bank
       (through the Agent), pay to that Bank the amount of any ECB Costs
       actually incurred by that Bank in respect of its participation in any
       Loan made by it to that Borrower.

16.    ILLEGALITY

       If it is or becomes unlawful in any jurisdiction for a Bank to give
       effect to any of its obligations as contemplated by this Agreement or to
       fund or maintain its participation in any Loan, then:

       (a)     that Bank may notify the Company through the Agent accordingly;
               and

       (b)     if the relevant Borrowers have not transferred their obligations
               under the Finance Documents to another Borrower pursuant to
               Clause 28.1(b) (Transfers by Obligors) so that after such
               transfer that unlawfulness has ceased to exist:

               (i)     each Borrower shall forthwith or (if later) on the latest
                       date(s) permitted by the relevant law prepay the
                       participations of that Bank in all the Loans made to that
                       Borrower; and

               (ii)    the Commitments of that Bank shall forthwith or (if
                       later) on the latest date(s) permitted by the relevant
                       law be cancelled.

17.    GUARANTEE

17.1   GUARANTEE

       Each Guarantor irrevocably and unconditionally:

       (a)     as principal obligor guarantees to each Finance Party prompt
               performance by each Borrower of all its payment obligations under
               the Finance Documents;

       (b)     undertakes with each Finance Party that whenever a Borrower does
               not pay any amount when due under or in connection with any
               Finance Document, that Guarantor shall on demand by the Agent pay
               that amount as if that Guarantor instead of the relevant Borrower
               were expressed to be the principal obligor; and

       (c)     indemnifies as primary obligor each Finance Party on demand
               against any loss or liability suffered by it if any obligation
               guaranteed by that Guarantor is or becomes unenforceable, invalid
               or illegal.

<Page>

                                       52

17.2   CONTINUING GUARANTEE

       This guarantee is a continuing guarantee and will extend to the ultimate
       balance of all sums payable by the Borrowers under the Finance Documents,
       regardless of any intermediate payment or discharge in whole or in part.

17.3   REINSTATEMENT

(a)    Where any discharge (whether in respect of the obligations of any Obligor
       or any security for those obligations or otherwise) is made in whole or
       in part or any arrangement is made on the faith of any payment, security
       or other disposition which is avoided or must be restored on insolvency,
       liquidation or otherwise without limitation, the liability of each
       Guarantor under this Clause 17 shall continue as if the discharge or
       arrangement had not occurred.

(b)    Each Finance Party may concede or compromise any claim that any payment,
       security or other disposition is liable to avoidance or restoration if it
       has received legal advice to this effect.

17.4   WAIVER OF DEFENCES

       The obligations of each Guarantor under this Clause 17 will not be
       affected by an act, omission, matter or thing which, but for this
       provision, would reduce, release or prejudice any of its obligations
       under this Clause 17 or prejudice or diminish those obligations in whole
       or in part, including (whether or not known to it or any Finance Party):

       (a)     any time or waiver granted to, or composition with, any Obligor
               or other person;

       (b)     the release of any other Obligor or any other person under the
               terms of any composition or arrangement with any creditor or any
               member of the Group;

       (c)     the taking, variation, compromise, exchange, renewal or release
               of, or refusal or neglect to perfect, take up or enforce, any
               rights against, or security over assets of, any Obligor or other
               person or any non-presentation or non-observance of any formality
               or other requirement in respect of any instrument or any failure
               to realise the full value of any security;

       (d)     any incapacity or lack of powers, authority or legal personality
               of or dissolution or change in the members or status of an
               Obligor or any other person;

       (e)     any variation (however fundamental) or replacement of a Finance
               Document or any other document or security so that references to
               that Finance Document in this Clause 17 shall include each
               variation or replacement;

       (f)     any unenforceability, illegality or invalidity of any obligation
               of any person under any Finance Document or any other document or
               security, to the intent that the Guarantors obligations under
               this Clause 17 shall remain in full force and its guarantee be
               construed accordingly, as if there were no unenforceability,
               illegality or invalidity; or

       (g)     any postponement, discharge, reduction, non-provability or other
               similar circumstance affecting any obligation of any Obligor
               under a Finance Document resulting from any insolvency,
               liquidation or dissolution proceedings or from any law,
               regulation or order so that each such obligation shall for the
               purposes of each

<Page>

                                       53

               Guarantor's obligations under this Clause 17 be construed as if
               there were no such circumstance.

17.5   IMMEDIATE RECOURSE

       Each Guarantor waives any right it may have of first requiring any
       Finance Party (or any trustee or agent on its behalf) to proceed against
       or enforce any other rights or security or claim payment from any person
       before claiming from that Guarantor under this Clause 17.

17.6   APPROPRIATIONS

       Until all amounts which may be or become payable by the Borrowers under
       or in connection with the Finance Documents have been irrevocably paid in
       full, each Finance Party (or any trustee or agent on its behalf) may:

       (a)     refrain from applying or enforcing any other moneys, security or
               rights held or received by that Finance Party (or any trustee or
               agent on its behalf) in respect of those amounts, or apply and
               enforce the same in such manner and order as it sees fit (whether
               against those amounts or otherwise) and no Guarantor shall be
               entitled to the benefit of the same; and

       (b)     hold in a suspense account any moneys received from a Guarantor
               or on account of that Guarantor's liability under this Clause 17,
               and interest will accrue on those moneys at the rate payable by
               the relevant Borrower on the corresponding amount outstanding
               under this Agreement.

17.7   NON-COMPETITION

       Until all amounts which may be or become payable by the Borrowers under
       or in connection with the Finance Documents have been irrevocably paid in
       full, no Guarantor shall, after a claim has been made or by virtue of any
       payment or performance by it under this Clause 17:

       (a)     be subrogated to any rights, security or moneys held, received or
               receivable by any Finance Party (or any trustee or agent on its
               behalf) or be entitled to any right of contribution or indemnity
               in respect of any payment made or moneys received on account of
               that Guarantor's liability under this Clause 17;

       (b)     claim, rank, prove or vote as a creditor of any Obligor or its
               estate in competition with any Finance Party (or any trustee or
               agent on its behalf); or

       (c)     receive, claim or have the benefit of any payment, distribution
               or security from or on account of any Obligor, or exercise any
               right of set-off as against any Obligor,

       unless the Agent otherwise directs. Each Guarantor shall hold in trust
       for and forthwith pay or transfer to the Agent for the Finance Parties
       any payment or distribution or benefit of security received by it
       contrary to this Clause 17.7 or as directed by the Agent.

17.8   ADDITIONAL SECURITY

       This guarantee is in addition to and is not in any way prejudiced by any
       other security now or subsequently held by any Finance Party.

<Page>

                                       54

18.    REPRESENTATIONS AND WARRANTIES

18.1   REPRESENTATIONS AND WARRANTIES

       Each Obligor makes the representations and warranties set out in this
       Clause 18 to each Finance Party. The representations and warranties to be
       made by the Company will be made in respect of itself and, where
       applicable, any other member of the Group. The representations and
       warranties to be given by each other Obligor will be made in respect of
       itself only.

18.2   STATUS

       It is a limited liability company, duly incorporated and validly existing
       under the laws of its jurisdiction of incorporation and, where relevant
       under those laws, in good standing and has the power to own its assets
       and carry on its business as it is being conducted.

18.3   POWERS AND AUTHORITY

       It has the corporate power to enter into and perform its obligations
       under the Finance Documents to which it is a party and has taken all
       necessary corporate action to authorise the entry into and performance of
       its obligations under those Finance Documents.

18.4   LEGAL VALIDITY

       Subject to any qualifications as to matters of law set out in the legal
       opinion delivered under Schedule 2 in respect of that Obligor, this
       Agreement constitutes, and each other Finance Document to which it is a
       party (when executed in accordance with the terms of this Agreement) will
       constitute, its legal, valid, binding and enforceable obligation.

18.5   NON-CONFLICT

       Except to the extent contemplated by Clause 19.15 (Borrowing limits), the
       entry into and performance of each Finance Document does not and will not
       conflict with:

       (a)     any applicable law or regulation or any applicable official or
               judicial order in the jurisdiction of its incorporation;

       (b)     its constitutional documents; or

       (c)     any document to which it is a party or which is binding upon it
               or any of its assets.

18.6   AUTHORISATIONS

       All authorisations required by it in connection with the entry into,
       performance, validity and enforceability of each Finance Document to
       which it is a party and the transactions contemplated by each such
       Finance Document have been obtained or effected and are in (or will at
       the relevant time be) full force and effect.

18.7   PARI PASSU

       Its obligations under the Finance Documents do and will rank at least
       pari passu with all of its other unsecured and unsubordinated obligations
       other than those obligations which are mandatorily preferred by law and
       not by reason of contract.

<Page>

                                       55

18.8   ACCOUNTS

(a)    In the case of the Company, the audited consolidated accounts of the
       Group most recently delivered to the Agent (which, at the date of this
       Agreement, are the Original Group Accounts):

       (i)     have been prepared in accordance with accounting principles
               generally accepted in the U.K. and consistently applied or (if
               not consistently applied) are accompanied by details of the
               inconsistencies; and

       (ii)    give a true and fair view of the consolidated financial condition
               of the Group as at the date to which they were drawn up.

(b)    In the case of each Obligor (other than the Company) which produces
       audited accounts, its audited accounts most recently delivered to the
       Agent under Clause 19.2(a)(ii) (Financial Information):

       (i)     have been prepared in accordance with:

               (A)     accounting principles generally accepted in the U.K. and
                       consistently applied or (if not consistently applied) are
                       accompanied by details of the inconsistencies; or

               (B)     accounting principles generally accepted in its
                       jurisdiction of incorporation and consistently applied or
                       (if not consistently applied) are accompanied by details
                       of the inconsistencies; and

       (ii)    give a true and fair view of the financial condition of that
               Obligor as at the date to which they were drawn up.

(c)    In the case of each Obligor which does not produce audited accounts, the
       accounts of that Obligor most recently delivered to the Agent under
       Clause 19.2(a)(iii) (Financial information) have been prepared in
       accordance with accounting principles required in order to consolidate
       the accounts of that Obligor into the consolidated accounts of the
       Company.

(d)    As at the date of this Agreement, there has been no material adverse
       change in the consolidated financial condition of the Group since the
       date the Original Group Accounts were drawn up.

18.9   LITIGATION

       As at the date of this Agreement, no litigation, arbitration or
       administrative proceedings has been commenced or, to its knowledge, is
       threatened or pending against any member of the Group which would be
       reasonably likely to have a Material Adverse Effect.

18.10  NO DEFAULT

       No Event of Default or (unless this representation is being repeated or
       deemed to be repeated on the date of a Request or a Drawdown Date in
       respect of a Rollover Loan) Potential Event of Default has occurred and
       is continuing which has not been waived.

<Page>

                                       56

18.11  YEAR 2000

       The occurrence of the year 2000 will not affect the capacity of any
       computer system, software or other equipment owned or used by any member
       of the Group to perform any function capable of being performed by that
       computer system, software or other equipment prior to the year 2000 to an
       extent which would be reasonably likely to have a Material Adverse
       Effect.

18.12  ERISA

(a)    In the case of the Company, each U.S. Borrower and each U.S. Material
       Subsidiary, each Pension Plan is in compliance in all material respects
       with the applicable provisions of ERISA, the Code and any other
       applicable Federal law.

(b)    In the case of the Company, each U.S. Borrower and each U.S. Material
       Subsidiary, no event or condition has occurred or exists as a result of
       which it would be under an obligation to furnish a report to the Agent in
       accordance with Clause 19.17 (ERISA).

18.13  INVESTMENT COMPANY ACT

       In the case of the Company, each U.S. Borrower and each U.S. Material
       Subsidiary, neither it nor any of its Subsidiaries is an "investment
       company", or a company "controlled" by an "investment company", within
       the meaning of the Investment Company Act of 1940 of the United States of
       America.

18.14  USE OF PROCEEDS

       In the case of the Company, each U.S. Borrower and each U.S. Material
       Subsidiary, neither it nor any of its Subsidiaries is engaged
       principally, or as one of its important activities, in the business of
       extending credit for the purpose, whether immediate, incidental or
       ultimate, of buying or carrying Margin Stock, and no part of the proceeds
       of the Loans will be used to buy or carry any Margin Stock in violation
       of Regulation T, U or X of the Board of Governors of the Federal Reserve
       System. For purposes of this Clause, "MARGIN STOCK" means "margin stock"
       within the meaning of Regulations T, U and X of the Board of Governors of
       the Federal Reserve System (or any successor), as the same may be
       modified and supplemented and in effect from time to time.

18.15  ENVIRONMENTAL MATTERS

(a)    It and each member of the Group complies, in all respects, with all
       requirements of all Environmental Laws where failure to do so has or is
       reasonably likely to have a Material Adverse Effect; and

(b)    no Environmental Claim is existing or, to its knowledge pending or
       threatened against it or any member of the Group which has or is
       reasonably likely to have a Material Adverse Effect.

18.16  TIMES FOR MAKING REPRESENTATIONS AND WARRANTIES

       The representations and warranties set out in this Clause 18
       (Representations and warranties):

       (a)     (i)     in the case of an Obligor which is a Party on the date of
                       this Agreement, are made by that Obligor on that date;
                       and

<Page>

                                       57

               (ii)    in the case of an Obligor which becomes a Party after the
                       date of this Agreement, (with the exception of the
                       representations and warranties in Clauses 18.8(d)
                       (Accounts) and 18.9 (Litigation)) will be deemed to be
                       made by that Obligor on the date it executes a Borrower
                       Accession Agreement or Guarantor Accession Agreement, as
                       appropriate; and

       (b)     (with the exception of the representations and warranties in
               Clauses 18.8(d) (Accounts) and 18.9 (Litigation)) are deemed to
               be repeated by each Obligor on the date of each Request, each
               Drawdown Date, the date of the Syndication Agreement and the
               first day of each Interest Period with reference to the facts and
               circumstances then existing.

       (c)     Notwithstanding the above provisions of this Clause 18.16, prior
               to the Clean-Up Date any representation or warranty under this
               Clause 18 which is made or deemed to be repeated in respect of
               the Target Group shall not have effect.

19.    UNDERTAKINGS

19.1   DURATION

       (a)     The undertakings in this Clause 19 remain in force from the date
               of this Agreement for so long as any amount is or may be
               outstanding under this Agreement or any Commitment is in force.

       (b)     During the Clean-Up Period the undertakings contained in Clauses
               19.8 (Preferred Indebtedness), 19.9 (Disposals), 19.13
               (Environmental Laws), 19.16 (Insurance) and 19.17 (ERISA) will
               not apply to the Target Group.

19.2   FINANCIAL INFORMATION

       The Company shall supply to the Agent in sufficient copies for all the
       Banks in respect of the items referred to in paragraphs (a) and (b) below
       and in sufficient copies for all the Banks in respect of the item
       referred to in paragraphs (c) below if the Agent so requests:

       (a)     as soon as practicable (and in any event within 145 days after
               the close of each of its financial years):

               (i)     the audited consolidated accounts of the Company;

               (ii)    in the case of any Obligor where the jurisdiction in
                       which that Obligor is incorporated requires that Obligor
                       to produce annual audited accounts, the audited accounts
                       of that Obligor; or

               (iii)   in any other case, the accounts of each Obligor used by
                       the auditors of the Company in preparing the audited
                       consolidated accounts of the Company,

               for that year;

       (b)     as soon as practicable (and in any event within 120 days of the
               end of the first half of each of its financial years) the
               unaudited consolidated accounts of the Company for that half
               year; and

<Page>

                                       58

       (c)     together with the accounts specified in paragraphs (a)(i) and (b)
               above, a Compliance Certificate signed by two duly authorised
               signatories as at the end of the relevant Accounting Period.

19.3   FORM OF ACCOUNTS

       If, at any time, the Company changes or proposes to change the accounting
       policies upon which any of the information provided pursuant to
       paragraphs (a)(i) and (b) of Clause 19.2 (Financial information) is
       prepared, then:

       (a)     it shall notify the Agent of the change or proposed change;

       (b)     within 5 Business Days of receipt of the notification, it and the
               Agent shall enter into discussions for a period of not more than
               45 days with a view to agreeing the amendments which would be
               required to be made to this Agreement (including, without
               limitation, Clause 19.10 (Financial covenants)) to reflect the
               basis upon which this Agreement was entered into by it and the
               Banks;

       (c)     any agreement between it and the Agent under sub-paragraph (b)
               above shall be, with the prior consent of the Majority Banks,
               binding on all the Parties; and

       (d)     if no agreement is reached under sub-paragraph (b) above, then
               Company's auditors (acting as experts) shall certify the
               amendments which would be required to be made to this Agreement
               to place the Company and the Banks in the same position they
               would have been in if the change had not taken place; a
               certificate of the Company's auditors in accordance with the
               above will, in the absence of manifest error, be binding on all
               the Parties.

19.4   INFORMATION - MISCELLANEOUS

       The Company shall supply to the Agent:

       (a)     all documents despatched by the Company to its shareholders
               generally (or any class of them) or its creditors generally (or
               any class of them) at the same time as they are despatched;

       (b)     promptly upon becoming aware of them, details of any litigation,
               arbitration or administrative proceedings which are current,
               threatened or pending, and which might, if adversely determined,
               be reasonably expected to have a Material Adverse Effect; and

       (c)     promptly, such further information in the possession or control
               of any member of the Group regarding its financial condition and
               operations as any Finance Party may reasonably request,

       in sufficient copies for all of the Banks, if the Agent so requests.

19.5   NOTIFICATION OF DEFAULT

       The Company shall notify the Agent of any Default (and the steps, if any,
       being taken to remedy it) promptly upon becoming aware of its occurrence.

<Page>

                                       59

19.6   AUTHORISATIONS

       Each Obligor shall obtain and promptly renew from time to time, and will
       promptly upon the request of the Agent furnish certified copies to the
       Agent of, all such material authorisations as may be required under any
       applicable law or regulation to enable any Obligor to perform its
       obligations under, or for the validity or enforceability of, any Finance
       Document.

19.7   PARI PASSU RANKING

       Each Obligor undertakes that its obligations under the Finance Documents
       shall rank at least pari passu with all of its other present and future
       unsecured and unsubordinated obligations other than those obligations
       which are mandatorily preferred by law and not by reason of contract.

19.8   PREFERRED INDEBTEDNESS

       The Company shall procure that:

       (a)     Preferred Indebtedness does not at any time exceed L80,000,000
               (or its equivalent in any other currency or currencies) in
               aggregate; and

       (b)     the Company shall ensure that, if any derivative transaction is
               or is to be entered into by a Borrower, then, unless any
               applicable law prevents that Borrower becoming a Guarantor, that
               Borrower will (unless it is already a Guarantor) become an
               Additional Guarantor.

19.9   DISPOSALS

       No Obligor shall, and the Company shall procure that no member of the
       Group will, either in a single transaction or in a series of
       transactions, whether related or not and whether voluntarily or
       involuntarily, sell, transfer, lease or otherwise dispose of all or a
       substantial part of its respective assets, except that the following
       disposals shall not be taken into account:

       (a)     disposals made in the ordinary course of trade of the disposing
               entity;

       (b)     disposals from a member of the Group to another member of the
               Group;

       (c)     disposals of cash raised or borrowed for the purposes for which
               it was raised or borrowed;

       (d)     disposals of assets in exchange for other assets comparable or
               superior as to type, value and quality;

       (e)     disposals of certain real property in Scotland and Crawley
               notified to the Agent in writing before the date of this
               Agreement;

       (f)     disposals of obsolete assets for cash; and

       (g)     other disposals of assets provided that the aggregate amount of
               all such disposals by members of the Group permitted by this
               paragraph (g) shall not exceed either:

               (i)     20 per cent. of Consolidated Total Assets in any
                       financial year; or

<Page>

                                       60

               (ii)    40 per cent. of Consolidated Total Assets since the date
                       of this Agreement.

19.10  FINANCIAL COVENANTS

(a)    The Company shall procure that:

       (i)     the ratio of Consolidated Net Debt to Consolidated EBITDA is not,
               as at any testing date, greater than 3.0:1, and

       (ii)    the ratio of Consolidated EBITA to Consolidated Net Interest
               Expense is not, as at any testing date, less than 3.0 to 1.

(b)    (i)     Notwithstanding that the amount of the terms used in paragraph
               (a) above will (subject to paragraph (c) below) be derived from
               the latest accounts, all the terms used in paragraph (a) above
               are, subject to Clause 19.3 (Form of accounts), to be calculated
               in accordance with the accounting principles applied in
               connection with the Original Group Accounts;

       (ii)    "TESTING DATE" means the last day of each financial year and
               financial half year of the Company;

       (iii)   if there is a dispute as to any interpretation of, or computation
               for, such definitions or terms, the interpretation or computation
               of the Company's auditors notified to the Agent and the Company
               prevails in the absence of manifest error; and

       (iv)    any amount denominated in a currency other than Sterling is to be
               taken into account at its Sterling equivalent calculated on the
               basis set out in the then latest Accounts.

(c)    For the purposes of paragraph (a) above in the case of the testing dates
       falling on 31st December, 1999 and 30th June, 2000, it shall be assumed
       that any acquisition of a business (including the Target Group) in 1999
       occurred on 1st January, 1999 and the amounts required to be calculated
       shall be derived from accounts prepared on a proforma basis.

