Document:

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                                                                  Exhibit 10.9.2

                                                               AGREEMENT NO. 006

                            ENGLISH MASTER SUB-LEASE

                             DATED 25TH AUGUST 2006

                                     BETWEEN

                  VENTURE LEASING (UK) ANNEX LIMITED ("LESSOR")

                                       AND

                            BIOVEX LIMITED ("LESSEE")

1. European Venture Partners II Annex Limited ("HEAD LESSOR") is or will be the
legal owner of the Equipment which is or will be leased to Lessor pursuant to a
head lease agreement between Head Lessor and Lessor dated on or about the date
hereof (the "HEAD LEASE").

2. Lessor hereby grants Lessee a sub-lease pursuant to which Lessee may from
time to time enter into one or more lease agreements with Lessor on the terms
and conditions of this master sub-lease agreement (the "MASTER SUB-LEASE") and
of the relevant Lease Schedule.

3. Lessee is hereby put on notice that (i) Head Lessor shall grant a pledge over
the Equipment (the "EQUIPMENT PLEDGE") to third parties as security for, inter
alia, monies borrowed by Head Lessor and (ii) Lessor shall grant an assignment
by way of security over all of its rights under this Master Sub-Lease in favour
of, inter alios, Head Lessor. Lessee shall grant an assignment by way of
security in favour of Lessor of all of (i) its rights in relation to insurances
it is obliged to effect in accordance with the terms and conditions of this
Master Sub-Lease, and (ii) any rights in respect of any requisition compensation
it might receive (the "LESSEE DEED OF ASSIGNMENT").

LEASE FACILITY TERMS:

<TABLE>
<S>                                          <C>
TOTAL LEASE FACILITY:                        E3,000,000.00
DATE OF EXPIRY OF LEASE FACILITY:            31ST AUGUST 2006 (SUBJECT TO CLAUSE 2.3 BELOW)
ADVANCE RENTAL:                              E98,550.00 (PLUS VALUE ADDED TAX, IF APPLICABLE)
MINIMUM FUNDING AMOUNT PER LEASE SCHEDULE:   E500,000.00
MAXIMUM FUNDING FREQUENCY:                   MONTHLY
TRANSACTION FEE:                             E30,000.00 (PLUS VALUE ADDED TAX, IF APPLICABLE)
</TABLE>

1.   DEFINITIONS

     In this Master Sub-Lease, including the recitals set out above, unless
     otherwise defined:

     1.1  "ACCEPTANCE CERTIFICATE" means a certificate of inspection and
          acceptance signed by Lessee in the form set out in Appendix A.

     1.2  "ACCEPTANCE DATE" means, with respect to each Lease Schedule, the date
          of the Acceptance Certificate executed in connection with such Lease
          Schedule.

     1.3  "ADVANCE RENTAL" has the meaning given in Clause 5.1 and is in the
          amount set forth above.

     1.4  "AFFILIATE" means, in respect of any person, any person controlled by,
          controlling or under common control with such person.

     1.5  "ASSIGNEE" has the meaning given in Clause 19.6.

     1.6  "BUSINESS DAY" means any day (other than a Saturday or a Sunday) on
          which banks are generally open for business in the place in which
          payment is to be made.

     1.7  "CHANGE OF CONTROL" means any change in the shareholding control or
          ultimate ownership of Lessee which is in Lessor's determination
          material.

     1.8  "COST" means the cost to Head Lessor of purchasing the Equipment, and
          other charges paid by Head Lessor, net of any discounts and rebates,
          to be leased to Lessor under the Head Lease and sub-leased to Lessee
          under a Lease Schedule.

     1.9  "DISCOUNT RATE" means, as at any date of its determination, the lesser
          of (i) HSBC Bank Base Rate (as applying from time to time) and (ii)
          four per cent (4%).

     1.10 "EQUIPMENT" means the products described in any Lease Schedule, and in
          each Acceptance Certificate delivered by Lessee to Lessor from time to
          time together with all replacements, additions, accessions and
          accessories.

     1.11 "EVENT OF DEFAULT" has the meaning given to it in Clause 12.

     1.12 "HOLDOVER PERIOD" has the meaning given in Clause 9.2.

     1.13 "INITIAL LEASE TERM" means, with respect to each Lease Schedule, the
          period of months specified in such Lease Schedule, commencing in
          accordance with Clause 4.2.

     1.14 "LEASE COMMENCEMENT DATE" means the earlier of (i) the Acceptance Date
          and (ii) the Pre-Delivery Payment

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          Date, and if there is more than one Acceptance Date or Pre-Delivery
          Payment Date under a Lease Schedule then the Lease Commencement Date
          shall be the first Acceptance Date or the first Pre-Delivery Payment
          Date (as the case may be) under that Lease Schedule.

     1.15 "LEASE FACILITY" is the amount specified on the front page under the
          heading "Total Lease Facility".

     1.16 "LEASE SCHEDULE" means a lease agreement entered into by the parties
          from time to time in the form of a schedule to this Master Sub-Lease
          and incorporating its terms (Version 1 shall be used where Equipment
          is purchased in accordance with Clause 3.4 and Version 2 shall be used
          where Equipment is purchased in accordance with Clauses 3.2 and/or
          3.3).

     1.17 "LEASE TERM" means, with respect to each Lease Schedule, the
          Non-cancellable Term and any Holdover Period.

     1.18 "NON-CANCELLABLE TERM" means, with respect to each Lease Schedule, the
          period from the Lease Commencement Date for such Lease Schedule until
          expiry of the Initial Lease Term for such Lease Schedule.

     1.19 "QUARTER DAY" means any of 1 January, 1 April, 1 July and 1 October or
          if such date is not a Business Day the first Business Day after such
          date.

     1.20 "PRE-DELIVERY PAYMENT DATE" means the date when a pre-delivery or
          other payment becomes due and payable by Head Lessor to a supplier
          under a purchase order entered into by Head Lessor with such supplier
          pursuant to Clause 3.2 and/or Clause 3.3.

     1.21 "RENTAL PAYMENT" means, for any Lease Schedule, the monthly rental
          payment for the lease of the Equipment identified in that Lease
          Schedule.

     1.22 "RESIDUAL VALUE" means the value agreed between the parties as
          attributable to the Equipment as at the expiry of the Initial Lease
          Term, and specified in the Lease Schedule relating to that Equipment.

     1.23 "SECURITY DOCUMENTS" means the Equipment Pledge and the Lessee Deed of
          Assignment.

     1.24 "SECURITY PERIOD" means the period commencing on the date of this
          Master Sub-Lease, as well as the date on which each Lease Schedule is
          entered into, and ending on the date when each Lease Term under each
          Lease Schedule shall expire.

     1.25 "TRANSACTION FEE" means the amount set out above under the heading
          "Transaction Fee".

2.   LEASE

2.1  LESSOR leases to Lessee, and Lessee hires and takes on lease from Lessor,
     the Equipment described in each Lease Schedule entered into from time to
     time, subject to the terms and conditions set forth in this Master
     Sub-Lease and that Lease Schedule. To the extent that any items of
     Equipment described in a Lease Schedule have not been delivered to Lessee
     at the time such Lease Schedule is executed, Lessee hereby covenants that
     it agrees to lease such outstanding Equipment upon its delivery and that it
     shall immediately notify Lessor upon receipt of delivery of such
     outstanding Equipment from a supplier and sign and deliver to Lessor an
     Acceptance Certificate in respect of such Equipment upon the inspection and
     acceptance of the Equipment. Each Lease Schedule shall constitute a
     separate and independent lease and contractual obligation of Lessee
     incorporating the terms of this Master Sub-Lease. Subject always to Clause
     2.6, Lessee shall enter into a Lease Schedule with Lessor on the Lease
     Commencement Date.

2.2  UPON execution and delivery of the Lease Schedule by Lessor and Lessee,
     delivery of the Equipment by the relevant supplier to Lessee and execution
     by Lessee of the Acceptance Certificate, the Equipment described therein
     shall be deemed to have been delivered to and accepted by Lessee for all
     purposes of this Master Sub-Lease and thereupon will be subject to the
     terms and conditions of this Master Sub-Lease. Lessee's execution of a
     Lease Schedule and Acceptance Certificate shall be conclusive proof that
     the item of Equipment described therein has been leased on the terms of
     this Master Sub-Lease and is deemed suitable and satisfactory for Lessee's
     purposes, notwithstanding any defect with respect to the design,
     manufacture, condition or any other matter or the failure of any such items
     of Equipment to comply with the specifications applicable thereto or with
     any applicable laws regulations, codes or standards.

2.3  LESSOR'S commitment to enter into Lease Schedules continues until and
     including the Date of Expiry of the Lease Facility specified on the front
     page, and is limited in aggregate to the amount of the Lease Facility;
     provided however, that Lessor, acting in its sole discretion, may terminate
     or modify its funding commitment at any time if:

     2.3.1 THERE is any material adverse change in the general affairs,
          management, results of operations, condition (financial or otherwise)
          or prospects of Lessee, whether or not arising from transactions in
          the ordinary course of business,

     2.3.2 THERE is any material adverse deviation by Lessee from its business
          plan (as it may have been supplemented in writing) presented to
          Lessor, since the date of this Master Sub-Lease;

     2.3.3 ANY Event of Default or event which with the passage of time or
          notice or both would constitute an Event of Default exists; or

     2.3.4 ANY condition precedent to any Lease Schedule has not been satisfied.

2.4  LEASE Schedules shall each be funded in an amount not less than the Minimum
     Funding Amount and entered into not more frequently than the Maximum
     Funding Frequency (each as specified on the front page).

2.5  LESSOR'S obligation to enter into this Master Sub-Lease is subject to the
     prior satisfaction of the following conditions:

     2.5.1 THE provision by Lessee of a certified copy of the resolutions of
          Lessee's board of directors authorising the transaction and the
          execution of associated documents;

     2.5.2 EVIDENCE from Lessee of the insurance cover required by Clause 11.2
          below, if applicable;

     2.5.3 ALL necessary consents from Lessee of shareholders and other third
          parties with respect to the entering into of this Master Sub-Lease,
          the Security Documents and associated documents contemplated under
          this Master Sub-Lease; and

     2.5.4 ANY other documents as Lessor shall have reasonably requested.

2.6  LESSOR'S obligation to enter into any Lease Schedule is subject to the
     prior satisfaction by Lessee of the following conditions:

     2.6.1 ALL necessary consents of shareholders and other third parties with
          respect to the subject matter and the entering into of the Lease
          Schedule and the execution of associated documents;

     2.6.2 LANDLORD'S waiver(s) in a form acceptable to Lessor, where
          applicable;

     2.6.3 THE parties having executed the Lessee Deed of Assignment in the form
          appended as Appendix B hereto and Head Lessor and Security Trustee
          having executed the Equipment Pledge in the form appended as Appendix
          C hereto;

     2.6.4 SUCH documentation in a form and substance satisfactory to Lessor as
          Lessor may request with respect to invoices, purchase orders, and the
          like relating to the Equipment to be subject to the Lease Schedule;

     2.6.5 THE novation of a purchase order or the entering into of a sale
          agreement pursuant to Clauses 3.3 or 3.4 below;

     2.6.6 A signed Acceptance Certificate with respect to the Equipment which
          has been delivered to be subject to the Lease Schedule;

A03859429                               2                       MASTER SUB-LEASE

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     2.6.7 A delivery receipt from the supplier of the Equipment which is
          referred to in the Acceptance Certificate duly counter-signed by
          Lessee (except where Equipment is sold by, and leased back to, Lessee
          pursuant to Clause 3.4); and

     2.6.8 ANY other documents or conditions as Lessor shall have reasonably
          requested.

3.   EQUIPMENT

3.1  LESSEE shall select the type and quantity of Equipment to be subject to
     each Lease Schedule, subject to Lessor's approval.

