Document:

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                                                                   Exhibit 10.12

The omitted portions indicated by brackets have been separately filed with the
Securities and Exchange Commission pursuant to a request for confidential
treatment under Rule 406, promulgated under the Securities Act of 1933, as
amended.

                               SERVICES AGREEMENT

         This SERVICES AGREEMENT (the "Agreement"), dated October 27, 1998, by
and among Davies-Imperial Coatings, Inc. ("Davies"), an Indiana corporation
having a place of business at 1275 State Street, Hammond, Indiana, Cabot
Corporation ("Cabot"), a Delaware corporation having a place of business at 75
State Street, Boston, Massachusetts, and, for purposes of Sections 10.1, 11,
13.4, 15, 18, 19, 20.6 and 20.9, Donn Davies, an individual, and JoAnn Davies,
an individual.

         WHEREAS, Cabot desires to have Davies provide to Cabot metal oxide
dispersion services; and

         WHEREAS, Davies desires to provide metal oxide dispersion services to
Cabot;

         NOW, THEREFORE, in consideration of the foregoing premises and other
good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereby agree as follows:

SECTION 1.        TERM

         This Agreement shall commence on October 27 , 1998, and shall continue
until October 27, 2004 (the "Initial Term"). This Agreement shall thereupon be
automatically renewed for additional one (1) year periods (each a "Renewal
Term", and together with the Initial Term, the "Term"; each year of the Term
referred to herein as a "Term Year"), unless either party gives written notice
of its intention to terminate the Agreement at least 90 days prior to the
expiration of the Initial Term or any Renewal Term.

SECTION 2.        SERVICES

         2.1 Purchase and Sale. Subject to the terms and conditions of this
Agreement, during the Term, Davies shall provide to Cabot, and Cabot shall
purchase from Davies, the Services (as defined below) in such quantities as
specified by Cabot, subject to Section 2.4, below. "Services" means (a) the
manufacturing of the metal oxide dispersions set forth on Schedule A hereto (the
"Products") in accordance with the specifications, formulae and processes
provided by Cabot to Davies and initially as set forth in the materials
specified on Schedule A hereto, (b) the packaging of the Products in accordance
with specifications provided by Cabot from time to time, and (c) such ancillary
services as specified herein. Cabot may amend Schedule A from time to time on 30
days written notice to Davies provided such amendments either do not result in a
material increase in cost to Davies or are agreed to in advance by Davies;
Davies may only amend such schedule with Cabot's prior written consent.

         2.2      Materials, Labor, etc.

         (a) Subject to the following sentence, Cabot shall supply to Davies all
raw materials, packaging materials and filter media, with the exception of
wooden pallets and nominal filter bags, necessary for Davies to perform the
Services. In the event Cabot requests that Davies purchase specified materials,
Davies shall acquire the specified materials and shall bill Cabot therefor at
Davies' cost, including any handling charges incurred by Davies in connection
therewith. Title to all such materials shall remain with Cabot at all times.

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         (b) Davies shall supply all materials and services, other than as set
forth in Section 2.2(a), above, necessary to provide the Services, including,
but not limited to, labor, administration, raw materials management, inventory
management, on-site warehousing, security, facility space, utilities,
maintenance, quality control, quality assurance, preparation of certificates of
analysis, order fulfillment, sample fulfillment, wooden pallets, coordination of
shipping and implementation of ISO conformance, as such may be set forth in
greater detail elsewhere in this Agreement. Subject to the following sentence,
Davies shall adequately insure all equipment at its Hammond, Indiana facility,
including the Cabot Assets, as defined below and as set forth on Schedule C
hereto. With respect to Products, as defined herein, Cabot shall adequately
insure all raw materials, finished goods and works-in-process.

         2.3 Payment. Davies shall make good faith efforts to invoice Cabot for
its Services and for other charges on or before the second business day of each
month during the Term, but in no event later than the tenth day of such month,
and shall send such invoices to Cabot by express mail or similar means of
delivery. Cabot shall make a good faith effort to pay such invoices as soon as
possible following its first check run after it receives the relevant invoice,
but in any event, payment shall be made within ten (10) days after the date of
invoice.

         2.4 Quantity. During each Term Year, Cabot will purchase Services from
Davies for not less than the lesser of (i) [ ] gallons of Product or (ii) [ ]
percent ([ ]%) of the total amount of orders received by Cabot for Products for
shipment to customer locations in North America. Cabot's purchase of Services
from Davies shall reflect its good faith expectations of customer demand and
Cabot shall use its reasonable efforts to distribute substantially evenly the
quantities of its purchases of Services to avoid creating production capacity
problems for Davies.

         2.5 Failure to Provide Services. In addition to any other rights and
remedies of Cabot under this Agreement, in the event that Davies fails to supply
Cabot with its requirements for Services for any reason, Cabot shall have the
right to provide such Services for itself or purchase Services from sources
other than Davies. In such event, the amount of Products so provided or
purchased shall count toward the volume requirements of Section 2.4 hereof (each
a "Setoff"), provided, however, than in order for Cabot to be entitled to a
Setoff, Cabot must have provided Davies at least one week lead time on the
relevant order and the relevant order must not be for a quantity in excess of [
] per week.

SECTION 3.        SHIPPING; DELIVERY

         All Products shall be prepared for delivery to Cabot or a customer of
Cabot, as the case may be, in accordance with Cabot's instructions.

SECTION 4.        PRICING

         4.1 Prices. Davies shall perform the Services and provide such
miscellaneous services in connection therewith in accordance with the prices set
forth on Schedule B hereto (the "Prices").

         4.2 Renegotiation. Cabot and Davies acknowledge that it is their
intention simultaneously to increase the quality of the Products and to decrease
the costs associated with manufacturing the Products, and to share any cost
savings between them. Recognizing that intention, on each two-year anniversary
of the execution of this Agreement, Cabot and Davies shall in good faith
negotiate any necessary changes (increases or decreases) to the Prices.
Necessary changes are changes that reflect changes in Davies' manufacturing
costs. In determining the changes to be made, the parties shall give
consideration to price pressures in the marketplaces of which the relevant
Products are a part. In no event shall the Price for Services relating to any
one Product be increased more than [ ]% per year.

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SECTION 5.        CAPITAL EXPENDITURES

         5.1 CapEx Investment. Cabot agrees to invest not less than One Hundred
Fifty Thousand Dollars ($150,000) (the $150,000 minimum referred to herein as
the "CapEx Investment") in capital improvements, capacity expansions and/or
capital expenditures to maintain capacity at Davies' facility relating to the
Services during each Term Year. Prior to making any such capital expenditures,
Cabot will consult with Davies to identify the priorities for such expenditures.

         5.2 CapEx Carryover. If Cabot does not spend the total amount of the
CapEx Investment in a given Term Year, Davies may carry over the unspent portion
of such CapEx Investment to the next Term Year, provided, however, that Cabot
may, at its sole option, pay Davies within ninety (90) days of the end of such
Term Year an amount in cash equal to such unspent portion, in which case there
shall be no carryover for such Term Year. Notwithstanding the foregoing
sentence, if in any given Term Year Cabot agrees to spend more than the CapEx
Investment for that Term Year (including any carryover) on capital improvements
and/or capital expansions at Davies' facility, the excess shall be credited
toward the CapEx Investment in future Term Years, beginning with the immediately
succeeding Term Year.

SECTION 6.        MAINTENANCE AND IMPROVEMENTS

         6.1      Maintenance.

         (a) Davies shall be responsible for the proper customary maintenance of
all assets used, directly or indirectly, in its provision of Services, including
the Cabot Assets (as defined below). Notwithstanding the foregoing, Cabot shall
be responsible for costs under third-party maintenance contracts relating to the
[ ] system located at Davies' facility in Hammond, Indiana. The parties
acknowledge that to the extent certain maintenance items are not individually
specified on Schedule A hereto, the cost of such maintenance items are reflected
in the Prices for the Services.

         (b) If Cabot makes a good faith determination that Davies is not
complying with Section 6.1(a) hereof, Cabot shall have the right to enter upon
Davies' premises in order to perform the maintenance required by Section 6.1(a).
Any amounts expended by Cabot pursuant to this Section 6.1(b) shall be credited
toward the CapEx Investment for such Term Year. The fact that Cabot makes use of
this Section 6.1(b) shall have no effect on any of its rights and remedies with
respect to Davies' failure to comply with Section 6.1(a).

         6.2 Improvements. After taking into account the improvements made
pursuant to Section 5.1 hereof, Davies agrees to make all capital improvements
to its Hammond, Indiana facility that are necessary or advisable in order to
continue to provide the Services in a timely manner.

SECTION 7.        RIGHT TO BID

         Cabot shall provide Davies the opportunity to bid to provide the
Services with respect to all Cab-O-Sperse(R) and Semi-Sperse(R) metal oxide
dispersions to be manufactured in North America, other than those to be
manufactured solely by Cabot or any Cabot affiliate. As used in this Agreement,
"affiliate" means, with respect to any person or entity, any person or entity,
directly or indirectly controlling, controlled by, or under common control with
any such person or entity.

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SECTION 8.        PROPRIETARY INFORMATION; CONFIDENTIALITY

         8.1      Proprietary Information.

         (a) Subject to Section 8.1(b) hereof, the term "Proprietary
Information" shall mean, whether disclosed prior to, on or after the date hereof
and whether or not marked or identified as confidential, formulae,
specifications, demographic and trade information, costs, intellectual property
and applications for the same (including, but not limited to, patents,
copyrights, trademarks, trade names, service marks, service names, technology,
know-how, processes, trade secrets, inventions, data and software), names of
investors and customers, and other strategic business, marketing, sales and
financial information relating to the relevant party's business (including, but
not limited to business plans, marketing strategy, and production information).

         (b) The term "Proprietary Information" does not include any information
which (i) at the time of disclosure or thereafter is generally available to or
known by the public (other than as a result of the acts by the recipient or its
representatives in breach of this Agreement), (ii) was or becomes available to
the recipient on a non-confidential basis from a source other than the provider
or its advisors, provided that such source is not and was not bound by a
confidentiality agreement with the provider, or (iii) has been independently
acquired or developed by the recipient without violating any of its obligations
under this Agreement.

         8.2 Ownership. All information and materials, including Proprietary
Information of Cabot, its subsidiaries and its affiliates and all physical
manifestations thereof, that are received by Davies from Cabot prior to, on or
after the date hereof in connection with the Services or that are or were
created or produced by Davies and are based upon, or are otherwise prepared with
use of or reference to, Proprietary Information of Cabot, shall be and remain
the sole and exclusive property of Cabot. Upon written request by Cabot, Davies
shall return to Cabot all tangible forms of the Proprietary Information of
Cabot, including any and all copies, and all unused samples of materials Cabot
may have provided.

         8.3      Confidentiality.

         (a) Davies acknowledges, understands and agrees that all Proprietary
Information of Cabot and its subsidiaries and affiliates is confidential and
shall remain the exclusive property of Cabot, its subsidiaries or its
affiliates, as the case may be. Cabot acknowledges, understands and agrees that
all Proprietary Information of Davies is confidential and shall remain the
exclusive property of Davies. Each of Cabot and Davies agrees that for a period
of fifteen (15) years from and after the termination or expiration of the Term,
it shall keep and hold as confidential, and shall require its directors,
officers, employees, agents and representatives, to keep and hold as
confidential, any and all Proprietary Information of the other unless disclosure
is required by applicable law or by terms of a subpoena or other order issued by
a court of competent jurisdiction. Each party shall promptly notify the other of
any such subpoena or order, shall contest any such subpoena or order and shall
(to the extent possible) permit the owner of such Proprietary Information to
contest any such subpoena or order. Except as so required, neither party shall
disclose any Proprietary Information of the other to third parties, or to its
employees or representatives who do not have a need to know it in connection
with the subject of the transactions contemplated by this Agreement, and neither
party shall use (or permit to be used) any Proprietary Information of the other
except for the purposes contemplated hereby. For purposes of this Section 8, the
party providing any of its Proprietary Information is sometimes referred to as
the "provider" and the party receiving any of the other's Proprietary
Information is sometimes referred to as the "recipient."

         (b) Davies agrees to cause each of its employees as of the date of this
Agreement, and any person who becomes an employee of Davies during the Term, to
enter into a confidentiality agreement with Cabot that provides for essentially
the same kind and degree of confidentiality as set forth in Section 8.3(a)
hereof with respect to Davies.

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         8.4 Redelivery Upon Termination. The recipient shall deliver or cause
to be delivered to the provider, or destroy, promptly after termination of this
Agreement for any reason any documents containing Proprietary Information and
any copies thereof which the recipient (or others to whom the recipient has
disclosed the same hereunder whether authorized hereby or not) may have and
shall permanently erase or cause to be erased all Proprietary Information from
any computer memory or storage.