       The pro forma accounts referred to above will be prepared as follows:

       (i)     including the actual EBITDA and EBITA of the Target Group as if
               it were a member of the Group during the twelve months period
               ending on the relevant testing date;

       (ii)    annualising retrospectively the portion of Consolidated Net
               Interest Expense attributable to the indebtedness incurred in
               acquiring the Target Group over the twelve months period ending
               on the relevant testing date to take into account any period of
               time when the relevant Target Group was not part of the Group;

       (iii)   annualising retrospectively the actual EBITDA and EBITA
               attributable to any acquisition in 1999 (other than the Target
               Group) over the 12 months' period ending on the relevant testing
               date to take into account any period of time when the relevant
               business was not owned by the Group;

       (iv)    annualising retrospectively the Consolidated Net Interest Expense
               attributable to any acquisition in 1999 (other than the Target
               Group) over the 12 months period ending on the relevant testing
               date to take into account any period of time when the relevant
               business was not owned by the Group, and assuming for this
               purpose that each such acquisition was fully funded by a part of
               Total Consolidated Debt.

<Page>

                                       61

19.11  ACQUISITIONS

(a)    Subject to paragraph (b) below, until the date falling 18 months after
       the date of this Agreement, the Company shall procure that no member of
       the Group will make any acquisition the cash element of the consideration
       for which is funded by raising Acquisition Financial Indebtedness (other
       than under this Agreement):

       (i)     the Acquisition Financial Indebtedness element of which is in
               excess of L50,000,000 in respect of a single acquisition; or

       (ii)    which, when aggregated with the principal amount of all other
               Acquisition Financial Indebtedness (other than under this
               Agreement) incurred since the date of this Agreement in respect
               of acquisitions, exceeds L100,000,000.

(b)    Any Financial Indebtedness for the purpose of the acquisition of a
       division of a Canadian company which, as at the date of this Agreement,
       is being negotiated up to an aggregate principal amount of Canadian
       Dollars 25,000,000 shall be excluded from the calculation in paragraph
       (a) above.

19.12  CHANGE OF BUSINESS

       The Company shall procure that, except as disclosed to the Arrangers
       prior to the date of this Agreement and in the Information Memorandum, no
       substantial change is made to the nature of the Group's business from
       that carried on at the date of this Agreement.

19.13  ENVIRONMENTAL LAWS

       The Company shall, and the Company shall procure that each member of the
       Group will, comply with and carry out its business in accordance with all
       Environmental Laws necessary for the conduct of its business where any
       failure to comply or carry out its business in accordance with that
       Environmental Law might have a Material Adverse Effect.

19.14  COMPLIANCE WITH LAWS

       The Company shall, and the Company shall procure that each member of the
       Group will, comply with and carry out its business in accordance with all
       laws necessary for the conduct of its business where any failure to
       comply or carry out its business in accordance with that law might have a
       Material Adverse Effect.

19.15  BORROWING LIMITS

       The Company shall promptly and in any event:

       (a)     before the first Drawdown Date, increase the borrowing limit
               under its articles of association so that the borrowing of the
               Total Commitments in full would not breach that borrowing limit;
               and

       (b)     within 90 days of the date of this Agreement ensure that the
               borrowing of any Loan will not breach the gearing covenant in the
               private placement agreement dated 25th October, 1993 to which the
               Company is a party.

<Page>

                                       62

19.16  INSURANCE

       Each Obligor shall, and the Company shall procure that each of its
       Subsidiaries will, insure and keep insured its assets with underwriters
       or insurance companies in accordance with sound business practice and
       where failure to do so would be reasonably likely to have a Material
       Adverse Effect.

19.17  ERISA

(a)    As soon as possible, and in any event within 30 days, after any U.S.
       Borrower or any other member of the Group knows or has reason to know
       that any of the events or conditions mentioned in paragraph (b) below
       have occurred or exist, where such event or condition has or is
       reasonably likely to have a Material Adverse Effect, it will furnish to
       the Agent a statement signed by a senior financial officer of the
       relevant company (without personal liability) setting forth details
       respecting such event or condition and the action, if any, which the
       relevant company or an ERISA Affiliate proposes to take with respect
       thereto.

(b)    The events or conditions mentioned in paragraph (a) above are:

       (i)     any reportable event, as defined in Section 4043(c) of ERISA with
               respect to a Pension Plan, as to which the PBGC has not by
               regulation waived the requirement of Section 4043(a) of ERISA
               that it be notified within 30 days of the occurrence of such
               event;

       (ii)    the failure to meet the minimum funding standards of Section 412
               of the Code or Section 302 of ERISA with respect to a Pension
               Plan or any request for a waiver under Section 412(d) of the Code
               or Section 303 of ERISA, or for an extension under Section 412(e)
               of the Code or Section 304 of ERISA for any Pension Plan;

       (iii)   the distribution under Section 4041(c) of ERISA of a notice of
               intent to terminate any Pension Plan;

       (iv)    the institution by PBGC of proceedings under Section 4042 of
               ERISA for the termination of, or the appointment of a trustee to
               administer, any Pension Plan, or the receipt by any U.S.
               Borrower, U.S. Material Subsidiary or any ERISA Affiliate of a
               notice that such action has been taken by PBGC with respect to a
               Multiemployer Plan;

       (v)     the complete or partial withdrawal from a Multiemployer Plan by
               any U.S. Borrower or any ERISA Affiliate that results in
               liability under Section 4201 or 4204 of ERISA or the receipt by
               any U.S. Borrower, U.S. Material Subsidiary or any ERISA
               Affiliate of notice from a Multiemployer Plan that it is in
               reorganisation or insolvency pursuant to Section 4241 or 4245 of
               ERISA or that it intends to terminate or has terminated under
               Section 4041A of ERISA;

       (vi)    the institution of a proceeding by a fiduciary of any
               Multiemployer Plan against any U.S. Borrower, U.S. Material
               Subsidiary or any ERISA Affiliate to enforce Section 515 of
               ERISA, which proceeding is not dismissed within 30 days;

       (vii)   the adoption of an amendment to any Pension Plan pursuant to
               Section 307 of ERISA that requires the provision of security to
               such Pension Plan; or

<Page>

                                       63

       (viii)  the conditions for the imposition of a Security Interest under
               Section 302(f) of ERISA shall have been met with respect to any
               Pension Plan.

(c)    The Company shall furnish to the Agent, promptly after the request of the
       Agent, copies of each Schedule B (actuarial information) to the annual
       report (Form 5500) filed with respect to each Pension Plan.

19.18  MATERIAL SUBSIDIARIES

(a)    In each Compliance Certificate the Company shall designate the
       Subsidiaries which are to be Material Subsidiaries from the date of that
       Compliance Certificate to the date of the next Compliance Certificate. In
       each Compliance Certificate, the Company shall list Subsidiaries in
       descending order of their contribution to Consolidated EBIT and, where
       the Consolidated EBIT for two or more Subsidiaries is the same, list
       those Subsidiaries in descending order of their contribution to
       Consolidated Total Assets.

(b)    The Company shall procure that the list provided in each Compliance
       Certificate shall be such that, as at the end of the Accounting Period to
       which the Compliance Certificate relates, the aggregate of the EBIT and
       Total Assets of each Material Subsidiary plus the EBIT and Total Assets
       of the Company accounts for at least 66 per cent. of Consolidated EBIT
       and 50 per cent. of Consolidated Total Assets. The list shall set out the
       proportion which the aggregate EBIT and Total Assets of the Company and
       each Material Subsidiary bears to the Consolidated EBIT and Consolidated
       Total Assets.

20.    DEFAULT

20.1   EVENTS OF DEFAULT

       Each of the events set out in this Clause 20 is an Event of Default
       (whether or not caused by any reason whatsoever outside the control of
       any Obligor or any other person).

20.2   NON-PAYMENT

       An Obligor does not pay on the due date any amount payable by it under
       the Finance Documents at the place at and in the currency in which it is
       expressed to be payable and (if caused solely by technical or
       administrative error) the non-payment continues unremedied for 3 Business
       Days after notice of non-payment is received from the Agent.

20.3   BREACH OF OTHER OBLIGATIONS

(a)    An Obligor fails to comply with any provision of Clauses 19.8 (Preferred
       Indebtedness), 19.9 (Disposals), 19.10 (Financial covenants) or 19.11
       (Acquisitions);

(b)    An Obligor does not comply with any provision of the Finance Documents
       (other than those referred to in Clause 20.2 (Non-payment) or paragraph
       (a) above) and, if that default is capable of remedy, it is not remedied
       within 20 days of the earlier of the relevant Obligor becoming aware of
       the default and receipt by it of a notice of default from the Agent.

20.4   MISREPRESENTATION

       A representation or warranty made or repeated in any Finance Document or
       in any document delivered by or on behalf of any Obligor under or in
       connection with any Finance Document

<Page>

                                       64

       is incorrect in any material respect when made or deemed to be made or
       repeated by reference to the facts and circumstances then subsisting.

20.5   CROSS-DEFAULT

(a)    Any Financial Indebtedness of a member of the Group is not paid when due
       or within any applicable grace period; or

(b)    an event of default howsoever described occurs under any document
       relating to Financial Indebtedness of a member of the Group; or

(c)    any Financial Indebtedness of a member of the Group becomes prematurely
       due and payable or is placed on demand as a result of an event of default
       (howsoever described) under the document relating to that Financial
       Indebtedness; or

(d)    any commitment for, or underwriting of, any Financial Indebtedness of a
       member of the Group is cancelled or suspended as a result of an event of
       default (howsoever described) under the document relating to that
       Financial Indebtedness; or

(e)    any Security Interest securing Financial Indebtedness over any asset of a
       member of the Group becomes enforceable,

       unless, in any such case or cases:

       (i)     the aggregate amount of all such Financial Indebtedness is less
               than L10,000,000 (or its equivalent in other currencies); or

       (ii)    the Financial Indebtedness is that of the Target or a Subsidiary
               of the Target and the relevant event occurs prior to the Clean-Up
               Date.

20.6   INSOLVENCY

(a)    An Obligor or a Material Subsidiary is, or is deemed for the purposes of
       any law to be, unable to pay its debts as they fall due or to be
       insolvent, or admits inability to pay its debts as they fall due; or

(b)    an Obligor or a Material Subsidiary suspends making payments on all or
       any class of its debts or announces an intention to do so, or a
       moratorium is declared in respect of all or any class of its
       indebtedness; or

(c)    an Obligor or a Material Subsidiary by reason of financial difficulties,
       begins negotiations with one or more of its creditors with a view to the
       readjustment or rescheduling of all or any class of its indebtedness.

20.7   INSOLVENCY PROCEEDINGS

(a)    Any step (including petition, proposal or convening a meeting) is taken
       with a view to a composition, assignment or arrangement with any
       creditors of an Obligor or a Material Subsidiary; or

(b)    a meeting of an Obligor or a Material Subsidiary is convened for the
       purpose of considering any resolution for (or to petition for) its
       winding-up or its administration or any such resolution is passed; or

<Page>

                                       65

(c)    any person presents a petition for the winding-up or for the
       administration of an Obligor or a Material Subsidiary, and, in the case
       of a petition for winding-up presented by a creditor, it is not
       withdrawn, discharged or stayed within 30 days; or

(d)    any order is made for the winding-up or administration of an Obligor or a
       Material Subsidiary; or

(e)    any other step (including petition, proposal or convening a meeting) is
       taken with a view to the rehabilitation, administration, custodianship,
       liquidation, winding-up or dissolution of or any other insolvency
       proceedings involving an Obligor or a Material Subsidiary, and, in the
       case of any such step taken by a creditor, it is not withdrawn,
       discharged or stayed within 30 days.

20.8   APPOINTMENT OF RECEIVERS AND MANAGERS

(a)    Any liquidator, trustee in bankruptcy, judicial custodian, compulsory
       manager, receiver, administrative receiver, administrator or the like is
       appointed in respect of an Obligor or a Material Subsidiary or any part
       of its assets; or

(b)    the directors of an Obligor or a Material Subsidiary request the
       appointment of a liquidator, trustee in bankruptcy, judicial custodian,
       compulsory manager, receiver, administrative receiver, administrator or
       the like; or

(c)    any other step is taken to enforce any security over any part of the
       assets of an Obligor or a Material Subsidiary and is not withdrawn,
       discharged or stayed within 30 days.

20.9   CREDITORS' PROCESS

       Any attachment, sequestration, distress or execution affects any assets
       of an Obligor or a Material Subsidiary having an aggregate value of
       L1,000,000 (or its equivalent in other currencies) and is not discharged
       within 30 days.

20.10  U.S. OBLIGOR OR U.S. MATERIAL SUBSIDIARY INSOLVENCY EVENTS OF DEFAULT

(a)    Any proceeding shall be instituted by or against any U.S. Obligor or U.S.
       Material Subsidiary seeking:

       (i)     to adjudicate it a bankrupt or insolvent in the U.S.; or

       (ii)    liquidation, winding-up, reorganisation, arrangement, adjustment,
               protection, relief, or composition of it or its debts under any
               U.S. law relating to bankruptcy, insolvency or reorganisation or
               relief of debtors; or

       (iii)   the entry of an order for relief or the appointment of a
               receiver, trustee, or other similar official for it or for any
               substantial part of its assets in the U.S.;

       and, in the case of any such proceeding instituted against it (but not
       instituted by it), either:

       (1)     the proceeding shall remain undismissed or unstayed for a period
               of 60 days; or

<Page>

                                       66

       (2)     any of the actions sought in the proceeding (including, without
               limitation, the entry of an order for relief against, or the
               appointment of a receiver, trustee, custodian or other similar
               official for, it or any substantial part of its assets) shall
               occur; or

(b)    any U.S. Obligor or U.S. Material Subsidiary shall take any corporate
       action to authorise any of the actions set out above in this Clause; or

(c)    any U.S. Obligor or U.S. Material Subsidiary is unable to pay its debts
       generally as they fall due or shall admit in writing its inability to pay
       its debts generally, or shall make a general assignment for the benefit
       of creditors.

20.11  ANALOGOUS PROCEEDINGS

       There occurs, in relation to an Obligor or a Material Subsidiary, any
       event anywhere which, in the opinion of the Majority Banks, appears to
       correspond with any of those mentioned in Clauses 20.6 (Insolvency) to
       20.10 (U.S. Obligor or U.S. Material Subsidiary insolvency events of
       default) (inclusive).

20.12  UNLAWFULNESS

       It is or becomes unlawful for any Obligor to perform any of its
       obligations under the Finance Documents.

20.13  CESSATION OF BUSINESS

       Any Obligor or Material Subsidiary ceases to carry on business unless the
       business is transferred to any other member of the Group.

20.14  EFFECTIVENESS OF GUARANTEE

       The guarantee of a Guarantor is ineffective or is alleged by any Obligor
       to be ineffective, for any reason, and, in the case of the guarantee of a
       Guarantor (other than the Company), the Company would be in breach of
       Clause 19.8 (Preferred Indebtedness) if that guarantee was ineffective.

20.15  MATERIAL ADVERSE CHANGE

       Any event or series of events occurs which, in the reasonable opinion of
       the Majority Banks, has or is reasonably likely to have a Material
       Adverse Effect.

20.16  ACCELERATION

       On and at any time after the occurrence of an Event of Default which is
       continuing the Agent may, and shall if so directed by the Majority Banks,
       by notice to the Company:

       (a)     cancel the Total Commitments; and/or

       (b)     demand that all or part of the Loans, together with accrued
               interest, and all other amounts accrued under this Agreement be
               immediately due and payable, whereupon they shall become
               immediately due and payable; and/or

<Page>

                                       67

       (c)     demand that all or part of the Loans be payable on demand,
               whereupon they shall immediately become payable on demand by the
               Agent (acting on the instructions of the Majority Banks).

21.    THE AGENT AND THE ARRANGERS

21.1   APPOINTMENT AND DUTIES OF THE AGENT

(a)    Each Finance Party (other than the Agent) irrevocably appoints the Agent
       to act as its agent under and in connection with the Finance Documents.

(b)    Each Party appointing the Agent irrevocably authorises the Agent on its
       behalf to:

       (i)     perform the duties and to exercise the rights, powers and
               discretions that are specifically delegated to it under or in
               connection with the Finance Documents, together with any other
               incidental rights, powers and discretions; and

       (ii)    execute each Finance Document expressed to be executed by the
               Agent on that Party's behalf.

(c)    The Agent has only those duties which are expressly specified in the
       Finance Documents. Those duties are solely of a mechanical and
       administrative nature.

21.2   ROLE OF THE ARRANGERS

       Except as specifically provided in the Finance Documents, no Arranger has
       any obligations of any kind to any other Party under or in connection
       with any Finance Document.

21.3   RELATIONSHIP

       The relationship between the Agent and the other Finance Parties is that
       of agent and principal only. Except as contemplated by the Finance
       Documents, nothing in this Agreement constitutes the Agent as trustee or
       fiduciary for any other Party or any other person and the Agent need not
       hold in trust any moneys paid to it for a Party or be liable to account
       for interest on those moneys.

21.4   MAJORITY BANKS' INSTRUCTIONS

(a)    The Agent will be fully protected if it acts in accordance with the
       instructions of the Majority Banks in connection with the exercise of any
       right, power or discretion or any matter not expressly provided for in
       the Finance Documents. Any such instructions given by the Majority Banks
       will be binding on all the Banks. In the absence of such instructions,
       the Agent may act as it considers to be in the best interests of all the
       Banks.

(b)    The Agent is not authorised to act on behalf of a Bank (without first
       obtaining that Bank's consent) in any legal or arbitration proceedings
       relating to any Finance Document.

21.5   DELEGATION

       The Agent may act under the Finance Documents through its personnel and
       agents.

<Page>

                                       68

21.6   RESPONSIBILITY FOR DOCUMENTATION

       Neither the Agent nor any Arranger is responsible to any other Party for:

       (a)     the execution, genuineness, validity, enforceability or
               sufficiency of any Finance Document or any other document;

       (b)     the collectability of amounts payable under any Finance Document;
               or

       (c)     the accuracy of any statements (whether written or oral) made in
               or in connection with any Finance Document (including, without
               limitation, the Information Memorandum).

21.7   DEFAULT

(a)    The Agent is not obliged to monitor or enquire as to whether or not a
       Default has occurred. The Agent will not be deemed to have knowledge of
       the occurrence of a Default. However, if the Agent receives notice from a
       Party referring to this Agreement, describing the Default and stating
       that the event is a Default, it shall promptly notify the Banks.

(b)    The Agent may require the receipt of security satisfactory to it, whether
       by way of payment in advance or otherwise, against any liability or loss
       which it will or may incur in taking any proceedings or action arising
       out of or in connection with any Finance Document before it commences
       those proceedings or takes that action.

21.8   EXONERATION

(a)    Without limiting paragraph (b) below, the Agent will not be liable to any
       other Finance Party for any action taken or not taken by it under or in
       connection with any Finance Document, unless directly caused by its gross
       negligence or wilful misconduct.

(b)    No Party may take any proceedings against any officer, employee or agent
       of the Agent in respect of any claim it might have against the Agent or
       in respect of any act or omission of any kind (including gross negligence
       or wilful misconduct) by that officer, employee or agent in relation to
       any Finance Document.

21.9   RELIANCE

       The Agent may:

       (a)     rely on any notice or document believed by it to be genuine and
               correct and to have been signed by, or with the authority of, the
               proper person;

       (b)     rely on any statement made by a director or employee of any
               person regarding any matters which may reasonably be assumed to
               be within his knowledge or within his power to verify; and

       (c)     engage, pay for and rely on legal or other professional advisers
               selected by it (including those in the Agent's employment and
               those representing a Party other than the Agent).

<Page>

                                       69

21.10  CREDIT APPROVAL AND APPRAISAL

       Without affecting the responsibility of any Obligor for information
       supplied by it or on its behalf in connection with any Finance Document,
       each Bank confirms that it:

       (a)     has made its own independent investigation and assessment of the
               financial condition and affairs of each Obligor and its related
               entities in connection with its participation in this Agreement
               and has not relied exclusively on any information provided to it
               by the Agent or any Arranger in connection with any Finance
               Document; and

       (b)     will continue to make its own independent appraisal of the
               creditworthiness of each Obligor and its related entities while
               any amount is or may be outstanding under the Finance Documents
               or any Commitment is in force.

21.11  INFORMATION

(a)    The Agent shall promptly forward to the person concerned the original or
       a copy of any document which is delivered to the Agent by a Party for
       that person.

(b)    The Agent shall promptly supply a Bank with a copy of each document
       received by the Agent under Clauses 4 (Conditions precedent), 28.5
       (Additional Borrowers) or 28.6 (Additional Guarantors) upon the request
       and at the expense of that Bank.

(c)    Except where this Agreement specifically provides otherwise, the Agent is
       not obliged to review or check the accuracy or completeness of any
       document it forwards to another Party.

(d)    Except as provided above, the Agent has no duty:

       (i)     either initially or on a continuing basis to provide any Bank
               with any credit or other information concerning the financial
               condition or affairs of any Obligor or any related entity of any
               Obligor whether coming into its possession before, on or after
               the date of this Agreement; or

       (ii)    unless specifically requested to do so by a Bank in accordance
               with a Finance Document, to request any certificates or other
               documents from any Obligor.

21.12  THE AGENT AND THE ARRANGERS INDIVIDUALLY

(a)    If it is also a Bank, the Agent and each Arranger has the same rights and
       powers under this Agreement as any other Bank and may exercise those
       rights and powers as though it were not the Agent or an Arranger.