3.2  SUBJECT to Clause 3.6, if such Equipment is not previously owned by Lessee
     and is not subject to a purchase order issued by Lessee, at Lessee's
     direction Lessor shall request that Head Lessor, and if Head Lessor agrees
     it shall, enter into purchase orders with relevant suppliers under which
     Head Lessor shall order the Equipment from the respective suppliers. On the
     Lease Commencement Date, Lessee and Lessor, subject to Clause 2.6, shall
     enter into a Lease Schedule in respect of each item of Equipment which
     shall immediately be leased to Lessee under such Lease Schedule. Lessee
     shall be obliged to lease and take delivery of any and all Equipment
     ordered by Head Lessor pursuant to this Clause 3.2.

3.3  SUBJECT to Clause 3.6, if Lessee has previously issued a purchase order to
     a supplier, Lessee shall execute and shall procure the execution by the
     relevant supplier of a novation agreement in a form acceptable to Lessor
     and Head Lessor transferring Lessee's rights under such purchase order to
     Head Lessor. The Equipment subject to such purchase order, upon delivery
     and acceptance by Lessee, shall be leased to Lessor under the Head Lease
     and sub-leased to Lessee under a Lease Schedule which, subject to Clause
     2.6, shall be entered into by Lessee and Lessor on the Lease Commencement
     Date. Lessee shall be obliged to lease and take delivery of any and all
     Equipment purchased by Head Lessor pursuant to this Clause 3.3.

3.4  SUBJECT to Clause 3.6, if Lessee owns the Equipment which it intends to
     make subject to a Lease Schedule, Lessee shall execute a sale agreement in
     form and substance acceptable to Lessor and Head Lessor pursuant to which
     title to such Equipment shall pass to Head Lessor with full title guarantee
     upon payment of the purchase price, which shall reflect the fair market
     value of such Equipment at that date, agreed between Head Lessor and
     Lessee. Any discount allowed or rebate remitted to Lessee shall be passed
     to Head Lessor by Lessee and the Cost of the Equipment set forth on any
     Lease Schedule shall be the Cost net of such discount or rebate. On the
     Lease Commencement Date, Lessee and Lessor, subject to Clause 2.6, shall
     enter into a Lease Schedule in respect of each item of Equipment which
     shall immediately be leased to Lessee under such Lease Schedule. Lessee
     shall be obliged to lease and take delivery of any and all Equipment
     purchased by Head Lessor pursuant to this Clause 3.4.

3.5  ANY request by Lessee to Lessor and Head Lessor to purchase Equipment
     directly or by novation of a purchase order shall be irrevocable.

3.6  LESSEE shall not enter into the arrangements set out in Clauses 3.2 to 3.4
     (inclusive) if it is aware that it will not be able to comply with any
     condition under Clause 2.6 at the required time.

4    TERM

4.1  EACH of this Master Sub-Lease and each Lease Schedule is effective upon
     execution by Lessor and Lessee and shall continue until each provision of
     it and of any such Lease Schedule has been fully performed.

4.2  THE Initial Lease Term with respect to each Lease Schedule shall begin on
     the first Quarter Day following the relevant Lease Commencement Date.

5.   RENTAL PAYMENTS

5.1  ADVANCE RENTAL: on execution of the first Lease Schedule, Lessee shall pay
     to Lessor the Advance Rental specified on the front page (plus value added
     tax, if applicable) which shall be held by Lessor and applied in or towards
     payment of the first and last months' Rental Payments due and payable under
     each Lease Schedule. If the Total Lease Facility available has not been
     fully expended by the Date of Expiry of the Lease Facility, Lessor shall
     retain the unutilised portion of the Advance Rental as compensation for
     expenses.

5.2  INTERIM RENT: Lessee shall pay to Lessor in respect of each Lease Schedule
     an interim rental payment in respect of the period, if any, between the
     Lease Commencement Date and the commencement of the Lease Term in the
     amount set out in each Lease Schedule. Such interim rental payments shall
     be due and payable (plus value added tax, if applicable) on the Lease
     Commencement Date relevant to each Lease Schedule.

5.3  RENTAL PAYMENTS: Lessee shall pay to Lessor, as rental for Equipment on the
     first day of each month of the Initial Lease Term of any Lease Schedule and
     during any Holdover Period, the Rental Payments specified in the relevant
     Lease Schedule. Each Rental Payment shall be in an amount equal to the Cost
     of the Equipment the subject of the Lease Schedule multiplied by the Rent
     Factor specified in the Lease Schedule (plus value added tax if
     applicable), and shall be due and payable in advance on the first Business
     Day of each calendar month during the Initial Lease Term and during any
     Holdover Period. Rental Payments shall be made by direct debit for payments
     in cleared funds on the due date, and Lessee shall provide such information
     and documentation as is necessary to install and maintain the direct debit
     mandate. Any other payment due under this Master Sub-Lease or any Lease
     Schedule shall be payable within 5 days of receipt of invoice.

5.4  TRANSACTION FEE: Lessor and Lessee hereby agree and acknowledge that the
     Transaction Fee shall be due and payable by Lessee to Lessor upon the
     execution of this Master Sub-Lease.

5.5  LESSEE shall pay interest to Lessor on all overdue sums, to accrue day to
     day until payment. The rate before and after judgement will be 4 percent
     per annum over HSBC Bank Base rate from time to time. If Lessee fails to
     pay any Rental Payment or interim rental payments (due under and pursuant
     to Clause 5.2) or other amount within 5 Business Days after the same is
     due, Lessee shall pay to Lessor on demand a one-off late payment charge of
     3 percent of such amount to compensate Lessor for additional bookkeeping
     and collection expense.

5.6  TIME of payment of any sum due from Lessee is of the essence of this Master
     Sub-Lease and any Lease Schedule.

6.   WARRANTIES AND LIABILITY

6.1  LESSEE warrants and undertakes to Lessor that:

     6.1.1 IT will obtain from the supplier of any Equipment in respect of which
          it requires representations, undertakings or other assurances as to
          the quality of the Equipment, or in respect of any other aspect of the
          Equipment, direct written collateral undertakings from that supplier
          in terms satisfactory to Lessee; and

     6.1.2 IT shall have selected the Equipment using its own skill and
          judgement, without any reliance on Lessor, and that, as at the date of
          each Acceptance Certificate, it is satisfied that the Equipment is of
          satisfactory quality and suitable for all its requirements.

6.2  IN the light of Lessee's warranty and undertaking in Clause 6.1, Lessor
     makes no representation or warranty of any kind, express or implied, with
     respect to the Equipment, including without limitation its condition,
     quality or fitness for any particular purpose. Lessee acknowledges that
     Lessor is not the manufacturer, supplier or distributor of the Equipment,
     that said entities are not agents of Lessor, that Lessee takes the
     Equipment on lease "as is", and that Lessor has accepted no

A03859429                               3                       MASTER SUB-LEASE

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     responsibility for the transportation, installation or required licensing
     necessary for the transfer, installation or use of the Equipment. Lessee
     hereby waives any claim which it might have against Lessor and/or Head
     Lessor for any loss, damage (including incidental or consequential damage)
     or expense caused directly or indirectly by the Equipment, its use or
     maintenance, or any delay or failure to provide any item of Equipment, or
     any interruption of service or loss of use of the Equipment. Lessor and/or
     Head Lessor will not be liable to Lessee in any civil proceedings brought
     by Lessee against Lessor in connection with the Equipment under any health
     and safety regulations made pursuant to the Health and Safety at Work etc.
     Act 1974 where such liability may lawfully be excluded.

6.3  LESSOR warrants that it has the right to lease the Equipment and that so
     long as no Event of Default has occurred and is continuing, neither Lessor
     nor its successors or assigns or anyone acting or claiming through Lessor
     will interfere with Lessee's quiet enjoyment and use of the Equipment.

6.4  SINCE Lessor's and Head Lessor's liability for the risks of defective or
     unsuitable Equipment is excluded, Lessee agrees to assume such risks and
     agrees to pay the Rental Payments and other sums when due and otherwise to
     perform its obligations under this Master Sub-Lease and any Lease Schedule
     absolutely and unconditionally, and Lessee's obligations shall not be
     subject to or affected by or reduced by any abatement, reduction, set-off,
     defence, counterclaim, interruption, deferment, or other right which Lessee
     may have against Lessor and/or Head Lessor, the manufacturer or supplier of
     the Equipment or any other person.

6.5  UNTIL a Lease Schedule is terminated, Lessor shall procure that Head Lessor
     will take all reasonable steps to allow Lessee to have the benefit of, any
     and all manufacturer's warranties, service agreements and intellectual
     property indemnities, if any, with respect to each item of Equipment the
     subject of that Lease Schedule. Lessee's sole remedy for the breach of any
     such warranty, indemnification or service agreement shall be against the
     manufacturer or supplier of such Equipment and not against Lessor and/or
     Head Lessor, nor shall any such breach have any effect whatsoever on the
     rights and obligations of Lessor or Lessee under this Master Sub-Lease or
     any Lease Schedule. If any item of Equipment is unsatisfactory for any
     reason, Lessee shall make any claim solely against the manufacturer or
     supplier of the item of Equipment. Lessor and/or Head Lessor shall not be
     liable for specific performance of the Lease Schedule or for damages if for
     any reason a supplier declines, delays or fails to fulfil any order.