SECTION 9.        INTELLECTUAL PROPERTY

         9.1      Intellectual Property.

         (a) With regard to any inventions, improvements and technical
information that are created or produced on or after the date of this Agreement
by any of the parties hereto in connection with the Services, or that are based
upon or suggested by any Proprietary Information of Cabot (the foregoing,
collectively, referred to herein as the "Term IP"), Davies agrees that Cabot
will be the sole and exclusive owner thereof, including all patents, copyrights,
and other intellectual property rights therein. Davies hereby assigns and agrees
to assign, without any additional compensation, all right, title and interest in
and to such inventions, improvements and technical information, including all
patents, copyrights and other intellectual property rights therein, to Cabot.
Davies further agrees, at Cabot's request and expense, to provide assistance to
Cabot in every reasonable way to perfect and vest title in and to such
inventions, improvements and technical information, including all patents,
copyrights and other intellectual property rights therein, in Cabot and to
assist Cabot in every reasonable way in obtaining and enforcing patents,
copyrights, and other intellectual property rights in and to such inventions,
improvements and technical information throughout the world.

         (b) The parties acknowledge that over the course of their relationship
and prior to the date of this Agreement, they, individually or jointly, have
created or produced certain inventions, improvements and technical information
relating to the processes and techniques for dispersing metal oxides (the
"Existing IP"). Except as provided in Section 8.2 hereof, the portion of the
Existing IP created or produced solely by Davies is referred to herein as the
"Davies IP." The portion of the Existing IP created or produced solely by Cabot
or jointly by Cabot and Davies, together with the Term IP, is referred to herein
as the "Cabot IP."

         9.2      Licenses.

         (a) Davies hereby grants to Cabot a fully paid-up, nonexclusive,
irrevocable, world-wide, perpetual license to use the Davies IP, including the
right for Cabot to sub-license the Davies IP to any of its subsidiaries,
affiliates or any third parties (collectively the "Sub-licensees").
Notwithstanding Section 8.3 hereof, the license provided for by this Section
9.2(a) shall include Cabot's and the Sub-licensees' right to use the Proprietary
Information of Davies.

         (b) Subject to Section 9.3 hereof, Cabot hereby grants to Davies a
fully paid-up, nonexclusive, irrevocable, world-wide, perpetual license to use
the Cabot IP, provided, however, that Davies may neither transfer any or all of
the Cabot IP to any third party, nor grant a sub-license with respect to any or
all of the Cabot IP.

         (c) The licenses granted pursuant to this Section 9.2 shall survive the
termination of this Agreement.

         9.3 Use of IP to Benefit Competitors. Davies agrees that from and after
the date hereof, and notwithstanding any termination of this Agreement, it will
not use either the Davies IP or the Cabot IP for the benefit of any entity
which, directly or indirectly, competes with any business carried on by Cabot or
any of Cabot's affiliates.

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SECTION 10.       RIGHT OF FIRST REFUSAL TO PURCHASE DAVIES' BUSINESS

         10.1     Offer.

         (a) If, at any time, Davies, Donn Davies or JoAnn Davies desires to
sell part or all of the equity of Davies (in an aggregate amount greater than
10% of the total equity) or the assets owned by Davies and used or useful in
connection with its metal oxide dispersion business (in a single transaction or
series of transactions) (the portion of assets or equity, as the case may be,
that Davies, Donn Davies or JoAnn Davies desires to sell referred to herein as
the "Business"), whether by merger, stock sale, asset sale or otherwise or in a
single transaction or a series of transactions, such party or parties shall
submit a written offer (the "Offer") to sell the Business to Cabot as provided
herein. The Offer shall disclose which assets or stock is proposed to be sold,
the terms and conditions, including price and payment terms, of the proposed
sale, and the prospective purchaser of the Business. The Offer shall further
state that Cabot may acquire all but not less than all of the Business for the
price and upon the other terms and conditions set forth therein.

         (b) If Cabot wishes to purchase the Business at the price and on the
terms and conditions set forth in the Offer, it shall, within 30 days from the
date of the Offer, notify Davies in writing (the "Acceptance").

         10.2 No Transfer Except as Provided. Davies shall not, at any time
during the Term of this Agreement, in any manner convey or transfer the
Business, or any part thereof, except in accordance with the terms and
conditions contained in this Section 10.

         10.3 Right to Sell to Third Party. If Cabot does not provide Davies
with an Acceptance within the 30-day period set forth in Section 10.1(b) hereof
(or if Cabot by notice to Davies earlier waives its right to purchase), Davies
shall be free, during the 120-day period following Davies' submission of the
Offer pursuant to Section 10.1(a) hereof, to convey the Business to the third
party identified in the Offer on terms and conditions (including price) no more
favorable to the third party than those contained in the Offer. If Davies does
not sell the Business within such 120-day period, the Business shall again
become subject to this right of first refusal.

         10.4 Right to Remove Assets. If Davies enters into an agreement to sell
the Business to such third party in accordance with the provisions of this
Section 10, it shall notify Cabot at least 30 days prior to the closing of such
sale and Cabot shall be permitted at Cabot's expense to remove the Cabot Assets
(as defined below) prior to any such sale.

         SECTION 11.       NONCOMPETITION AND RELATED PAYMENTS

         (a) Each of Davies, Donn Davies and JoAnn Davies (collectively, the
"Davies Group") hereby acknowledges the value each shall receive from the
execution of this Agreement by the other parties hereto, including Cabot, and
the benefits associated therewith. In consideration for such value each member
of the Davies Group hereby agrees that during the Term and the Additional
Non-Compete Period (as defined below), none of the members of the Davies Group
shall provide or assist any other person or entity to provide metal oxide
dispersion services to any Competitor. In the event of a breach of this Section
11(a) by any member of the Davies Group, none of the members of the Davies Group
shall receive any part of the Noncompetition Payment. For purposes of this
Section 11, "Competitor" shall mean any person or entity (other than Cabot and
Cabot's affiliates) that, directly or indirectly, competes with any business
carried on by Cabot or any of Cabot's affiliates. As used herein, "Additional
Non-Compete Period" shall mean (a) if Davies shall give notice of election not
to renew the Agreement in accordance with Section 1 hereof (a "Non-Renewal
Notice") or if Cabot shall terminate this Agreement pursuant to Section 13.1
hereof, a period of [ ] after the termination of the Agreement, or (b) if Cabot
shall give a Non-Renewal Notice or if both Davies and Cabot shall give a
Non-Renewal Notice or if Davies shall terminate this Agreement pursuant to
Section 13.3 hereof, a period of[ ] after the termination of the Agreement.

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         (b) If Cabot shall give a Non-Renewal Notice, if Davies shall terminate
this Agreement pursuant to Section 13.3 hereof or if Cabot shall terminate this
Agreement pursuant to Section 13.1(a), 13.1(b) or 13.1(c), Cabot shall pay to
the Davies Group in consideration for such noncompetition covenant the following
total amount (the "Noncompetition Payment"), to be divided equally among those
members of the Davies Group in existence or living at the commencement of the
Additional Non-Compete Period:

                  (i) [ ] if such notice by Cabot is at the end of the Initial
Term;

                  (ii) [ ] if such notice by Cabot is at the end of the first
Renewal Term (if at all);

                  (iii) [ ] if such notice by Cabot is at the end of the second
Renewal Term (if at all); and

                  (iv) [ ] if such notice by Cabot is at the end of any Renewal
Term thereafter.

The Noncompetition Payment will be payable in two equal installments on the date
of any such termination and on the first anniversary thereof.

SECTION 12.       WARRANTIES

         12.1 Warranty as to Products. Davies represents and warrants to Cabot
that, when shipped to Cabot or a customer of Cabot, as the case may be, by
Davies, the Products will conform in all respects to the specifications then in
effect and as then set forth in the materials specified on Schedule A hereto.

         12.2 Quality Control. Quality control with respect to the Products
shall be performed in accordance with the terms contained in the materials
specified on Schedule A hereto.

         12.3 Rejection. Subject to the following sentence, Cabot shall not be
obligated to accept or pay for Services relating to any batch or lot containing
Product not conforming to the specifications then in effect for such Product. If
such non-conformity is the result of materials or formulae provided by Cabot,
Cabot shall pay Davies for the Services relating to such batch or lot and such
amount shall count toward the volume requirements contained in Section 2.4
hereof.

         12.4 Warranty as to Violations. Davies represents and warrants that
there is no past or present violation of, and there is no pending or threatened
action, suit or proceeding relating to, any alleged violation of any laws,
ordinances, rules or regulations relating to the environment or otherwise
governing, directly or indirectly, any hazardous substances, wastes or materials
in connection with the business, properties or operations of Davies.

SECTION 13.       TERMINATION

         Cabot and Davies each acknowledge that in the performance of this
Agreement, including any exercise of termination rights under this Section, it
will act in good faith.

         13.1 Davies Default. Cabot may terminate this Agreement in the event of
any one or more of the following occurrences (each a "Davies Default"):

         (a) upon Davies' filing a petition for adjudication as a bankrupt, for
reorganization or for an arrangement under any bankruptcy or insolvency law;

         (b) if any involuntary petition under any bankruptcy or insolvency law
is filed against Davies, is not dismissed within thirty (30) days thereafter and
is then continuing;

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         (c) if Davies shall make an assignment of all or substantially all of
its assets for the benefit of creditors, or if Davies' interest under this
Agreement shall be taken upon execution;

         (d) if Davies shall fail to perform any material covenant or material
obligation hereunder, except as excused under Section 20.10 hereof, and such
failure has not been cured within thirty (30) days following Cabot's written
notice to Davies of such failure; or

         (e) in the event that Davies is no longer owned or controlled by either
Donn Davies or JoAnn Davies.

         13.2 Continuation of Supply. Notwithstanding any termination of this
Agreement, in the event of a Davies Default, Davies shall nevertheless continue
to have the obligation to perform the Services for Cabot for a period of 120
days after termination of this Agreement by Cabot on the terms and conditions
contained herein.

         13.3 Cabot Default. Davies may terminate this Agreement in the event of
any one or more of the following occurrences (each a "Cabot Default"):

         (a) upon Cabot's filing a petition for adjudication as a bankrupt, for
reorganization or for an arrangement under any bankruptcy or insolvency law;

         (b) if any involuntary petition under such law is filed against Cabot,
is not dismissed within thirty (30) days thereafter and is then continuing;

         (c) if Cabot shall make an assignment of all or substantially all of
its assets for the benefit of creditors, or if Cabot's interest under this
Agreement shall be taken upon execution; or

         (d) if Cabot shall fail to perform any material covenant or material
obligation hereunder and such failure has not been cured within thirty (30) days
following Davies' written notice to Cabot of such failure.

         13.4     Effect of Termination.

         (a) Termination of this Agreement, whether by lapse of time, mutual
consent, operation of law, exercise of right of termination or otherwise shall
not affect the ownership interests in the respective proprietary and other
rights of the parties.

         (b) Upon any termination of this Agreement, Davies shall continue to
have the obligation to perform the Services to fill any outstanding orders
received by Davies prior to the receipt of notice of termination.

         (c) The provisions contained in Sections 8, 9, 10.4, 11, 12, 13.2,
13.4, 14, 15, 18, 19 and 20.9hereof shall survive the termination of this
Agreement.

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SECTION 14.       CABOT ASSETS; PROTECTION OF RIGHTS

         14.1 Cabot Assets. The parties acknowledge and agree that Cabot owns
all right, title and interest in (a) the equipment and assets listed on Schedule
C hereto and which are located at Davies' facility in Hammond, Indiana, (b)
those assets purchased with the CapEx Investment pursuant to Section 5 hereof,
(c) all raw materials and packaging materials provided to Davies pursuant to
Section 2.2(a) hereof, and (d) all Products (collectively, the "Cabot Assets").
All of the Cabot Assets shall be subject to removal in accordance with the terms
of this Agreement; provided, however, that all pipes, cables and wiring
installed in the walls, ceilings, roof, floors or subfloors of Davies' facility
and used in connection with the Cabot Assets shall remain property of Davies
whether supplied or installed by Cabot or Davies.

         14.2 Protection of Rights. Davies shall do all such things and execute
all such documents (including without limitation, financing statements) as Cabot
deems necessary or desirable to enable Cabot to protect its title to and
preserve its rights in the Cabot Assets.

SECTION 15.       REMEDIES

         The relationship between Davies, Donn Davies or JoAnn Davies on the one
hand, and Cabot on the other hand, and which is reflected in this Agreement is
unique and has a value which may not be readily measured in monetary terms. Each
of Cabot, Davies, Donn Davies and JoAnn Davies agrees that in the event of a
violation by it of any of its undertakings hereunder, the non-breaching party
shall be entitled (a) to specific performance and injunctive and other equitable
relief; (b) to recover from the breaching party monetary damages caused by any
such violation; and (c) to any other rights and remedies that may be available
at law or in equity, which rights and remedies may be exercised, at the option
of the non-breaching party, concurrently with any other right or remedy provided
in this Agreement. The remedies provided herein shall not be exclusive and shall
be in addition to any other rights or remedies now or hereafter existing at law
or in equity, by statute or otherwise.