(b)    The Agent and each Arranger may:

       (i)     carry on any business with an Obligor or its related entities;

       (ii)    act as agent or trustee for, or in relation to any financing
               involving, an Obligor or its related entities; and

       (iii)   retain any profits or remuneration in connection with its
               activities under this Agreement or in relation to any of the
               foregoing.

<Page>

                                       70

(c)    If it is also a Bank, any reference in the Finance Documents to the Agent
       means the agency department of the Agent specifically responsible for
       acting as Agent under and in connection with the Finance Documents, as
       referred to in Clause 34 (Notices). In acting as Agent, the agency
       department will be treated as a separate entity from any other department
       or division of the Bank concerned. Without limiting the above, the Agent
       will not be deemed to have notice of a document, information, fact,
       matter or thing in the possession or knowledge of any other department or
       division of that Bank.

(d)    Each Obligor irrevocably authorises the Agent to disclose to the other
       Finance Parties any information which, in the opinion of the Agent, is
       received by it in its capacity as the Agent.

(e)    The Agent may deduct from any amount received by it for the Banks pro
       rata any unpaid fees, costs and expenses of the Agent incurred by it in
       connection with the Finance Documents.

21.13  INDEMNITIES

(a)    Without limiting the liability of any Obligor under the Finance
       Documents, each Bank shall forthwith on demand indemnify the Agent for
       that Bank's proportion of any liability or loss incurred by the Agent in
       any way relating to or arising out of its acting as the Agent, except to
       the extent that the liability or loss arises directly from the Agent's
       gross negligence or wilful misconduct.

(b)    A Bank's proportion of the liability or loss set out in paragraph (a)
       above will be the proportion which its participation in the Loans (if
       any) bears to the Original Sterling Amount of all the Loans on the date
       of the demand. However, if there is no Loan outstanding on the date of
       demand, then the proportion will be the proportion which its Commitments
       bears to the Total Commitments at the date of demand or, if the Total
       Commitments have then been cancelled, bore to the Total Commitments
       immediately before being cancelled.

21.14  COMPLIANCE

(a)    The Agent may refrain from doing anything which might, in its opinion,
       constitute a breach of any law or regulation or be otherwise actionable
       at the suit of any person, and may do anything which, in its opinion, is
       necessary or desirable to comply with any law or regulation of any
       jurisdiction.

(b)    Without limiting paragraph (a) above, the Agent need not disclose any
       information relating to any Obligor or any of its related entities if the
       disclosure might, in the opinion of the Agent, constitute a breach of any
       law or regulation or any duty of secrecy or confidentiality or be
       otherwise actionable at the suit of any person.

21.15  RESIGNATION OF THE AGENT

(a)    Notwithstanding its irrevocable appointment, the Agent may resign by
       giving notice to the Banks and the Company, in which case the Agent may
       forthwith appoint one of its Affiliates as successor Agent or, failing
       that, the Majority Banks may (with the prior consent of the Company)
       appoint a successor Agent.

(b)    If the appointment of a successor Agent is to be made by the Majority
       Banks but they have not, within 30 days after notice of resignation,
       appointed a successor Agent which accepts the appointment, the Agent may
       (with the prior consent of the Company) appoint a successor Agent.

<Page>

                                       71

(c)    The resignation of the Agent and the appointment of any successor Agent
       will both become effective only upon the successor Agent notifying all
       the Parties that it accepts its appointment. On giving the notification,
       the successor Agent will succeed to the position of the Agent and the
       term "AGENT" will mean the successor Agent.

(d)    The retiring Agent shall, at its own cost, make available to the
       successor Agent such documents and records and provide such assistance as
       the successor Agent may reasonably request for the purposes of performing
       its functions as the Agent under this Agreement.

(e)    Upon its resignation becoming effective, this Clause 21 shall continue to
       benefit the retiring Agent in respect of any action taken or not taken by
       it under or in connection with the Finance Documents while it was the
       Agent, and, subject to paragraph (d) above, it shall have no further
       obligations under any Finance Document.

(f)    The Majority Banks may, by notice to the Agent, require it to resign in
       accordance with paragraph (a) above. In this event, the Agent shall
       resign in accordance with paragraph (a) above but it shall not be
       entitled to appoint one of its Affiliates as successor Agent.

21.16  BANKS

(a)    (i)     The Agent may treat each Bank as a Bank, entitled to payments
               under this Agreement and as acting through its Facility Office(s)
               until it has received not less than 5 Business Days' prior notice
               from that Bank to the contrary.

       (ii)    The Agent may at any time, and shall if requested to do so by the
               Company or the Majority Banks, convene a meeting of the Banks.

(b)    Each Bank, on the date on which it becomes a party to this Agreement,
       represents to the Agent that it is:

       (i)     either:

               (A)     not resident in the United Kingdom for United Kingdom tax
                       purposes; or

               (B)     a "bank" as defined in section 840A of the Income and
                       Corporation Taxes Act 1988 and resident in the United
                       Kingdom; and

       (ii)    beneficially entitled to the principal and interest payable by
               the Agent to it under this Agreement,

       and shall forthwith notify the Agent if either representation ceases to
       be correct.

22.    FEES

22.1   ARRANGEMENT FEE

       Subject to Clause 22.5 (Joint and several liability), the Borrowers shall
       pay to the Agent for the account of Arrangers an arrangement fee in the
       amounts and on the dates agreed in the Fee Letter between the Company and
       the Arrangers.

<Page>

                                       72

22.2   AGENT'S FEE

       Subject to Clause 22.5 (Joint and several liability), the Borrowers shall
       pay to the Agent for its own account an agency fee in the amount and on
       the dates agreed in the Fee Letter between the Agent and the Company.

22.3   COMMITMENT FEE

(a)    Subject to Clause 22.5 (Joint and several liability), the Borrowers shall
       during the relevant Commitment Period pay to the Agent for each Bank a
       commitment fee computed at the rate of:

       (i)     half the applicable Margin on the undrawn, uncancelled amount of
               that Bank's Tranche A Commitment;

       (ii)    half the applicable Margin on the undrawn, uncancelled amount of
               that Bank's Tranche B Commitment; and

       (iii)   0.125 per cent. per annum on the undrawn, uncancelled amount of
               that Bank's Tranche C Commitment.

(b)    For the purpose of calculating commitment fee, Loans (other than Tranche
       A Loans) are taken at their Original Sterling Amount. Any change to the
       rate of this fee under sub-paragraph (a) above will take effect at the
       same time as any change in the Margin occurs under Clause 9.5 (Adjustment
       of the Margin) as if a Loan was borrowed at that time.

(c)    Accrued commitment fee is payable quarterly in arrear, with the first
       payment being payable three months after the date of this Agreement.
       Accrued commitment fee shall also be payable to the Agent for the
       relevant Bank on the cancelled amount of its Commitment at the time the
       cancellation comes into effect. Accrued commitment fee is payable in U.S.
       Dollars (in the case of sub-paragraph (a)(i) above) or Sterling (in the
       case of sub-paragraphs (a)(ii) and (a)(iii) above).

22.4   VAT

       Any fee referred to in this Clause 22 is exclusive of any value added tax
       or any other tax which might be chargeable in connection with that fee.
       If any value added tax or other tax is so chargeable, it shall be paid by
       the Borrowers at the same time as it pays the relevant fee.

22.5   JOINT AND SEVERAL LIABILITY

(a)    The obligations of the Borrowers under this Clause 22 are joint and
       several obligations of each Borrower.

(b)    The obligations of each Borrower under this Clause 22 shall not be
       affected by any release of any Obligor or any other person under the
       terms of any composition or arrangement with any creditor of any Obligor.

(c)    Failure of any Borrower to carry out its obligations under this Clause 22
       does not relieve any other Borrower of its obligations under this Clause
       22.

<Page>

                                       73

23.    EXPENSES

23.1   INITIAL AND SPECIAL COSTS

       The Company shall within 5 Business Days of demand pay the Arrangers the
       amount of all reasonable costs and expenses (including legal fees to any
       limit agreed in the Mandate Letter, and any applicable value added tax)
       incurred by them in connection with:

       (a)     the negotiation, preparation, printing and execution of:

               (i)     this Agreement and any other documents referred to in
                       this Agreement;

               (ii)    any other Finance Document (other than a Novation
                       Certificate) executed after the date of this Agreement;
                       and

               (iii)   the arrangement and syndication of the Facilities; and

       (b)     any amendments, waiver, consent or suspension of rights (or any
               proposal for any of the foregoing) requested by or on behalf of
               an Obligor or, in the case of Clause 27.2 (Change of Currency)
               the Agent, and relating to a Finance Document or a document
               referred to in a Finance Document.

23.2   ENFORCEMENT COSTS

       The Company shall forthwith on demand pay to each Finance Party the
       amount of all costs and expenses (including legal fees and any applicable
       value added tax) incurred by it in connection with the enforcement of, or
       the preservation of any rights under, any Finance Document.

24.    STAMP DUTIES

       The Company shall pay and within 5 Business Days of demand indemnify each
       Finance Party against any liability it incurs in respect of any stamp,
       registration and similar tax which is or becomes payable in connection
       with the entry into, performance or enforcement of any Finance Document
       (other than the entry into of a Novation Certificate), including any
       liability which results from any failure to pay or any delay in paying
       such tax.

25.    INDEMNITIES

25.1   CURRENCY INDEMNITY

(a)    If a Finance Party receives an amount in respect of an Obligor's
       liability under the Finance Documents or if that liability is converted
       into a claim, proof, judgment or order in a currency other than the
       currency (the "CONTRACTUAL CURRENCY") in which the amount is expressed to
       be payable under the relevant Finance Document:

       (i)     that Obligor shall indemnify that Finance Party as an independent
               obligation against any loss or liability arising out of or as a
               result of the conversion;

       (ii)    if the amount received by that Finance Party, when converted into
               the contractual currency at a market rate in the usual course of
               its business is less than the amount owed in the contractual
               currency, the Obligor concerned shall forthwith on demand

<Page>

                                       74

               pay to that Finance Party an amount in the contractual currency
               equal to the deficit; and

       (iii)   the Obligor shall forthwith on demand pay to the Finance Party
               concerned any exchange costs and taxes payable in connection with
               any such conversion.

(b)    Each Obligor waives any right it may have in any jurisdiction to pay any
       amount under the Finance Documents in a currency other than that in which
       it is expressed to be payable.

25.2   OTHER INDEMNITIES

       The Company shall indemnify each Finance Party against any loss or
       liability which that Finance Party incurs as a consequence of:

       (a)     the occurrence of any Event of Default;

       (b)     the operation of Clause 20.16 (Acceleration);

       (c)     a Loan (or part of a Loan) not being prepaid in accordance with a
               notice of prepayment or (other than by reason of negligence or
               default by any Finance Party) a Loan not being made after the
               Borrower has delivered a Request; or

       (d)     any payment of principal or an overdue amount being received from
               any source otherwise than on the last day of a relevant Interest
               Period or Designated Interest Period (as defined in Clause 9.3
               (Default interest)) relative to the amount so received.

       The Company's liability in each case includes any loss (other than loss
       of margin) or expense on account of funds borrowed, contracted for or
       utilised to fund any amount payable under any Finance Document, any
       amount repaid or prepaid or any Loan.

25.3   ACQUISITION FINANCE INDEMNITY

(a)    The Company shall within 5 Business Days of demand indemnify each Finance
       Party against any loss or liability which that Finance Party suffers or
       incurs as a consequence of any litigation proceeding arising, pending or
       threatened against that Finance Party as a result of the Merger (whether
       or not made) or of it agreeing to finance or refinance the Merger or
       arising out of the use of proceeds of any Loan ("RELEVANT LITIGATION")
       except to the extent caused by its gross negligence or wilful misconduct.

(b)    A Finance Party shall notify the Company promptly upon becoming aware,
       and in reasonable detail, of any relevant litigation and shall keep the
       Company informed of its progress.

(c)    A Finance Party shall conduct any relevant litigation in good faith and
       will give careful consideration to the views of the Company in relation
       to the appointment of professional advisers and the conduct of the
       litigation taking into account (to the extent practicable) both its
       interests and the interests of the Company.

(d)    A Finance Party may only concede or compromise any claim in respect of
       any relevant litigation if it has consulted the Company (as time may
       permit) before so doing.

(e)    Notwithstanding paragraphs (a) to (d) above, a Finance Party is not
       required to disclose to the Company any matter in respect of which it is
       under a duty of non-disclosure or which is subject to any attorney/client
       privilege, or which relates to a Finance Party's policy or other

<Page>

                                       75

       extrinsic matters. Any information disclosed by a Finance Party to the
       Company under this Clause 25.3 shall be subject to the same conditions of
       confidentiality as those set out in Clause 29 (Disclosure of Information)
       in relation to disclosure to potential transferees.

26.    EVIDENCE AND CALCULATIONS

26.1   ACCOUNTS

       Accounts maintained by a Finance Party in connection with this Agreement
       are prima facie evidence of the matters to which they relate.

26.2   CERTIFICATES AND DETERMINATIONS

       Any certification or determination by a Finance Party of a rate or amount
       under the Finance Documents is prima facie evidence of the matters to
       which it relates.

26.3   CALCULATIONS

       Interest and the fee payable under Clause 22.3 (Commitment fee) accrue
       from day to day and are calculated on the basis of the actual number of
       days elapsed and a year of 365 days, or, in the case of interest payable
       on an amount denominated in an Optional Currency or unless market
       practice otherwise dictates, 360 days.

27.    AMENDMENTS AND WAIVERS

27.1   PROCEDURE

(a)    Subject to Clause 27.3 (Exceptions), any term of the Finance Documents
       may be amended or waived with the agreement of the Company and the
       Majority Banks. The Agent may effect, on behalf of any Finance Party, an
       amendment or waiver permitted under this Clause.

(b)    The Agent shall promptly notify the other Parties of any amendment or
       waiver effected under paragraph (a) above, and any such amendment or
       waiver shall be binding on all the Parties.

27.2   CHANGE OF CURRENCY

       Notwithstanding Clause 27.1 (Procedure) if a change in any currency of a
       country occurs, this Agreement will be amended to the extent the Agent
       determines is necessary to reflect the change in currency and to put each
       Finance Party in the same position, so far as possible, that it would
       have been in if no change in currency had occurred.

27.3   EXCEPTIONS

(a)    An amendment or waiver which relates to:

       (i)     the definition of "MAJORITY BANKS" in Clause 1.1 (Definitions);

       (ii)    an extension of the date (including any Revolving Credit
               Repayment Date or Final Maturity Date) for, or a decrease in an
               amount or (subject to Clause 27.2 (Change of currency)) a change
               in the currency of, any payment to that Bank under the Finance
               Documents (including the Margin and any fee payable under Clause
               22.3 (Commitment fee));

<Page>

                                       76

       (iii)   an increase in a Bank's Commitment;

       (iv)    the incorporation of additional borrowers otherwise than in
               accordance with Clause 28.5 (Additional Borrowers);

       (v)     a term of a Finance Document which expressly requires the consent
               of all the Banks; or

       (vi)    Clause 2.2 (Nature of a Finance Party's rights and obligations),
               Clause 28.2 (Transfers by Banks), Clause 31 (Pro rata sharing) or
               this Clause 27,

       may not be effected without the agreement of all the Banks.

(b)    An amendment or waiver which relates to the rights and/or obligations of
       the Agent may not be effected without the agreement of the Agent.

27.4   WAIVERS AND REMEDIES CUMULATIVE

       The rights of each Party under the Finance Documents:

       (a)     may be exercised as often as necessary;

       (b)     are cumulative and not exclusive of its rights under the general
               law; and

       (c)     may be waived only in writing and specifically.

       Delay in exercising or non-exercise of any such right is not a waiver of
       that right.

28.    CHANGES TO THE PARTIES

28.1   TRANSFERS BY OBLIGORS

(a)    Subject to paragraph (b) below, no Obligor may assign, transfer, novate
       or dispose of any of, or any interest in, its rights and/or obligations
       under the Finance Documents;

(b)    If no Default is outstanding at that time, a Borrower (the "EXISTING
       BORROWER") may transfer all or any part of its obligations under the
       Finance Documents to any other Borrower (the "NEW BORROWER") and the New
       Borrower may enter into such documentation as the Agent may reasonably
       require to effect the transfer.

28.2   TRANSFERS BY BANKS

(a)    A Bank (the "EXISTING BANK") may, subject to paragraph (b) below, at any
       time assign, transfer or novate any of its Commitments and/or any of its
       rights and/or obligations under this Agreement to another bank or
       financial institution which is a Qualifying Bank (the "NEW BANK").

(b)    (i)     A transfer of part of a Commitment must be in a minimum amount of
               at least L10,000,000 (or its equivalent in any other
               currency).

       (ii)    The prior consent of the Company is required for any assignment,
               transfer or novation under paragraph (a) above unless the New
               Bank is another Bank or an Affiliate of a Bank or an Event of
               Default is outstanding. However, this consent must

<Page>

                                       77

               not be unreasonably withheld or delayed and will be deemed to
               have been given if it is not refused by the Company within 10
               Business Days of receipt of a request for it.

       (iii)   A Bank may only assign, transfer or novate part of one of its
               Commitments if it assigns, transfers or novates at the same time
               a pro rata proportion of its other Commitments.

       (iv)    The prior consent of the Company is required if the New Bank is a
               U.K. Treaty Bank.

       (v)     A Bank will still be treated as a Qualifying Bank if it takes
               advantage of Clause 2.5 (Affiliates of Banks) to satisfy the
               requirements of this Clause so long as the branch or Affiliate
               under Clause 2.5 (Affiliates of Banks) is a Qualifying Bank.

(c)    A transfer of obligations will be effective only if either:

       (i)     the obligations are novated in accordance with Clause 28.3
               (Procedure for novations); or

       (ii)    the New Bank confirms to the Agent and the Company that it
               undertakes to be bound by the terms of this Agreement as a Bank
               in form and substance satisfactory to the Agent. On the transfer
               becoming effective in this manner the Existing Bank shall be
               relieved of its obligations under this Agreement to the extent
               that they are transferred to the New Bank.

(d)    Nothing in this Agreement restricts the ability of a Bank to sub-contract
       an obligation to a person if that Bank remains liable under this
       Agreement for that obligation.

(e)    On each occasion an Existing Bank assigns, transfers or novates any of
       its Commitments and/or any of its rights and/or obligations under this
       Agreement (otherwise than pursuant to a Syndication Agreement), the New
       Bank shall, on the date the assignment, transfer and/or novation takes
       effect, pay to the Agent for its own account a fee of L750.

(f)    An Existing Bank is not responsible to a New Bank for:

       (i)     the execution, genuineness, validity, enforceability or
               sufficiency of any Finance Document or any other document;

       (ii)    the collectability of amounts payable under any Finance Document;
               or

       (iii)   the accuracy of any statements (whether written or oral) made in
               or in connection with any Finance Document.

(g)    Each New Bank confirms to the Existing Bank and the other Finance Parties
       that it:

       (i)     has made its own independent investigation and assessment of the
               financial condition and affairs of each Obligor and its related
               entities in connection with its participation in this Agreement
               and has not relied exclusively on any information provided to it
               by the Existing Bank in connection with any Finance Document; and

       (ii)    will continue to make its own independent appraisal of the
               creditworthiness of each Obligor and its related entities while
               any amount is or may be outstanding under this Agreement or any
               Commitment is in force.

<Page>

                                       78

(h)    Nothing in any Finance Document obliges an Existing Bank to:

       (i)     accept a re-transfer from a New Bank of any of the rights and/or
               obligations assigned, transferred or novated under this Clause;
               or

       (ii)    support any losses incurred by the New Bank by reason of the
               non-performance by any Borrower of its obligations under this
               Agreement or otherwise.

(i)    Any reference in this Agreement to a Bank includes a New Bank but
       excludes a Bank if no amount is or may be owed to or by it under this
       Agreement and its Commitments have been cancelled or reduced to nil.

28.3   PROCEDURE FOR NOVATIONS

(a)    A novation is effected if:

       (i)     the Existing Bank and the New Bank deliver to the Agent a duly
               completed certificate, substantially in the form of Part I of
               Schedule 5 (a "NOVATION CERTIFICATE") and the Agent executes it;
               or

       (ii)    a Syndication Agreement is executed by all the parties to it.

(b)    Each Party (other than the Existing Bank and the New Bank) irrevocably
       authorises the Agent to execute any duly completed Novation Certificate
       on its behalf.

(c)    To the extent that they are expressed to be the subject of the novation
       in the Novation Certificate:

       (i)     the Existing Bank and the other Parties (the "EXISTING PARTIES")
               will be released from their obligations to each other (the
               "DISCHARGED OBLIGATIONS");

       (ii)    the New Bank and the existing Parties will assume obligations
               towards each other which differ from the discharged obligations
               only insofar as they are owed to or assumed by the New Bank
               instead of the Existing Bank;

       (iii)   the rights of the Existing Bank against the existing Parties and
               vice versa (the "DISCHARGED RIGHTS") will be cancelled; and

       (iv)    the New Bank and the existing Parties will acquire rights against
               each other which differ from the discharged rights only insofar
               as they are exercisable by or against the New Bank instead of the
               Existing Bank,

       all on the date of execution of the Novation Certificate by the Agent or,
       if later, the date specified in the Novation Certificate.