6.6  LESSOR agrees to preserve the confidentiality of all information provided
     to it by Lessee pursuant to Clauses 8.1.11, 8.1.12 and 8.1.13 regarding
     Lessee and its business which Lessee designates in writing as confidential
     and which is otherwise not generally known (except that Lessor may disclose
     such information (i) to the extent any disclosure of such information is
     required by a court of competent jurisdiction or governmental authority,
     (ii) to Affiliates of Lessor and/or any persons involved in providing
     financing (directly or indirectly) to Lessor or any Affiliate of Lessor in
     connection with, or supported by the amounts payable by Lessee under, this
     Master Sub-Lease or any Lease Schedule, Venture Leasing (UK) Limited and
     any of their respective directors, officers, agents or employees or (iii)
     to Lessor's professional advisors).

7.   LESSEE REPRESENTATIONS

7.1  LESSEE warrants and represents the following as at the date hereof:

     7.1.1 LESSEE is a limited company duly organised and validly existing under
          the laws of [insert relevant jurisdiction];

     7.1.2 LESSEE has the full corporate power, authority and legal right and
          has obtained all approvals and consents and has given all notices
          necessary to execute and deliver this Master Sub-Lease and the Lessee
          Deed of Assignment and perform the terms hereof, of each Lease
          Schedule and the Lessee Deed of Assignment;

     7.1.3 THERE is no action, proceeding or claim pending or, so far as Lessee
          is aware or ought reasonably to be aware, threatened against Lessee or
          any of its subsidiaries before any court or administrative agency
          which might have a material adverse effect on the business, condition
          or operations of Lessee or any subsidiary;

     7.1.4 THE Master Sub-Lease and Lessee Deed of Assignment is and each Lease
          Schedule will be duly executed and delivered (and where applicable
          registered as provided for in this Master Sub-Lease and/or the Lessee
          Deed of Assignment) by Lessee and constitute or will constitute valid,
          binding and enforceable obligations of Lessee; and

     7.1.5 THE entry into and performance by it of, and the transactions
          contemplated by, the Master Sub-Lease, each Lease Schedule and Lessee
          Deed of Assignment do not and will not conflict with (i) any law
          applicable to it; (ii) its constitutional documents; or (iii) any
          agreement or instrument binding upon it or any of its assets.

     7.1.6 ALL financial and other information furnished by or on behalf of
          Lessee in connection with the negotiation of this Master Sub-Lease,
          each Lease Schedule and the Lessee Deed of Assignment delivered to
          Lessor pursuant to this Master Sub-Lease, each Lease Schedule or the
          Lessee Deed of Assignment was true and accurate when given and there
          are no other facts or matters the omission of which would have made
          any statement or information contained therein misleading in any
          material respect.

     7.1.7 ALL payments made or to be made by Lessee under or pursuant to this
          Master Sub-Lease, each Lease Schedule and the Lessee Deed of
          Assignment may be made free and clear of, and without deduction or
          withholding for, or on account of, any taxes.

7.2  LESSEE agrees that the representations and warranties set out in Clause 7
     shall survive the execution of this Master Sub-Lease and of each Lease
     Schedule and that by its signature on each Lease Schedule it shall be
     deemed to have warranted and represented the following as at the Lease
     Commencement Date of such Lease Schedule:

     7.2.1 ALL of the items of Equipment subject to such Lease Schedule are
          accurately described in Part II of such Lease Schedule, have been
          fully assembled and conform to all applicable performance criteria;

     7.2.2 THE requirements of Lessor with respect to the identification of the
          items of Equipment have been met; and

     7.2.3 EACH of the representations and warranties set forth in Clause 7.1
          above remains true and correct.

     For the avoidance of doubt, the above representations and warranties shall
     be in addition to any representations and warranties required to be given
     by Lessee under a sale agreement pursuant to Clause 3.4 above in respect of
     any Equipment originally owned by Lessee.

8.   LESSEE OBLIGATIONS

8.1  UNTIL expiry of any Lease Term and at all times during the Security Period
     Lessee shall:

     8.1.1 USE its best efforts to ensure that all consents, licences, approvals
          and authorisations required by Lessee in connection with the entry
          into, performance, validity and enforceability of this Master
          Sub-Lease, each Lease Schedule and the Lessee Deed of Assignment have
          been obtained and are or (upon execution thereof) shall be in full
          force and effect during the life of this Master Sub-Lease and the
          Lessee Deed of Assignment;

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     8.1.2 PROMPTLY upon the delivery of the Equipment to Lessee, affix, or
          allow Lessor to affix, to the Equipment permanent indications of Head
          Lessor's interest in the Equipment, and shall not remove or hide them
          and comply with Lessor's request in assisting Head Lessor with all
          perfection requirements under the laws of [insert relevant
          jurisdiction] and pursuant to and in accordance with the provisions of
          the Equipment Pledge;

     8.1.3 OBTAIN, effect and keep effective all permissions, licences and
          permits which may from time to time be required in connection with the
          Equipment;

     8.1.4 PROMPTLY pay all taxes, licences, fees and charges arising in
          connection with the Equipment or its use, ownership or leasing, save
          for any taxes based on Lessor's (or the Head Lessor's, if different)
          net income, from the date of this Master Sub-Lease to the expiry of
          the Lease Term or incurred in relation to the Lease Term;

     8.1.5 USE the Equipment for its own business purposes only and keep it free
          from all security interests and other interests and rights of any kind
          except for those created by the Security Documents or by Head Lessor;

     8.1.6 INSTALL and use the Equipment in accordance with the manufacturer's
          instructions and recommendations, ensuring it is safe and without risk
          to health when properly used;

     8.1.7 TAKE care of and maintain the Equipment in good condition and proper
          working order (fair wear and tear excepted), exercise due and proper
          care in the use, repair and servicing of the Equipment and make all
          repairs and replacements required to maintain the Equipment in good
          working order and condition in accordance with all applicable laws,
          regulations, consents and requirements having the force of law to
          which the Equipment may be, or may become, from time to time, subject
          and with the manufacturer's specifications, and pay all other
          operating expenses relating to the Equipment. All replacement parts
          shall become the property of the Head Lessor, immediately upon
          incorporation and shall be deemed to be encumbered pursuant to and in
          accordance with the Equipment Pledge;

     8.1.8 IF specified in the applicable Lease Schedule, in accordance with the
          manufacturer's recommendations maintain and comply with the terms of
          an agreement for maintenance of the Equipment with a party approved by
          Lessor;

     8.1.9 KEEP the Equipment in [insert relevant jurisdiction] at the location
          specified in Part II of the applicable Lease Schedule (unless the
          prior written consent of Lessor has been obtained), or where by their
          nature the items of Equipment are to be moved around, keep the items
          of Equipment within the [insert relevant jurisdiction] and monitor
          their location accurately, providing copies of the relevant records to
          Lessor on request;

     8.1.10 GIVE immediate notice to Lessor of any judicial process or
          encumbrance affecting the Equipment, other than an encumbrance created
          under the Security Documents or by Head Lessor;

     8.1.11 ALLOW Lessor and its agents to inspect and photograph the Equipment
          and review all maintenance records (which Lessee agrees to maintain)
          and, during the last 90 days of the relevant Initial Lease Term, with
          5 days notice to Lessee, to demonstrate the Equipment to prospective
          purchasers;

     8.1.12 PROVIDE Lessor with its monthly management accounts, certified by
          Lessee's managing director or finance director as fairly presenting
          the data reflected, within 30 days of the end of each month (to
          include notification of the commencement of litigation by or against
          Lessee) and, following an initial public offering or admission to
          listing and/or trading on a recognised stock exchange (in accordance
          with Directive 2001/34/EC of the European Parliament and of the
          Council of 28 May 2001 on the admission of securities to official
          stock exchange listing and on information to be published on those
          securities or Directive 2003/71/EC of the European Parliament and of
          the Council of 4 November 2003, as the case may be), provide copies of
          any announcement which is proposed to be made public by Lessee
          concerning dividends, annual or interim financial statements or
          results or the financial positions and affairs of Lessee, and copies
          of any other documents required to be filed with applicable statutory
          or regulatory authorities or agencies in relation to the activities of
          Lessee.

     8.1.13 PROVIDE Lessor with its annual audited accounts, certified by a firm
          of chartered accountants of recognised national standing, within 90
          days of the end of each accounting period of Lessee;

     8.1.14 GIVE immediate notice to Lessor of any material adverse change to
          the financial position and/or affairs of Lessee from the position
          applicable as at the date of this Master Sub-Lease; and

     8.1.15 GRANT Lessor the right to have a representative to meet with
          Lessee's managing director and finance director once each quarter
          throughout the Lease Term to review and discuss the operating
          performance and financial condition of Lessee and the right to have a
          representative to attend all meetings of Lessee's Board of Directors
          in a non-voting observer capacity. Lessee agrees to give notice of all
          board meetings to Lessor at the same time as to its directors.

8.2  LESSEE shall not:

     8.2.1 ALLOW any item of Equipment to become a fixture. Lessee shall if
          required and at its expense procure any landlord's waivers or other
          supplemental documents as may be required by Lessor;

     8.2.2 ASSIGN any of its rights under this Master Sub-Lease or any Lease
          Schedule other than the rights it assigns pursuant to the Lessee Deed
          of Assignment;

     8.2.3 ALLOW any liens, mortgages, charges or encumbrances to be created
          over the Equipment or allow any third parties to obtain any
          enforceable rights over the Equipment, other than those created by the
          Security Documents;

     8.2.4 PLEDGE Lessor's or Head Lessor's credit for any repairs to or
          maintenance of the Equipment or otherwise or represent itself at any
          time as in any way the agent of Lessor or Head Lessor, unless
          expressly agreed in writing with Lessor or Head Lessor; or

     8.2.5 MAKE any alterations to the Equipment without the prior written
          consent of Lessor and Head Lessor.

8.3  ON expiry of the Lease Term or any other termination or cancellation of the
     leasing of the Equipment, Lessee shall restore the Equipment to its
     original condition, fair wear and tear only excepted.

8.4  LESSEE agrees to indemnify and hold Lessor, its Affiliates, successors and
     assigns and any of their respective directors, officagents or employees
     (each an "INDEMNITEE"), harmless on demand against any and all liabilities,
     losses, damages, actions, claims and expenses of any kind and nature
     including, without limitation, court costs and legal fees and expenses
     (each a "Claim"), directly or indirectly related to or arising in
     connection with (i) the breach of any representation, warranty or
     obligation of Lessee under this Maste Sub-Lease or (ii) in any way arising
     out of or in connection with the Equipment (or its design, manufacture,
     purchase, development, import, export, ownership, leasing, subleasing,
     insurance, licensing, delivery, installation, operation, use, possession,
     maintenance, storage, relocation,

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<PAGE>

     repossession, removal return and/or disposal) and, in each case, whether
     economic or in consequence of loss or damage to property, infringement of
     any intellectual property right, or death or injury to any person. Upon an
     Indemnitee's written demand, Lessee shall assume and diligently conduct, at
     its sole cost and expense, the entire defence of that Indemnitee and its
     agents, employees, successors and assigns against any claim. Lessee shall
     not settle or compromise any Claim against or involving any Indemnitee
     without first obtaining that Indemnitee's written consent thereto, which
     consent shall not be unreasonably withheld. This Clause 8.4 shall continue
     in full force and effect notwithstanding the termination or cancellation of
     the Master Sub-Lease or any Lease Schedule, whether by expiration of time,
     operation of law or otherwise.