SECTION 16.       RELATIONSHIP OF PARTIES

         Davies and Cabot are each independent contractors. Nothing herein
contained shall be construed to place Davies and Cabot in the relationship of
principal and agent, master and servant, partners, joint venturers, and, except
as otherwise set forth in this Agreement, neither party shall have, expressly or
by implication, the power to represent themselves as having any authority to
make contracts in the name of or binding upon the other, or to obligate or bind
the other in any manner whatsoever.

SECTION 17.       COMPLIANCE WITH LAWS

         Davies warrants and agrees that during the Term it shall observe and
comply in all material respects with all applicable federal, state, local and
foreign laws, ordinances, statutes, standards, rules, regulations and orders,
including but not limited to those relating to safety and health and the
environment. Davies shall be responsible for obtaining all permits and licenses
from governmental authorities and from private parties that are required in
connection therewith. Davies shall be responsible for the handling, disposal and
release of packaging material waste generated by Davies during the term of this
Agreement. Cabot shall be responsible for the disposal of all off-quality
Product, except for that which is off-quality through no fault of Cabot. Cabot
and Davies shall make good faith efforts to jointly pursue a waste minimization
program in connection with the manufacturing of Products pursuant to this
Agreement.

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SECTION 18.       CONSENTS; NOTICES

         Unless otherwise set forth herein, whenever any consent or approval is
required of either party, it must be given to the other party in writing and
delivered in accordance with the provisions of this Section 18. Any notice of a
party shall be in writing and shall be given by (a) telecopier with original
posted first class mail, postage prepaid, within two (2) business days
thereafter; (b) certified or registered mail with an acknowledgment of receipt,
postage prepaid, return receipt requested; or (c) a reputable private courier,
such as Federal Express, which provides evidence of receipt as a part of its
delivery service, and addressed as follows:

         If to Cabot:                       Cabot Corporation
                                            500 Commons Drive
                                            Aurora, IL  60504
                                            Attn: Operations Director
                                            Telecopier:  (630) 585-9981

         If to Davies:                      Davies-Imperial Coatings, Inc.
                                            1275 State Street
                                            P.O. Box 790
                                            Hammond, IN 46325
                                            Attn: Donn T. Davies
                                            Telecopier: ___________

         If to Donn T. Davies:              Donn T. Davies
                                            c/o Davies-Imperial Coatings, Inc.
                                            1275 State Street
                                            P.O. Box 790
                                            Hammond, IN 46325
                                            Telecopier: ___________

         If to JoAnn Davies:                JoAnn Davies
                                            c/o Davies-Imperial Coatings, Inc.
                                            1275 State Street
                                            P.O. Box 790
                                            Hammond, IN 46325
                                            Telecopier: ___________

or to such other address as may be designated in writing by any of the parties
from time to time in accordance herewith, and shall be deemed delivered two (2)
business days following delivery by hand, by private courier or when so
telecopied and five (5) business days following proper dispatch by certified or
registered mail. A business day is any Monday through Friday on which first
class mail is delivered.

SECTION 19.       ATTORNEYS' FEES

         If any action or proceeding is brought to enforce or interpret any
provision of this Agreement then, in addition to any other relief to which the
prevailing party may be entitled, the prevailing party shall be entitled to
recover its reasonable costs and attorneys' fees.

                                       10
<PAGE>   11

SECTION 20.       GENERAL

         20.1 Severability. If any provision of this Agreement shall be found to
be invalid or unenforceable, then such provision or provisions shall not
invalidate or in any way affect the enforceability of the remainder of this
Agreement and such provision or provisions shall be curtailed and limited to the
extent necessary to bring the Agreement within any legal requirement and the
parties shall negotiate in good faith with respect to an equitable modification
of the provision or application thereof held to be invalid.

         20.2 Modification; Waivers. Except as expressly provided herein, this
Agreement may be modified or amended only with the written consent of each party
hereto. Neither party hereto shall be released from its obligations hereunder
without the written consent of the other party. The observance of any term of
this Agreement may be waived (either generally or in a particular instance and
either retroactively or prospectively) by the party entitled to enforce such
term, but any such waiver shall be effective only if in a writing signed by the
party against which such waiver is to be asserted. Except as otherwise
specifically provided herein, no delay on the part of either party hereto in
exercising any right, power or privilege hereunder shall operate as a waiver
thereof, nor shall any waiver on the part of either party hereto of any right,
power or privilege hereunder operate as a waiver of any other right, power or
privilege hereunder nor shall any single or partial exercise of any right, power
or privilege hereunder preclude any other or further exercise thereof or the
exercise of any other right, power or privilege hereunder.

         20.3 Succession. This Agreement shall be binding upon and shall inure
to the benefit of the parties hereto and their respective successors and other
legal representatives and, to the extent that any assignment hereof is permitted
hereunder, their assignees.

         20.4 Counterparts. This Agreement may be executed in counterparts. Each
counterpart, including a signature page executed by each of the parties hereto,
shall be an original counterpart of this Agreement, but all of such counterparts
together shall constitute one instrument.

         20.5 Further Assurances. Each party agrees to provide any additional
documents and take any such further action as may be reasonably requested by the
other party in order to carry out the purpose and intent of this Agreement.

         20.6 Entire Agreement. This Agreement contains the full and complete
undertaking and agreement among the parties hereto with respect to the within
subject matter, and supersedes all other agreements between Cabot on the one
hand, and Davies, Donn Davies, or JoAnn Davies on the other, whether written or
oral except any confidentiality agreements between the parties, which shall, to
the extent such agreements do not contradict the terms of this Agreement,
continue in effect.

         20.7 Headings. The headings of the sections and other subdivisions of
this Agreement are for convenient reference only. They shall not be used in any
way to govern, limit, modify, construe this Agreement or any part or provision
thereof nor otherwise be given any legal effect.

         20.8 Assignees and Third Parties. This Agreement may not be assigned by
either party without the prior written consent of the other party and any
attempted assignment without such consent shall be null and void; provided,
however, that Cabot may assign this Agreement to a subsidiary or affiliated
company.

         20.9 Governing Law. This Agreement shall be governed by and construed
and enforced in accordance with the laws of the Commonwealth of Massachusetts,
without giving effect to principles of conflicts or choice of laws of
Massachusetts or of any other jurisdiction.

                                       11
<PAGE>   12

         20.10 Force Majeure. Each of the parties hereto shall be excused from
delays in performing or from failure to perform hereunder to the extent that
such delays or failures result from causes beyond the reasonable control of such
party; provided that, in order to be excused from delay or failure to perform,
such party must act diligently to remedy the cause of such delay or failure.

                  [remainder of page intentionally left blank]

                                       12
<PAGE>   13

         IN WITNESS WHEREOF, the parties hereto have set their hands to this
Agreement as a sealed instrument and have delivered this Agreement as of the day
and year first above written.

                                      DAVIES-IMPERIAL COATINGS, INC.

                                      By:  /s/  Donn Davies
                                           ------------------------------------
                                      Its:  President

                                      CABOT CORPORATION

                                      By:  /s/  Matthew Neville
                                           ------------------------------------
                                      Its:  Vice President and General Manager

                                      Solely for purposes of
                                      Sections 10.1, 11, 13.4,
                                      15, 18, 19, 20.6 and 20.9:

                                      /s/  Donn Davies
                                      ------------------------------------
                                      Donn Davies

                                      Solely for purposes of
                                      Sections 10.1, 11, 13.4,
                                      15, 18, 19, 20.6 and 20.9:

                                      /s/  JoAnn Davies
                                      ------------------------------------
                                      JoAnn Davies

                                       13
<PAGE>   14

                                   SCHEDULE A

            Products, Materials Specifying Specifications, Formulae,
                     Processes, Quality Control, Maintenance

<TABLE>
<CAPTION>
    PRODUCT                      FORMULA                 CONTROL PLAN                 SPECIFICATION          DAVIES TEST METHODS
                             (REVISION DATE)     EFFECTIVE DATE/ REVISION LEVEL)    (SPECIFICATION NO./       (TEST METHOD NUMBER)
                                                                                      REVISION DATE)
<S>                          <C>                 <C>                                <C>                    <C>
Cab-0-Sperse(R) II               9/19/96                 8-5-96, Rev A                     [ ]                101, 200, 300, 302
Cab-0-Sperse(R) SC-E             5/04/95                10-1-97, Rev A                     [ ]                101, 200, 300, 302
Cab-0-Sperse(R) SC-1             9/27/94                4-28-98, Rev B                     [ ]                101, 200, 300, 302
Cab-0-Sperse(R) SC-112          10/07/94                 6-1-97, Rev A                     [ ]                101, 200, 300, 302
Cab-0-Sperse(R) SC-113           9/18/96                 6-1-97, Rev A                     [ ]                101, 200, 300, 302
Cab-0-Sperse(R) SC-720           3/28/95                 5-1-97, Rev A                     [ ]                101, 200, 300, 302
Cab-0-Sperse(R) 5010             7-10-98                 5-1-97, Rev A                     [ ]                     101, 300
Cab-0-Sperse(R) A105             5/04/95                10-1-97, Rev A                     [ ]                101, 200, 300, 302
Cab-0-Sperse(R) A205             7/5/94                  8-5-96, Rev A                     [ ]                101, 200, 300, 302
Cab-0-Sperse(R) A1095            2/1/93                 10-1-97, Rev A                     [ ]                101, 200, 300, 302
Cab-0-Sperse(R) A1695            7/5/93                 10-1-97, Rev A                     [ ]                101, 200, 300, 302
Cab-0-Sperse(R) A2095            7/6/94                 10-1-97, Rev A                     [ ]                101, 200, 300, 302
Cab-0-Sperse(R) A8875            7/16/93                10-1-97, Rev A                     [ ]                101, 200, 300, 302
Cab-0-Sperse(R) P1010            9/27/94                10-1-97, Rev A                     [ ]                101, 200, 300, 302
Cab-0-Sperse(R) P1685           11/18/93                10-1-97, Rev A                     [ ]                101, 200, 300, 302
Cab-0-Sperse(R) S109             5/16/96                10-1-97, Rev A                     [ ]                101, 200, 300, 302
Cab-0-Sperse(R) S2095            7/6/94                 10-1-97, Rev A                     [ ]                101, 200, 300, 302
Cab-0-Sperse(R) S3295            7/6/94                 10-1-97, Rev A                     [ ]                101, 200, 300, 302
Cab-0-Sperse(R) LT11X            8/23/96                10-1-97, Rev A                     [ ]                101, 200, 300, 302
Cab-0-Sperse(R) LT12X            8/23/96                10-1-97, Rev A                     [ ]                101, 200, 300, 302
Cab-0-Sperse(R) LT312            8/23/96                10-1-97, Rev A                     [ ]                101, 200, 300, 302
Cab-0-Sperse(R) LT322            9/18/96                10-1-97, Rev A                     [ ]                101, 200, 300, 302
Cab-0-Sperse(R) LT511            8/23/96                10-1-97, Rev A                     [ ]                101, 200, 300, 302
Semi-Sperse(R) 11                1/12/96                10-1-97, Rev A                     [ ]                101, 200, 300, 302
Semi-Sperse(R) 12                1/12/96                 5-1-97, Rev A                     [ ]                101, 200, 300, 302
Semi-Sperse(R) 25                5/04/95                4-28-98, Rev B                     [ ]             101, 200, 300, 302, 600
Semi-Sperse(R) R225            12-June-98                8-5-96, Rev A                     [ ]             101, 200, 300, 302, 600
Semi-Sperse(R) 6025              5/4/95                 4-28-98, Rev B                     [ ]             101, 200, 300, 302, 600
Semi-Sperse(R) DWB-100C          5/13/97                10-1-97, Rev A                     [ ]                101, 200, 300, 302
Semi-Sperse(R) KD-100C           7/11/97                 5-1-97, Rev A                     [ ]             101, 200, 300, 302, 400,
 (w/kathon)                                                                                                        600, 606
Semi-Sperse(R) W-A355(Base)      5/17/96                      N/A                          [ ]             101, 200, 300, 302, 500
Semi-Sperse(R) W-A355/           5/17/96                 8-5-96, Rev A                     [ ]             101, 200, 300, 302, 500
               W-A400
Semi-Sperse(R) W-A355            3/21/96                      N/A                          [ ]             101, 200, 300, 302, 500
 (High Solids)
Semi-Sperse(R) FE-10             5/23/96                 8-5-96, Rev A                     [ ]             101, 200, 300, 302, 501
</TABLE>

<PAGE>   15
<TABLE>
<S>                         <C>                      <C>                                 <C>             <C>
Semi-Sperse(R) FE-400        7/02/96                 5-1-97, Rev A                       [ ]             101, 200, 300, 302, 501
Fullgrip WB 4722             9/19/96                 8-5-96, Rev A                       [ ]                101, 200, 300, 302
Fullgrip WB 4722            12/18/96                 8-5-96, Rev A                       [ ]                101, 200, 300, 302
 (dirty water)
Fullgrip WB 4728             9/19/96                 8-5-96, Rev A                       [ ]                101, 200, 300, 302
</TABLE>

                                       2
<PAGE>   16

                                   SCHEDULE B

                                     Prices

              CONVERSIONS CHARGES:

<TABLE>
<CAPTION>
                                                                                                         Price/Lb.,
                                                                                                             F.O.B.
                                                                                                         Hammond, IN
              Product                                      Weight per 55-gal. Drum
<S>                                                        <C>                                           <C>
              [     ]                                      516                                              $[     ]
              [     ]                                      500                                              $[     ]
              [     ]                                      491                                              $[     ]
              [     ]                                      531                                              $[     ]
              [     ]                                      505                                              $[     ]
              [     ]                                      506                                              $[     ]
              [     ]                                      492                                              $[     ]
              [     ]                                      548                                              $[     ]
              [     ]                                      509                                              $[     ]
              [     ]                                      516                                              $[     ]
              [     ]                                      506                                              $[     ]
              [     ]                                      500                                              $[     ]
              [     ]                                      499                                              $[     ]
              [     ]                                      500                                              $[     ]
              [     ]                                      500                                              $[     ]
              [     ]                                      500                                              $[     ]
              [     ]                                      500                                              $[     ]
              [     ]                                      500                                              $[     ]
              [     ]                                      548                                              $[     ]
              [     ]                                      492                                              $[     ]
              [     ]                                      495                                              $[     ]
              [     ]                                      492                                              $[     ]
              [     ]                                      613                                              $[     ]
              [     ]                                      489                                              $[     ]
              [     ]                                      493                                              $[     ]
              [     ]                                      536                                              $[     ]
              [     ]                                      536                                              $[     ]
</TABLE>

<PAGE>   17

<TABLE>

<S>                                                        <C>                                              <C>
              [     ]                                      531                                              $[     ]
              [     ]                                      504                                              $[     ]
              [     ]                                      489                                              $[     ]
              [     ]                                      480                                              $[     ]
              [     ]                                      480                                              $[     ]
              [     ]                                      480                                              $[     ]
              [     ]                                      480                                              $[     ]
              [     ]                                      480                                              $[     ]
              [     ]                                      516                                              $[     ]
              [     ]                                      515                                              $[     ]
</TABLE>

              MISCELLANEOUS CHARGES:

              Monthly Storage                              $[     ]

              Monthly Equipment Maintenance                $[     ]

              Sample preparation
                 25 or less                                $[     ]
                 over 25                                   $[     ]

              Hazardous Material Labeling Charge           $[     ]

              Dangerous Goods Preparation                  $[     ]

              Palletizing with 6-way bands                 $[     ]

              Pallets for Bracing Intel Tote Loads         $[     ]

              Drum Condoms
                 single                                    $[     ]
                 double                                    $[     ]

              Power Washing
                Regular                                    $[     ]
                Wash and Insert Dip-Tubes                  $[     ]

                                       2
<PAGE>   18

              Aurora Delivery via Davies truck             $[     ]

              Recertify Totes and install certification
              placard                                      $[     ]

              Install metal [     ] Placards on totes
                                                           $[     ]

              Rebills                                      $$[     ] per invoice

                                       3

<PAGE>   19

                                   SCHEDULE C

                                   Asset List
                        Cabot Owned Equipment at Davies*
                                    10/27/98

               *The parties agree that this schedule is substantially accurate
               as of October 27, 1998, but that greater detail, and any assets
               inadvertently left off the list, will be added within a
               reasonable time after execution of the agreement

                             DESCRIPTION                        QUANTITY

               10,000 pound Cardinal Scale                          1
               500 pound scale                                      1
               75 pound scale                                       1
               [     ]                                              5
               [     ]                                              5
               [     ]                                             10
               Clean filling room                                   2
               36,000 BTU air conditioners                          4
               24,000 BTU air conditioners                          2
               200,000 BTU furnaces                                 2
               York air handler                                     2
               Stainless steel power washers                        5
               Brass power washer                                   1
               [     ]                                              1
               [     ]                                              1
               [     ]                                              3
               Single housing filter unit                           8
               Double housing filter units                          5
               [     ]                                              1
               [     ]                                              1
               [     ]                                              1
               [     ]                                              1
               [     ]                                              1
               [     ]                                              3
               [     ]                                              6
               Bag dump/compactor units                             4
               RO equipment only (excludes instrumentation)         1
               Mettler Toledo density meter                         1
               [     ]                                              1
               Weber label printers                                 2
               VWR lab oven                                         1
               [     ]                                              1
               [     ]                                              2
               And lab balance                                      1<PAGE>   1
                                                                   Exhibit 10.13

[LOGO]

                              DATED 28TH MARCH 2000

                         LANDLORD: CABOT CARBON LIMITED

                                       and

                         TENANT: CABOT MICROELECTRONICS
                                   CORPORATION

                               SUB-SUB-UNDERLEASE
                                       OF
                  LAND AT THE SOUTH SIDE OF CARDIFF ROAD, BARRY

                   Term: 10 years beginning on 28th March 2000

                  Initial Rent: pound sterling 37,788 per annum
<PAGE>   2
                                    CONTENTS

                                                                            PAGE

1.    DEFINITIONS........................................................     2
2.    INTERPRETATION.....................................................     4
3.    DEMISE.............................................................     5
4.    THE TENANT'S COVENANTS.............................................     5
   4.1   Rent............................................................     5
   4.2   Outgoings and Utilities.........................................     5
   4.3   Repair..........................................................     6
   4.4   Permitted Use...................................................     6
   4.5   Restrictions on Use.............................................     6
   4.6   Alienation......................................................     7
   4.7   Alterations.....................................................     7
   4.8   Notices.........................................................     7
   4.9   Statutes........................................................     8
   4.10     Planning.....................................................     8
   4.11     Landlord's Costs.............................................     8
   4.12     Permit Landlord to Enter.....................................     9
   4.13     To Insure....................................................     9
   4.14     Defective Premises Act 1972..................................    10
   4.15     Covenants Affecting the Reversion............................    10
   4.16     Common facilities............................................    10
   4.17     Protection of the Demised Premises and adjoining premises....    10
   4.18     Information..................................................    11
   4.19     Protection of Easements......................................    11
   4.20     Indemnities..................................................    11
   4.21     Reletting and Sale Boards....................................    12
   4.22     Not to vitiate insurance.....................................    12
   4.23     Yield up.....................................................    13
   4.24     Superior Lease...............................................    13
   4.25     VAT..........................................................    13
   4.26     Plant Air Supply ............................................    13

5.    LANDLORD'S COVENANTS...............................................    14
   5.1   Quiet Enjoyment.................................................    14
   5.2   Insurance.......................................................    14
   5.3   To Reinstate....................................................    15
   5.4   Headlease.......................................................    15
   5.5   Management of the Property......................................    13
   5.6   Information.....................................................    14

6.    PROVISOS...........................................................    16
   6.1   Re-Entry........................................................    16
   6.2   Service of Notices..............................................    17
   6.3   Compensation....................................................    18

                                       2
<PAGE>   3
   6.4   Use.............................................................    18
   6.5   Release of the Landlord.........................................    15
   6.6   Proviso for Abatement of Rent...................................    18
   6.7   Neighbouring Property...........................................    19
   6.8   Removal of Tenant's property....................................    19
   6.9   Disputes........................................................    19
   6.10     Easements....................................................    20
   6.11     Landlord's Option to Determine...............................    20
   6.12     Expansion Right..............................................    20
   6.13     Jurisdiction.................................................    21
   6.14     Landlord and Tenant Act 1954.................................    22
FIRST SCHEDULE...........................................................    23
(Particulars of the Demised Premises)....................................    23
SECOND SCHEDULE..........................................................    25
(Matters to which the demise is subject).................................    25
THIRD SCHEDULE...........................................................    26
(Rent Review)............................................................    26

                                       3
<PAGE>   4
THIS SUB-SUB-UNDERLEASE is made the 28th day of March 2000

BETWEEN:

(1)      CABOT CARBON LIMITED a company registered in England under No. 462857
         and whose registered office is at Stanlow Ellesmere Port Cheshire L65
         4HT (the "LANDLORD");

(2)      CABOT MICROELECTRONICS CORPORATION whose address is Cab O Sil Site,
         Sully Moors Road, Sully, South Glamorgan, CF64 5RP (the " TENANT ").

WITNESSES that:

1.       DEFINITIONS

1.1      In this Lease:

         "THE BUILDING" means the building upon the Demised Premises housing the
         dispersion plant and equipment;

         "BUSINESS DAY" means a day (excluding Saturday and Sunday) on which
         banks generally are open for business in London;

         "CONDUITS" means all conducting media of whatever nature (including
         without limitation sewers drains pipes galleys gutters ducts flues
         watercourses channels subways wires and cables) including any tanks
         meters sprinklers fixings louvres cowls and any other ancillary
         apparatus attached thereto;

         "THE CONTRACTUAL TERM" has the meaning given to it in Clause 3;

         "THE DEMISED PREMISES" means the premises described in Part I of the
         First Schedule;

         "GROUP" is to be construed so that two bodies corporate shall be taken
         to be members of a Group if and only if one is a subsidiary of the
         other or both are subsidiaries of a third body corporate. A Company is
         a subsidiary of another Company its "Holding Company" if the Holding
         Company:

         (a)      holds the majority of the voting rights in the subsidiary or;

         (b)      is a member of the subsidiary and has the right to appoint or
                  remove a majority of its board of directors or;

         (c)      is a member of the subsidiary and controls alone pursuant to
                  an agreement with other shareholders or members a majority of
                  the voting rights in it or

         (d)      if the Holding Company is a subsidiary of a company which is
                  itself a subsidiary of that other company.

A company is a wholly owned subsidiary of another company if it has no members
except that

                                       1
<PAGE>   5
other and that others wholly owned subsidiaries or persons acting on behalf of
that other or its wholly owned subsidiaries.

         "THE HEADLEASE" means a sub-underlease dated 22 June 1995 made between
         Morgan Grenfell & Co Ltd (1) and the Landlord (2) in respect of the
         Property including the Demised Premises;

         "THE INSURANCE RENT" means the cost to the Landlord from time to time
         of insuring the Demised Premises;

         "THE INSURED RISKS" means fire storm tempest flood lightning explosion
         riot civil commotion and malicious damage acts of terrorism earthquake
         impact aircraft (other than hostile aircraft) and (except in time of
         war) articles dropped therefrom bursting and overflowing of water tanks
         apparatus and pipes and property owners liability and such other risks
         against which the Landlord may from time to time insure;

         "THE LANDLORD" includes the person for the time being entitled to the
         reversion immediately expectant on the determination of the Term;

         "THIS LEASE" means this sub-sub-underlease;

         "THE PLAN" means the plan attached to this Lease;

         "THE PLANNING ACTS" means the Town and Country Planning Acts for the
         time being in force;

         "THE PRESCRIBED RATE" means four per cent above the base leading rate
         from time to time of Lloyds TSB Bank Plc;

         "THE PROPERTY" means the land and buildings shown edged blue on the
         plan annexed hereto and more particularly described in the Headlease

         "RENT" means the rent payable pursuant to Clause 3;

         "THE SERVICES" means the services described in Parts 2, 3 and 4 of the
         Fourth Schedule

         "THE SERVICE CHARGE" has the meaning given to it in the Fourth Schedule

         "SUPERIOR LANDLORD" means any person for the time being entitled to any
         interest reversionary to the Headlease;

         "THE TENANT" shall include the successors in title and personal
         representatives of the Tenant;

         "THE TERM" means the Contractual Term together with any continuation or
         extension thereof whether statutory or otherwise or such shorter period
         up to the date of any early determination of the Contractual Term;

                                       2
<PAGE>   6
         "TREATED PLANT" means the Landlord's plant and equipment in the area
         shown hatched yellow on the Plan;

         "UTILITIES" means water soil gas steam air electricity telephone radio
         television telegraphic and other signals services and supplies of any
         nature;

         "VAT" means United Kingdom Value Added Tax

2.       INTERPRETATION

         In this Lease unless the context requires otherwise:

2.1      Where any party hereto consists of two or more persons any obligations
         stated or implied to be made by or with any of them shall be deemed to
         be made by or with them jointly and severally.

2.2      Any reference to Acts of Parliament generally or to any Act of
         Parliament or to the Planning Acts includes a reference to the relevant
         Act or Acts as amended ore replaced from time to time and to any
         subordinate legislation order instrument plan regulation permission and
         direction made or issued thereunder or deriving validity therefrom.

2.3      The headings shall not affect the interpretation of this Lease.

2.4      The singular includes the plural and vice versa and the masculine
         includes the feminine and neuter and vice versa.

2.5      Any covenant by the Landlord or the Tenant not to do any act or thing
         shall covenant by the Landlord or the Tenant not to do any act or thing
         shall include an obligation not to permit such act or thing to be done.

2.6      References to a clause or schedule are to the relevant clause or
         schedule in this Lease.

2.7      Any provision herein conferring on or reserving to the Landlord any
         right shall be construed as conferring that right also to any Superior
         Landlord and to any person authorised by the landlord or any Superior
         Landlord.