28.4   INCREASED COSTS OR CHANGES TO THE FACILITY OFFICE

(a)    If:

       (i)     a Bank assigns, transfers or novates any of its Commitments
               and/or rights and/or obligations under the Finance Documents or
               changes its Facility Office without the prior consent of the
               Company; and

<Page>

                                       79

       (ii)    as a result of circumstances existing at the date the assignment,
               transfer, novation or change occurs, an Obligor would be obliged
               to make a payment to the New Bank or Bank acting through its new
               Facility Office under Clause 13 (Taxes) or Clause 15 (Increased
               costs) or Clause 16 (Illegality),

       then, notwithstanding the provisions of Clause 13 (Taxes), 15 (Increased
       costs) or 16 (Illegality), the relevant New Bank or Bank acting through
       its new Facility Office is only entitled to receive payment under those
       Clauses from an Obligor in respect of those circumstances to the same
       extent as the relevant Existing Bank or Bank acting through its previous
       Facility Office would have been if the assignment, transfer, novation or
       change had not occurred.

(b)    No:

       (i)     U.K. Bank will move its Facility Office outside the U.K.; or

       (ii)    U.K. Treaty Bank will move its Facility Office inside the U.K.,

       without prior consent of the Company.

28.5   ADDITIONAL BORROWERS

(a)    If the Company wishes one of its wholly-owned Subsidiaries to become an
       Additional Borrower, then it may, with the prior consent of the Banks
       (except that no consent is required in respect of Bowthorpe International
       Inc., Bowthorpe Holdings Corporation or Bowthorpe B.V.), deliver to the
       Agent a Borrower Accession Agreement.

(b)    On delivery of a Borrower Accession Agreement, executed by the relevant
       Subsidiary and the Company, the Subsidiary concerned will become an
       Additional Borrower. However it may not submit a Request until the Agent
       confirms to the other Finance Parties that it has received all the
       documents listed in Part II of Schedule 2.

(c)    Delivery of a Borrower Accession Agreement, executed by the relevant
       Subsidiary and the Company, constitutes confirmation by that Subsidiary
       and the Company that the representations and warranties set out in Clause
       18 (Representations and warranties) deemed to be made on that date are
       correct on the date of the Borrower Accession Agreement, as if made by
       them with reference to the facts and circumstances then existing.

(d)    For the purpose of this Clause, a Subsidiary will be regarded as
       wholly-owned if a portion of the share capital is required to be held by
       law by officers of that Subsidiary.

28.6   ADDITIONAL GUARANTORS

(a)    If the Company wishes one of its wholly-owned Subsidiaries to become an
       Additional Guarantor, then it may (with the prior agreement of the Agent
       acting on instructions of the Majority Banks) deliver to the Agent the
       documents listed in Part IV of Schedule 2.

(b)    On delivery of a Guarantor Accession Agreement, executed by the relevant
       Subsidiary and the Company, the Subsidiary concerned will become an
       Additional Guarantor.

(c)    Delivery of a Guarantor Accession Agreement, executed by the relevant
       Subsidiary and the Company, constitutes confirmation by that Subsidiary
       and the Company that the representations and warranties set out in Clause
       18 (Representations and warranties) deemed

<Page>

                                       80

       to be made on that date are correct on the date of the Guarantor
       Accession Agreement, as if made by them with reference to the facts and
       circumstances then existing.

(d)    For the purpose of this Clause, a Subsidiary will be regarded as
       wholly-owned if a portion of the share capital is required to be held by
       law by officers of that Subsidiary.

28.7   REMOVAL OF OBLIGORS

(a)    At any time any Obligor (other than the Company) may by notice to the
       Agent (countersigned by two authorised signatories of the Company)
       request that it ceases to be an Obligor.

(b)    If:

       (i)     no Default is outstanding at that time or is likely to result
               from that Obligor ceasing to be an Obligor; and

       (ii)    in the case of any Borrower, it has no outstanding obligations
               under the Finance Documents (except under Clause 22 (Fees)),

       that Obligor shall cease to be an Obligor.

28.8   REFERENCE BANKS

(a)    If a Reference Bank (or, if a Reference Bank is not a Bank, the Bank of
       which it is an Affiliate) ceases to be a Bank, the Agent shall (in
       consultation with the Company) appoint another Bank or an Affiliate of a
       Bank to replace that Reference Bank.

(b)    Following completion of Syndication, the Agent will (in consultation with
       the Company) select another Bank (or an Affiliate of a Bank) to act as an
       additional Reference Bank and, promptly following that selection, shall
       notify the Parties of the identity of that Reference Bank.

28.9   REGISTER

       The Agent shall keep a register of all the Parties and shall supply any
       other Party (at that Party's expense) with a copy of the register on
       request.

29.    DISCLOSURE OF INFORMATION

(a)    A Bank may disclose to one of its Affiliates or any person with whom it
       is proposing to enter, or has entered into, any kind of transfer,
       participation or other agreement in relation to this Agreement:

       (i)     a copy of any Finance Document; and

       (ii)    any information which that Bank has acquired under or in
               connection with any Finance Document,

       but only if the recipient of the information has agreed to keep that
       information confidential on the terms of paragraph (b) below.

(b)    Each Finance Party shall keep confidential and shall not, without the
       prior consent of the Company, use any information (other than information
       which is publicly available other than

<Page>

                                       81

       as a result of a breach by that Finance Party of this paragraph(b))
       supplied by or on behalf of any Obligor under or in connection with the
       Finance Documents otherwise than in connection with the Finance
       Documents. However, the restriction set out in this paragraph (b) shall
       not apply to, and each Finance Party shall be entitled to disclose,
       information:

       (i)     in connection with any legal proceedings arising out of or in
               connection with a Finance Document; or

       (ii)    if required to do so by an order of a court of competent
               jurisdiction whether under any procedure for discovering
               documents or otherwise; or

       (iii)   pursuant to any law or regulation in accordance with which that
               Finance Party is required or accustomed to act; or

       (iv)    to a governmental, banking, taxation or other regulatory
               authority of any competent jurisdiction; or

       (v)     to its accountants or legal or other professional advisers.

30.    SET-OFF

       A Finance Party may set off any matured obligation owed by an Obligor
       under the Finance Documents (to the extent beneficially owned by that
       Finance Party) against any obligation (whether or not matured) owed by
       that Finance Party to that Obligor, regardless of the place of payment,
       booking branch or currency of either obligation. If the obligations are
       in different currencies, the Finance Party may convert either obligation
       at a market rate of exchange in its usual course of business for the
       purpose of the set-off. If either obligation is unliquidated or
       unascertained, the Finance Party may set off in an amount estimated by it
       in good faith to be the amount of that obligation. Any right to set off
       under this paragraph is not intended to constitute a Security Interest.

31.    PRO RATA SHARING

31.1   REDISTRIBUTION

       If any amount owing by an Obligor under this Agreement to a Finance Party
       (the "RECOVERING FINANCE PARTY") is discharged by payment, set-off or any
       other manner other than through the Agent in accordance with Clause 12
       (Payments) (a "RECOVERY"), then:

       (a)     the recovering Finance Party shall, within 3 Business Days,
               notify details of the recovery to the Agent;

       (b)     the Agent shall determine whether the recovery is in excess of
               the amount which the recovering Finance Party would have received
               had the recovery been received by the Agent and distributed in
               accordance with Clause 12 (Payments);

       (c)     subject to Clause 31.3 (Exceptions), the recovering Finance Party
               shall within 3 Business Days of demand by the Agent pay to the
               Agent an amount (the "REDISTRIBUTION") equal to the excess;

       (d)     the Agent shall treat the redistribution as if it were a payment
               by the Obligor concerned under Clause 12 (Payments) and shall pay
               the redistribution to the Finance

<Page>

                                       82

               Parties (other than the recovering Finance Party) in accordance
               with Clause 12.7 (Partial payments); and

       (e)     after payment of the full redistribution, the recovering Finance
               Party will be subrogated to the portion of the claims paid under
               paragraph (d) above and that Obligor will owe the recovering
               Finance Party a debt which is equal to the redistribution,
               immediately payable and of the type originally discharged.

31.2   REVERSAL OF REDISTRIBUTION

       If under Clause 31.1 (Redistribution):

       (a)     a recovering Finance Party must subsequently return a recovery,
               or an amount measured by reference to a recovery, to an Obligor;
               and

       (b)     the recovering Finance Party has paid a redistribution in
               relation to that recovery,

       each Finance Party shall, within 3 Business Days of demand by the
       recovering Finance Party through the Agent, reimburse the recovering
       Finance Party all or the appropriate portion of the redistribution paid
       to that Finance Party together with interest on the amount to be returned
       to the recovering Finance Party for the period whilst it held the
       redistribution. Thereupon, the subrogation in Clause 31.1(e)
       (Redistribution) will operate in reverse to the extent of the
       reimbursement.

31.3   EXCEPTIONS

(a)    A recovering Finance Party need not pay a redistribution to the extent
       that it would not, after the payment, have a valid claim against the
       Obligor concerned in the amount of the redistribution pursuant to Clause
       31.1(e) (Redistribution).

(b)    A recovering Finance Party is not obliged to share with any other Finance
       Party any amount which the recovering Finance Party has received or
       recovered as a result of taking legal proceedings, if the other Finance
       Party had an opportunity to participate in those legal proceedings but
       did not do so or did not take separate legal proceedings.

32.    SEVERABILITY

       If a provision of any Finance Document is or becomes illegal, invalid or
       unenforceable in any jurisdiction, that shall not affect:

       (a)     the validity or enforceability in that jurisdiction of any other
               provision of the Finance Documents; or

       (b)     the validity or enforceability in other jurisdictions of that or
               any other provision of the Finance Documents.

33.    COUNTERPARTS

       Each Finance Document 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 the Finance Document.

<Page>

                                       83

34.    NOTICES

34.1   GIVING OF NOTICES

       All notices or other communications under or in connection with this
       Agreement shall be given in writing and, unless otherwise stated, may be
       made by letter or facsimile. Any such notice will be deemed to be given
       as follows:

       (a)     if by letter, when delivered personally or on actual receipt; and

       (b)     if by facsimile, when received in legible form.

       However, a notice given in accordance with the above but received on a
       non-working day or after business hours in the place of receipt will only
       be deemed to be given on the next working day in that place. Any notice
       to the Agent by facsimile must be confirmed in writing, but failure to so
       confirm in writing will not prejudice the validity of the notice by
       facsimile.

34.2   ADDRESSES FOR NOTICES

(a)    The address and facsimile number of each Party (other than the Company
       and the Agent) for all notices under or in connection with the Finance
       Documents are:

       (i)     those notified by that Party for this purpose to the Agent on or
               before the date it becomes a Party; or

       (ii)    any other notified by that Party for this purpose to the Agent by
               not less than 5 Business Days' notice.

(b)    The address and facsimile number of the Company are:

       Spirent House
       Crawley Business Quarter
       Fleming Way
       Crawley
       West Sussex
       RH10 9QL

       Facsimile no:              01293 767944
       For the attention of:      Group Treasurer

       or (for all notices in respect of a Default):

       Facsimile no:              01293 510527
       For the attention of:      Company Secretary

       or such other as the Company may notify to the Agent by not less than 5
       Business Days' notice.

(c)    The address and facsimile number of the Agent are:

<Page>

                                       84

       City Place House
       55 Basinghall Street
       London EC2V 5DU

       Facsimile no:              020 7779 1717
       For the attention of:      HSBCLS Execution & Agency

       or such other as the Agent may notify to the other Parties by not less
       than 5 Business Days' notice.

(d)    All notices from or to an Obligor shall be sent through the Agent.

(e)    The Agent shall, promptly upon request from any Party, give to that Party
       the address or facsimile number of any other Party applicable at the time
       for the purposes of this Clause.

(f)    Each Obligor (other than the Company) irrevocably appoints the Company to
       act as its agent for the purpose of executing, giving and receiving any
       document (including a Finance Document), notice or other communication in
       connection with this Agreement.

35.    LANGUAGE

(a)    Any notice given under or in connection with any Finance Document shall
       be in English.

(b)    All other documents provided under or in connection with any Finance
       Document shall be:

       (i)     in English; or

       (ii)    if not in English, accompanied by a certified English translation
               and, in this case, the English translation shall prevail unless
               the document is a statutory or other official document.

36.    JURISDICTION

36.1   SUBMISSION

       For the benefit of each Finance Party, each Obligor agrees that the
       courts of England have jurisdiction to settle any disputes in connection
       with any Finance Document and accordingly submits to the jurisdiction of
       the English courts.

36.2   SERVICE OF PROCESS

       Without prejudice to any other mode of service, each Obligor (other than
       an Obligor incorporated in England and Wales):

       (a)     irrevocably appoints the Company as its agent for service of
               process in relation to any proceedings before the English courts
               in connection with any Finance Document;

       (b)     agrees that failure by a process agent to notify the relevant
               Obligor of the process will not invalidate the proceedings
               concerned; and

<Page>

                                       85

       (c)     consents to the service of process relating to any such
               proceedings by prepaid posting of a copy of the process to its
               address for the time being applying under Clause 34.2 (Addresses
               for notices).

36.3   FORUM CONVENIENCE AND ENFORCEMENT ABROAD

       Each Obligor:

       (a)     waives objection to the English courts on grounds of inconvenient
               forum or otherwise as regards proceedings in connection with a
               Finance Document; and

       (b)     agrees that a judgment or order of an English court in connection
               with a Finance Document is conclusive and binding on it and may
               be enforced against it in the courts of any other jurisdiction.

36.4   NON-EXCLUSIVITY

       Nothing in this Clause 36 limits the right of a Finance Party to bring
       proceedings against an Obligor in connection with any Finance Document:

       (a)     in any other court of competent jurisdiction; or

       (b)     concurrently in more than one jurisdiction.

37.    GOVERNING LAW

       This Agreement is governed by English law.

This Agreement has been entered into on the date stated at the beginning of this
Agreement.

<Page>

                                       86

                                   SCHEDULE 1

                                     PART I

                         BANKS AND TRANCHE A COMMITMENTS

<Table>
<Caption>
BANKS                                                      TRANCHE A COMMITMENTS
                                                                  U.S.$
<S>                       <C>                              <C>

Deutsche Bank AG London                                              100,000,000
Midland Bank plc                                                     100,000,000

                          Total Tranche A                            200,000,000
                          Commitments
</Table>

<Page>

                                       87

                                     PART II

                         BANKS AND TRANCHE B COMMITMENTS

<Table>
<Caption>
BANKS                                                      TRANCHE B COMMITMENTS
                                                                     L
<S>                       <C>                              <C>

Deutsche Bank AG London                                               50,000,000
Midland Bank plc                                                      50,000,000

                          Total Tranche B                           L100,000,000
                          Commitments
</Table>

<Page>

                                       88

                                    PART III

                         BANKS AND TRANCHE C COMMITMENTS

<Table>
<Caption>
BANKS                                                      TRANCHE C COMMITMENTS
                                                                     L
<S>                       <C>                              <C>

Deutsche Bank AG London                                              107,500,000
Midland Bank plc                                                     107,500,000

                          Total Tranche C                           L215,000,000
                          Commitments
</Table>

<Page>

                                       89

                                   SCHEDULE 2

                         CONDITIONS PRECEDENT DOCUMENTS

                                     PART I

                       TO BE DELIVERED ON OR ABOUT SIGNING

1.     AUTHORISATIONS

(a)    A copy of the memorandum and articles of association and certificate of
       incorporation of the Company.

(b)    A copy of a resolution of the board of directors (or other appropriate
       body) of the Company:

       (i)     approving the terms of, and the transactions contemplated by,
               this Agreement (including the guarantee contained in Clause 17
               (Guarantee)) and resolving that it execute this Agreement;

       (ii)    authorising a specified person or persons to execute the
               Agreement on its behalf;

       (iii)   authorising a specified person or persons, on its behalf to sign
               and/or despatch all other documents and notices to be signed
               and/or despatched by it under or in connection with this
               Agreement (including Requests).

       together (if applicable) with a copy of a resolution of the board of
       directors of the Company establishing that body.

(c)    A certificate of an authorised signatory of the Company certifying that
       each copy document specified in paragraphs 1(a), 1(b) and 3(b) of Part I
       of this Schedule 2 is correct, complete and in full force and effect as
       at a date no earlier than the date of this Agreement.

2.     FINANCIAL INFORMATION

       A copy of the Original Group Accounts.

3.     OTHER DOCUMENTS

(a)    A copy of the latest draft of:

       (i)     the Merger Agreement;

       (ii)    the circular to shareholders of the Company relating to the
               Merger;

       (iii)   the Press Release; and

       (iv)    the employment and non-compete arrangements with the management
               of the Target.

(b)    A copy of:

       (i)     Legal Due Diligence report dated 14th June, 1999 from Debevoise &
               Plimpton;

<Page>

                                       90

       (ii)    Tax Due Diligence report dated 14th June, 1999 from Ernst &
               Young;

       (iii)   Financial Due Diligence report dated 11th June, 1999 from Ernst &
               Young together with an executive summary of that report dated 8th
               June, 1999;

       (iv)    Commercial Due Diligence report dated 9th June, 1999 from A D
               Little;

       (v)     Insurance Due Diligence report dated 3rd June from Willis
               Corroon; and

       (vi)    Phase I Environmental report dated 10th June from ECS Risk
               Control Inc.,

       together with confirmation from the Company that (except for anything
       disclosed in sections of those reports specifically brought to the
       Arranger's attention by the Company) those due diligence reports do not
       disclose, to its knowledge, anything which might reasonably be expected
       to affect materially a lender's decision whether to enter into this
       Agreement.

4.     LEGAL OPINION

       A legal opinion of Allen & Overy, legal advisers in England to the
       Arrangers and the Agent, addressed to the Finance Parties, substantially
       in the form of Schedule 10.

<Page>

                                       91

                                     PART II

                      TO BE DELIVERED BEFORE THE FIRST LOAN

1.     A certified copy of (in each case showing no material change to the form
       provided under Part I of Schedule 2 delivered to the Agent on or about
       the date of this Agreement unless previously approved by the Arrangers):

       (a)     the executed Merger Agreement;

       (b)     the circular to the shareholders of the Company relating to the
               Merger; and

       (c)     the executed non-compete arrangements with Mr Phelps, Mr Jordan,
               Mr Fishburn, Mr Zhang, Mr Olson, Mr Cabral, Mr Johnson,
               Mr H. Hamon and executed employment contracts for Mr Phelps,
               Mr Jordan, Mr Fishburn, Mr Zhang, Mr Olson, Mr Cabral,
               Mr Johnson, Mr H. Hamon.

2      A specimen of the signature of each person authorised by any Resolution
       of the Company provided under Part I of Schedule 2.

3.     Confirmation from the Company that its shareholders have approved the
       acquisition of the Target Group.

4.     A copy of the resolution passed at a meeting of the Company increasing
       the borrowing limit contained in the articles of association of the
       Company so that the borrowing of the Total Commitments would not be a
       breach of the articles of association.

5.     Confirmation from the Company that all necessary regulatory consents for
       the acquisition of the Target Group have been obtained.

6.     In respect of each Existing Facility copies of the notice of:

       (a)     cancellation of all commitments under the Existing Facility; and

       (b)     prepayment of all amounts outstanding under the Existing
               Facility,

       in each case, to take effect on the first Drawdown Date.

7.     Evidence that the Company has written to the lenders of its 6.89 per
       cent. US$75,000,000 private placement dated 25th October, 1993 (as
       amended) concerning the waiver or amendment of the gearing covenant
       contained therein.

8.     Confirmation that all waiting periods under the Hart Scott Rodino Anti
       Trust Improvement Act 1976 (as amended) and any regulations made under it
       in relation to the Merger have expired or terminated.

9.     Evidence that the proceeds of the first Loan (other than amounts being
       used to repay or prepay all amounts outstanding under the Existing
       Facilities) will not be released by the Company until the Merger is
       effective.

10.    A certified copy of the Press Release.

<Page>

                                       92

11.    Evidence that shareholders holding at least 66 2/3 per cent. of the
       shares in the Target have executed the Merger Agreement.

<Page>

                                       93

                                    PART III

                    TO BE DELIVERED BY AN ADDITIONAL BORROWER

1.     A Borrower Accession Agreement, duly executed by the Additional Borrower
       and the Company.

2.     A copy of the constitutional documents of the Additional Borrower.

3.     If the Additional Borrower is incorporated in the U.S., a Certificate of
       Good Standing from the Secretary of State of the state of incorporation
       of that Additional Borrower dated not more than 5 Business Days prior to
       the date of the relevant Borrower Accession Agreement.

4.     A copy of a resolution of the board of directors of the Additional
       Borrower:

       (i)     approving the terms of, and the transactions contemplated by, the
               Borrower Accession Agreement and resolving that it execute the
               Borrower Accession Agreement;

       (ii)    authorising a specified person or persons to execute the Borrower
               Accession Agreement on its behalf; and

       (iii)   authorising a specified person or persons, on its behalf, to sign
               and/or despatch all other documents and notices (including
               Requests) to be signed and/or despatched by it under or in
               connection with this Agreement.

5.     A certificate of an authorised signatory of the Additional Borrower
       confirming that the execution by the Additional Borrower of each Finance
       Document to which it is a party and the performance by it of its
       obligations under each such Finance Document are within its corporate
       powers and have been duly approved by all necessary corporate action.