9.   EXPIRY

9.1  END OF INITIAL LEASE TERM

     LESSEE shall give Lessor 90 days' written notice prior to the end of the
     Lease Term, of the expiry of the Initial Lease Term, or shall notify Lessor
     forthwith upon the earlier cancellation or other termination of the
     Non-cancellable Term of each Lease Schedule. Lessee shall, at Lessee's sole
     expense, properly pack and return the Equipment, insured, unencumbered and
     in the same condition as when received by Lessee, reasonable wear and tear
     only excepted, by such carriers as Lessor shall approve and to such place
     as designated by Lessor prior to or upon the expiry of the Initial Lease
     Term.

9.2  HOLDOVER PERIOD

     SHOULD Lessee fail to give notice of its intent to return, or fail to
     return, the Equipment as directed above, all obligations of Lessee under
     the relevant Lease Schedule and this Master Sub-Lease, including payment of
     the Rental Payments, shall continue and remain in full force and effect for
     the period from the end of the Initial Lease Term until 90 days after
     notice is given to Lessor of Lessee's intent to return the Equipment and
     the Equipment has been returned as directed by Lessor (the "HOLDOVER
     PERIOD").

10.  TAX INDEMNIFICATION

     IN relation to each Lease Schedule, in the event, on or after the Lease
     Commencement Date, of the imposition of any additional taxes or any changes
     in the nature, interpretation, practice, method or time of levying or
     payment of taxation (other than changes in the rate of Corporation Taxes or
     Capital Allowances) applicable to Lessor or to the Rental Payments for the
     Equipment, Lessor may by notice to Lessee increase the future Rental
     Payments by such amount (or, if the renting shall have terminated, require
     Lessee to make a further payment by way of additional rental of such
     amount) as Lessor shall certify is necessary to leave Lessor with the same
     net after tax rate of return in relation to the purchase and letting by
     Lessor of the Equipment the subject of such Lease Schedule as Lessor would
     have obtained if such imposition of additional tax or change had not
     occurred. The provisions of this Clause 10 will continue in force until
     fully performed notwithstanding any prior termination of any Lease
     Schedules and/or the Master Sub-Lease and/or any renting thereunder.

11.  RISK AND INSURANCE

11.1 ALL risk of loss, theft and damage of and to the Equipment from any cause
     whatsoever shall pass to Lessee on the Acceptance Date, and no such event
     shall relieve Lessee of any obligation under a Lease Schedule.

11.2 LESSEE shall from the Acceptance Date until the Equipment is returned to
     Lessor:

     11.2.1 BEAR ALL risk of loss of or damage to the Equipment whether insured
          against or not;

     11.2.2 MAINTAIN with an insurance company approved by Lessor, in accordance
          with good and prudent practice of owners of such Equipment, fully
          comprehensive insurance under a standard form of "new for old" all
          risks policy including terrorism, third party, and business
          interruption for a 6 month period covering (i) loss of or damage to,
          the Equipment and against such other risks as equipment of the same
          type as the Equipment is normally (or when used in the manner or for
          the purposes for which the Equipment is or to be used) insured, for an
          amount equal to the greater of 110% of the total unpaid amount under
          Clause 5 of this Master Sub-Lease (whether due or not) and the new
          replacement value of the Equipment; and (ii) all liability whatsoever
          (including liability of Lessor and/or Head Lessor) to any third party
          whomsoever including any employee, agent or sub-contractor of Lessor
          and/or Head Lessor or of Lessee who may suffer damage to or loss of
          property or death or personal injury, whether arising directly or
          indirectly from the Equipment or its use.

     11.2.3 PROCURE that each of Lessor and Head Lessor and, if Lessor so
          requests, any Affiliates of Lessor and Head Lessor is an additional
          insured and that the interest of Lessor and Head Lessor is noted under
          the policy and that each of Lessor and Head Lessor is loss payee;

     11.2.4 UPON request produce to Lessor the policy and all premium receipts;

     11.2.5 PROMPTLY notify Lessor of any event which may give rise to a claim
          under the policy and upon request irrevocably appoint Lessor to be its
          sole agent to negotiate, agree or compromise such claim;

     11.2.6 IN the case of any damage to an item of Equipment (unless it is
          damaged beyond repair), Lessee shall, at Lessee's sole expense or from
          any insurances proceeds and with Lessor's prior consent, either:

          (i)  RESTORE the item of Equipment to its original condition,
               reasonable wear and tear only excepted; or

          (ii) REPLACE it with like equipment of the same or later model in good
               condition; and

          UPON Lessee's replacement of any Equipment under this Clause or under
          Clause 11.2.7, Lessee shall transfer title to such replaced Equipment
          to Head Lessor and Lessee shall take such action as Lessor and/or Head
          Lessor shall require for the purposes of encumbering such replacement
          Equipment in accordance with the Equipment Pledge; and

     11.2.7 IF any item of Equipment is damaged beyond repair, stolen or lost,
          Lessor shall, at its option:

          (i)  REQUIRE the replacement of such item with like equipment of the
               same or later model in good condition, to be paid for by Lessee
               at Lessee's sole expense or from any insurance proceeds and with
               Lessor's prior consent. In this case such item of Equipment shall
               be substituted for the damaged, lost or stolen item on the
               relevant Lease Schedule, and Rental Payments shall continue from
               the relevant Lease Commencement Date until the end of the Lease
               Term of the Lease Schedule to which the Equipment becomes subject
               without any interruption; or

          (ii) TERMINATE the renting of the relevant item of Equipment by
               notice, and the sums payable under Clause 14.1 of this Master
               Sub-Lease shall then fall due for immediate payment.

11.3 LESSEE shall from the Acceptance Date until the Equipment, including any
     replacement Equipment under Clauses 11.2.6 and 11.2.7, is returned to
     Lessor, upon request assign to Lessor Lessee's rights in respect of the
     Equipment only

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<PAGE>

     under such insurance policy pursuant to and in accordance with the Lessee
     Deed of Assignment.

11.4 WITHOUT prejudice to the provisions of Clause 19.3, if Lessee fails to
     effect and maintain insurance in respect of the Equipment in accordance
     with the provisions of this Clause 11, Lessor will be entitled, but not
     obliged, to effect such insurance and Lessee shall on demand indemnify
     Lessor in respect of all liabilities, losses, damages or expenses thereby
     incurred by Lessor.

12   TERMINATION EVENTS

     EACH of the following events shall constitute an "EVENT OF DEFAULT" under
     this Master Sub-Lease and any Lease Schedule:

12.1 NON-PAYMENT, by the due date of any Rental Payment or other payment
     required of Lessee under the terms of this Master Sub-Lease or any Lease
     Schedule or the Lessee Deed of Assignment or under any document relating to
     it;

12.2 NON-COMPLIANCE with or breach of any other obligation of Lessee under this
     Master Sub-Lease or any Lease Schedule or the Lessee Deed of Assignment or
     under any document relating to it, which, where capable of remedy, has not
     been remedied within 5 days of notice thereof being given to Lessee;

12.3 ANY misrepresentation or false statement of, or omission to state, a
     material fact in connection with the execution, performance or
     non-performance of this Master Sub-Lease or any Lease Schedule or the
     Lessee Deed of Assignment or under any document relating to it by Lessee or
     in connection with credit or financial information submitted to Lessor at
     any time, or if any representation, warranty or statement of Lessee in this
     Master Sub-Lease, any Lease Schedule or any Acceptance Certificate or the
     Lessee Deed of Assignment or under any document relating to it is
     inaccurate or false;

12.4 ANY material adverse deviation by Lessee from its business plan (as it may
     have been supplemented in writing) presented to Lessor, since the date of
     this Master Sub-Lease;

12.5 ANY other event (whether related or not) occurs (including, without
     limitation, a material (in the reasonable opinion of Lessor) adverse
     change, from the position applicable as at the date of this Master
     Sub-Lease, in the business affairs or condition (financial or otherwise) of
     Lessee), the effect of which is, in the reasonable opinion of Lessor, to
     materially affect, delay or prevent the due fulfilment by Lessee of any of
     its obligations or undertakings in this Master Sub-Lease, any Lease
     Schedule or a Lessee Deed of Assignment;

12.6 IF Lessee shall dispose or threaten to dispose of all or any material part
     of its assets or shall cease or threaten to cease to carry on business;

12.7 IF Lessee shall pass or summon a meeting to pass a resolution for voluntary
     winding up (except for a reconstruction or amalgamation on terms previously
     approved in writing by Lessor) or shall have a winding up petition
     presented against it or an application for an administration order is made
     in relation to Lessee or a receiver is appointed in relation to all or any
     of Lessee's assets; or Lessee shall make a proposal for a voluntary
     arrangement as defined in the Insolvency Act 1986 (as amended) or any other
     arrangement with creditors; or there being any Change of Control; or Lessee
     shall stop payment or shall be unable to, or shall admit its inability to,
     pay its debts as they fall due or shall be adjudicated or found to be
     insolvent;

12.8 IF any event analogous to any of the events set out in Clause 12.7 shall
     occur in relation to Lessee in a jurisdiction other than England and Wales;

12.9 IF any of the events set out in Clauses 12.6 to 12.8 shall occur in
     relation to any parent company of Lessee or any guarantor of Lessee's
     liabilities;

12.10 IF any execution, distress or other legal process is levied or threatened
     to be levied upon the Equipment;

12.11 IF the Equipment is confiscated, seized, impounded or otherwise taken from
     Lessee;

12.12 THE Equipment is in any way materially imperilled or in jeopardy
     (including by way of depreciation in value beyond a normal depreciation);

12.13 IT becomes unlawful or impossible (i) for Lessee to discharge any
     liability under this Master Sub-Lease or to comply with any other
     obligation which Lessor considers material under this Master Sub-Lease, or
     each Lease Schedule or the Lessee Deed of Assignment, or (ii) for Lessor to
     exercise or enforce any right under, or to enforce any security interest
     created by, this Master Sub-Lease, or each Lease Schedule or the Lessee
     Deed of Assignment; or

12.14 ANY provision which Lessor reasonably considers material of this Master
     Sub-Lease, any Lease Schedule or a Lessee Deed of Assignment proves to have
     been or becomes invalid or unenforceable, or a security interest created by
     a Lessee Deed of Assignment proves to have been or becomes invalid or
     unenforceable or such a security interest proves to have ranked after, or
     loses its priority to, another security interest or any other third party
     claim or interest, provided however that if Lessee proposes replacement
     security which Lessor and Head Lessor accept, and such replacement security
     is constituted in a manner acceptable to Lessor and Head Lessor within such
     period of time as Lessor and Head Lessor may require, such event shall
     cease to constitute an Event of Default.