2.8      References to the Demised Premises shall be read as references to the
         whole and each and every part of the Demised Premises.

2.9      Except as otherwise herein provided expressions defined in the
         Agreement have the same meanings in this Lease.

3.       DEMISE

         The landlord DEMISES to the Tenant the Demised Premises TO HOLD the
         same unto the Tenant for a term of 10 YEARS beginning on and including
         March 28 2000 ("the Contractual Term") TOGETHER WITH the rights set out
         in Part II of the First Schedule SUBJECT TO the exceptions and
         reservations in Part III of the First Schedule all easements rights
         quasi-easements and privileges to which the Demised

                                       3
<PAGE>   7
         Premises are or may be subject and the provisions or matters contained
         or referred to in the documents referred to in the Second Schedule
         insofar as the same affect the Demised Premises and are capable of
         being enforced.

         YIELDING AND PAYING therefor during the Term the following rents:

3.1      the yearly rent of pound sterling 37,788 (subject to revision in
         accordance with the Third Schedule) payable by equal quarterly
         instalments in advance on the usual quarter days without any deduction
         save as may be required by law;

3.2      by way of further rent payable on demand the Insurance Rent;

3.3      by way of further rent the Service Charge and all other sums payable by
         the terms of this Lease;

         all Rent and other payments shall be paid on the dates set out herein
         or if any of those dates is not a Business Day on the immediately
         succeeding Business Day.

4.       THE TENANT'S COVENANTS

         The Tenant HEREBY COVENANTS with the Landlord as follows:-

4.1      RENT

         To pay the rents as aforesaid.

4.2      OUTGOINGS AND UTILITIES

4.2.1    To pay all outgoings (including without limitation all rates taxes
         duties charges assessments and impositions whatsoever) payable now or
         at any time during the Term in respect of the Demised Premises or the
         ownership or occupation thereof except any tax payable by the Landlord
         in respect of its ownership of, rental income from or any dealing with
         its reversionary interest.

4.2.2    To pay to the suppliers and indemnify the Landlord against all charges
         (together with any applicable VAT thereon) for Utilities used at the
         Demised Premises;

4.2.3    If any outgoings or Utilities are payable in respect of the demised
         premises in common with the Property or other premises the Tenant will
         on demand pay to the Landlord a fair proportion (determined according
         to use if appropriate) thereof to be determined by the Landlord's
         surveyor (his decision shall be binding on the Tenant) and to be
         recoverable as rent in arrears.

4.2.4    To pay to the Landlord on demand a sum equivalent to any actual loss of
         rating relief (if any) suffered by the Landlord as a result of the
         Tenant being allowed rating relief in respect of any period before the
         end of the Term (however determined).

4.3      REPAIR

4.3.1    Consistent with past practice to keep the Demised Premises in a good
         state of repair

                                       4
<PAGE>   8
         and condition

4.3.2    To put and keep in good repair and condition and when necessary replace
         and cause to be inspected and overhauled by some competent person at
         least once in every six months all landlord's fixtures and fittings and
         all plant installed in or forming part of the Demised Premises from
         time to time.

4.3.3    As often as maybe required in order to maintain the Demised Premises in
         reasonable condition to decorate the Demised Premises in a good and
         workmanlike manner with appropriate materials of good quality and in
         any event to decorate during the last year of the term (howsoever
         determined).

4.3.4    To effect all repairs under clauses 4.3.1 to 4.3.3 of which notice in
         writing shall be served on the Tenant by the Landlord and for which the
         Tenant is liable hereunder within three months after the date of
         service or forthwith in the case of emergency.

4.3.5    If the Tenant fails to comply with any such notice the Landlord may
         with or without workmen and appliances (but without prejudice to the
         right of re-entry hereinafter contained) enter upon the Demised
         Premises and make good the same at the cost of the Tenant which cost
         shall be repaid by the Tenant to the Landlord on demand together with
         all professional charges and other expenses incurred by the Landlord in
         connection therewith together with interest thereon at the Prescribed
         Rate from the date of payment by the Landlord to the date of payment by
         the Tenant.

4.4      PERMITTED USE

         To procure that the Demised Premises are not used otherwise than as a
         CMP materials production plant or for such other use as the Landlord
         shall approve (such approval not to be unreasonably withheld or
         delayed).

4.5      RESTRICTIONS ON USE

         To procure that the Demised Premises and any rights granted to the
         Tenant hereunder are not used or exercised:

4.5.1    for any dangerous noxious offensive illegal or immoral purpose and not
         to cause permit or suffer any waste or noxious substance or other
         contamination upon or leaching from the Demised Premises;

4.5.2    in such a way as in the opinion of the Landlord causes or might cause
         the annoyance nuisance or prejudice to the Landlord or the owners
         occupiers or users of adjoining or neighbouring property or to the
         public;

4.5.3    for residential purposes;

4.5.4    for any sale by auction or for any public meeting entertainment or
         exhibition.

4.6      ALIENATION

4.6.1    Not to charge assign or underlet part only or the whole of the Demised
         Premises

                                       5
<PAGE>   9
         except as permitted by this clause 4.6.

4.6.2    Not to part with or share possession or occupation of the whole or part
         of the Demised Premises or any part thereof:

4.6.3    Notwithstanding the provisions of this clause but subject always to the
         Landlord's right in clause 6.10 the Tenant may assign this lease or
         sub-let the whole of the Demised Premises to any company which is a
         wholly owned subsidiary of the Tenant

4.7      ALTERATIONS

4.7.1    Not to make any structural alterations or additions to the Demised
         Premises which would have a material adverse effect on their value
         except with the previous consent in writing of the Landlord which shall
         not be unreasonably withheld or delayed nor to make any alterations
         which would or would be likely to interfere with any equipment at the
         Demised Premises which relates to the Landlord's Treated Plant. For the
         avoidance of doubt the Tenant may install plant and equipment subject
         to the Tenant removing the same when this Lease ends

4.7.2    If the Tenant has breached the foregoing provisions of this Clause and
         fails to remedy any such breach within a reasonable time after
         receiving written notice from the landlord requiring it to do so to
         permit the Landlord with or without workmen and appliances to enter the
         Demised Premises (but without prejudice to the right of re-entry
         hereinafter contained) and to remove any alterations and additions and
         execute such works as are necessary to restore the Demised Premises to
         their former state at the cost of the Tenant which cost shall be repaid
         by the Tenant to the Landlord on demand together with all proper and
         reasonable professional charges and other expenses reasonably and
         properly incurred by the Landlord in connection therewith and interest
         thereon at the Prescribed Rate from the date of payment by the Landlord
         to the date of payment by the Tenant.

4.8      NOTICES

         To give full particulars to the Landlord of any notice direction or
         order made given or issued to the Tenant by any local or public
         authority as soon as reasonably practicable and if so required by the
         Landlord to produce the same to the Landlord.

4.9      STATUTES

         To comply with all present and future Acts of Parliament statutes and
         to execute and to do at the expense of the Tenant all such works and
         things whatever as may now or at any time during the Term be required
         by any competent authority to be executed or done upon or in respect of
         the Demised Premises whether by the owner or occupier thereof.

4.10     PLANNING

4.10.1   Not to apply for or implement any permission or give notice to any
         authority of an intention to commence or carry out any Development (as
         defined in the Planning

                                       6
<PAGE>   10
         Acts) or enter into any agreement with any Planning Authority without
         the Landlords previous consent in writing (not to be unreasonably
         withheld or delayed if the Landlord has already consented to the
         Development in question).

4.10.2   To notify the Landlord before implementing any planning permission or
         giving notice to any authority of an intention to commence or carry out
         any Development on the Demised Premises.

4.10.3   Unless the Landlord shall otherwise direct to carry out in a good and
         workmanlike manner with suitable materials of good quality before the
         expiration or sooner determination of the Term (however the same maybe
         determined) and works stipulated to be carried out to the Demised
         Premises by a date subsequent to such expiration or sooner
         determination as a condition of any planning permission which may have
         been granted to the Tenant and implemented.

4.10.4   "Development" in this Clause has the meaning given to it by the
         Planning Acts.

4.11     LANDLORD'S COSTS

         To pay to the Landlord all actual and reasonable and proper expenses
         including without limitation costs fees charges disbursements stamp
         duty (other than stamp duty falling under the provisions of the
         Agreement) and expenses (including without limitation those payable to
         counsel solicitors surveyors and bailiffs) reasonably and properly
         incurred by the Landlord in relation or incidental to:

4.11.1   Every application made by the Tenant for a consent or approval required
         by the provisions of this Lease whether granted or properly refused or
         proffered subject to any qualification or condition or whether the
         application is withdrawn (but not where such consent or approval is
         unreasonably withheld or proffered subject to unreasonable
         qualifications or conditions in circumstances where this Lease provides
         that the consent or approval is not to be unreasonably withheld or
         delayed).

4.11.2   The preparation and service of a notice under Section 146 of the Law of
         Property Act 1925 notwithstanding that forfeiture is avoided otherwise
         than by relief granted by the Court.

4.11.3   The recovery or attempted recovery of arrears of rent or other sums due
         from the Tenant.

4.11.4   Any steps taken in connection with the enforcement of or in remedying
         any breach of any of the Tenant's obligations hereunder.

4.12     PERMIT LANDLORD TO ENTER

         To permit the Landlord and or its agents to enter the whole or any part
         of the Demised Premises at the Tenant's convenience during the daytime
         after reasonable prior written notice (save in emergency) accompanied
         by a member of the Tenant's staff for any reasonable period of time and
         any reasonable purpose.

                                       7
<PAGE>   11
4.13     TO INSURE

4.13.1   LIABILITY INSURANCE

         Until the expiry of the Contractual Term the Tenant shall within seven
         days of the date of this Lease effect (i) cover in respect of
         environmental risks as held by the Tenant from time to time in
         connection with the Demised Premises and (ii) comprehensive general
         liability insurance including (but not limited to) public liability
         liabilities arising pursuant to statute liability to third parties
         employer's liability (insofar as both such insurances are available in
         the market at normal premium rates) for such amount as is prudent in
         all the circumstances with a reputable insurance company in the joint
         names of the Landlord and the Tenant and the Superior Landlord as
         required by the Headlease.

4.13.2   INFORMATION AS TO INSURANCES

         (a)      The Tenant shall procure that its insurance brokers or the
                  insurers as the case may be provide to the Landlord and its
                  insurance advisers annually a summary of the insurances taken
                  out or to be taken out in compliance with the Tenant's
                  obligations under the foregoing provisions of this Clause 4.13
                  setting out details of the insurers, the renewal date, the
                  sums insured and/or the limits of indemnity, the insured risks
                  and a summary of the principal exclusions or excesses.

         (b)      The Tenant shall notify the Landlord within 21 days after any
                  change in the insurer.

4.13.3   INSURANCE ADVISERS

         The landlord may at his own cost from time to time appoint such
         insurance advisers as it shall deem appropriate to report on the
         insurance arrangements entered into by the Tenant in respect of the
         Demised Premises or third party liabilities.

4.13.4   INSURANCE BY LANDLORD

         If the Tenant shall fail to effect insurance in accordance with the
         requirements of this Clause 4.13 at any time after notice from the
         landlord requiring it so to do the Landlord may (but shall not be
         obliged to) effect such insurance itself and the cost of so doing shall
         be recoverable from the Tenant on demand together with interest thereon
         at the Prescribed Rate from the date of payment by the Landlord to the
         date of payment by the Tenant.

4.14     DEFECTIVE PREMISES ACT 1972

         To indemnify the Landlord against any claim proceedings demands costs
         and expenses incurred under or in connection with any claims made
         pursuant to the Defective Premises Act 1972 and to erect and display at
         the Demised Premises promptly all appropriate notices and warnings of
         relevant defects (within the meaning of Section 4 of that Act) and
         without prejudice to the foregoing to display such

                                       8
<PAGE>   12
         notices as the Landlord may from time to time reasonably require to be
         displayed in relation thereto.

4.15     COVENANTS AFFECTING THE REVERSION

         To perform and observe the provisions of the documents referred to in
         the Second Schedule so far as the same are still subsisting and capable
         taking effect and relate to the Demised Premises.