6.     A specimen of the signature of each person authorised by the resolution
       referred to in paragraph 4 above.

7.     The latest accounts (audited if produced) of the Additional Borrower.

8.     A certificate of an authorised signatory of the Additional Borrower
       certifying that each copy document specified in Part III of this Schedule
       2 is correct, complete and in full force and effect as at a date no
       earlier than the date of the Borrower Accession Agreement.

9.     A legal opinion of each of Allen & Overy and lawyers acceptable to the
       Agent in the jurisdiction of incorporation of the Additional Borrower,
       addressed to the Finance Parties.

10.    A copy of any other authorisation or other document, opinion or assurance
       which the Agent considers to be necessary in connection with the entry
       into and performance of, and the transactions contemplated by, the
       Borrower Accession Agreement or for the validity and enforceability of
       any Finance Document.

<Page>

                                       94

                                     PART IV

                   TO BE DELIVERED BY AN ADDITIONAL GUARANTOR

1.     A Guarantor Accession Agreement, duly executed as a deed by the
       Additional Guarantor and the Company.

2.     A copy of the constitutional documents of the Additional Guarantor.

3.     A copy of a resolution of the board of directors of the Additional
       Guarantor:

       (a)     approving the terms of, and the transactions contemplated by, the
               Guarantor Accession Agreement and resolving that it execute the
               Guarantor Accession Agreement;

       (b)     authorising a specified person or persons to execute the
               Guarantor Accession Agreement on its behalf; and

       (c)     authorising a specified person or persons, on its behalf to sign
               and/or despatch all other documents and notices to be signed
               and/or despatched by it under or in connection with the
               Agreement.

4.     If lawyers in the jurisdiction of the Additional Guarantor have advised
       the Agent to obtain such a resolution, a copy of a resolution, signed by
       all the holders of the issued or allotted shares in the Additional
       Guarantor, approving the terms of, and the transactions contemplated by,
       the Guarantor Accession Agreement.

5.     A certificate of an authorised signatory of the Additional Guarantor
       confirming that the execution by the Additional Guarantor of each Finance
       Document to which it is a party and the performance by it of its
       obligations under each such Finance Document are within its corporate
       powers and have been duly approved by all necessary corporate action.

6.     A specimen of the signature of each person authorised by the resolutions
       referred to in paragraph 3 above.

7.     The latest accounts (audited if produced) of the Additional Guarantor.

8.     A certificate of an authorised signatory of the Additional Guarantor
       certifying that each copy document specified in Part IV of this Schedule
       2 is correct, complete and in full force and effect as at a date no
       earlier than the date of the Guarantor Accession Agreement.

9.     If applicable, a copy of all resolutions, written decisions,
       declarations, certificates of incorporation and re-registration and other
       documents required to ensure compliance with sections 151 to 158 of the
       Companies Act 1985 including an auditor's report from an auditor
       acceptable to the Agent, addressed to the Company and the Finance
       Parties, together with a letter from the Company confirming that it will
       register the relevant documents at Companies House.

10.    A legal opinion of Allen & Overy and lawyers, acceptable to the Agent, in
       the jurisdiction of incorporation of the Additional Guarantor addressed
       to the Finance Parties.

<Page>

                                       95

11.    A copy of any other authorisation or other document, opinion or assurance
       which the Agent considers to be necessary in connection with the entry
       into and performance of, and the transactions contemplated by, the
       Guarantor Accession Agreement or for the validity and enforceability of
       any Finance Document.

<Page>

                                       96

                                   SCHEDULE 3

                        CALCULATION OF THE MANDATORY COST

(a)    The Mandatory Cost for a Loan for its Interest Period or each of its
       Interest Periods, as appropriate, is the rate determined by the Agent to
       be equal to the arithmetic mean (rounded upward, if necessary, to four
       decimal places) of the respective rates notified by each of the Reference
       Banks to the Agent and calculated in accordance with the following
       formulae:

       In relation to a Loan denominated in Sterling:

       BY + S(Y-Z) + F x 0.01% per annum = Mandatory Cost
       ---------------------------------
              100-(B + S)

       in relation to any other Loan:

       F x 0.01% per annum = Mandatory Cost
       -------------------
               300

       where on the day of application of the formula:

       B       is the percentage of the Reference Bank's eligible liabilities
               (in excess of any stated minimum) which the Bank of England
               requires the Reference Bank to hold on a non-interest-bearing
               deposit account in accordance with its cash ratio requirements;

       Y       is LIBOR as appropriate for the relevant Interest Period;

       S       is the percentage of the Reference Bank's eligible liabilities
               which the Bank of England requires the Reference Bank to place as
               a special deposit;

       Z       is the interest rate per annum allowed by the Bank of England on
               special deposits; and

       F       is the charge payable by the Reference Bank to the Financial
               Services Authority under paragraph 2.02 or 2.03 (as appropriate)
               of the Fees Regulations (but where for this purpose, the figure
               in paragraph 2.02b and 2.03b will be deemed to be zero) expressed
               in pounds per L1 million of the fee base of the Reference Bank.

(b)    For the purposes of this Schedule 3:

       (i)     "ELIGIBLE LIABILITIES" and "SPECIAL DEPOSITS" have the meanings
               given to them at the time of application of the formula by the
               Bank of England; and

       (ii)    "FEE BASE" has the meaning given to it in the Fees Regulations;

       (iii)   "FEES REGULATIONS" means the then current Financial Services
               Banking Supervision (Fees) Regulations and/or any other
               regulations governing the payment of fees for banking
               supervision.

(c)    In the application of the formula, B, Y, S and Z are included in the
       formula as figures and not as percentages, e.g. if B = 0.5% and Y = 15%,
       BY is calculated as 0.5 x 15.

<Page>

                                       97

(d)    If a Reference Bank does not supply a rate to the Agent, the applicable
       Mandatory Cost will be determined on the basis of the rate(s) supplied by
       the remaining Reference Banks.

(e)    (i)     Each formula is applied on the first day of the relevant Interest
               Period.

       (ii)    Each rate calculated in accordance with the formula is, if
               necessary, rounded upward to four decimal places.

(f)    If the Agent determines that a change in circumstances has rendered, or
       will render, the formula inappropriate, the Agent (after consultation
       with the Banks) shall notify the Company of the manner in which the
       Mandatory Cost will subsequently be calculated. The manner of calculation
       so notified by the Agent must not place the Banks in a better or worse
       position than they had been in prior to the change of circumstances and
       shall, in the absence of manifest error, be binding on all the Parties.

<Page>

                                       98

                                   SCHEDULE 4

                                 FORM OF REQUEST

                              (BY LETTER OR BY FAX)

To:    HSBC Investment Bank plc as Agent

From:  [BORROWER]

Date:  [          ]

       SPIRENT PLC (FORMERLY BOWTHORPE PLC) - L315,000,000 AND U.S.$200,000,000
                    CREDIT AGREEMENT DATED [    ] JUNE, 1999

1.     We wish to utilise [the Tranche A Facility/the Tranche B Facility /the
       Tranche C Facility] as follows:

       (a)     Drawdown Date: [             ]***

       (b)     Amount and currency: [            ]***

       (c)     [First].  Interest Period: [            ] ***

       (d)     Payment instructions: [             ]."**

2.     We confirm that each condition specified in Clause 4.2 (Further
       conditions precedent) is satisfied on the date of this Request.

By:

----------------------------------------
[BORROWER]

----------
***    To be completed in accordance with Clause 5.2 (Completion of Requests).
**     Include only for Term Loans.

<Page>

                                       99

                                   SCHEDULE 5

                          FORMS OF ACCESSION DOCUMENTS

                                     PART I

                              NOVATION CERTIFICATE

To:    HSBC Investment Bank plc as Agent

From:  [THE EXISTING BANK] and [THE NEW BANK]                 Date: [          ]

       SPIRENT PLC (FORMERLY BOWTHORPE PLC) - L315,000,000 AND U.S.$200,000,000
                   CREDIT AGREEMENT DATED [     ] JUNE, 1999

We refer to Clause 28.3 (Procedure for novations).

1.     We [          ] (the "EXISTING BANK") and [            ] (the "NEW BANK")
       agree to the Existing Bank and the New Bank novating all or part of the
       Existing Bank's Commitments, rights and obligations referred to in the
       Schedule in accordance with Clause 28.3 (Procedure for novations).

2.     The specified date for the purposes of Clause 28.3(c) (Procedure for
       novations) is [date of novation].

3.     The Facility Office and address for notices of the New Bank for the
       purposes of Clause 34.2 (Addresses for notices) are set out in the
       Schedule.

4.     This Novation Certificate is governed by English law.

                                  THE SCHEDULE

                COMMITMENTS/RIGHTS AND OBLIGATIONS TO BE NOVATED

[insert relevant details].

[Existing Bank]                             [New Bank]

By:                                         By:

Date:                                       Date:

[NEW BANK]

[Facility Office                            Address for notices]

HSBC Investment Bank plc

By:

Date:

<Page>

                                       100

                                     PART II

                          BORROWER ACCESSION AGREEMENT

To:    HSBC Investment Bank plc as Agent

From:  [PROPOSED BORROWER] and SPIRENT plc (formerly BOWTHORPE plc)

                                                              Date: [          ]

    SPIRENT PLC (FORMERLY BOWTHORPE PLC) - L315,000,000 AND U.S.$200,000,000
        CREDIT AGREEMENT DATED [   ] JUNE, 1999 (THE "CREDIT AGREEMENT")

We refer to Clause 28.5 (Additional Borrowers).

We, [name of proposed borrower] of [Registered Office] (Registered no. [     ]),
agree to become an Additional Borrower and to be bound by the terms of the
Credit Agreement as an Additional Borrower in accordance with Clause 28.5
(Additional Borrowers).

Our address for notices for the purposes of Clause 34.2 (Addresses for notices)
is:

[
                                            ]

We, [name of proposed borrower] and Spirent plc, confirm that the
representations and warranties set out in Clause 18 (Representations and
warranties) deemed to be made on the date of this Agreement are correct on the
date of this Agreement.

This Agreement is governed by English law.

By:

[PROPOSED BORROWER]
Authorised Signatory

By:

-----------------------------       ---------------------------
SPIRENT plc

<Page>

                                       101

                                    PART III

                          GUARANTOR ACCESSION AGREEMENT

To:    HSBC Investment Bank plc as Agent

From:  [PROPOSED GUARANTOR] and SPIRENT plc (formerly BOWTHORPE plc)

                                                             Date: [           ]

    SPIRENT PLC (FORMERLY BOWTHORPE PLC) - L315,000,000 AND U.S.$200,000,000
        CREDIT AGREEMENT DATED [   ] JUNE, 1999 (THE "CREDIT AGREEMENT")

We refer to Clause 28.6 (Additional Guarantors).

We, [name of proposed guarantor] of [Registered Office] (Registered no. [    ]),
agree to become an Additional Guarantor and to be bound by the terms of the
Credit Agreement as an Additional Guarantor in accordance with Clause 28.6
(Additional Guarantors).

Our address for notices for the purposes of Clause 34.2 (Addresses for notices)
is:

[
                                            ]

We, [name of proposed guarantor] and Bowthorpe plc, confirm that the
representations and warranties set out in Clause 18 (Representations and
warranties) deemed to be made on the date of this Agreement are correct on the
date of this Agreement.

This Agreement is entered into as a deed and is governed by English law.

[APPLICABLE EXECUTION CLAUSE FOR ADDITIONAL GUARANTOR FOR SIGNING DEEDS]

By:

-----------------------------       ---------------------------
SPIRENT plc

<Page>

                                       102

                                     PART IV

                          FORM OF SYNDICATION AGREEMENT

                              SYNDICATION AGREEMENT

                             DATED [         ], 1999

         relating to a L315,000,000 and U.S.$200,000,000 Credit Facility
                             dated [   ] June, 1999

                                       for

                                  BOWTHORPE plc

                                   arranged by

                             DEUTSCHE BANK AG LONDON
                            HSBC INVESTMENT BANK plc

<Page>

                                       103

THIS AGREEMENT is dated [               ], 1999 between:

(1)    BOWTHORPE plc (the "COMPANY");

(2)    DEUTSCHE BANK AG LONDON AND HSBC INVESTMENT BANK plc as arrangers (in
       this capacity the "ARRANGERS");

(3)    DEUTSCHE BANK AG LONDON and MIDLAND BANK plc [and [)* as the banks party
       to the Credit Agreement (as defined below) as at today's date (the
       "EXISTING BANKS");

(4)    THE FINANCIAL INSTITUTIONS listed in Schedule 1 as the banks who wish to
       accede to the Credit Agreement as Banks (the "NEW BANKS"); and

(5)    HSBC INVESTMENT BANK plc as agent (the "AGENT").

IT IS AGREED as follows:

1.     INTERPRETATION

1.1    DEFINITIONS

       In this Agreement, unless the contrary intention appears or the context
       otherwise requires:

       "CREDIT AGREEMENT"

       means the Original Credit Agreement as amended pursuant to Clause 4
       (Nature of this Agreement) of this Agreement.

       "EFFECTIVE DATE"

       means [                            ].

       "ORIGINAL CREDIT AGREEMENT"

       means the Credit Agreement dated [   ] June, 1999 between the Company,
       the Arrangers, [certain of]* the Existing Banks and the Agent [as amended
       by a Syndication Agreement dated [            ], 1999]*.

       "TRANCHE A LOAN PARTICIPATION"

       means, in relation to an Existing Bank, the amount in Sterling set out
       opposite the name of that Existing Bank in Part I of Schedule 2 and, in
       relation to a New Bank, the amount in Sterling set out opposite the name
       of that New Bank in Part I of Schedule 3.

       "TRANCHE B LOAN PARTICIPATION"

       means, in relation to an Existing Bank, the amount in Sterling set out
       opposite the name of that Existing Bank in Part II of Schedule 2 and, in
       relation to a New Bank, the amount in Sterling set out opposite the name
       of that New Bank in Part II of Schedule 3.

----------
*      [MISSING DATA]
<Page>

                                       104

       "TRANCHE C LOAN PARTICIPATION"

       means, in relation to an Existing Bank, the amount in Sterling set out
       opposite the name of that Existing Bank in Part III of Schedule 2 and, in
       relation to a New Bank, the amount in Sterling set out opposite the name
       of that New Bank in Part III of Schedule 3.

1.2    INCORPORATION OF CREDIT AGREEMENT DEFINITIONS

       Terms defined in the Credit Agreement shall, unless the contrary
       intention appears or the context otherwise requires, have the same
       meaning in this Agreement.

1.3    INCORPORATION

       Clauses 1.2 (Construction), 12 (Payments), 27 (Amendments and waivers),
       32 (Severability), 33 (Counterparts) and 34 (Notices) of the Credit
       Agreement shall apply to this Agreement, as though they were set out in
       full in this Agreement but as if references to the Credit Agreement are
       to be construed as references to this Agreement.

2.     CONSENT AND CONFIRMATION

       The Company, each Obligor, the Arrangers, the Existing Banks and the
       Agent each consent to the New Banks becoming Banks and confirm that,
       except as expressly provided by the terms of this Agreement, the Credit
       Agreement and each of the documents contemplated by the Credit Agreement
       shall continue in full force and effect.

<Page>

                                       105

3.     NOVATION

3.1    NOVATION OF TRANCHE A PARTICIPATIONS AND RELATED RIGHTS AND
       OBLIGATION(1)**

----------
(1)    [MISSING DATA]

<Page>

                                       106

----------
**     To be amended according to whether the Total Loan Commitments are all,
       partly or not drawn and whether there is one or [MISSING DATA]

<Page>

                                       107

       On the Effective Date (regardless of whether a Default is then
       continuing):

       (a)     each New Bank will become a Bank under the Credit Agreement with
               a participation in the Tranche A Loans equal to its Tranche A
               Loan Participation;

       (b)     the amount of each Existing Bank's participation in the Tranche A
               Loans shall be and will be deemed to be reduced down to its
               Tranche A Loan Participation;

       (c)     each New Bank will automatically obtain and assume, and
               undertakes to perform, all of the rights and obligations of a
               Bank under and in respect of each of the Finance Documents in
               respect of the rights and obligations transferred to it under
               paragraphs (a) and (b) above;

       [(d)    each Existing Bank shall transfer to each New Bank the amount (as
               notified to each Existing Bank by the Agent) necessary to ensure
               that after transfer the amount of each Existing Bank's
               participation in the Tranche A Loans is equal to its Tranche A
               Loan Participation and the amount of each New Bank's
               participation in the Tranche A Loans is equal to its Tranche A
               Loan Participation;

       (e)     each New Bank will pay to the Agent, to the Agent's account (for
               the account of each Existing Bank) as notified to each New Bank
               prior to the Effective Date in [              ] in same day funds
               without any deduction or withholding of any nature and in
               immediately available and freely transferable funds, to be
               received for value on the Effective Date, an amount equal to its
               Tranche A Loan Participation;

       (f)     the Agent shall (to the extent received by it) pay to each
               Existing Bank an amount equal to the consideration payable by the
               New Banks under paragraph (e) above up to a maximum amount equal
               to the difference between that Existing Bank's Tranche A Loan
               Commitment under the Credit Agreement on the date of the Credit
               Agreement and its Tranche A Loan Participation.]

3.2    NOVATION OF TRANCHE A COMMITMENTS AND RELATED RIGHTS AND OBLIGATIONS

       On the Effective Date (regardless of whether a Default is then
       continuing):

       (a)     each New Bank will become a Bank under the Credit Agreement with
               those Tranche A Commitments as set out opposite its name in Part
               I of Schedule 4;

       (b)     the Tranche A Commitments of each Existing Bank shall be and be
               deemed to be reduced down to the level set out opposite its name
               in Part I of Schedule 4 so long as the overall level of the
               Tranche A Total Commitments is not reduced; and

       (c)     each New Bank will automatically obtain and assume, and
               undertakes to perform, all of the rights and obligations of a
               Bank under and in respect of the Credit Agreement and the
               documents contemplated in the Credit Agreement in respect of the
               rights and obligations transferred to it under paragraphs (a) and
               (b) above.

<Page>

                                       108

3.3    NOVATION OF TRANCHE B LOAN PARTICIPATIONS AND RELATED RIGHTS AND
       OBLIGATIONS(2)**

       On the Effective Date (regardless of whether a Default is then
       continuing):

       (a)     each New Bank will become a Bank under the Credit Agreement with
               a participation in the Tranche B Loans equal to its Tranche B
               Loan Participation;

       (b)     the amount of each Existing Bank's participation in the Tranche B
               Loans shall be and will be deemed to be reduced down to its
               Tranche B Loan Participation;

       (c)     each New Bank will automatically obtain and assume, and
               undertakes to perform, all of the rights and obligations of a
               Bank under and in respect of each of the Finance Documents in
               respect of the rights and obligations transferred to it under
               paragraphs (a) and (b) above;

       [(d)    each Existing Bank shall transfer to each New Bank the amount (as
               notified to each Existing Bank by the Agent) necessary to ensure
               that after transfer the amount of each Existing Bank's
               participation in the Tranche B Loans is equal to its Tranche B
               Loan Participation and the amount of each New Bank's
               participation in the Tranche B Loans is equal to its Tranche B
               Loan Participation;

       (e)     each New Bank will pay to the Agent, to the Agent's account (for
               the amount of each Existing Bank) as notified to each New Bank
               prior to the Effective Date in [              ] in same day funds
               without any deduction or withholding of any nature and in
               immediately available and freely transferable funds, to be
               Tranche B Loan Participation;

       (f)     the Agent shall (to the extent received by it) pay to each
               Existing Bank an amount equal to the consideration payable by the
               New Banks under paragraph (e) above up to a maximum amount equal
               to the difference between that Existing Bank's Tranche B
               Commitment under the Credit Agreement on the date of the Credit
               Agreement and its Tranche B Loan Participation.]

3.4    NOVATION OF TRANCHE B COMMITMENTS AND RELATED RIGHTS AND OBLIGATIONS

       On the Effective Date (regardless of whether a Default is then
       continuing):

       (a)     each New Bank will become a Bank under the Credit Agreement with
               a Tranche B Commitment as set out opposite its name in Part II of
               Schedule 4;

       (b)     the Existing Bank's Tranche B Commitment shall be and be deemed
               to be reduced down to, the amount set out opposite its name in
               Part II of Schedule 4; and

       (c)     each New Bank will automatically obtain and assume, and
               undertakes to perform, all of the rights and obligations of a
               Bank under and in respect of each of the Finance Documents in
               respect of the rights and obligations transferred to it under
               paragraphs (a) and (b) above.

----------
(2)    [MISSING DATA]

<Page>

                                       109

3.5    NOVATION OF TRANCHE C LOAN PARTICIPATIONS AND RELATED RIGHTS AND
       OBLIGATIONS**

       On the Effective Date (regardless of whether a Default is then
       continuing):

       (a)     each New Bank will become a Bank under the Credit Agreement with
               a participation in the Tranche C Loans equal to its Tranche C
               Loan Participation;

       (b)     the amount of each Existing Bank's participation in the Tranche C
               Loans shall be and will be deemed to be reduced down to its
               Tranche C Loan Participation;

       (c)     each New Bank will automatically obtain and assume, and
               undertakes to perform, all of the rights and obligations of a
               Bank under and in respect of each of the Finance Documents in
               respect of the rights and obligations transferred to it under
               paragraphs (a) and (b) above;

       [(d)    each Existing Bank shall transfer to each New Bank the amount (as
               notified to each Existing Bank by the Agent) necessary to ensure
               that after transfer the amount of each Existing Bank's
               participation in the Tranche C Loans is equal to Tranche C Loan
               Participation and the amount of each New Bank's participation in
               the Tranche C Loans is equal to its Tranche C Loan Participation;

       (e)     each New Bank will pay to the Agent, to the Agent's account (for
               the amount of each Existing Bank) as notified to each New Bank
               prior to the Effective Date in [              ] in same day funds
               without any deduction or withholding of any nature and in
               immediately available and freely transferable funds, to be
               received for value on the Effective Date, an amount equal to its
               Tranche C Loan Participation;

       (f)     the Agent shall (to the extent received by it) pay to each
               Existing Bank an amount equal to the consideration payable by the
               New Banks under paragraph (e) above up to a maximum amount equal
               to the difference between that Existing Bank's Tranche C
               Commitment under the Credit Agreement on the date of the Credit
               Agreement and its Tranche C Loan Participation.]