13.  REMEDIES

13.1 UPON the occurrence and during the continuance of any Event of Default,
     Lessor shall have the right, without demand or prior notice, in Lessor's
     sole discretion, to exercise any one or more of the following remedies:

     13.1.1 TO terminate all or any Lease Schedules and/or the renting under all
          or any Lease Schedules;

     13.1.2 TO declare the damages specified in Clause 14.1 to be immediately
          due and payable;

     13.1.3 TO require the return of and/or take possession of any or all items
          of Equipment to Head Lessor, subject always to the terms of the
          Equipment Pledge which shall prevail, with or without any court order
          or other process of law, and for this purpose Lessor, Head Lessor
          and/or their respective agents may enter upon any premises of or under
          the control or jurisdiction of Lessee or any agent of Lessee, without
          liability for suit, action or other proceeding by Lessee and remove
          the Equipment therefrom; Lessee further agrees, on demand, to assemble
          the Equipment and make it available to Lessor and/or Head Lessor (as
          the case may be) at a place to be designated by Lessor and/or Head
          Lessor (as the case may be) which is reasonably convenient to Lessor
          and/or Head Lessor (as the case may be) and Lessee; notwithstanding
          the foregoing, such taking of possession shall not relieve Lessee of
          its obligations to pay damages as set forth in Clause 14.1. Lessee
          further waives any and all damages occasioned by such taking of
          possession; and

     13.1.4 TO exercise any other right or remedy which may be available to
          Lessor and/or Head Lessor.

13.2 IF an Event of Default has occurred as a result of a Change of Control,
     Lessor may, in its absolute discretion waive its rights to any remedy
     otherwise available pursuant to Clause 13.1 in relation to that Change of
     Control if a parent company or other guarantee or security arrangement is
     provided as required by Lessor.

13.3 LESSOR'S further acceptance of Rental Payments or any other action or
     inaction by Lessor shall not prejudice Lessor's rights under this Clause
     13.

14   DAMAGES

14.1 ON termination of this Master Sub-Lease, of any Lease Schedule and/or of
     any renting of Equipment, and without

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<PAGE>

     prejudice to the provisions of Clauses 6 and 10, Lessee shall immediately
     pay:

     14.1.1 ALL due and unpaid Rental Payments and all other amounts payable
          hereunder plus applicable late charges and interest due under Clause
          5.5;

     14.1.2 AS agreed compensation for loss of profit, a sum equal to the
          aggregate of all Rental Payments which, but for the termination, would
          have been paid throughout the remainder of the Non-cancellable Term of
          each relevant Lease Schedule, discounted to present value at the
          Discount Rate;

     14.1.3 ALL Lessor's and/or Head Lessor's costs of repossession, recovery,
          storage and repairs and of lease or sale to a third party;

     14.1.4 SUCH further amount as may at any time be specified by Lessor
          (taking into account any taxation payable by Lessor or Head Lessor) as
          is necessary to maintain Lessor and Head Lessor's net after tax rate
          of return on its funds invested in the acquisition and renting of the
          Equipment;

     14.1.5 ALL other expenses including court costs and reasonable legal fees
          and expenses; plus

     14.1.6 IN addition, if the Equipment or any items of Equipment are lost,
          stolen, confiscated, seized, requisitioned, or damaged beyond economic
          repair, an amount equal to the Residual Value of the Equipment,
          discounted at the rate of 3 percent per annum to reflect early
          receipt.

14.2 THE amount specified in Clause 14.1 will, in the case of a repudiatory
     breach by Lessee, be recoverable as liquidated damages and otherwise shall
     be recoverable as a debt or liquidated demand.

15   NON PETITION

     Lessee agrees that it will not, in relation to this Master Sub- Lease, any
     Lease Schedule and any Equipment subject thereto, institute against, or
     join any person in instituting against Lessor, any Affiliate of Lessor and
     any of their respective directors, officers, agents or employees any
     bankruptcy, suspension of payments, a moratorium of any indebtedness,
     winding-up, reorganisation, arrangement, insolvency or liquidation
     proceeding or other proceeding under any similar law for two years (or, if
     later, the longest suspect period, preference period or similar period
     (however described) ending with the onset of insolvency in respect of which
     transactions entered into by Lessor within such period may be subject to
     challenge under applicable insolvency or other proceeding) plus one day
     after the date on which all amounts payable under the last outstanding
     instrument entered into by Lessor, as the case may be, are repaid.

16   LESSEE AS SALES AGENT

16.1 ON the termination or expiry of the Lease Term in respect of any item of
     Equipment, Lessor may (but shall not be obliged to) by written notice to
     Lessee instruct and appoint Lessee to act as the exclusive or non-exclusive
     (as elected by Lessor or Head Lessor) sales agent of Head Lessor for the
     purpose of seeking a purchaser for the Equipment. If so instructed by
     Lessor, Lessee will be bound to act as such exclusive or non-exclusive, as
     the case may be, sales agent, in each case subject to the other provisions
     of this Clause 16 and on the terms set out in Clause 17.

16.2 IF Lessor appoints Lessee to act as Head Lessor's sales agent, then Lessor
     shall procure that Head Lessor shall use reasonable endeavours to procure
     that any security interest created by the Security Documents over the
     relevant Equipment in respect of which Lessee is to act as sales agent is
     promptly released.

16.5 IN acting as Head Lessor's sales agent, Lessee will not be entitled to any
     remuneration or other compensation save as expressly provided in Clauses
     16, 17 and 18.

17   TERMS OF SALES AGENCY

     IF Lessee is appointed to act as Head Lessor's sales agent pursuant to
     Clause 16.1, then Lessee will us its best endeavours to find a purchaser
     and arrange and complete a sale of the Equipment on the following
     conditions (it being acknowledged that Lessee is herby authorised to
     execute documentation on behalf of Head Lessor and complete a sale of the
     relevant Equipment if the following conditions are satisfied):

17.1 THE sale will be at a cash price payable by the purchaser in Euro (or in
     any other currency readily convertible into Euro) in full in England and
     Wales on or before the date for completion of such sale direct to such
     account as Head Lessor and Lessee may agree for application in accordance
     with Clause 18;

17.2 THE sale will be at such price as Lessee may determine in its discretion
     taking into account the Residual Value set out in the relevant Lease
     Schedule and subject to Lessor's and/or Head Lessor's prior written
     approval;

17.3 THE sale will be without any representation, recourse or warranty of any
     kind to or on the part of Lessor and/or Head Lessor other than a warranty
     that the Equipment is free from any security interest created by Head
     Lessor and a warranty that Head Lessor passes such title to the Equipment
     as it received under the original purchase order referred to in Clause 3;

17.4 THE sale will be on an "as is, where is" basis and governed by the laws of
     England, and unless Head Lessor otherwise agrees, on terms that risk in the
     Equipment shall pass to the purchaser no later than the date of payment in
     full of the purchase price and any VAT or other similar taxes thereon (if
     applicable);

17.5 WITHOUT prejudice to any warranty referred to in Clause 17.3 above, the
     sale will exclude, as far as permitted by the laws of England and Wales,
     all liability of Lessor and/or Head Lessor, in contract or tort or
     otherwise, in relation to the Equipment to the same extent as such
     liabilities are excluded by Clause 6;

17.6 SUCH title as Head Lessor has to the Equipment will pass to the purchaser
     no earlier than payment in full of the purchase price (and any VAT or
     similar taxes thereon, if applicable); and

17.7 THE contract evidencing the sale shall not contain any obligation or
     liability of any kind (whether in contract or in tort or otherwise) on the
     part of Head Lessor other than the obligation of Head Lessor to transfer to
     the purchaser on receipt of the purchase price (and any VAT or other
     similar taxes thereon, if applicable) such title to the Equipment as it has
     free from any security interests created by Head Lessor and the warranties
     referred to it in Clause 17.3 above.

18   APPLICATION OF PROCEEDS

     FOLLOWING the sale of the Equipment under Clauses 16 and 17 any sale
     proceeds referable thereto shall be paid to Head Lessor in immediately
     available funds (or, if paid by the purchaser of the Equipment to an
     account of Head Lessor in accordance with Clause 17.1, shall be retained by
     Head Lessor); provided that, if the Lessee has been appointed as Head
     Lessor's sales agent under Clause 16, an amount equal to all reasonable and
     documented costs and expenses (including taxes and legal fees) incurred by
     Lessee directly in connection with its acting as sales agent in respect of
     the Equipment shall be deducted from such sale proceeds (or, if the sale
     proceeds are paid by the purchaser of the Equipment to an account of Head
     Lessor in accordance with Clause 17.1, shall be paid by Head Lessor or
     Lessor to Lessee).

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19   GENERAL

19.1 ALL agreements, covenants, representations and warranties of Lessee
     contained in this Master Sub-Lease or in the Lease Schedules or other
     documents delivered pursuant hereto or in connection herewith shall survive
     the execution and delivery, and the expiration, cancellation or other
     termination of this Master Sub-Lease and/or any Lease Schedule.

19.2 IF Lessee shall fail duly and promptly to perform any of its obligations
     under any Lease Schedule, Lessor may, at its option and at any time,
     perform the same without waiving any default on the part of Lessee, or any
     of Lessor's rights. Lessee shall reimburse Lessor, within 5 days after
     notice thereof is given to Lessee, for all expenses and liabilities
     incurred by Lessor in the performance of Lessee's obligations.

19.3 LESSOR'S failure at any time to require strict performance by Lessee shall
     not constitute waiver of, or diminish, Lessor's right to demand strict
     compliance with any provision of the Master Sub-Lease. Waiver by Lessor of
     any default shall not constitute waiver of any other default. No rights or
     remedies referred to herein shall be exclusive, but shall be cumulative and
     in addition to any other right or remedy set forth herein or otherwise
     available to Lessee at law or in equity.

19.4 ANY upgrades, additions and attachments to Equipment the subject of a Lease
     Schedule shall, upon approval by Lessor, be included on that Lease Schedule
     by way of supplement, with a Non-cancellable Term that is co-terminous with
     the Equipment to which such upgrade, addition or attachment is being
     attached.

19.5 FROM the date of this Master Sub-Lease until the end of the Lease Term,
     Lessee shall provide Lessor with all requests for additional debt or lease
     financing at the same time as such requests are provided to other financing
     sources. Should Lessor and Lessee fail to agree on the terms and conditions
     of such financing, then Lessee may accept a funding source other than
     Lessor.