4.16     COMMON FACILITIES

         To pay on demand to the Landlord a fair proportion according to use
         (determined by the Landlord's surveyor) of the cost incurred or payable
         by the Landlord in connection with carrying out any works (including
         without limitation construction repair and improvement) to the roadways
         and conduits on the Property or of any cost relating to anything used
         or capable of use in common with the Demised Premises and the Property
         or other premises save where included in the Service Charge and any
         dispute between the parties under this clause shall be subject to
         paragraph 4 of Part I of the Fourth Schedule

4.17     PROTECTION OF THE DEMISED PREMISES AND ADJOINING PREMISES

4.17.1   To keep clean and unobstructed all Conduits at any time during the Term
         in or forming part of the Demised Premises and not to overload or use
         such Conduits (or any other conduits in the Landlord's adjoining land)
         for any purpose for which they were not constructed and not to place
         any foreign substance therein

4.17.2   To keep the Demised Premises at a temperature sufficiently high to
         prevent freezing of water in such Conduits

4.17.3   Not to interfere with or otherwise cause access to any such Conduits
         and any other Conduits under or near the Demised Premises to be or
         become more difficult than the same now is

4.17.4   Not to do anything on the Demised Premises which would remove support
         from or endanger any adjoining land buildings or structures in any way
         whatsoever

4.17.5   Not to overload or do anything likely to lead to the overloading of the
         Demised Premises

4.18     INFORMATION

4.18.1   On making an application for any consent required under this Lease to
         disclose to the Landlord such information as the Landlord may
         reasonably require to enable it to deal with such application

4.18.2   To produce on demand such evidence as the Landlord may reasonably
         require to

                                       9
<PAGE>   13
         satisfy itself that the Tenant's covenants in this Lease have been
         complied with and full particulars of all derivative or occupational
         rights existing in respect of the Demised Premises however remote or
         inferior

4.18.3   To notify the Landlord in writing immediately of any defect in the
         Demised Premises which might give rise to a duty imposed by common law
         or statute on the Landlord in favour of the Tenant or any other person

4.19     PROTECTION OF EASEMENTS

4.19.1   Demised Premises

4.19.2   Not to permit any easement to be acquired or encroachment made against
         or upon the Demised Premises and promptly to give notice to the
         Landlord of any attempt to make or acquire the same and to take such
         steps (whether by legal proceedings or otherwise) to prevent the same
         from being acquired or made as the Landlord may reasonably require

4.19.3   Not to give any person any acknowledgement that the Tenant enjoys the
         access of light or air to any of the windows or other apertures in the
         Demised Premises by the consent of such person

4.19.4   Not to enter into any agreement with or offer any inducement to any
         person for that person to abstain from obstructing such access of light
         or air

4.19.5   To notify the Landlord immediately if any person does or threatens to
         do anything to obstruct such access of light or air and to take such
         steps as the Landlord reasonably requires in respect of such actual or
         threatened obstruction

4.20     INDEMNITIES

         To be responsible for and to keep the Landlord fully indemnified
         against all damage damages losses costs expenses actions demands
         proceedings claims and liabilities made against or suffered or incurred
         by the Landlord arising directly or indirectly out of:

4.20.1   Any act omission or negligence of the Tenant its servants or agents or
         any person (other than the Landlord or any person claiming by through
         or under the Landlord) at the Demised Premises expressly or impliedly
         with the Tenant's authority; or

4.20.2   Any breach or non-observance by the Tenant of the covenants conditions
         or other provisions of this Lease or any of the matters to which this
         demise is subject as the same relate to the Demised Premises

4.21     RELETTING AND SALE BOARDS

4.21.1   To permit the Landlord to fix and retain on the Demised Premises in
         such place as the Landlord shall reasonably determine notice boards for
         the sale of the Landlord's interest in the Demised Premises and in the
         last six months of the Term for the

                                       10
<PAGE>   14
         reletting of the Demised Premises

4.21.2   Not to take down or obscure any such boards

4.21.3   To permit all persons authorised by the Landlord to view the Demised
         Premises at all reasonable times by prior appointment

4.22     NOT TO VITIATE INSURANCE

4.22.1   Not to do bring or keep at the Demised Premises any thing which is or
         may become dangerous or offensive provided that this sub-clause shall
         not prevent the Tenant from having at the Demised Premises any thing
         which the Tenant requires for the carrying on at the Demised Premises
         the use permitted by clause 4.4 subject to obtaining all necessary
         consents from any relevant authority

4.22.2   Not to do anything to cause the insurance of the Demised Premises or
         any adjoining or neighbouring property to become void voidable or the
         premium to be increased

4.22.3   To comply with all recommendations of the insurers made under any such
         insurance and the appropriate fire authority

4.22.4   To notify the Landlord in writing immediately if the Demised Premises
         are destroyed or damaged by any Insured Risk

4.22.5   Not to effect any separate insurance of the Demised Premises against
         loss or damage by any of the Insured Risks and to hold any moneys
         received under any policy maintained in breach of this paragraph on
         trust for the Landlord

4.22.6   In the event of the Demised Premises or any adjoining or neighbouring
         property of the Landlord or any part thereof being destroyed or damaged
         by any Insured Risk and the moneys under any insurance against the same
         effected thereon by the Landlord being wholly or partially
         irrecoverable by reason solely or in part of any act or default of the
         Tenant or any person at the Demised Premises with the express or
         implied authority of the Tenant or the Tenant's servants or agents
         excluding then in every such case the Tenant will forthwith on demand
         pay to the Landlord the whole or (as the case may require) the
         irrecoverable proportion of the cost (including professional and other
         fees) of completely making good such destruction or damage to the
         Landlord's satisfaction

4.23     YIELD UP

         At the expiration or sooner determination of the Term to yield up the
         Demised Premises together with (subject to clause 6.12) all fixtures
         and in good condition in accordance with the terms of this Lease and to
         remove all signs erected by the Tenant and to the extent required by
         the Landlord any alterations or additions made during the term and all
         chattels and to immediately make good all damage caused by such removal
         and to give up all keys to the Demised Premises to the Landlord

4.24     SUPERIOR LEASE

                                       11
<PAGE>   15
4.24.1   To observe and perform the obligations of the Lessee contained in the
         Headlease and any lease superior to it insofar as they relate to the
         Demised Premises and are consistent with the terms of this Lease (but
         not those expressly assumed by the Landlord in this Lease) and to
         indemnify the Landlord (other than through its own acts) against all
         losses arising directly or indirectly from any breach.

4.24.2   Not to omit or allow anything which might cause the Landlord to be in
         breach of the Headlease or which if done, omitted or allowed by the
         Landlord might be a breach of the covenants on the part of the Lessee
         or the conditions contained in this Lease.

4.24.3   To permit any superior landlord or any persons authorised by any
         superior landlord to enter the Demised Premises for the purposes
         specified and upon the terms contained in the Headlease or any lease
         superior to it as if the provisions in those documents dealing with the
         Lessor's access to the Demised Premises were incorporated into this
         Lease.

4.25     VAT

4.25.1   To pay to the Landlord any VAT chargeable in respect of any supplies
         made by the Landlord to the Tenant hereunder

4.25.2   Where the Tenant is liable hereunder to reimburse the Landlord in
         respect of any costs incurred by the Landlord the Tenant shall also
         reimburse any VAT on such costs save to the extent that the VAT is
         recoverable by the Landlord from H.M. Customs & Excise

4.25.3   Where such reimbursement shall be regarded by H.M. Customs & Excise as
         consideration for supplies by the Landlord to the Tenant the Tenant
         shall pay to the Landlord any VAT chargeable by the Landlord on any
         such supplies

4.25.4   Any rent or other consideration payable in respect of any supply or
         supplies by the Landlord to the Tenant shall be deemed to be exclusive
         of VAT which shall be added where appropriate to such rent or other
         consideration at the appropriate rate at the date of payment

4.26     PLANT AIR SUPPLY

         Without prejudice to the generality of the obligation contained in
         clause 4.3.2 to maintain in good working order the compressor, filter
         and air receiver forming the Landlord's plant air supply and to ensure
         at all times the uninterrupted supply of plant air to the buildings on
         the part of the Property retained by the Landlord free of charge.

5.       LANDLORD'S COVENANTS

         The Landlord HEREBY COVENANTS with the Tenant as follows:-

5.1      QUIET ENJOYMENT

         That the Tenant paying the Rent hereby reserved and performing and
         observing its

                                       12
<PAGE>   16
         obligations hereunder may peaceably hold and enjoy the Demised Premises
         during the Term without any interruption by the landlord or any person
         lawfully claiming through under or in trust for it.

5.2      INSURANCE

5.2.1    To keep the Demised Premises insured against such of the Insured Risks
         as are reasonably insurable in a sum which in the Landlord's opinion
         represents the full reinstatement value thereof (including architects'
         and surveyors' fees and demolition and site clearance charges) and
         three years' loss of rent and any likely increases in rent during the
         period covered by the insurance

5.2.2    To make all payments for the above purposes as soon as the same shall
         respectively become payable and to provide the Tenant on request with a
         copy or with particulars of such insurance policy

5.2.3    The Landlord may insure the Demised Premises in accordance with
         paragraph 5.2.1 above together with other premises and the Insurance
         Rent shall then be a fair proportion of the premium to be conclusively
         determined by the Landlord's surveyor

5.2.4    Not to do or omit to do anything on the Property which would cause the
         insurance of the Demised Premises to be void

5.3      TO REINSTATE

5.3.1    In the event of the Demised Premises being destroyed or damaged by any
         Insured Risk then (subject to clause 6.5) to use all reasonable
         endeavours to lay out any moneys received under the said policy of
         insurance (except payments in respect of loss of rent which shall
         belong to the Landlord absolutely) to reinstate the Demised Premises or
         such part of it as shall have been so destroyed or damaged

5.3.2    The Landlord shall be under no obligation to reinstate the Demised
         Premises in the form in which they existed before the damage or
         destruction in question so long as the Demised Premises are equally
         commodious and suitable for the use permitted by clause 4.4

5.3.3    In case it shall be impossible or impracticable to reinstate in
         accordance with paragraph 5.3.1 above any moneys received under the
         said policy of insurance (except payments in respect of loss of rent
         which shall belong to the Landlord absolutely) shall be divided between
         the Landlord and the Tenant according to the value at the date of the
         damage or destruction of their respective interests in the Demised
         Premises (to be determined in default of agreement by a single
         arbitrator to be appointed by the President on the application of
         either party)

5.4      HEADLEASE

5.4.1    To pay the rent and all other payments payable under the Headlease and
         to perform so far as the Tenant is not liable for such performance
         under the terms of this Lease the covenants and conditions on the part
         of the lessee contained in the Headlease

                                       13
<PAGE>   17
5.4.2    At the request and cost of the Tenant to use reasonable endeavours to
         enforce the covenants on the part of the Superior Landlord contained in
         the Headlease

5.4.3    Where the consent of the Superior Landlord is needed under the
         provisions of this Lease to use reasonable endeavours at the request
         and cost of the Tenant to obtain such consent (unless the Landlord's
         consent is also required and is reasonably withheld)

         PROVIDED THAT if any such request is made by the Tenant for the
         Landlord to use reasonable endeavours to enforce the Superior
         Landlord's obligations or obtain the Superior Landlord's consent the
         Tenant shall as a condition precedent to the Landlord complying with
         such request pay to the Landlord such sum as security for the
         Landlord's costs of complying with the request as the Landlord shall
         reasonably require

5.5      MANAGEMENT OF THE PROPERTY

         Subject to the Tenant paying the rent the Insurance rent and the
         Service Charge and complying with its obligations under this Lease the
         Landlord shall throughout the Term

5.5.1    perform the Services in Parts 2 and 3 of the Fourth Schedule provided
         that the Landlord shall not be liable to the Tenant in respect of:-

         (a)      Any failure or interruption in the provision of any of the
                  Services by reason of necessary repair replacement maintenance
                  of or the damage or destruction of any part or the whole of
                  the Property or any thing therein or forming part thereof or
                  by reason of mechanical or other defect or breakdown or frost
                  or other inclement conditions or shortage of materials
                  utilities or labour or any other cause whatsoever not
                  reasonably within the Landlord's control or where it becomes
                  impossible or impracticable to provide such services.

         (b)      Any act omission or negligence of any person undertaking the
                  Services or any of them save any act or omission of the
                  Landlord

         (c)      Any loss or damage to the Tenant caused as a result of any
                  works of construction repair or otherwise carried out on the
                  Property save any such works carried out by the Landlord

Provided that the Landlord shall not withdraw any of the Services in Parts 2 and
3 of the Fourth Schedule on ground solely of cost unless the Landlord first
consults with the Tenant with regard to the same and the Tenant refuses to
provide reasonable security for such cost prior to the Landlord incurring the
same.

5.5.2    At its discretion provide the Services in Part 4 of the Fourth
         Schedule.

5.6      INFORMATION

5.6.4    To give full particulars to the Tenant of any notice direction or order
         made given or

                                       14
<PAGE>   18
         issued to the Landlord in respect of the use and occupation or the
         Tenant's interest in the Demised Premises by any local or public
         authority as soon as reasonably practicable

5.6.5    If the Landlord is given notice by any utility company of any proposed
         interruption of any of the Utilities serving the Demised Premises the
         Landlord will give full particulars thereof to the Tenant as soon as
         reasonably practicable

6.       PROVISOS

6.1      RE-ENTRY

6.1.1    If any of the following events occur, namely:-

         (a)      if any of the Rent or other monies payable hereunder by the
                  Tenant or any part thereof shall be unpaid for fourteen days
                  after the Landlord has made a demand in writing requiring
                  payment of such Rent or other monies; or

         (b)      if there shall be any breach of any other covenant or
                  obligation on the part of the Tenant contained herein which
                  breach is not remedied (if capable of remedy) within thirty
                  days (or such longer period as is reasonable in the
                  circumstances) after the Landlord has notified the Tenant of
                  the breach; or

         (c)      if the Tenant takes any corporate action or other steps are
                  taken or legal proceedings started or renewed after a stay
                  (which proceedings are not vexatious or frivolous and not
                  brought without due cause) for its winding-up, dissolution or
                  re-organisation except for the purposes of reconstruction,
                  amalgamation or merger whilst solvent; or

         (d)      if the Tenant convenes a meeting of or proposes to enter into
                  any arrangement or composition with or assignment for the
                  benefit of all or any class of its creditors; or

         (e)      if an application is made or any other steps taken for the
                  appointment of an administrator or a liquidator or a similar
                  or analogous officer of the Tenant; or

         (f)      if an encumbrancer takes possession or a trustee, receiver,
                  administrative receiver or other similar officer is appointed
                  in respect of the whole or any material part of the
                  undertaking or assets of the Tenant.

         then and in any such case and at any time thereafter it shall be lawful
         for the Landlord or any person duly authorised by the Landlord in its
         behalf to re-enter repossess and enjoy the Demised Premises or any part
         thereof in the name of the whole and without prejudice to any right of
         action or remedy of the Landlord in respect of any antecedent breach of
         any of the covenants by the Tenant.