3.6    NOVATION OF TRANCHE C COMMITMENTS AND RELATED RIGHTS AND OBLIGATIONS

       On the Effective Date (regardless of whether a Default is then
       continuing):

       (a)     each New Bank will become a Bank under the Credit Agreement with
               a Tranche C Commitment as set out opposite its name in Part III
               of Schedule 4;

       (b)     the Existing Bank's Tranche C Commitment shall be and be deemed
               to be reduced down to, the amount set out opposite its name in
               Part III of Schedule 4; and

       (c)     each New Bank will automatically obtain and assume, and
               undertakes to perform, all of the rights and obligations of a
               Bank under and in respect of each of the Finance Documents in
               respect of the rights and obligations transferred to it under
               paragraphs (a) and (b) above.

3.7    AMOUNTS DUE ON OR BEFORE THE EFFECTIVE DATE

(a)    All amounts (if any) payable to an Existing Bank by any Obligor on or
       before the Effective Date (including, without limitation, all interest
       and fees payable on the Effective Date) in respect of any period ending
       prior to the Effective Date shall be for the account of the

<Page>

                                       110

       Existing Banks, and none of the New Banks shall have any interest in, or
       any rights in respect of, any such amounts.

(b)    If any Loan falls to be made on the Effective Date:

       (i)     the Agent will promptly notify each of the New Banks of that fact
               (and the amount of its participation in that Loan in accordance
               with paragraph (ii) below); and

       (ii)    each Existing Bank and each New Bank shall participate in that
               Loan (subject to the terms of the Credit Agreement) as if the
               novation of the Commitments under Clauses 3.2(a) and (b)
               (Novation of Tranche A Commitments and related rights and
               obligations), 3.4(a) and (b) (Novation of Tranche B Commitments
               and related rights and obligations) and 3.6(a) and (b) (Novation
               of Tranche C Commitments) of this Agreement had taken effect
               prior to opening of business on the Business Day before the
               Effective Date,

       and the relevant Borrower acknowledges that no Existing Bank will be
       obliged to participate in any such Loan to any greater extent.

3.8    ADMINISTRATIVE DETAILS

       Each New Bank has delivered to the Agent its initial details for the
       purposes of Clause 34 (Notices) of the Credit Agreement.

4.     NATURE OF THIS AGREEMENT

       The novation of Commitments and rights and obligations contemplated by
       this Agreement shall take effect (in accordance with its terms) as a
       novation so that:

       (a)     Part I of Schedule 4 to this Agreement is substituted for Part I
               of Schedule 1 to the Credit Agreement on the Effective Date;

       (b)     Part II of Schedule 4 to this Agreement is substituted for Part
               II of Schedule 1 to the Credit Agreement on the Effective Date;

       (c)     Part III of Schedule 4 to this Agreement is substituted for Part
               III of Schedule 1 to the Credit Agreement on the Effective Date;
               and

       (c)     Clause 28 (Procedure for novations) of the Credit Agreement shall
               apply to the Commitments, rights and obligations transferred,
               assumed and released under Clauses 3.1 (Novation of Tranche A
               Loan Participations and related rights and obligations) to 3.6
               (Novation of Tranche C Commitments and related rights and
               obligations) inclusive of this Agreement and to the associated
               rights and obligations under the Credit Agreement and the
               documents contemplated in the Credit Agreement, as if this
               Agreement were a Novation Certificate.

5.     REPRESENTATION AND WARRANTY FROM THE COMPANY

       The Company represents and warrants for the benefit of each other party
       to this Agreement in respect of the Information Memorandum:

       (a)     the material factual information relating to the Group contained
               in the Information Memorandum was true and accurate in all
               material respects as at its date;

<Page>

                                       111

       (b)     the material factual information relating to the Target Group
               contained in the Information Memorandum was:

               (i)     to the extent that such information was public
                       information, accurately extracted from public
                       information; or

               (ii)    to the extent that such information was not public
                       information, true and accurate in all material respects
                       as at its date;

       (c)     to the best of its knowledge the opinions, projections and
               forecasts contained in it and the assumptions on which they are
               based were arrived at after due and careful consideration and
               genuinely represented its view; and

       (d)     to the best of its knowledge there are no material facts or
               circumstances which have not been disclosed to the parties to
               this Agreement in the Information Memorandum and which would make
               any of the information, opinions, projections, forecasts or
               assumptions contained in it untrue, incomplete, inaccurate or
               misleading in any material respect or which might reasonably be
               expected to affect materially a lender's decision whether to
               enter into the Credit Agreement.

6.     CLAW-BACK

       The Agent is not obliged to pay any amount to any Existing Bank under
       Clause 3 (Novation) until it has established that it has actually
       received a related amount from a New Bank pursuant to that Clause. The
       Agent may, however, assume that each New Bank has paid the amount due
       from it under Clause 3 (Novation) and, in reliance on that assumption,
       make available to any Existing Bank the relevant amount. If any New Bank
       has not made such payment but the Agent has paid an amount to any
       Existing Bank on the basis that it had made it, any Existing Bank will
       within 5 Business Days of demand by the Agent refund the relevant amount
       together with interest on that amount from the date of payment to the
       date of receipt, calculated at a rate determined by the Agent to reflect
       its cost of funds.

7.     GOVERNING LAW

       This Agreement is governed by English law.

This Agreement has been entered into on the date stated at the beginning of this
Agreement.

<Page>

                                       112

                                   SCHEDULE 1

                                  THE NEW BANKS

[

                                        ]

<Page>

                                       113

                                   SCHEDULE 2

                                     PART I

                   EXISTING BANKS AND TRANCHE A PARTICIPATIONS

<Table>
<Caption>
EXISTING BANKS                                          TRANCHE A PARTICIPATIONS
                                                                   L
<S>                                                     <C>
</Table>

<Page>

                                       114

                                     PART II

                   EXISTING BANKS AND TRANCHE B PARTICIPATIONS

<Table>
<Caption>
EXISTING BANKS                                          TRANCHE B PARTICIPATIONS
                                                                   L
<S>                                                     <C>
</Table>

<Page>

                                       115

                                    PART III

                   EXISTING BANKS AND TRANCHE C PARTICIPATIONS

<Table>
<Caption>
EXISTING BANKS                                          TRANCHE C PARTICIPATIONS
                                                                   L
<S>                                                     <C>
</Table>

<Page>

                                       116

                                   SCHEDULE 3

                                     PART I

                       BANKS AND TRANCHE A PARTICIPATIONS

<Table>
<Caption>
BANKS                                                   TRANCHE A PARTICIPATIONS
                                                                   L
<S>                                                      <C>
</Table>

<Page>

                                       117

                                     PART II

                       BANKS AND TRANCHE B PARTICIPATIONS

<Table>
<Caption>
BANKS                                                   TRANCHE B PARTICIPATIONS
                                                                   L
<S>                                                     <C>
</Table>

<Page>

                                       118

                                    PART III

                       BANKS AND TRANCHE C PARTICIPATIONS

<Table>
<Caption>
BANKS                                                   TRANCHE C PARTICIPATIONS
                                                                   L
<S>                                                      <C>
</Table>

<Page>

                                       119

                                   SCHEDULE 4

                                     PART I

                         BANKS AND TRANCHE A COMMITMENTS

<Table>
<Caption>
BANKS                                                    TRANCHE A COMMITMENTS
                                                                   L
                    <S>                                  <C>

                                                             ------------
                    Total Tranche A Commitments              L125,000,000
</Table>

<Page>

                                       120

                                     PART II

                         BANKS AND TRANCHE B COMMITMENTS

<Table>
<Caption>
BANKS                                                    TRANCHE B COMMITMENTS
                                                                   L
                    <S>                                  <C>

                                                             ------------
                    Total Tranche B Commitments              L100,000,000
</Table>

<Page>

                                       121

                                    PART III

                         BANKS AND TRANCHE C COMMITMENTS

<Table>
<Caption>
BANKS                                                    TRANCHE C COMMITMENTS
                                                                   L
                 <S>                                     <C>

                                                             ------------
                 Total Tranche C Commitments                 L215,000,000
</Table>

<Page>

                                       122

                                   SIGNATORIES

                         (to the Syndication Agreement)

COMPANY

BOWTHORPE plc

By:
    --------------------         --------------------

ARRANGERS

DEUTSCHE BANK AG LONDON

By:

HSBC INVESTMENT BANK plc

By:

EXISTING BANKS

DEUTSCHE BANK AG LONDON

By:

MIDLAND BANK plc

By:

NEW BANKS

[                     ]

By:

AGENT

HSBC INVESTMENT BANK plc

By:

<Page>

                                       123

                                   SCHEDULE 6

                         FORM OF COMPLIANCE CERTIFICATE

To:    HSBC Investment Bank plc as Agent

From:  Spirent plc

Date:  [              ]

 SPIRENT PLC (FORMERLY BOWTHORPE PLC) - L315,000,000 AND U.S.$200,000,000 CREDIT
           AGREEMENT DATED [     ] JUNE, 1999 (THE "CREDIT AGREEMENT")

This is a Compliance Certificate.

We confirm that:

(a)    as at [           ] (the "TESTING DATE"), Consolidated Net Debt was
       L[        ] and ConsolidaTed EBITDA was L[        ]; therefore, the ratio
       of Consolidated Net Debt to Consolidated EBITDA was [           ] to 1;
       the maximum ratio permitted under Clause 19.10(a)(i) (Financial
       covenants) at the testing date is [            ] to 1; and

(b)    as at the testing date, Consolidated EBITA was L[           ] and
       Consolidated Net Interest Expense is L[            ]; therefore, the
       ratio of Consolidated EBITA to Consolidated Net Interest Expense is
       [           ] to 1; the minimum ratio permitted under Clause 19.10(a)(ii)
       (Financial covenants) at the testing date is 3.0 to 1; and

(c)    the following companies are Material Subsidiaries:

       [                                                    ]

(d)    Percentage of Consolidated EBIT and Consolidated Total Assets provided by
       the Company and these Material Subsidiaries is [            ] and
       [            ].

By:

-------------------------  ---------------------------
SPIRENT plc

<Page>

                                       124

                                   SCHEDULE 7

                           FORM OF MARGIN CERTIFICATE

To:    HSBC Investment Bank plc as Agent

From:  Spirent plc

Date:  [            ]

    SPIRENT PLC (FORMERLY BOWTHORPE PLC) - L315,000,000 AND U.S.$200,000,000
       CREDIT AGREEMENT DATED [     ] JUNE, 1999 (THE "CREDIT AGREEMENT")

This is a Margin Certificate.

We confirm that as at [          ], Consolidated Net Debt was L[           ] and
Consolidated EBITDA was L[          ] and therefore the ratio of Consolidated
Net Debt to Consolidated EBITDA was [           ] to 1. Accordingly the
applicable Margin is, in accordance with Clause 9.5 (Adjustment of the Margin),
[      ] per cent. per annum.

By:

-------------------------                   ---------------------------
SPIRENT plc

<Page>

                                       125

                                   SCHEDULE 8

                         EXISTING PREFERRED INDEBTEDNESS

             SUMMARY OF PREFERRED INDEBTEDNESS AS AT 14TH MAY, 1999

<Table>
<Caption>
                           TOTAL            TOTAL           14-May-99        14-May-99    14-May-99
                          OVERDRAFT         LOAN            OVERDRAFT          LOAN         TOTAL
                         FACILITIES       FACILITIES         BALANCE          BALANCE      O'STDING
                          (L000's)         (L000's)         (L000's)         (L000's)      (L000's)
                        ------------     -------------     ------------     -----------  ------------
<S>                     <C>              <C>               <C>              <C>          <C>
SECURED                        2,624            25,632              461          17,669        18,130

UNSECURED                     13,744             2,929            4,297           1,999         6,296

FINANCE LEASES                                                                    7,318         7,318
                        ------------     -------------     ------------     -----------  ------------
PREFERRED INDEBTEDNESS        16,368            28,561            4,758          26,986        31,744
                        ------------     -------------     ------------     -----------  ------------
</Table>

<Page>

                                       126

                                   SCHEDULE 9

                              MATERIAL SUBSIDIARIES

Adtech Inc
Penny & Giles International plc
Paul Hellermann GmbH
Telecom Analysis Systems Inc
Tyton Hellermann Corporation
Autronics Corporation
Keystone Thermometrics Corporation
Thermometrics Inc
Global Simulation Systems Ltd
Western Pacific Data Systems Inc
Switching Systems International
Kaye Instruments Inc
Penny & Giles Controls Ltd
Tyton Hellermann do Brasil Industria e Comerco Ltda
General Eastern Instruments Inc
Hellermann France SA
Bowthorpe Hellermann (Pty) Ltd
P&G Aerospace Inc
Hellermann Scandinavia AB
Western Pacific Data Systems Ltd
Atlantic Scientific Corporation
Protimeter plc

<Page>

                                       127

                                   SCHEDULE 10

                       FORM OF ALLEN & OVERY LEGAL OPINION

To:    The Finance Parties named as
       original parties to the Credit Agreement
       (as defined below)

                                                           [        ] June, 1999

Dear Sirs,

    BOWTHORPE PLC (THE "BORROWER") - L315,000,000 AND U.S.$200,000,000 CREDIT
            AGREEMENT DATED [   ] JUNE, 1999 (THE "CREDIT AGREEMENT")

We have received instructions from and participated in discussions with the
Arrangers and the Agent in connection with the Credit Agreement.

Terms defined in the Credit Agreement have the same meaning in this opinion.

For the purposes of this opinion we have examined the following documents:

A.     a signed copy of the Credit Agreement;

B.     a certified copy of the memorandum and articles of association and
       certificate of incorporation of the Borrower;

C.     a certified copy of the minutes of a meeting of the board of directors of
       the Borrower held on [         ] June, 1999; and

D.     a certified copy of the minutes of a meeting of a committee of the board
       of directors of the Borrower held on [       ] June, 1999.

On [      ] June, 1999, we carried out a search of the Borrower at the Companies
Registry. On [        ] June, 1999 we made a telephone search of the Borrower at
the winding-up petitions at the Companies court.

The above are the only documents or records we have examined and the only
searches and enquiries we have carried out.

We assume that:

A.     the Borrower is able to pay its debts within the meaning of section 123
       of the Insolvency Act, 1986 at the time it enters into the Credit
       Agreement and will not, as a consequence of the Credit Agreement, be
       unable to pay its debts within the meaning of that section;

B.     no step has been taken to wind up the Borrower or appoint a receiver in
       respect of it or any of its assets although the searches of the Companies
       Registry referred to above give no indication that any winding-up order
       or appointment of a receiver has been made;

C.     all signatures and documents are genuine;

<Page>

                                       128

D.     all documents are and remain up-to-date;

E.     the correct procedure was carried out for the board meeting referred to
       in paragraphs (c) and (d) above; for example, there was a valid quorum,
       all relevant interests of directors were declared and the resolutions
       were duly passed at each of the meetings;

F.     any restrictions in the Borrower's Articles of Association would not be
       contravened by the performance by the Borrower of the Credit Agreement;
       in this regard, it should be noted that, as contemplated in the Credit
       Agreement, the borrowing limits in the Articles of Association of the
       Company will need to be changed;

G.     the Credit Agreement has been duly executed on behalf of the Borrower by
       the person[s] authorised by the resolution passed at the meeting referred
       to in paragraph (c) above; and

H.     the Credit Agreement is a legally binding, valid and enforceable
       obligation of each Finance Party.

Subject to the qualifications set out below and to any matters not disclosed to
us, it is our opinion that, so far as the present laws of England are concerned:

I.     STATUS: The Borrower is a company incorporated with limited liability
       under the laws of England and is not in liquidation.

II.    POWERS AND AUTHORITY: The Borrower has the corporate power to enter into
       and perform the Credit Agreement and has taken all necessary corporate
       action to authorise the execution, delivery and performance of the Credit
       Agreement.

III.   LEGAL VALIDITY: The Credit Agreement constitutes a legally binding, valid
       and enforceable obligation of the Borrower.

IV.    NON-CONFLICT: The execution, delivery and performance by the Borrower of
       the Credit Agreement will not violate any provision of (i) any existing
       English law applicable to companies generally, or (ii) the memorandum or
       articles of association of the Borrower.

V.     CONSENTS: No authorisations of governmental, judicial or public bodies or
       authorities in England are required by the Borrower in connection with
       the performance, validity or enforceability of the Credit Agreement.

VI.    TAXES: All payments due from the Borrower under the Credit Agreement may
       be made without deduction of any United Kingdom taxes if, in the case of
       any interest, the person that made the Loan to which the interest relates
       was, at the time of making the Loan, a "bank" as defined in section 840A
       of the Income and Corporation Taxes Act 1988 and the person beneficially
       entitled to the interest is within the charge to United Kingdom
       corporation tax as respects that interest at the time the interest is
       paid.

VII.   REGISTRATION REQUIREMENTS: It is not necessary or advisable to file,
       register or record the Credit Agreement in any public place or elsewhere
       in England.

VIII.  STAMP DUTIES: No stamp, registration or similar tax or charge is payable
       in England in respect of the Credit Agreement.

This opinion is subject to the following qualifications:

<Page>

                                       129

1.     This opinion is subject to all insolvency and other laws affecting the
       rights of creditors or secured creditors generally.

2.     No opinion is expressed on matters of fact.

3.     We assume that no foreign law affects the conclusions stated above.

4.     The term "enforceable" means that a document is of a type and form
       enforced by the English courts. It does not mean that each obligation
       will be enforced in accordance with its terms. Certain rights and
       obligations may be qualified by the non-conclusivity of certificates,
       doctrines of good faith and fair conduct, the availability of equitable
       remedies and other matters, but in our view these qualifications would
       not defeat your legitimate expectations in any material respect.

This opinion is given for your sole benefit and may not be relied upon by or
disclosed to any other person.

Yours faithfully,

ALLEN & OVERY

<Page>

                                       130

                                   SIGNATORIES

COMPANY

BOWTHORPE plc

By:    COLIN MCCARTHY

ARRANGERS

DEUTSCHE BANK AG LONDON

By:    SEAN MALONE

HSBC INVESTMENT BANK plc

By:    MICHAEL JESTER

BANKS

DEUTSCHE BANK AG LONDON

By:    SEAN MALONE

MIDLAND BANK plc

By:    PHILIP MILLS

AGENT

HSBC INVESTMENT BANK plc

By:    MICHAEL JESTER

<Page>

                                       131

                      SIGNATORIES TO SUPPLEMENTAL AGREEMENT

COMPANY

SPIRENT PLC

By:    ERIC HUTCHINSON

AGENT

HSBC INVESTMENT BANK PLC

By:    MICHAEL JESTERQuickLinks
 -- Click here to rapidly navigate through this document

 
 

Exhibit 10.116    
  

 
 

SOUTHWALL TECHNOLOGIES INC.    
    
    DISTRIBUTION AGREEMENT    
  

        This Agreement is made and entered into in the City of Palo Alto (California, U.S.A.) as of January 1, 2002 by and between Globamatrix Holdings
Pte. Ltd. ("LICENSEE") and Southwall Technologies Inc. ("SOUTHWALL"). 

WITNESSETH 

        WHEREAS,
SOUTHWALL produces and manufactures the Film (as defined below), which is used in the manufacturing of the Product (as defined below); 

        WHEREAS,
SOUTHWALL is the owner of the patents registered in the US Patent and Trademark Office, which are further described in  Exhibit 1 hereto, as well as of the trademarks described in Exhibit 1 hereto, including,
without limitation, Solis®; 

        WHEREAS,
LICENSEE wishes to obtain the exclusive right to distribute SOUTHWALL's Product worldwide on the terms and subject to the conditions set forth herein; 

        WHEREAS,
LICENSEE has requested and SOUTHWALL has agreed to provide LICENSEE with certain minimum amounts of Product each year during the term of this Agreement; 

        WHEREAS,
the parties acknowledge that such a commitment by SOUTHWALL places a substantial production risk on SOUTHWALL and requires SOUTHWALL to make a substantial investment (in dollars
and lost opportunities) to dedicate a material portion of its production capacity and other resources to the manufacture of such Product on behalf of LICENSEE, and, accordingly, that LICENSEE's option
herein to perform its obligations by either purchasing specified levels of Product hereunder or making payment therefor is in consideration of SOUTHWALL's making available such
production capacity and other resources; and 

        WHEREAS,
the parties acknowledge that the commitment by LICENSEE to purchase minimum amounts of Product requires LICENSEE and its appointed master franchisees and distributors to invest
and employ substantial resources (human and capital) to market and build increased demand to consume the Product in the Territory and places LICENSEE at substantial risk (in dollars, loss of goodwill
and damages), that SOUTHWALL's commitment to perform its obligations and in particular make timely deliveries of good quality Product to the specified levels hereunder or making payment
therefor is in consideration of LICENSEE's reciprocal commitment to purchase agreed minimum amounts of Product; 

        NOW,
THEREFORE, in consideration of the mutual covenants set forth below, the parties hereto agree as follows: 

	1.
	DEFINITIONS:

        For
purpose of this Agreement: 

	(a)
	Film. The term "Film" shall mean the XIR® transparent insulation solar control films as listed on  Exhibit 2 attached
hereto. SOUTHWALL may from time to time add or delete component types from  Exhibit 2 by giving LICENSEE not less than ninety (90) days' written notice prior to such change,
provided that SOUTHWALL shall add to Exhibit 2 new component types which may from time to time
replace or improve the current types (in which event, such new component types shall be deemed "Film").