19.6 LESSOR shall have the right, in its sole discretion, to assign, sell,
     pledge, grant a security interest in or otherwise encumber its rights under
     this Master Sub-Lease and/or one or more Lease Schedules and/or with
     respect to the Equipment leased pursuant to such Lease Schedule(s) to any
     third party (an "ASSIGNEE"), or may be acting as an agent for any Assignee
     in entering into any Lease Schedule. Lessee hereby irrevocably consents to
     any assignment, sale, pledge, grant of a security interest or any other
     disposal to an Assignee. Lessee agrees that if it receives notice from
     Lessor or from any such Assignee that it is to make payments under this
     Master Sub- Lease and/or any Lease Schedule to such Assignee rather than to
     Lessor, or that any of its other obligations under the relevant Lease
     Schedule are to be owed to the named Assignee, Lessee shall comply with any
     such notice. Subject to the foregoing, this Master Sub-Lease and each Lease
     Schedule inures to the benefit of, and is binding upon, the successors and
     assigns of Lessor.

19.7 LESSEE consents to the disclosure of information by Lessor to its
     Affiliates and to other parties to the Security Documents and potential
     assignees.

19.8 ALL notices related hereto shall be delivered or posted to Lessor or Lessee
     at its respective address as specified on the cover page of the Master
     Sub-Lease, or at such other address as either party may designate in
     writing to the other party.

19.9 CLAUSE titles are solely for convenience and are not an aid in the
     interpretation of this Master Sub-Lease.

19.10 IF any provision or remedy herein provided is determined invalid under
     applicable law, such provision shall be inapplicable and deemed omitted;
     but the remaining provisions, including remaining default remedies, shall
     be given effect in accordance with their terms.

19.11 THE provisions of this Master Sub-Lease and of each Lease Schedule
     constitutes the entire agreement between the parties and shall not be
     varied otherwise than by an instrument in writing executed by or on behalf
     of Lessor and Lessee which has been previously approved in writing by Head
     Lessor.

19.12 THIS Master Sub-Lease may be executed in counterparts, each of which shall
     be an original, but all such counterparts shall together constitute one and
     the same instrument.

20   GOVERNING LAW AND JURISDICTION

     ENGLISH Law shall govern this Master Sub-Lease and the Lease Schedules and
     the parties accept the non-exclusive jurisdiction of the English Courts.

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<PAGE>

DULY EXECUTED BY THE PARTIES ON THE DATE SET OUT ON THE FRONT PAGE OF THIS
MASTER SUB-LEASE.

SIGNED                                  SIGNED

For and on behalf of                    For and on behalf of

BIOVEX LIMITED                          VENTURE LEASING (UK) ANNEX LIMITED

/s/ P. Astley-Sparke                    /s/ Maurizio Petitbon
-------------------------------------   ----------------------------------------
Authorised Signatory                    Authorised Signatory
Name: Philip Astley-Sparke              Name: Maurizio Petitbon
Title: Director                         Title: Director

A03859429                              10                       MASTER SUB-LEASE<PAGE>

                                                                  Exhibit 10.9.3

 THIS WARRANT AND THE SHARES OF CAPITAL STOCK ISSUED UPON ITS EXERCISE HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE
  STATE SECURITIES LAWS, AND MAY NOT BE SOLD OR TRANSFERRED WITHOUT COMPLIANCE
   WITH THE REGISTRATION OR QUALIFICATION PROVISIONS OF APPLICABLE FEDERAL AND
            STATE SECURITIES LAWS OR APPLICABLE EXEMPTIONS THEREFROM

    THIS WARRANT AND THE SHARES OF CAPITAL STOCK ISSUED UPON ITS EXERCISE ARE
                     SUBJECT TO THE RESTRICTIONS ON TRANSFER
                     SET FORTH IN SECTION 6 OF THIS WARRANT

Date of Issuance: August __, 2006

                               BIOVEX GROUP, INC.

                          Common Stock Purchase Warrant

     BIOVEX GROUP, INC., a Delaware corporation whose principal office is
located at 34 Commerce Way, Woburn, MA 01801, (the "Company"), for value
received, hereby certifies that EUROPEAN VENTURE PARTNERS II ANNEX LIMITED, a
public company with limited liability incorporated in Jersey under registered
number 93146 whose registered office is at St. Paul's Gate, New Street, St.
Helier, Jersey JE4 8ZB, or its registered assigns (the "Registered Holder"), is
entitled, subject to the terms and conditions set forth below, to purchase from
the Company, at any time or from time to time following the closing of an
initial firm commitment underwritten public offering of the Company's Common
Stock (the "IPO") and before 5:00 p.m. (Boston time) on the Termination Date (as
defined below), up to the number of shares of Common Stock, $0.0001 par value
per share, of the Company ("Common Stock") determined as set forth below, at a
purchase price of $0.0001 per share. The shares purchasable upon exercise of
this Warrant, and the purchase price per share, each as adjusted from time to
time pursuant to the provisions of this Warrant, are hereinafter referred to as
the "Warrant Shares" and the "Purchase Price," respectively. This Warrant is
issued by the Company in connection with the transactions contemplated by a
Sub-Lease dated August __, 2006 among the Company, BioVex Limited, a
wholly-owned subsidiary of the Company, and Venture Leasing (UK) Annex Limited,
a wholly-owned subsidiary of the Registered Holder. The Company is
simultaneously issuing to the Registered Holder a Series D Preferred Stock
Purchase Warrant (the "Series D Warrant").

     Upon exercise of this Warrant and subject to adjustment as set forth
herein, the Registered Holder shall be entitled to purchase up to an aggregate
number of shares of Common Stock equal to $574,200, divided by the initial
public offering price per share of Common Stock sold in the IPO.

LONDON 181981v4

<PAGE>

     Notwithstanding the foregoing, in the event that the IPO has not closed by
5:00 p.m. (Boston time) on December 31, 2006, this Warrant shall terminate and
thereafter be void and of no further force or effect and the Series D Warrant
shall be operative.

     For purposes hereof, "Termination Date" shall be the earlier to occur of
(a) the fifth anniversary of the closing of the IPO, (b) the closing of a
Merger/Sale (as defined below) and (c) the exercise of the Series D Warrant;
provided however, that the Company shall provide written notice to the
Registered Holder of a pending Merger/Sale not less than twenty (20) days, nor
more than ninety (90) days, prior to the proposed closing of such Merger/Sale.
"Merger/Sale" shall mean the consummation of (i) the acquisition of the Company
by another entity by means of any transaction or series of related transactions
(including, without limitation, any reorganization, merger or consolidation)
that results in the transfer of 50% or more of the outstanding voting power of
the Company; provided, that the holders of record of the Company's outstanding
shares immediately before such reorganization, merger or consolidation do not,
immediately after such reorganization, merger or consolidation, hold (by virtue
of securities issued as consideration in such transaction or otherwise) a
majority of the voting power of the surviving company of such reorganization,
merger or consolidation; or (ii) the sale, transfer or other disposition of all
or substantially all of the Company's assets. For the avoidance of doubt, the
exercisability of the Series D Warrant and this Warrant shall be mutually
exclusive.

     1.   Exercise.

          (a) Exercise for Cash. The Registered Holder may, at its option, elect
to exercise this Warrant, in whole or in part, by surrendering this Warrant,
with the purchase form appended hereto as Exhibit I duly executed by or on
behalf of the Registered Holder, at the principal office of the Company, or at
such other office or agency as the Company may designate, accompanied by payment
in full, in lawful money of the United States, of the Purchase Price payable in
respect of the number of Warrant Shares purchased upon such exercise.

          (b) Cashless Exercise.

               (i) The Registered Holder may, at its option, elect to exercise
this Warrant, in whole or in part, on a cashless basis, by surrendering this
Warrant, with the purchase form appended hereto as Exhibit I duly executed by or
on behalf of the Registered Holder, at the principal office of the Company, or
at such other office or agency as the Company may designate, by canceling a
portion of this Warrant in payment of the Purchase Price payable in respect of
the number of Warrant Shares purchased upon such exercise. In the event of an
exercise pursuant to this subsection 1(b), the number of Warrant Shares issued
to the Registered Holder shall be determined according to the following formula:

X = Y(A-B)
    ------
      A

     Where: X = the number of Warrant Shares that shall be issued to the
                Registered Holder;

LONDON 181981v4

                                      -2-

<PAGE>

            Y = the number of Warrant Shares for which this Warrant is being
                exercised (which shall include both the number of Warrant Shares
                issued to the Registered Holder and the number of Warrant Shares
                subject to the portion of the Warrant being cancelled in payment
                of the Purchase Price);

            A = the Fair Market Value (as defined below) of one share of Common
                Stock; and

            B = the Purchase Price then in effect.

               (ii) The Fair Market Value per share of Common Stock shall be
determined as follows:

                    (1) If the Common Stock is listed on a national securities
exchange or an internationally recognized trading system as of the Exercise
Date, the Fair Market Value per share of Common Stock shall be deemed to be the
average of the closing sale prices per share of Common Stock thereon on the ten
(10) trading days (or all such trading days such Common Stock has been traded if
fewer than ten (10) trading days) immediately preceding the Exercise Date.

                    (2) If the Common Stock is not listed on a national
securities exchange or an internationally recognized trading system as of the
Exercise Date, the Fair Market Value per share of Common Stock shall be deemed
to be the price per share which the Company could obtain from a willing buyer
for shares of Common Stock sold by the Company from authorized but unissued
shares, as such price shall be determined by mutual agreement of the Company and
the Registered Holder. If the Company and the Registered Holder cannot agree on
such value, the fair market value shall be determined by a reputable independent
appraiser selected by the Company with the consent of the Registered Holder
(which consent shall not be unreasonably withheld) (the "Appraiser"), whose fees
and expenses shall be borne equally by the Company and the Registered Holder.

          (c) Automatic Exercise. Notwithstanding the provisions of Section 1(a)
and (b), this Warrant shall automatically be deemed to undergo a cashless
exercise, without any further action on behalf of the Registered Holder
immediately prior to the liquidation, dissolution or winding up of the Company.

          (d) Exercise Date. Each exercise of this Warrant shall be deemed to
have been effected immediately prior to the close of business on the day on
which this Warrant shall have been surrendered to the Company as provided in
subsection 1(a), 1(b) or 1(c) above (the "Exercise Date"). At such time, the
person or persons in whose name or names any certificates for Warrant Shares
shall be issuable upon such exercise as provided in subsection 1(e) below shall
be deemed to have become the holder or holders of record of the Warrant Shares
represented by such certificates.