6.2      SERVICE OF NOTICES

                                       15
<PAGE>   19
6.2.1    Each communication to be made hereunder shall be in English and shall
         unless otherwise stated be made in writing but unless otherwise stated
         may be made by telex letter or telefax.

6.2.2    Subject to 6.15.3 any communication or document to be made or delivered
         by one person to another pursuant to this Lease shall be made or
         delivered to that person at the address telex or telefax number
         specified below (or to such other address telex or telefax number as
         notified by that person from time to time to each of the other parties
         hereto) and shall (subject to sub-clause (c)) be deemed to have been
         made or delivered when such communication or document has been
         despatched and the appropriate answerback received (in the case of any
         communication made by telex) or (in the case of any communication made
         by letter) when left at that address or as the case may be two business
         days after being deposited in the post first class postage prepaid in
         an envelope addressed to it at that address (four business days if
         posted airmail from or to the United States of America) or in the case
         of telefax upon transmission provided that confirmation of receipt is
         received from the addressee

(i)      CABOT CARBON

           Address:    Lees Lane, Stanlow, Ellesmere Port, South Wirral L65 4HT

           Telefax No: 0151 356 0712

           Attention:  Secretary

(ii)     CABOT MICROELECTRONICS CORPORATION

           Address:    870 North Commons Drive, Aurora, Illinois 60504

           Telefax No:

           Attention:  Vice President of Operations

6.2.3    Any communication or document which in accordance with sub-clause 6.2.2
         of this clause is made or delivered outside working hours will be
         deemed to have been made or delivered at the commencement of the next
         period of working hours.

6.3      COMPENSATION

         Subject to the provisions of any Act of Parliament to the contrary
         neither the Tenant nor any underlessee shall be entitled on quitting
         the Demised Premises to any compensation (including without limitation
         under Section 37 of the Landlord and Tenant Act 1954).

6.4      USE

         No representation or warranty is made or given by the Landlord that the
         Demised Premises may lawfully be used (whether under the Planning Acts
         or otherwise) for the use permitted hereunder.

                                       16
<PAGE>   20
6.5      PROVISO FOR ABATEMENT OF RENT AND CONDEMNATION TERMINATION

6.5.1    If the Demised Premises are so damaged or destroyed by an Insured Risk
         as to become unfit for occupation in whole or in part (and the sum
         insured is not wholly or partly irrecoverable by reason of any act or
         omission of the Tenant or any person (other than the Landlord and any
         person claiming by through or under the Landlord) in the Demised
         Premises expressly or impliedly with the Tenant's authority or the
         Tenant's servants or agents) then the rent or a fair proportion of it
         shall be suspended until the expiry of three years after the date of
         the damage or destruction or (if earlier) the date on which the Demised
         Premises are again fit for occupation and use and in the event of such
         damage or destruction the Landlord shall have 90 days in which to elect
         whether or not to reinstate the Demised Premises. In the event that the
         Landlord makes an election not to reinstate the Demised Premises then
         either the Landlord or the Tenant may determine this Lease upon giving
         to the other not less than one month's prior notice in writing. In the
         event that the Landlord does not elect not to reinstate but
         nevertheless the Landlord fails to complete reinstatement works within
         12 months of the date of such damage or destruction then the Tenant
         shall be entitled during the month following the expiry of 12 months of
         the date of such damage or destruction serve upon the Landlord one
         month's notice in writing to determine the Lease. Upon the
         determination of the Lease under the provisions of this clause this
         Lease shall determine absolutely but without prejudice to any
         antecedent right of either party or any antecedent breach of the terms
         of this Lease.

6.5.2    Paragraph 6.5.1 above shall not apply to the Insurance Rent or the
         Service Charge to the extent that insurance is effected or services are
         provided.

6.5.3    Any dispute as to the proportion aforesaid shall be determined by a
         single arbitrator to be appointed in default of agreement by the
         President on the application of either party

6.6      NEIGHBOURING PROPERTY

         The Landlord shall have power at all times to do or permit to be done
         anything it may think fit with (and notwithstanding anything to the
         contrary herein expressed or implied the Tenant shall not be entitled
         to any rights which would restrict or interfere with the free user of)
         any adjoining or neighbouring land (including any part of the Property
         for building or any other purpose

6.7      REMOVAL OF TENANT'S PROPERTY

         If at such time as the Tenant has vacated the Demised Premises after
         the determination of the Term (however determined) any property of the
         Tenant shall remain in the Demised Premises and the Tenant shall fail
         to remove the same within thirty days after being served with a notice
         by the Landlord requesting the Tenant to do so then the Landlord may as
         the agent of the Tenant (and the Landlord is hereby appointed by the
         Tenant to act in that behalf) sell such property and shall then hold
         the proceeds of sale (after deducting the costs and expenses of removal
         storage and

                                       17
<PAGE>   21
         sale reasonably and properly incurred by it and any sums due to it by
         the Tenant) to the order of the Tenant provided that the Tenant shall
         indemnify the Landlord against any liability incurred by it to any
         third party whose property shall have been sold by the Landlord

6.8      DISPUTES

         In case any dispute shall during the Term arise between the Tenant and
         the tenants and occupiers of any adjoining or neighbouring property
         belonging to the Landlord relating to the Conduits serving the Demised
         Premises or any such adjoining or neighbouring property or any fence
         roadway or other thing used in common with the Demised Premises and any
         such property the same shall from time to time be settled and
         determined by the Landlord which determination shall be final and
         binding and the costs to the Landlord shall be borne equally amongst
         the parties in dispute

6.9      EASEMENTS

         The Tenant shall not be entitled to any rights not expressly conferred
         by this Lease and Section 62 of the Law of Property Act 1925 shall not
         apply

6.10     LANDLORD'S OPTION TO DETERMINE

         The Landlord shall be entitled to determine this Lease if any single
         person or company (or together members of a company in the same Group
         shall acquire more than 25% of the shares in the Tenant subsequent to
         the Landlord (or together members in the same Group as the Landlord)
         ceasing to maintain any ownership of shares in the Tenant and following
         which at any time thereafter the Landlord may serve not less than one
         hundred and twenty days notice in writing upon the Tenant and upon
         expiry of any such notice this lease shall determine but without
         prejudice to any antecedent liability of either Landlord or Tenant.

6.11     EXPANSION RIGHT

         The Landlord hereby grants to the Tenant the continuing right and
         option to expand the Demised Premises to include either or both of the
         expansion area shown hatched yellow on the Plan and comprising
         approximately 454 square metres and/or the expansion area hatched green
         on the plan and comprising approximately 634 square metres. The option
         is granted on the following terms:

6.11.1   The option is exerciseable upon the Tenant serving not less than six
         months notice in writing upon the Landlord specifying which expansion
         area the Tenant requires but without prejudice to the Tenant's right to
         serve a notice also in respect of the other expansion area (if not
         already served)

6.11.2   The exercise of the option with regard to the area hatched yellow is
         conditional upon the Landlord and Tenant agreeing an alternative
         location at the Property for relocating the Landlord's Treated Plant
         and the Tenant procuring all statutory and other consents which may be
         required for the relocation of the Treated Plant and upon the Tenant
         either undertaking the relocation of the Treated Plant or (at the
         election of the

                                       19
<PAGE>   22
         Landlord) reimbursing to the Landlord all actual and reasonable costs
         and expenses incurred by the Landlord in connection with such
         relocation including without limitation all costs of re-routing
         services and utilities.

6.11.3   Upon the date specified in the Tenant's notice the landlord and the
         Tenant will enter into a deed (the "SUPPLEMENTAL DEED") supplemental to
         this Lease amending the definition of the Demised Premises to include
         the relevant expansion area and increasing the rental for the Demised
         Premises so that in addition to the rental payable immediately prior to
         the Supplemental Deed the rent will increase by an amount which
         represents a rental per square foot for the expansion area which is
         equivalent to the rental per square foot for the remainder of the
         Demised Premises.

6.11.4   Upon completion of the Supplemental Deed the Tenant shall also pay an
         apportioned sum representing a pro-rata increase based upon square
         footage of the expansion area in respect of any other costs payable by
         the Tenant under this Lease and all other terms of this Lease shall
         apply to the expansion area.

6.12     TENANT'S PLANT AND EQUIPMENT

         It is agreed that the fumed metal oxide dispersions plant and equipment
         within the Building and the Demised Premises and whether in existence
         at the date of this Lease or installed by or at the cost of the Tenant
         after the date of this Lease are as the date of this Lease and at all
         times hereafter chattels in the ownership of the Tenant.

6.13     CO-OPERATION

         The parties will co-operate with each other in good faith with regard
         to the shared use of the instrument room at the Demised Premises and so
         as not to interfere with each other's use of the instrument room or the
         carrying on of each other's business.

6.14     CONFIDENTIALITY

         Each of the Landlord and the Tenant agree to keep confidential and not
         disclose, and shall cause their respective Group Members to keep
         confidential and not disclose, to any party or use for any purpose
         (other than the performance of this Lease), any proprietary or other
         confidential information of the other party which is received pursuant
         to this Lease ("Confidential Information"). Confidential Information
         shall be subject to the restrictions of this clause only if it is
         marked as confidential or proprietary or, if not disclosed in tangible
         form, the disclosing party notifies the recipient of its confidential
         or proprietary nature prior to its disclosure. For purposes of this
         Clause, Confidential Information of a party does not include, and a
         party and a party's Group Members will have no obligations under this
         clause with respect to, any information of the other party or any Group
         Members of the other party (the other party and Group Members of the
         other party being referred to as the "receiving party") which:

6.14.1   is already known to the receiving party from a source other than the
         disclosing party as evidenced by competent proof thereof; or

                                       18
<PAGE>   23
6.14.2   is or becomes publicly known through no wrongful act of the receiving
         party (in which event the receiving party's obligations under this
         clause in respect thereto shall terminate on the date such information
         enters the public domain); or

6.14.3   is rightfully received by the receiving party from a third party
         without violation of any obligations of confidentiality owed by the
         third party to the disclosing party; or

6.14.4   is disclosed by the disclosing party to a third party without
         restrictions on the third party's right to use or disclose such
         information; or

6.14.5   is independently developed by employees or consultants of the receiving
         party without use of or reference to the disclosing party's
         Confidential Information; or

6.14.6   is approved for release by written authorisation of the disclosing
         party

6.15     JURISDICTION

6.15.1   This Lease shall be governed by English law

6.15.2   The parties submit to the non-exclusive jurisdiction of the English
         courts

6.15.3   The Tenant confirms that any proceedings in the English Courts will be
         validly served if served upon Cabot Microelectronics Corporation at Cab
         o Sil Site Sully Moors Road, Sully, South Glamorgan, CF64 5RP and
         marked for the attention of Clive Jenkins.

6.16     LANDLORD AND TENANT ACT 1954

         Having been authorised to do so by an Order of the Mayors & City of
         London County Court dated 28th March 2000 the parties hereto agree that
         the Landlord and Tenant Act 1954 sections 24 to 28 inclusive shall not
         apply to this Lease

IN WITNESS whereof this Lease is executed as a deed and on the day and year
first before written and it has been delivered

                                       20
<PAGE>   24
                                 FIRST SCHEDULE

                      (PARTICULARS OF THE DEMISED PREMISES)

                                     PART I

ALL THAT Leasehold Property known as land on the south side of Cardiff Road
Barry shown edged red on the attached plan together with all buildings now or
hereafter erected or in the course of erection thereon and all conduits
exclusively serving the same so far as the Landlord is able to demise such
together with all Landlord's fixtures and fittings from time to time in and
about the same and all additions and alterations to such premises fixtures and
fittings carried out during the Term

                                     PART II

                                (RIGHTS GRANTED)

There is granted to the Tenant the following rights (insofar as the Landlord is
able to grant the same).