	(b)
	Market. The term "Market" shall mean the architectural market (including, without limitation, residential and commercial window, door,
skylight and curtainwall markets) and the automotive and transportation markets. 

 

	(c)
	Patents. The term "Patents" shall mean those patents described in Exhibit 1
hereto and any renewals or replacement thereof.

	(d)
	Person. The term "Person" shall mean an individual, a corporation, an association, a joint-stock company, a business trust or other
similar organization, a partnership, a limited liability company, a limited liability partnership, a joint venture, a trust, an unincorporated organization or a government or any agency,
instrumentality or political subdivision thereof.

	(e)
	Product. The term "Product" shall mean finished solar control window film that incorporates Film and that is designed and manufactured
to be retrofit onto glass using preapplied adhesive(s) as listed on Exhibit 2 attached hereto. SOUTHWALL may from time to time add or delete
product types from Exhibit 2 by giving LICENSEE not less than ninety (90) days' written notice prior to such change, provided that
SOUTHWALL shall add to Exhibit 2 new product types which may from time to time replace or improve the current types (in which event, such new
product types shall be deemed "Product").

	(f)
	Proprietary Information. The term "Proprietary Information" shall mean any financial, operational, technical and other information
relating to the past, present and future businesses and affairs of SOUTHWALL or LICENSEE, all trade secrets and all other information of a business, financial, marketing, technical or other nature
pertaining to SOUTHWALL or LICENSEE, including, without limitation, all information, technology, concepts, equipment, techniques, know-how, processes, ideas or inventions (whether or not
patented or patentable) embodied or related to the Film, the Product, or the manufacturing of the same, and including, without limitation, information of others that SOUTHWALL or LICENSEE, as the case
may be, has agreed to keep confidential, in any case whether such information is provided in written, oral, graphic, pictorial or recorded form or stored on computer discs, hard drives, magnetic tape
or digital or any other electronic medium (including, without limitation, the Proprietary Technical Materials). Notwithstanding the foregoing, Proprietary Information shall not include any information
that (a) was in the public domain at the time it was disclosed or (b) enters the public domain other than by breach of this Agreement.

	(g)
	Proprietary Technical Materials. The term "Proprietary Technical Materials" shall mean all writings, documentation, manuals,
instructions, correspondence, software or other data relating to the Proprietary Information (other than such that are prepared for internal purposes of SOUTHWALL or LICENSEE, as the case may be).

	(h)
	Purchase Order Confirmation. The term "Purchase Order Confirmation" shall mean the standard order acknowledgment form used by SOUTHWALL
and set forth in Exhibit 3 hereto.

	(i)
	Territory. The term "Territory" shall mean worldwide.

	(j)
	Trademarks. The term "Trademarks" shall include those trademarks registered in the US Patent and Trademark Office and described in  Exhibit 1 hereto and any renewals or replacements thereof.
 

	2.
	GRANT OF RIGHTS

	(a)
	Subject
to the terms of this Agreement, SOUTHWALL hereby appoints LICENSEE as an exclusive distributor of the Product for the Territory and hereby grants to LICENSEE a nonexclusive
license to use SOUTHWALL's Proprietary Technical Materials, Patents and Trademarks solely to distribute the Product as set forth herein. For such purpose, SOUTHWALL undertakes to use
commercially reasonable efforts to furnish to LICENSEE available, up-to-date Proprietary Technical Materials related to the sales, promotion and installation of the Product. 

2

 

	(b)
	LICENSEE
agrees to consider granting SOUTHWALL rights to use LICENSEE's marketing material and know how (including, without limitation, trademarks, advertisements, techniques and the
like). The parties will use reasonable efforts to agree in good faith as to fair consideration for any such rights at any time SOUTHWALL makes a request in writing therefor.

	(c)
	SOUTHWALL
reserves the right to sell in the Territory all of its products, with the exception of Product, including, without limitation, directly to end user customers through other
authorized manufacturers or distributors, original equipment manufacturers, representatives, or other distribution or licensing channels.

	(d)
	LICENSEE
agrees that it will not sell in the Territory any products that exhibit similar light transmission to solar transmission ratios to Products which are directly competitive
with Products during the term of this Agreement. 

	3.
	EXCLUSIVITY OF RIGHTS

The
right of exclusivity granted to LICENSEE by SOUTHWALL in Section 2 above shall not in any way impair the scope, validity or enforceability of the licenses for products other than Product
previously granted by SOUTHWALL to its licensees listed in Exhibit 4 during the term of the license agreements with such licensees. 

SOUTHWALL
will not sell Product directly into the Territory for use in the Market. SOUTHWALL will not supply Film to any other Person that SOUTHWALL knows intends to use such Film for production of
product directly competitive in the Market with Product. 

	4.
	SUBCONTRACT RIGHTS

The
parties hereto agree that LICENSEE may establish, at LICENSEE's sole cost and expense, as many distributors/dealers within the Territory as are reasonably necessary in the judgment of the LICENSEE
to fully serve the Territory, subject to and in compliance with the terms of this Agreement. LICENSEE shall cause each such distributor and dealer to offer no guarantees or warranties with respect to
any Product or Film beyond those made by SOUTHWALL hereunder. 

	5.
	MARKETS FOR THE PRODUCT

Subject
to the terms and conditions of this Agreement, the Product may be sold by LICENSEE to customers for use only in the Market. Notwithstanding anything to the contrary contained herein, LICENSEE
shall not distribute or supply Film to any original equipment manufacturers without the prior written approval of SOUTHWALL. 

	6.
	OBLIGATIONS OF LICENSEE

In
order to develop the full sales potential of the Product, LICENSEE agrees that it will properly perform at its sole cost and expense the following duties: 

	(a)
	Payment. LICENSEE will pay SOUTHWALL the purchase price for the Film and Product in accordance with this Agreement, without any
deduction, claim, set off, counterclaim or reduction whatsoever. All payments made by LICENSEE to SOUTHWALL under this Agreement shall be in United States dollars. SOUTHWALL shall have no obligation
to ship Film or Product to LICENSEE at any time when LICENSEE is delinquent in payment for Film or Product previously shipped.

	(b)
	Quality. LICENSEE's application of the Film and Product shall be at a minimum in strict accordance with industry standards and
procedures set forth in Exhibit 5.

	(c)
	Inspection. SOUTHWALL shall have the right on reasonable prior written notice and during normal business hours to visit and inspect
LICENSEE's places of business and any and all 

3

 

places
where the Film or Product is installed or stored to verify satisfaction by LICENSEE of its obligations under this Agreement, including, without limitation, the distribution and application of
the Film and Product in accordance with industry standards and procedures. 

	(d)
	Designation of Film and Product. LICENSEE will at all times designate Film and Product as a product of SOUTHWALL. LICENSEE shall mark
the Film and Product with SOUTHWALL's Patent and Trademark markings in accordance with guidelines furnished by SOUTHWALL from time to time.

	(e)
	Marketing. LICENSEE agrees to:

	1.
	Use
its best efforts as commercially reasonable to promote, distribute and market the Film and Product throughout the Territory, based on the Business Plan described below.

	2.
	Publish
in sufficient quantities and update marketing and sales support materials as necessary from time to time during the term of this Agreement. LICENSEE shall promptly provide
SOUTHWALL with copies of all marketing and sales support materials prepared for or by LICENSEE.

	3.
	Employ
and train sales personnel with technical expertise and knowledge of the Film and Product to sell and install the Film and Product.

	4.
	Participate
in all reasonable exhibitions and promotion opportunities in the Territory. 

	(f)
	Business Plan. LICENSEE will present a business plan which addresses the Territory, including all serviced and certain
non-serviced countries agreed upon by the parties, to SOUTHWALL by February 15th of each year. Representatives of SOUTHWALL and LICENSEE shall hold a meeting at a
mutually agreed upon location by March 15th of each year to discuss the business plan.

	(g)
	Representation and Warranties. LICENSEE will not (orally or in writing) extend or offer any warranty nor make any representations
concerning the Film or Product to any Person except for the warranty described in Section 11 hereto.

	(h)
	Recalls. LICENSEE will maintain for the purpose of potential recall procedures, accurate and detailed records of all sales of Film and
Product, and provide copies of all such records promptly following a written request therefor by SOUTHWALL. Such records will include at least: (i) the date of sale, (ii) customer name,
address, telephone and fax numbers, and purchase order number, (iii) lot number, (iv) LICENSEE product number, and (v) quantities sold. 

In
the event that SOUTHWALL recalls any or all of the Film or Product due to defects, revisions, upgrades or other reason, LICENSEE shall provide reasonable assistance in such recall if requested by
SOUTHWALL. 

	(i)
	Inventory. LICENSEE will at all times maintain an inventory of the Product sufficient to meet
commercially reasonable anticipated orders. LICENSEE shall provide adequate storage facilities for Film and Product conforming to SOUTHWALL's commercially reasonable requirements.

	(j)
	General Conduct. LICENSEE shall at all times conduct its business in a businesslike manner and shall not engage in any deceptive,
misleading, illegal or unethical business practice or any practice that will reflect unfavorably on SOUTHWALL, the Product, or the Film.

	(k)
	Collection of Fees. LICENSEE shall have full responsibility for the invoicing and collection of fees from its customers, and shall bear
all expenses incurred in connection therewith. The 

4

 

inability,
delay or difficulty in LICENSEE's collecting of fees from its customers shall have no effect on its payment obligations to SOUTHWALL hereunder. 

	(l)
	Credit Restrictions. LICENSEE may in its sole discretion provide SOUTHWALL with adequate information to provide SOUTHWALL with
reasonable assurance of payment, which may include audited financial statements of LICENSEE, bank references, trade references and other similar information. 

	7.
	OBLIGATIONS OF SOUTHWALL

To
assist LICENSEE in the rapid and successful commercialization of the Product, SOUTHWALL agrees to provide the following support and assistance to LICENSEE at SOUTHWALL's expense
except where noted below. All communications and materials described in this Section 7 will be in English. 

	(a)
	Licensee Assistance. SOUTHWALL shall provide reasonable marketing and product management assistance, including making available a
SOUTHWALL employee (the "Product Manager/Engineer") knowledgeable in the performance and applications of the Product. The Product Manager/Engineer will be 100% dedicated to the business activities of
the LICENSEE. The Product Manager/Engineer will be located in Tempe, Arizona (or other suitable location mutually agreed to by SOUTHWALL and LICENSEE). If the Product Manager/Engineer's employment
with SOUTHWALL terminates or is terminated (for any reason), SOUTHWALL shall use commercially reasonable efforts to replace the Product Manager/Engineer promptly with a person of reasonably equivalent
or superior abilities and credentials.

	(b)
	General Conduct. SOUTHWALL shall at all times conduct its business in a businesslike manner and shall not engage in any deceptive,
misleading, illegal or unethical business practice or any practice that will reflect unfavorably on LICENSEE, the Product, or the Film.

	(c)
	Quality Control. SOUTHWALL shall use commercially reasonable efforts to supply the Film and Product in accordance with specifications
in Exhibit 5 attached hereto. In case of disagreement on the level of quality of the Film or Product supplied by SOUTHWALL, LICENSEE will make
sample laminates containing the questionable film after which both parties will review the samples to determine the Film or Product status. In cases where it is agreed by the parties that the Film or
Product does not comply with agreed upon specifications, SOUTHWALL agrees to replace all unacceptable Film or Product at no additional cost inclusive of freight to LICENSEE. If the parties fail to
agree on the Film or Product status, SOUTHWALL shall continue to supply LICENSEE with Film and/or Product, while Section 17(i) of this Agreement shall govern the resolution of the
disputed quantities of Film and/or Product. A good faith disagreement between the parties pursuant to the immediately preceding sentence shall not be deemed a default under this Agreement or give rise
to any right by either party to terminate, or suspend performance, under this Agreement.

	(d)
	Patent Infringement Indemnity. SOUTHWALL shall hold LICENSEE harmless from damages, settlements, attorneys' fees and expenses resulting
from infringement by the Film or Product of any patent issued as of the date of this Agreement, or subsequent replacement Film and Product under Section 1(a) and 1(e) respectively,  provided
LICENSEE promptly notifies SOUTHWALL of any and all threats, claims and proceedings related thereto and SOUTHWALL is given reasonable
assistance by LICENSEE and the opportunity to assume sole control over the defense and all negotiations for a settlement or compromise. SOUTHWALL will not be responsible for any settlement it does not
approve in writing. THE FOREGOING IS SUBJECT TO SECTION 16 AND IN LIEU OF ANY WARRANTIES OF NONINFRINGEMENT, WHICH ARE HEREBY DISCLAIMED. The foregoing obligation 

5

 

of
SOUTHWALL does not apply with respect to Film or Product (i) not supplied by SOUTHWALL, (ii) modified after shipment by SOUTHWALL, if the alleged infringement relates to such
modification, (iii) combined with other products, processes or materials where the alleged infringement relates to such combination or (iv) if LICENSEE continues allegedly infringing
activity after becoming aware of such alleged infringement. LICENSEE will indemnify and hold harmless SOUTHWALL and its officers, directors, agents and employees from all damages, settlements,
attorneys' fees and expenses related to a
claim of infringement or misappropriation excluded from SOUTHWALL's indemnity obligation by this section. 

	(e)
	Returns. SOUTHWALL shall use commercially reasonable efforts to process any return materials from LICENSEE as promptly as reasonably
practicable and in accordance with established claim procedures for Film and Product as described in Exhibit 6. 

	8.
	MINIMUM PURCHASE OF PRODUCT

	(a)
	LICENSEE
shall purchase Product and SOUTHWALL shall supply Product, in each case subject to the terms and conditions of this Agreement. LICENSEE shall purchase, and SOUTHWALL shall
supply (to the extent it receives purchase orders in accordance herewith), at least US $11.50 million of Product in calendar year 2002, at least US $13.25 million of Product in calendar
year 2003, and at least US $15.25 million of Product in calendar year 2004. The minimum amount of Product that LICENSEE is obligated to purchase and SOUTHWALL is obligated to supply (to the
extent it receives purchase orders in accordance herewith) in each year under this Agreement shall be referred to herein as the "Annual Amount." For each of the calendar years 2005 through 2011,
inclusive, the Annual Amount shall be 110% of the Annual Amount for the immediately preceding year.

	(b)
	On
or before February 28, 2002, LICENSEE will deliver to SOUTHWALL a blanket purchase order for Product that will cover the six (6) quarter period, beginning with the
quarter ended March 31, 2002. The orders reflected in such blanket purchase order and each other purchase order delivered hereunder shall be consistent with the applicable Annual Amount,
Maximum Amount (as defined below) and other requirements of this Section 8. The blanket purchase order will (i) give specific quantities of Product to be shipped to LICENSEE for each
quarter during such period and (ii) with respect to the first quarter of such period, stipulate monthly quantities, product types and specifications of Product to be produced. Not later than
60 days prior to the end of each quarter, LICENSEE shall provide SOUTHWALL with (i) instructions as to the monthly quantities, product types and specifications of Product to be produced
for the immediately following quarter and (ii) a blanket purchase order for the quarter immediately following the last quarter then covered by a purchase order. In no event shall the quantity
of Product ordered by LICENSEE for any month exceed 12% of the blanket purchase order for the rolling 12-month period immediately following such month. Within 10 business days of receipt
of each purchase order, SOUTHWALL will deliver to LICENSEE a Purchase Order Confirmation. Each purchase order shall represent a binding minimum order for the LICENSEE and SOUTHWALL following the
delivery of the applicable Purchase Order Confirmation. As an alternative method of performing its obligations hereunder, LICENSEE may order and accept less than the Annual Amount for calendar year
2002, 2003 or 2004, provided that LICENSEE shall reimburse SOUTHWALL within 30 days of year end (not as a penalty, liquidated damages or the like
but as compensation to SOUTHWALL for the costs associated with production of Product and to ensure SOUTHWALL a steady source of income so that it might continue such production) for the difference in
the purchase price of all Product ordered and accepted for such calendar year and the Annual Amount. If LICENSEE orders at least the Annual Amount for any of calendar year 2002, 2003 or 2004 and
SOUTHWALL fails to deliver the Annual Amount for such year, then SOUTHWALL shall reimburse LICENSEE within 30 days of the applicable year end (not as a penalty, 

6

 

liquidated
damages or the like but as compensation to LICENSEE for the costs associated with marketing Product) for the difference between the Annual Amount for such calendar year and the total
purchase price of all Product delivered for such calendar year, provided that SOUTHWALL shall not be required to make delivery of any Product for which
it pays such reimbursement. 

Any
increase in quantities of Product or a change in specifications requires a 90 day lead time and shall be consistent with all of the terms and conditions of this Agreement, including,
without limitation, this Section 8, and no such changes shall be binding on SOUTHWALL unless SOUTHWALL accepts in writing such changes. 

	(c)
	In
addition to the Product, LICENSEE may also purchase Film from SOUTHWALL pursuant to the terms of this Agreement. Subject to Section 8(d), for each dollar of Film that
LICENSEE orders each year, an equivalent dollar amount of Product shall be purchased over and above the Annual Amount for such year.

	(d)
	LICENSEE
may order an additional quantity of Product and Film (including Film ordered pursuant to Section 8(c)) in excess of the applicable Annual Amount for any year,  provided that such additional quantity
for any year plus the applicable Annual Amount shall not exceed the "Maximum Amount." The Maximum Amount shall be
US $12.65 million for calendar 2002, US $15.23 million for calendar 2003, and US $18.25 million for calendar 2004. The Maximum Amount for each calendar year 2005 through 2011,
inclusive, shall be 120% of the Annual Amount for that year. If LICENSEE wishes to purchase an amount for any year after 2003 that is more than the Annual Amount, LICENSEE shall so notify SOUTHWALL in
writing during the first fiscal quarter of the year prior to the year such additional purchases are to take effect.

	(e)
	Beginning
on April 1, 2002, if SOUTHWALL fails to provide the quantity of Product ordered by LICENSEE to be delivered in any given month pursuant to this Section 8
within seven (7) days after the end of such month, SOUTHWALL will issue a credit memo (in the form attached hereto as Exhibit 7) in an
amount calculated as described herein and based on the difference in total square footage of each product type (as listed in Exhibit 2) ordered
pursuant to the applicable purchase order for such month and the total square footage of each product type actually shipped to LICENSEE within one week of the end of the month (the "Deficiency"). If
the Deficiency for each product type for any month is (i) less than or equal to 5% of the total square footage ordered with respect to such month, LICENSEE shall not be entitled to any credit
memo for any discount on the purchase price or other adjustment; (ii) greater than 5% but less than 15% of the total square footage ordered with respect to such month, LICENSEE shall receive a
credit memo for a discount calculated based on the following formula: 

Credit
note = 0.15 × P × (.95A-B) 

	 	Wherein:	A = Amount ordered (square feet)
	

 	

 	

B = Amount shipped (square feet)
	

 	

 	

P = Price of product type

7

  

For
example, if amount ordered for a product type is 100,000 square feet and the amount shipped is 90,000 square feet for that product type, and the price of the product type is $2.05, then the credit
note to be issued shall be $1,537.50; or (iii) greater than or equal to 15% of the total square footage ordered with respect to such month, LICENSEE shall receive a credit memo for a discount
calculated based on the following formula: 

Credit
note = (0.15 x P x 0.1A) + (0.25 x P x (0.85A-B)) 

For
example, if the amount ordered for a product type is 100,000 square feet and the amount shipped is 75,000 square feet for that product type, and the price of the product type is $2.05, then the
credit note to be issued shall be $6,662.50. 

LICENSEE
shall not be entitled to any discount or credit memo with respect to Product not ordered in accordance with the terms of this Section 8. 

	9.
	PRICE

From
the date hereof through December 31, 2004, the purchase price for Film and Product sold hereunder shall be as set forth on SOUTHWALL's Price Schedule attached hereto as  Exhibit 8, provided, that, after December 31, 2004, SOUTHWALL may change the prices to be
charged for Film and Product sold hereunder at any time, subject to the other provisions of this Section 9, by amending its published Price Schedule and giving LICENSEE sixty (60) days'
prior written notice thereof (which notice may be given prior to December 31, 2004). The maximum allowable price increase per year will be based only on actual increases in
SOUTHWALL's cost to manufacture Film or Product, which will include the costs of: raw materials (polyester film and metal targets); electricity, gases and other consumables; packaging
materials; labor rates; converting costs charged directly to SOUTHWALL by outside vendor(s); and any or all increases allowed by inflation as measured by the Consumer's Price Index (CPI). Increases in
the foregoing costs may be used singularly or in any combination to justify new prices, but in no event will the total annual increase exceed the lower of the total of all such factors and 8% of the
applicable purchase price from the previous year. Both SOUTHWALL and LICENSEE agree to negotiate in good faith, in the event of circumstances beyond the control of SOUTHWALL, a mutually satisfactory
price adjustment notwithstanding the restrictions set forth in this Section 9. If the parties cannot in good faith agree upon such a price adjustment in the event of circumstances beyond
SOUTHWALL's control, the chief executive officers of each of the parties shall
meet promptly and in person to attempt to resolve the matter; if they are unable to agree upon an appropriate price adjustment within twenty (20) days of the commencement of such discussions,
the matter shall be governed by section 17(i). 