          (e) Issuance of Certificates. As soon as practicable after the
exercise of this Warrant in whole or in part, and in any event within 10 days
thereafter, the Company, at its expense, will cause to be issued in the name of,
and delivered to, the Registered Holder, or as the

LONDON 181981v4

                                      -3-

<PAGE>

Registered Holder (upon payment by the Registered Holder of any applicable
transfer taxes) may direct:

               (i) a certificate or certificates for the number of full Warrant
Shares to which the Registered Holder shall be entitled upon such exercise plus,
in lieu of any fractional share to which the Registered Holder would otherwise
be entitled, cash in an amount determined pursuant to Section 3 hereof; and

               (ii) in case such exercise is in part only, a new warrant or
warrants (dated the date hereof) of like tenor, calling in the aggregate on the
face or faces thereof for the number of Warrant Shares equal (without giving
effect to any adjustment therein) to the number of such shares called for on the
face of this Warrant minus the number of Warrant Shares for which this Warrant
was so exercised (which, in the case of an exercise pursuant to subsection 1(b),
shall include both the number of Warrant Shares issued to the Registered Holder
pursuant to such partial exercise and the number of Warrant Shares subject to
the portion of the Warrant being cancelled in payment of the Purchase Price).

     2.   Adjustments.

          (a) Adjustment for Stock Splits and Combinations. If the Company shall
at any time or from time to time after the date on which this Warrant was first
issued (or, if this Warrant was issued upon partial exercise of, or in
replacement of, another warrant of like tenor, then the date on which such
original warrant was first issued) (either such date being referred to as the
"Original Issue Date") effect a subdivision of the outstanding Common Stock, the
Purchase Price then in effect immediately before that subdivision shall be
proportionately decreased. If the Company shall at any time or from time to time
after the Original Issue Date combine the outstanding shares of Common Stock,
the Purchase Price then in effect immediately before the combination shall be
proportionately increased. The aggregate Purchase Price payable for the total
number of Warrant Shares purchasable under this Warrant (as adjusted) shall
remain the same. Any adjustment under this paragraph shall become effective at
the close of business on the date the subdivision or combination becomes
effective.

          (b) Adjustment for Certain Dividends and Distributions. In the event
the Company at any time, or from time to time after the Original Issue Date
shall make or issue, or fix a record date for the determination of holders of
Common Stock entitled to receive, a dividend or other distribution payable in
additional shares of Common Stock, then and in each such event the Purchase
Price then in effect immediately before such event shall be decreased as of the
time of such issuance or, in the event such a record date shall have been fixed,
as of the close of business on such record date, by multiplying the Purchase
Price then in effect by a fraction:

                    (1) the numerator of which shall be the total number of
shares of Common Stock issued and outstanding immediately prior to the time of
such issuance or the close of business on such record date, and

                    (2) the denominator of which shall be the total number of
shares of Common Stock issued and outstanding immediately prior to the time of
such issuance

LONDON 181981v4

                                      -4-

<PAGE>

or the close of business on such record date plus the number of shares of Common
Stock issuable in payment of such dividend or distribution;

provided, however, that if such record date shall have been fixed and such
dividend is not fully paid or if such distribution is not fully made on the date
fixed therefor, the Purchase Price shall be recomputed accordingly as of the
close of business on such record date and thereafter the Purchase Price shall be
adjusted pursuant to this paragraph as of the time of actual payment of such
dividends or distributions.

          (c) Adjustment in Number of Warrant Shares. When any adjustment is
required to be made in the Purchase Price pursuant to subsections 2(a) or 2(b),
the number of Warrant Shares purchasable upon the exercise of this Warrant shall
be changed to the number determined by dividing (i) an amount equal to the
number of shares issuable upon the exercise of this Warrant immediately prior to
such adjustment, multiplied by the Purchase Price in effect immediately prior to
such adjustment, by (ii) the Purchase Price in effect immediately after such
adjustment.

          (d) Adjustments for Other Dividends and Distributions. In the event
the Company at any time or from time to time after the Original Issue Date shall
make or issue, or fix a record date for the determination of holders of Common
Stock entitled to receive, a dividend or other distribution payable in
securities of the Company (other than shares of Common Stock) or in cash or
other property (other than regular cash dividends paid out of earnings or earned
surplus, determined in accordance with generally accepted accounting
principles), then and in each such event provision shall be made so that the
Registered Holder shall receive upon exercise hereof, in addition to the number
of shares of Common Stock issuable hereunder, the kind and amount of securities
of the Company, cash or other property which the Registered Holder would have
been entitled to receive had this Warrant been exercised on the date of such
event and had the Registered Holder thereafter, during the period from the date
of such event to and including the Exercise Date, retained any such securities
receivable during such period, giving application to all adjustments called for
during such period under this Section 2 with respect to the rights of the
Registered Holder.

          (e) Adjustment for Reorganization. If there shall occur any
reorganization, recapitalization, reclassification, consolidation or merger
involving the Company in which the Common Stock is converted into or exchanged
for securities, cash or other property (other than a transaction covered by
subsections 2(a), 2(b) or 2(d)) (collectively, a "Reorganization"), then,
following such Reorganization, the Registered Holder shall receive upon exercise
hereof the kind and amount of securities, cash or other property which the
Registered Holder would have been entitled to receive pursuant to such
Reorganization if such exercise had taken place immediately prior to such
Reorganization. In any such case, appropriate adjustment (as determined in good
faith by the Board) shall be made in the application of the provisions set forth
herein with respect to the rights and interests thereafter of the Registered
Holder, to the end that the provisions set forth in this Section 2 (including
provisions with respect to changes in and other adjustments of the Purchase
Price) shall thereafter be applicable, as nearly as reasonably may be, in
relation to any securities, cash or other property thereafter deliverable upon
the exercise of this Warrant.

LONDON 181981v4

                                      -5-

<PAGE>

          (f) Certificate as to Adjustments. Upon the occurrence of each
adjustment or readjustment of the Purchase Price pursuant to this Section 2, the
Company at its expense shall, as promptly as reasonably practicable but in any
event not later than 10 days thereafter, compute such adjustment or readjustment
in accordance with the terms hereof and furnish to the Registered Holder a
certificate setting forth such adjustment or readjustment (including the kind
and amount of securities, cash or other property for which this Warrant shall be
exercisable and the Purchase Price) and showing in detail the facts upon which
such adjustment or readjustment is based. The Company shall, as promptly as
reasonably practicable after the written request at any time of the Registered
Holder (but in any event not later than 10 days thereafter), furnish or cause to
be furnished to the Registered Holder a certificate setting forth (i) the
Purchase Price then in effect and (ii) the number of shares of Common Stock and
the amount, if any, of other securities, cash or property which then would be
received upon the exercise of this Warrant.

     3. Fractional Shares. The Company shall not be required upon the exercise
of this Warrant to issue any fractional shares, but shall pay the value thereof
to the Registered Holder in cash on the basis of the Fair Market Value per share
of Common Stock, as determined pursuant to subsection 1(b)(ii) above.

     4. Investment Representations. The initial Registered Holder represents and
warrants to the Company as follows:

          (a) Investment. It is acquiring the Warrant, and (if and when it
exercises this Warrant) it will acquire the Warrant Shares, for its own account
for investment and not with a view to, or for sale in connection with, any
distribution thereof, nor with any present intention of distributing or selling
the same; and the Registered Holder has no present or contemplated agreement,
undertaking, arrangement, obligation, indebtedness or commitment providing for
the disposition thereof.

          (b) Accredited Investor. The Registered Holder is an "accredited
investor" as defined in Rule 501(a) under the Securities Act of 1933, as amended
(the "Act").

          (c) Experience. The Registered Holder has made such inquiry concerning
the Company and its business and personnel as it has deemed appropriate; and the
Registered Holder has sufficient knowledge and experience in finance and
business that it is capable of evaluating the risks and merits of its investment
in the Company.

     5. Representations and Warranties of the Company. The Company hereby
represents and warrants to the Registered Holder that:

          (a) This Warrant has been duly authorized, executed and delivered by
the Company and constitutes the valid and binding obligation of the Company,
enforceable in accordance with its terms, subject to laws of general application
relating to bankruptcy, insolvency and the relief of debtors and rules of law
governing specific performance, injunctive relief or other equitable remedies;

          (b) The Warrant Shares have been duly authorized and reserved for
issuance by the Company and, when issued or converted in accordance with the
terms hereof, will be

LONDON 181981v4

                                      -6-

<PAGE>

validly issued, fully paid and nonassessable, free of any liens, charges,
pre-emptive rights, rights of first refusal and any other third party right with
respect to the issue thereof;

          (c) The execution and delivery of this Warrant, the issuance of this
Warrant, the issuance of the Common Stock upon exercise or conversion of this
Warrant in accordance with the terms hereof and the compliance by the Company
with the provisions hereof (i) do not and will not conflict with the Certificate
or the Company's By-laws, (ii) to its knowledge, do not and will not contravene
any law, governmental rule or regulation, judgment or order applicable to the
Company, and (iii) do not and, to its knowledge, will not contravene any
provision of, or constitute a default under, any indenture, mortgage, contract
or other instrument to which the Company is a party or by which it is bound or
require the consent or approval of, the giving of notice to, the registration
with or the taking of any action in respect of or by, any Federal, state or
local government authority or agency or other person, other than applicable
federal and state securities law filings, which the Company shall complete
within the applicable periods of time.

          (d) The Company received all consents and/or approvals of any third
party required in respect of the issuance of the Warrant Shares pursuant to any
applicable laws and/or regulation and/or agreement and/or other instrument to
which the Company is party and/or by which it is bound.

     6.   Transfers, etc.

          (a) This Warrant and the Warrant Shares shall not be sold or
transferred unless either (i) they first shall have been registered under the
Act, or (ii) the Company first shall have been furnished with an opinion of
legal counsel, reasonably satisfactory to the Company, to the effect that such
sale or transfer is exempt from the registration requirements of the Act.
Notwithstanding the foregoing, no registration or opinion of counsel shall be
required for (i) a transfer by a Registered Holder which is an entity to a
wholly owned subsidiary of such entity, a transfer by a Registered Holder which
is a partnership to a partner of such partnership or a retired partner of such
partnership or to the estate of any such partner or retired partner, or a
transfer by a Registered Holder which is a limited liability company to a member
of such limited liability company or a retired member or to the estate of any
such member or retired member, provided that the transferee in each case agrees
in writing to be subject to the terms of this Section 6, or (ii) a transfer made
in accordance with Rule 144 under the Act. Without limiting the generality of
the foregoing, the rights of the Registered Holder under this Warrant may be
assigned in whole or in part to Deutsche Trustee Company Limited, Deutsche Bank
AG London and to any third party who controls, is controlled by or is under
common control with the Registered Holder and to European Venture Partners II
Leveraged Venture Leasing Company Limited.