1.       The right for the Tenant and all persons authorised by it (in common
         with all other persons entitled thereto) for the purposes of obtaining
         access to and egress from the Demised Premises to pass and repass at
         all times with or without vehicles over and along the road coloured
         brown on the Plan subject to compliance with the Landlord's security
         and access arrangements.

2.       The free and uninterrupted passage of Utilities from and to any part of
         the Demised Premises by and through all Conduits which are now or may
         within the Perpetuity Period during the Term be in or upon any
         adjoining or neighbouring part of the Property.

3.       The right to support as now exists for the Demised Premises from any
         adjoining premises and

4.       The right subject to space being available from time to time to park up
         to twelve private motor vehicles in the car park shown hatched [pink]
         on the Plan.

                                    PART III

                          (EXCEPTIONS AND RESERVATIONS)

                                DEMISED PREMISES

There is reserved to the Landlord its servants and agents and all other persons
authorised by the landlord the following:

1.       The right after reasonable prior written notice (save in emergency) and
         at all reasonable times to enter the Demised Premises with or without
         workmen for

                                       21
<PAGE>   25
         the purpose of carrying out any works (whether of construction
         installation connection repair or otherwise) of or in respect of any
         property adjoining or neighbouring the Demised Premises or any Conduits
         the persons so entering to act in a reasonable manner and to make good
         any damage to the Demised Premises resulting from the exercise of such
         rights

2.       The free and uninterrupted passage of Utilities from and to other parts
         of the Property or any other adjoining or neighbouring property of the
         Landlord by and through all Conduits which are now or may within the
         Perpetuity Period be in under or over the Demised Premises

3.       The right of support as now exists for the remainder of the Property
         from the Demised Premises

4.       The right to pass and repass at all times with or without vehicles over
         and along the area coloured yellow on the Plan.

5.       The unrestricted right at all times to access and maintain all
         facilities servicing the Landlord's Treated Plant including the
         instrument panels in the instrument room, feed lines through the batch
         tank enclosure, feed silo, transfer pump, instruments, piping cabling
         and conduits.

                                       22
<PAGE>   26
                                 SECOND SCHEDULE

                    (MATTERS TO WHICH THE DEMISE IS SUBJECT)

Matters referred to in the Property and Charges Registers of title number
WA547039 at H M Land Registry including any rights appertaining to the water
main mentioned in the Deed of Grant dated 4th May 1990 between Cabot Carbon
Limited (1) and ICI Chemicals and Polymers Limited (2) notwithstanding any
variation of the route of the water main therein mentioned.

                                       23
<PAGE>   27
                                 THIRD SCHEDULE

                                  (RENT REVIEW)

1.       In this Schedule the following expressions have the following meanings:

         "REVIEW DATE"         means the fifth anniversary of the beginning of
                               the term

         "REVIEW PERIOD"       means the period from the Review Date to the
                               expiry of the term.

         "THE CURRENT RENT"    means the rent payable by the Tenant immediately
                               before the beginning of the Review Period in
                               question

         "RACK RENTAL VALUE"   means the rent at which the Demised Premises
                               might be expected to be let as a whole in the
                               open market without taking a premium at the
                               beginning of the Review Period in question by a
                               willing landlord to a willing tenant for a term
                               equal to the residue of the term of this Lease
                               (or [10 years] whichever is the longer) with
                               vacant possession at the commencement of the term
                               and upon the same terms (other than as to the
                               amount of the rent and as hereinafter provided)
                               as this Lease and on the assumption if not a fact
                               that:

                                    (i)      the Tenant has observed and
                                             performed all its covenants

                                    (ii)     the demised premises are fit for
                                             immediate use and occupation

                                    (iii)    in case the demised premises have
                                             been destroyed or damaged they have
                                             been fully reinstated

                                    (iv)     there are no restrictions on
                                             alienation of the whole or any part
                                             of the Demised Premises on the part
                                             of the Tenant

                                    but disregarding:

                                    (i)      the fact that the Tenant or its
                                             undertenants have been in
                                             occupation of the demised premises

                                    (ii)     any goodwill attached to the
                                             demised premises by reason of the
                                             carrying on there of the business
                                             of the Tenant its undertenants or
                                             their predecessors in their
                                             respective businesses

                                    (iii)    any works carried out whether
                                             before or during the term by the
                                             Tenant or its undertenants.

                                       24
<PAGE>   28
2.       The rent for the Review Period shall be the Current Rent or the Rack
         Rental Value whichever is the higher.

3.       The Landlord may serve upon the Tenant not earlier than three months
         before the Review Date notice seeking to agree the rent with effect
         from Review Date for the Review Period.

4.       The parties may agree the Rack Rental Value for the Review Period at
         any time after the date which is three months before the Review Date.

5.       The Rack Rental Value shall be determined in default of agreement by
         the Rent Review Date or such later date as the Landlord and Tenant
         agree by a surveyor to be appointed in default of agreement by the
         President of the Royal Institution of Chartered Surveyors upon the
         application of either party who shall act as an arbitrator in
         accordance with the Arbitration Acts 1950-1996 and whose costs shall be
         in his award.

6.       Upon the Rack Rental Value being agreed or determined as aforesaid a
         memorandum of the rent then payable shall at the expense of the Tenant
         be prepared by the Landlord's solicitors and signed by a duly
         authorised officer on behalf of the Landlord and the Tenant.

7.       In the event of the Rack Rental Value not being agreed or determined as
         aforesaid on or before the relevant Review Date then in respect of the
         period of time (hereinafter called "the said interval") beginning with
         the relevant Review Date and ending on the quarter day immediately
         following the date of such agreement or determination the Tenant shall
         make payments on account in manner hereinbefore provided at the rate of
         the Current Rent and at the expiration of the said interval there shall
         be due as a debt payable by the Tenant to the Landlord forthwith on
         demand a sum of money equal to the amount (if any) where by the Rack
         Rental Value so agreed or determined shall exceed the Current Rent duly
         apportioned on a daily basis in respect of the said interval such duly
         apportioned sum shall bear interest calculated on a day-to-day basis at
         four per cent below the Prescribed Rate from the relevant Review Date
         until the date of actual payment.

8.       If at any time by reason of any enactment (which expression shall
         include any Act or Parliament now or hereafter in force and any
         instrument regulation or order made thereunder or deriving validity
         therefore) or for any other reason whatsoever the Landlord shall not be
         entitled or not be able either in whole or in part:-

8.1      to increase the rent payable hereunder in accordance with the terms of
         this Lease; or

8.2      to recover such increase from the Tenant.

then the Landlord shall be entitled at any time by notice in writing to the
Tenant to require that for all the purposes of this Lease the date on which such
disentitlement or disability shall cease shall be deemed to be a Review Date.

                                       25
<PAGE>   29
                                                                   Exhibit 10.13

                               THE FOURTH SCHEDULE

                                     PART I

                                (SERVICE CHARGE)

1.       In this Schedule the following expressions have the following
         meanings:-

1.1      "the Service Costs" means the costs referred to in paragraph 2 below

1.2      "the Specified Proportion" means as indicated (where appropriate and
         without prejudice to paragraph 2 below) in Parts 3 and 4 of this
         Schedule either all metered charges and/or or a fair proportion to be
         based upon use (if appropriate) of any other Service Costs to be
         determined by the Landlord's surveyor whose decision shall be final and
         binding on the Tenant and which may differ from one cost to another and
         which may be the whole or part of any such cost

1.3      "the Service Charge" means the Specified Proportion of the Service
         Costs

2.       The costs to be included in the Service Costs are insofar as such
         matters are not expressly otherwise provided for in this Lease the
         reasonable and proper costs of and incidental to the matters set out in
         Parts 3 and 4 of this Schedule together with interest on monies
         borrowed by the Landlord (or other expenditure paid or incurred in
         connection with such loan) for the purpose of paying any such costs as
         aforesaid and any VAT incurred by the Landlord in respect of the
         Services set out in Parts 3 and 4

3.       The Tenant shall pay the Service Charge during the Term making payment
         in respect of each and any service costs within thirty days of demand
         being made by the Landlord in respect of the same.

4.       Any dispute arising out of the provisions of this clause shall be
         referred to the decision of a single arbitrator to be agreed between
         the parties hereto or in default of agreement to be appointed on the
         application of either party by the President

                                       26
<PAGE>   30
                                                                   Exhibit 10.13

                                     PART 2

    (THE SERVICES WHICH THE LANDLORD MUST PROVIDE WITHOUT ADDITIONAL CHARGE)

1.       The provision and maintenance of the following utilities:

1.1      The provision and maintenance of the existing on site radio system with
         channel three reserved for the Tenant.

1.2      The provision of 12 car parking spaces in accordance with Part 2 of the
         First Schedule.

2.       Toilet and washroom facilities upon the part of the Property retained
         by the Landlord to a standard and degree as existing at the date of
         this Lease

                                     PART 3

     (SERVICES WHICH THE LANDLORD MUST PROVIDE SUBJECT TO ADDITIONAL CHARGE)

1        The following utilities:

1.1      11 kV electricity supply from COS sub-station to MMD subject to monthly
         metered charge equivalent to cost incurred by Landlord.

1.2      Provision and maintenance of instrument air supply subject (at the
         landlords discretion) to payment of metered charges equivalent to cost
         incurred by the Landlord.

1.3      Provision and maintenance of natural gas supply subject (at the
         landlords discretion) to payment of metered charges equivalent to cost
         incurred by the Landlord.

1.4      Provision and maintenance of process feed water supply subject (at the
         landlords discretion) to payment of metered charges equivalent to cost
         incurred by the Landlord.

1.5      Provision and maintenance of potable water supply subject (at the
         landlords discretion) to payment of metered charges equivalent to cost
         incurred by the Landlord.

1.6      Maintenance and allowing shared use of main site sewer subject to
         payment by the Tenant of metered discharge costs.

         and in each case subject to payment by the Tenant of a fair proportion
         according to use of any standing charge or maintenance or other
         associated cost.

2.       The provision of fire, gas and other safety systems subject to payment
         by the Tenant of a

                                       27
<PAGE>   31
         fair and reasonable proportion of the costs incurred by the Landlord.

3.       The provision of shower and locker room facilities subject to payment
         by the Tenant of a fair and reasonable proportion of the expense to the
         Landlord including any internal costings.

4.       The provision of reasonable security systems and arrangements for the
         Property.

5.       The making available to the Tenant the shared use of the Landlord's
         canteen facilities existing from time to time.

6.       The provision installation inspection repair rebuilding improvement
         renewal lighting and cleaning of all roads car parks loading bays
         structures fences walls signs stairways paths pavements yards gardens
         landscaped areas open spaces Conduits and Plant in or about the
         Property and all other things whatsoever the use of which is common to
         the Demised Premises and other premises near or adjoining thereto
         (whether or not under the ownership or control of the Landlord)

                                     PART 4

    (SERVICES WHICH THE LANDLORD MAY PROVIDE AND CHARGE AT LANDLORD'S OPTION)

1.       The provision of waste disposal services subject to payment by the
         Tenant of a monthly fair and reasonable charge together with a fair
         proportion of the expenses payable by the Landlord to any outside waste
         disposal service provider.

2.       The provision and maintenance of telephone exchange system subject to
         payment by the Tenant of all itemised call charges and a fair and
         reasonable service fee.

3.       Maintenance by the Landlord of plant and equipment of the Tenant at the
         Demised Premises subject to payment by the Tenant of such service cost
         and hourly charge out rate as may be agreed from time to time between
         Landlord and Tenant.

4.       Provision and maintenance of DCS automatic control by the Landlord
         subject to payment by the Tenant of such service cost and hourly charge
         out rate as may be agreed from time to time between Landlord and
         Tenant.

5.       The provision of such office space and conference room facilities as
         the Landlord may in its discretion from time to time provide (if any).

6.       The provision by the Landlord for use by the Tenant of one Nissan
         Storage Shed numbered 6 so long as the Landlord in its discretion shall
         provide the same or such other alternative storage.

7.       Incurring fees of any professional person (including without limitation
         any

                                       28
<PAGE>   32
         accountant solicitor barrister or surveyor) engaged in connection with
         the matters set out in this Schedule including without limitation the
         cost of valuations of the Demised Premises or the Property in order to
         determine the cost of reinstatement for insurance purposes

8.       The carrying out by the Landlord of any work in or about the Property
         in pursuance of any requirement of any Act of Parliament or of any
         local or public authority

9.       Preparing accounts and certificates relating to the calculation of the
         Service Charge

10.      Office support by way of reception services and the making of travel
         arrangements

11.      The provision of cleaning services

12.      Vending machine access and use

13.      Such other services things or works whatsoever as may be provided by
         the Landlord from time to time which the Landlord reasonably considers
         to be for the benefit of or any part or parts thereof

SIGNED as a DEED by           )
CABOT CARBON LIMITED          )
acting by                     )
                              )
                              )

                                    Director - David Jayne

                                                     Secretary - Bob Longworth

SIGNED as a DEED by           )
CABOT MICROELECTRONICS        )
CORPORATION                   )
acting by                     )
DANIEL PIKE                   )
VICE PRESIDENT OF OPERATIONS  )

                                       29

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