	10.
	TERMS AND CONDITIONS OF SALE

This
Agreement and all sales of Film or Product hereunder by SOUTHWALL to LICENSEE shall be subject to SOUTHWALL's Terms and Conditions, a copy of which is attached hereto as  Exhibit 9 except in the
case of payment terms wherein SOUTHWALL hereby agrees that it shall not be changed for the duration of this Agreement.
For the avoidance of doubt, payment terms are open account terms (subject to the Maximum Amount), net sixty (60) days from date of shipment. Such Terms and Conditions shall govern in the event
of any inconsistencies with any other document (except the body of this Agreement which shall govern in the event of any inconsistencies) received by LICENSEE or SOUTHWALL prior or after receipt of
the Purchase Order Confirmation. 

	11.
	PRODUCT WARRANTY

The
sole warranty provided by SOUTHWALL to LICENSEE with respect to the Product, Film, Patents, Trademarks, SOUTHWALL technology and intellectual property, or otherwise is contained in the Limited
Warranty attached hereto as Exhibit 10. The disclaimers and limitations 

8

 

set forth in SOUTHWALL's Terms and Conditions attached hereto as Exhibit 9 and the Limited Warranty attached hereto as  Exhibit 10 are
incorporated herein by reference. If laws from time to time in effect in the Territory imply warranties which cannot be excluded
or can only be excluded to a limited extent, this Agreement shall be construed to incorporate such exclusions or limitations. 

THE WARRANTIES IN THIS SECTION 11 ARE IN LIEU OF ALL OTHER WARRANTIES, EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A
PARTICULAR PURPOSE.

	12.
	TERM AND TERMINATION
	(a)
	Term. The Term of this Agreement shall commence on January 1, 2002 and expire on December 31, 2011. Following the
termination of this Agreement, the parties shall negotiate in good faith to renew this Agreement, subject to such reasonable changes in the pricing and minimum purchase requirements as the parties
shall mutually agree to.

	(b)
	Termination by LICENSEE. LICENSEE may terminate this Agreement by giving not less than thirty (30) days' prior written notice to
SOUTHWALL solely upon occurrence of any of the following events:

	i.
	SOUTHWALL
ceases to function as a going concern;

	ii.
	SOUTHWALL
(a) makes a general assignment for the benefit of creditors or transfers all or a substantial portion of its assets to a receiver,
(b) has become insolvent, (c) commences a voluntarily case under the bankruptcy laws of any jurisdiction or (d) a proceeding or case shall be commenced without the application or
consent of SOUTHWALL and such proceeding shall continue undismissed for a period of 45 days;

	iii.
	SOUTHWALL
fails to manufacture Product substantially in accordance with the prescribed specifications set forth in  Exhibit 5 attached hereto, provided that such failure continues for one hundred twenty
(120) days after the earlier of
(A) SOUTHWALL receives written notice from LICENSEE of such failure and (B) SOUTHWALL becomes aware of such failure (in which event, SOUTHWALL shall promptly notify LICENSEE in writing
of such failure); or

	iv.
	SOUTHWALL
fails to observe, keep or perform any material covenant, term or condition herein, provided that such failure continues for one hundred twenty
(120) days after SOUTHWALL receives written notice from LICENSEE of such failure. 

	(c)
	Termination by SOUTHWALL. SOUTHWALL may terminate this Agreement, by giving not less than thirty (30) days' prior written notice
to LICENSEE, upon occurrence of any of the following events:

	i.
	LICENSEE
ceases to function as a going concern;

	ii.
	LICENSEE
(a) makes a general assignment for the benefit of creditors or transfers all or a substantial portion of its assets to a receiver,
(b) has become insolvent, or (c) goes into bankruptcy (whether voluntarily or involuntarily);

	iii.
	LICENSEE
fails to apply and sell Film or Product substantially in accordance with the industry standards,  provided that such failure continues for one hundred twenty (120) days after the earlier of
(A) LICENSEE receiving written notice from
SOUTHWALL of such failure and (B) LICENSEE becoming aware of such failure (in which event, LICENSEE shall promptly notify SOUTHWALL in writing);

	iv.
	LICENSEE
fails to observe, keep or perform any material covenant, term or condition herein, provided that such failure continues for one hundred twenty
(120) days after LICENSEE receives written notice from SOUTHWALL of such failure. 

9

 

	13.
	EFFECT OF TERMINATION OR EXPIRATION

	(a)
	Upon
any termination or expiration of this Agreement: (i) each party shall promptly return to the other all Proprietary Technical Materials and technical data previously
provided to it and shall certify that all copies thereof have been destroyed, (ii) LICENSEE shall immediately cease further marketing and distribution of the Film or Product, except to fulfill
sales for which it was contractually committed prior to such termination, (iii) each party shall immediately pay to the other all sums which remain due and owing under this Agreement,
(iv) all licenses and rights of each party hereunder shall terminate and each party shall immediately cease using the other's name, trademarks and trade names, (v) all obligations as to
confidentiality and all restrictions imposed on either party by any warranty, remedy, liability limits or disclaimers in this Agreement, along with the Terms and Conditions shall survive the
termination or expiration of this Agreement, in accordance with their terms, and (vi) each party shall provide to the other a certificate of an executive officer of it certifying that it has
complied with all of the requirements of this Section 13(a).

	(b)
	Upon
termination of this Agreement by SOUTHWALL, LICENSEE must, if so instructed by SOUTHWALL, promptly return all unsold Film and Product to SOUTHWALL for credit,  provided such unsold Film and Product is
returned within thirty (30) days of receipt of written notice from SOUTHWALL and is in the same
condition as that in which it was delivered to LICENSEE, as determined in the sole, commercially reasonable judgment of SOUTHWALL's quality assurance department. LICENSEE shall return
such unsold Film and Product freight prepaid. If SOUTHWALL does not request LICENSEE to return Film or Product, all payments for such unreturned Film or Product shall become immediately due and
payable to SOUTHWALL.

	(c)
	Upon
termination of this Agreement by LICENSEE, LICENSEE may at LICENSEE's option return all unsold Film and Product to SOUTHWALL for credit,  provided such unsold Film and Product is returned within thirty
(30) days of termination and is in the same condition as that in which it was
delivered to LICENSEE, as determined in the sole, commercially reasonable judgment of SOUTHWALL's quality assurance department. LICENSEE shall return such unsold Film and Product
freight prepaid. In case LICENSEE does not choose to return the unsold Film and Product within such 30 day period, all payments for such unreturned Film and Product shall become immediately due
and payable to SOUTHWALL.

	(d)
	The
following provisions shall survive termination of this Agreement: 1, 6(a), 10, 11, 12, 13, 14, 15, 16 and 17. 

	14.
	TRADEMARKS; MARKINGS

	(a)
	Ownership Rights. LICENSEE hereby admits and recognizes SOUTHWALL's exclusive ownership of its Trademarks, Patents,
trade names, trade secrets, service marks, business names, product names, logos, know how and copyrights applicable thereto (in each case, whether or not registered in the Territory) and the value of
such marks and names worldwide, and LICENSEE acknowledges that it has no right, title or interest in any of the foregoing. LICENSEE shall have the right to indicate that it is an authorized
distributor of SOUTHWALL, but SOUTHWALL does not grant to the LICENSEE any right, title or interest in SOUTHWALL'S Trademarks or trade names or any other property except for the right
to use such Trademarks and trade names as described Section 2. LICENSEE will not alter, deface, remove, cover-up or mutilate in any manner whatsoever the label, Trademark, serial or
model number, brand or name affixed to the Film or Product except with SOUTHWALL's prior written approval. 

10

 

	(b)
	Use of Trademarks. The license granted in Section 2 with respect to the Trademarks, Patents and Proprietary Technical Materials
is limited to the period in which SOUTHWALL uses such materials. LICENSEE shall be entitled to use, under the same terms and conditions as provided for under this Agreement, any and all such
Trademarks and trade names which shall be used in the future by SOUTHWALL which replace the Trademarks and trade names. LICENSEE shall cease the use of any SOUTHWALL Trademark or trade name within
ninety (90) days of written notice that SOUTHWALL has in good faith discontinued use of such Trademark or trade name. LICENSEE shall not adopt, use or register any of SOUTHWALL's
trade names, Trademarks, service marks, business names, product names or logos, nor use any word or symbol or combination that is identical or similar to any such marks during the term of this
Agreement or thereafter without SOUTHWALL's prior written consent.

	(c)
	No Additional Rights. Except as expressly set forth in Section 2, no licenses are granted or implied by this Agreement with
respect to any Trademarks, Patents, trade names, trade secrets, service marks, business names, product names, logos, know how and copyrights applicable thereto or other property rights owned or
controlled by SOUTHWALL or under which SOUTHWALL has rights. 

	15.
	PROPRIETARY INFORMATION; PROPRIETARY TECHNICAL MATERIALS

All
Proprietary Information and Proprietary Technical Materials provided by or attributable to SOUTHWALL are the property of and are proprietary to SOUTHWALL. All Proprietary Information and
Proprietary Technical Materials provided by or attributable to LICENSEE are the property of and are proprietary to LICENSEE. Each party shall use the Proprietary Information and Proprietary Technical
Materials of the other party only as expressly allowed in this Agreement. Each party shall maintain and protect the confidentiality of the Proprietary Information and Proprietary Technical
Materials of the other party and keep such Proprietary Information and Proprietary Technical Materials within its possession or under its control sufficient to prevent any activity with respect
thereto that is not specifically authorized by this Agreement. Except as set forth herein, neither party shall copy or reproduce, or transfer, assign, sublicense, loan, disclose or otherwise make
available any or all Proprietary Information or Proprietary Technical Materials of the other party to any Person without the prior written consent of owner party to the specific action to be taken.
Any and all Proprietary Technical Materials which SOUTHWALL may furnish shall be in LICENSEE's possession pursuant only to the license granted LICENSEE under Section 2 of this Agreement. 

	16.
	LIMITATION OF REMEDIES AND DAMAGES

WITH
RESPECT TO ANY SUBJECT MATTER OF THIS AGREEMENT OR ANY ATTACHMENT, PRODUCT ORDER, SCHEDULE OR ANY TERMS AND CONDITIONS RELATED THERETO, IN NO EVENT SHALL SOUTHWALL BE LIABLE TO LICENSEE OR ANY
OTHER PARTY FOR ANY TERMINATION DAMAGES (INCLUDING, WITHOUT LIMITATION, LABOR CLAIMS AND LOSS OF PROFITS, INVESTMENTS OR GOOD WILL), INDEMNITY FOR CLIENTELE OR ANY OTHER DAMAGES OF ANY KIND, INCLUDING
BUT NOT LIMITED TO ANY INDIRECT, INCIDENTAL, CONSEQUENTIAL OR SPECIAL DAMAGES, EVEN IF SOUTHWALL HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, AND LICENSEE HEREBY WAIVES ALL SUCH CLAIMS. 

	17.
	GENERAL

	(a)
	Independent Contractor. Each party will act as an independent contractor under the terms of this Agreement and not as an agent or legal
representative of the other party for any purpose. Neither party will in any way represent or imply that it is acting on behalf of the other party. 

11

 

Neither
party nor any subcontractors of such party shall have the right or authority to assume or create any obligation of any kind, express or implied, on behalf of one party to the other party's
customers or to any other Person. 

	(b)
	Product Changes. SOUTHWALL reserves the right, subject to prior consultation and discussion with LICENSEE, to make design modifications
in the Product and Film at any time but shall not be obligated to implement such modifications in Product or Film that has previously been delivered. SOUTHWALL undertakes to give reasonable notice to
LICENSEE of such design modifications, their characteristics and positive and negative consequences.

	(c)
	Notices. All notices, requests, consents and other communications required or permitted under this Agreement shall be in writing and
shall be mailed by registered or certified mail, return receipts requested, postage prepaid, or transmitted by telegram, telex or facsimile transmission if confirmed by
such mailing, to LICENSEE and SOUTHWALL at their respective addresses set forth on the signature page hereto. All notices, consents and other communications will be deemed effective when actually
received. Either party may change its address by written notice to the other.

	(d)
	Assignment. Neither party shall have authority to and shall not assign, transfer or sublicense this Agreement or any license, right or
obligation hereunder without the prior written consent of the other, except for an assignment or transfer in connection merger, consolidation or other acquisition of such assigning or transferring
party.

	(e)
	No Waiver. The failure by either party to enforce at any time any of the provisions of this Agreement, or to exercise any election or
option provided herein, shall in no way be construed as a waiver of such provisions or option, nor in any way be construed to affect the validity of this Agreement or any part thereof, or the right of
either party thereafter to enforce each and every such provision on a future occasion.

	(f)
	No Other Warranty or Representation. Both parties hereby acknowledge that they have not entered into this Agreement in reliance upon
any warranty or representation by any Person except for the warranties or representations specifically set forth herein.

	(g)
	Compliance with Laws. Each party hereby agrees and represents that it will, at all times during the term of this Agreement, comply in
all material respects with all applicable laws, statutes, treaties and regulations of the United States (including, but not limited to, the Foreign Corrupt Practices Act and antiboycott regulations)
and any other country or jurisdiction with respect to the subject matter of this Agreement. 

Notwithstanding
anything in this Agreement to the contrary, if at any time either party determines that the continuation of this Agreement shall constitute a violation of any statute, treaty, or
regulation of the United States of America or of any other country or jurisdiction and such violation would reasonably be expected to have an adverse effect on the party seeking to terminate, this
Agreement shall terminate immediately upon written notice by the party seeking to terminate to the other party setting forth such violation, unless the party receiving such notice is able to cure such
violation promptly. If the sale, delivery or export of the Film or Products under this Agreement shall constitute a violation of any statute, treaty, or regulation of the United States of America or
of any other country or jurisdiction, than the sale, delivery and export of such item shall terminate immediately. 

	(h)
	Export Control. LICENSEE at its sole expense shall obtain any necessary licenses, customs clearances, and/or exemptions with respect to
the export from the United States of the Film and Product, shall deal with all other formalities and documentation requirements and shall keep SOUTHWALL informed of all local requirements relating to
the Film and Product. In the event this Agreement is terminated for any reason or there is a failure to renew the 

12

 

Agreement,
LICENSEE agrees to transfer to SOUTHWALL, or any Person designated by SOUTHWALL, all licenses, clearances or certificates necessary to export the Film or Product. 

	(i)
	Governing Law and Arbitration. This Agreement shall be governed by and construed under the laws of the State of California (U.S.A.). 

Disputes
arising out of, in connection with, or relating to this Agreement that are not settled by mutual agreement shall be resolved as follows. The complaining party shall give the other party a
written notice containing a concise description of the dispute to be resolved and the terms of the complaining party's proposal for a reasonable settlement thereof. Within thirty (30) days
after receipt of such notice and proposed settlement from the complaining party, the other party shall send to the complaining party a notice proposing a settlement which such other party considers
more reasonable, or else shall be deemed to have accepted the complaining party's settlement proposal. Within forty-five (45) days after receipt of such response the complaining
party shall either accept the settlement proposal of the other party or shall refer the matter to arbitration. The arbitration shall be conducted in Palo Alto, California in accordance with the
International Arbitration Rules of the American Arbitration Association. The parties agree that given the scope of the Territory, it is appropriate for each party to have the right to take depositions
(including video depositions) and such deposition testimonies shall be admissible in any arbitration. Further, the parties agree to co-operate with the scheduling and any proceeding
related to obtaining orders authorizing the depositions and the appointment of appropriate court reporters. Judgment upon the award so rendered by any arbitration in accordance herewith may be entered
in courts of the County of Santa Clara (California, U.S.A.). Each party expressly waives the right to submitting any such claim to any other court to which it might be entitled. 

	(j)
	Taxes. The fees and payments listed in this Agreement are exclusive of taxes, and if SOUTHWALL is required to pay any export or import
duties or sales, use, value-added, privilege, excise, property or other taxes based on the transactions contemplated by this Agreement or the LICENSEE's or a customer's use of the Film or Product
(whether United States or foreign, federal, state or local), then such duties or taxes shall be billed to and paid by the LICENSEE, except for taxes based on the net income of SOUTHWALL, which shall
be the responsibility of SOUTHWALL. The LICENSEE shall indemnify and hold SOUTHWALL harmless from any and all encumbrance, fine, penalty, interest or other expense which SOUTHWALL may incur as a
result of the failure of the LICENSEE to pay amounts in respect of taxes which the LICENSEE is required to pay under this Agreement.

	(k)
	International Conventions on the Sale of Goods. Except as otherwise set forth in this Agreement, the parties agree and acknowledge that
international conventions, treaties or agreements on terms and conditions relating to the sale of goods, such as, but not limited to, the "United Nations Convention on Contracts for the International
Sales of Goods" and the "Uniform Law of the International Sales of Goods" shall not apply to this Agreement or the transactions under this Agreement.

	(l)
	Headings. The section headings to this Agreement do not form a part of it, but are for convenience only and shall not limit or
affect the meaning of the paragraphs.

	(m)
	Language. This Agreement has been entered into in the English language, which shall be the controlling language hereof for all
purposes, and all documents exchanged hereunder shall be provided in English. All references to dollars or prices herein shall be deemed to refer to United States dollars.

	(n)
	Force Majeure. The parties hereto shall be excused from the performance of their obligations hereunder if such performance is delayed
by causes beyond their reasonable control, including, 

13

 

but
not limited to acts of God, war, riot, epidemics, fire, flood, insurrection, acts of civil or military authorities, failure of transportation or communications, failure of equipment,
interruptions in deliveries of raw materials, or acts and/or failures to act of third parties who have contractual or other business relationships with the parties hereto or whose acts and failures to
act may affect the ability of the parties to perform their respective obligations hereunder. Such performance shall only be excused for a period equal to the duration of the cause of the delay in
performance, and if such delay shall exceed sixty (60) days, the non-delaying party shall have the right to terminate this Agreement forthwith, with neither party being liable
therefor. Notwithstanding the foregoing, the parties shall remain liable for all obligations accrued by them prior to such termination. Nothing contained in this Section shall excuse the LICENSEE from
paying SOUTHWALL all amounts due to SOUTHWALL when due. If foreign exchange controls prevent payment to SOUTHWALL, the LICENSEE at the request of SOUTHWALL shall open a separate bank account in the
Territory and shall make payments to such account; provided, however, the making of such payments shall
not require SOUTHWALL to continue to make shipments pursuant to this Agreement. 

	(o)
	Severability. In the event that any provision of this Agreement (other than a provision which goes to the essence of the consideration
for this Agreement) is declared invalid, unenforceable or void to any extent by a court of competent jurisdiction, such provision shall be modified, if possible, by reducing its duration and scope to
allow enforcement of the maximum permissible duration and scope. In any event, such declaration shall not affect the remaining provisions and this Agreement shall be enforced as modified, or if no
modification is enforceable, as if such invalid clause had not been included, provided that, the economic benefits conferred by this Agreement to both
parties remains substantially unimpaired.

	(p)
	Successors. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and
permitted assigns.

	(q)
	Entire Agreement. This Agreement, including all exhibits and schedules hereto, constitutes the entire agreement and understanding
between the parties concerning the subject matter hereof and supersedes all prior agreements, negotiations and understandings of the parties with respect hereto (whether written or oral), including,
without limitation, that certain Solar Control Film Distribution Agreement between the parties dated March 14, 1997 (the "Solar Control Agreement"), that certain XIR
Laminated Film Manufacturing and Distribution Agreement between the parties dated November 17, 1997, as amended (the "XIR Agreement"), and the Letter of Agreement between the parties dated
January 15, 2002 (the "LOA"). The Solar Control Agreement, the XIR Agreement and the LOA are hereby terminated in full and of no further force or effect. No representation, promise,
modification or amendment shall be binding upon either party unless in writing and signed on behalf of such party by a duly authorized representative. Although LICENSEE may use its standard purchase
order form to give any other notice provided for hereunder, said order or notice will be governed by the terms and conditions of this Agreement, and any term or condition set forth in any such
standard form which is inconsistent with or in addition to the terms and conditions of this Agreement shall have no force or effect. 

[The remainder of this page is left blank intentionally.]

14

 

        IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first set forth above. 

	SOUTHWALL TECHNOLOGIES INC.

1029 Corporation Way

Palo Alto, CA 94303

U.S.A.

Facsimile No.: 650-962-0182	 	GLOBAMATRIX HOLDINGS PTE. LTD.

3 Science Park Drive

02-16, Singapore 118223

Facsimile No.: 65-67747377
	

By:	
 	

    
	
 	

By:	
 	

    

	 	 	Name: Thomas G. Hood

Title: President and CEO	 	 	 	Name: Andrew Kwan

Title: Director

15

QuickLinks

Exhibit 10.116

SOUTHWALL TECHNOLOGIES INC. DISTRIBUTION AGREEMENT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00039-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00039-of-00352.parquet"}]]