          (b) Each certificate representing Warrant Shares shall bear a legend
substantially in the following form:

               "The securities represented by this certificate have not been
               registered under the Securities Act of 1933, as amended, and may
               not be offered, sold or otherwise transferred, pledged or
               hypothecated unless and until such securities are registered
               under

LONDON 181981v4

                                      -7-

<PAGE>

               such Act or an opinion of counsel satisfactory to the Company is
               obtained to the effect that such registration is not required."

The foregoing legend shall be removed from the certificates representing any
Warrant Shares, at the request of the holder thereof, at such time as they
become eligible for resale pursuant to Rule 144(k) under the Act.

          (c) The Company will maintain a register containing the name and
address of the Registered Holder of this Warrant. The Registered Holder may
change its address as shown on the warrant register by written notice to the
Company requesting such change.

          (d) Subject to the provisions of Section 6 hereof, this Warrant and
all rights hereunder are transferable, in whole or in part, upon surrender of
this Warrant with a properly executed assignment (in the form of Exhibit II
hereto) at the principal office of the Company (or, if another office or agency
has been designated by the Company for such purpose, then at such other office
or agency).

     7. No Impairment. The Company will not, by amendment of its charter or
by-laws or through any reorganization, transfer of assets, consolidation,
merger, dissolution, issue or sale of securities or any other voluntary action,
avoid or seek to avoid the observance or performance of any of the terms of this
Warrant, but will at all times in good faith assist in the carrying out of all
such terms and in the taking of all such action as may be necessary or
appropriate in order to protect the rights of the Registered Holder against
impairment.

     8. Notices of Record Date, etc. In the event:

          (a) the Company shall take a record of the holders of its Common Stock
(or other stock or securities at the time deliverable upon the exercise of this
Warrant) for the purpose of entitling or enabling them to receive any dividend
or other distribution, or to receive any right to subscribe for or purchase any
shares of stock of any class or any other securities, or to receive any other
right; or

          (b) of any capital reorganization of the Company, any reclassification
of the Common Stock of the Company, any consolidation or merger of the Company
with or into another corporation (other than a consolidation or merger in which
the Company is the surviving entity and its Common Stock is not converted into
or exchanged for any other securities or property), or any transfer of all or
substantially all of the assets of the Company; or

          (c) of the voluntary or involuntary dissolution, liquidation or
winding-up of the Company,

then, and in each such case, the Company will send or cause to be sent to the
Registered Holder a notice specifying, as the case may be, (i) the record date
for such dividend, distribution or right, and the amount and character of such
dividend, distribution or right, or (ii) the effective date on which such
reorganization, reclassification, consolidation, merger, transfer, dissolution,
liquidation or winding-up is to take place, and the time, if any is to be fixed,
as of which the holders of record of Common Stock (or such other stock or
securities at the time deliverable

LONDON 181981v4

                                      -8-

<PAGE>

upon the exercise of this Warrant) shall be entitled to exchange their shares of
Common Stock (or such other stock or securities) for securities or other
property deliverable upon such reorganization, reclassification, consolidation,
merger, transfer, dissolution, liquidation or winding up. Such notice shall be
sent at lease twenty (20) days prior to the record date or effective date for
the event specified in such notice.

     9. Reservation of Stock. All Warrant Shares that may be issued upon the
valid exercise of this Warrant (including payment of the Purchase Price), shall,
upon issuance, be duly authorized, validly issued, fully paid and nonassessable,
and free from any liens, encumbrances or third party rights. The Company will at
all times reserve and keep available, solely for issuance and delivery upon the
exercise of this Warrant, such number of Warrant Shares and other securities,
cash and/or property, as from time to time shall be issuable upon the exercise
of this Warrant. Upon issuance of the Warrant Shares upon exercise of this
Warrant, the rights of the Warrant Shares will be as set forth in the Company's
Certificate of Incorporation, as amended to such date.

     10. Exchange or Replacement of Warrants.

          (a) Upon the surrender by the Registered Holder, properly endorsed, to
the Company at the principal office of the Company, the Company will, subject to
the provisions of Section 6 hereof, issue and deliver to or upon the order of
the Registered Holder, at the Company's expense, a new Warrant or Warrants of
like tenor, in the name of the Registered Holder or as the Registered Holder
(upon payment by the Registered Holder of any applicable transfer taxes) may
direct, calling in the aggregate on the face or faces thereof for the number of
shares of Common Stock (or other securities, cash and/or property) then issuable
upon exercise of this Warrant.

          (b) Upon receipt of evidence reasonably satisfactory to the Company of
the loss, theft, destruction or mutilation of this Warrant and (in the case of
loss, theft or destruction) upon delivery of an indemnity agreement (with surety
if reasonably required) in an amount reasonably satisfactory to the Company, or
(in the case of mutilation) upon surrender and cancellation of this Warrant, the
Company will issue, in lieu thereof, a new Warrant of like tenor.

     11. Lock-up Agreement. As a condition to the issuance of this Warrant, the
Registered Holder (a) shall execute and deliver to the Company and the
underwriters named therein the lock-up agreement attached hereto as Exhibit III,
and (b) additionally agrees that it shall enter into any other or additional
form of lock up agreement with any other underwriter engaged by the Company in
connection with the IPO, providing that the Registered Holder shall not sell any
shares of capital stock of the Company without the consent of such underwriters
for a period of not more than 180 days following the effective date of the
registration statement relating to such offering, provided that all officers and
directors of the Company and all two percent (2%) stockholders enter into
substantially the same agreement.

     12. Notices. All notices and other communications from the Company to the
Registered Holder in connection herewith shall be mailed by certified or
registered mail, postage prepaid, or sent via a reputable nationwide overnight
courier service guaranteeing next business day delivery, to (i) its registered
office set forth in the first paragraph of this Warrant and (ii)

LONDON 181981v4

                                      -9-

<PAGE>

Cardinal House, 39-40 Albermarle Street, London, England W1S 4TE, Attn: Maurizio
Petitbon, with a copy, which shall not constitute notice, to Sonnenschein Nath
and Rosenthal LLP, 1221 Avenue of the Americas, New York, New York, 10020, Attn:
Denise Tormey, Esq. or to such other address furnished to the Company in writing
by the Registered Holder. All notices and other communications from the
Registered Holder to the Company in connection herewith shall be mailed by
certified or registered mail, postage prepaid, or sent via a reputable
nationwide overnight courier service guaranteeing next business day delivery, to
the Company at its principal office set forth below. If the Company should at
any time change the location of its principal office to a place other than as
set forth below, it shall give prompt written notice to the Registered Holder
and thereafter all references in this Warrant to the location of its principal
office at the particular time shall be as so specified in such notice. All such
notices and communications shall be deemed delivered (i) two business days after
being sent by certified or registered mail, return receipt requested, postage
prepaid, or (ii) one business day after being sent via a reputable nationwide
overnight courier service guaranteeing next business day delivery.

     13. No Rights as Stockholder. Until the exercise of this Warrant, the
Registered Holder shall not have or exercise any rights by virtue hereof as a
stockholder of the Company, except as set forth herein.

     14. Amendment or Waiver. Any term of this Warrant may be amended or waived
only by an instrument in writing signed by the party against which enforcement
of the change or waiver is sought. No waivers of any term, condition or
provision of this Warrant, in any one or more instances, shall be deemed to be,
or construed as, a further or continuing waiver of any such term, condition or
provision.

     15. Section Headings. The section headings in this Warrant are for the
convenience of the parties and in no way alter, modify, amend, limit or restrict
the contractual obligations of the parties.

     16. Governing Law. This Warrant will be governed by and construed in
accordance with the internal laws of the State of Delaware (without reference to
the conflicts of law provisions thereof).

     17. Waiver of Jury Trial. EACH PARTY HEREBY IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATING TO THIS WARRANT OR THE TRANSACTIONS
CONTEMPLATED BY THIS WARRANT.

     18. Counterparts. This Warrant may be executed in two or more counterparts,
each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument.

     19. Facsimile Signatures. This Warrant may be executed by facsimile
signature.

LONDON 181981v4

                                      -10-

<PAGE>

     IN WITNESS WHEREOF, the undersigned parties have executed this Warrant as
of August ___, 2006.

                                        BIOVEX GROUP, INC.

                                        By:
                                            ------------------------------------
                                            Philip Astley-Sparke
                                            President and Chief Financial
                                            Officer

                                        EUROPEAN VENTURE PARTNERS II
                                        ANNEX LIMITED

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

LONDON 181981v4

                                      -11-

<PAGE>

                                                                       EXHIBIT I

                                  PURCHASE FORM

To: ________________                                          Dated: ___________

     The undersigned, pursuant to the provisions set forth in the attached
Warrant (No. ___), hereby elects to purchase (check applicable box):

     ____ shares of the Common Stock of BioVex Group, Inc. covered by such
Warrant; or

     the maximum number of shares of Common Stock covered by such Warrant
pursuant to the cashless exercise procedure set forth in subsection 1(b).

     The undersigned herewith makes payment of the full purchase price for such
shares at the price per share provided for in such Warrant. Such payment takes
the form of (check applicable box or boxes):

          $______ in lawful money of the United States; and/or

          the cancellation of such portion of the attached Warrant as is
     exercisable for a total of _____ Warrant Shares (using a Fair Market Value
     of $_____ per share for purposes of this calculation) ; and/or

          the cancellation of such number of Warrant Shares as is necessary, in
     accordance with the formula set forth in subsection 1(b), to exercise this
     Warrant with respect to the maximum number of Warrant Shares purchasable
     pursuant to the cashless exercise procedure set forth in subsection 1(b).

     Please issue a certificate or certificates representing said shares in the
name of the undersigned as specified below:

     -------------------------------

                                        Signature:
                                                   -----------------------------
                                        Address:
                                                 -------------------------------

                                                 -------------------------------

LONDON 181981v4

                                      -12-

<PAGE>

                                                                      EXHIBIT II

                                 ASSIGNMENT FORM

FOR VALUE RECEIVED, ________________________________________ hereby sells,
assigns and transfers all of the rights of the undersigned under the attached
Warrant (No. ____) with respect to the number of shares of Common Stock of
BioVex Group, Inc. covered thereby set forth below, unto:

<TABLE>
<CAPTION>
Name of Assignee   Address   No. of Shares
----------------   -------   -------------
<S>                <C>       <C>

</TABLE>

Dated:                                  Signature:
       -----------------------                     -----------------------------

LONDON 181981v4

                                      -13-

<PAGE>

                                                                       EXHIBIT I

                            FORM OF LOCK-UP AGREEMENT

LONDON 181981v4

                                      -14-

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