Document:

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                                                                    Exhibit 10.1

                                LRK/GECS/CAN.22.1

                                4 September 1999

            Investment agreement

            between

            Inveresk Research Group Limited

            Walter Nimmo and others

            and

            Candover Investments PLC and others
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<TABLE>
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Contents                                                            Page
                                                                    ----
<S>                                                                 <C>
1.       Interpretation                                                1
2.       Conditions precedent                                          6
3.       Completion and subsequent matters                             6
4.       Investor protection                                           7
5.       Listing and Sale                                             10
6.       Liaison and information                                      11
7.       Exchange of information                                      12
8.       Publicity                                                    13
9.       Representative at Board meetings                             13
10.      Corporate governance                                         13
11.      Directors emoluments and pensions                            13
12.      Employee share scheme and Senior Management                  14
13.      Future business development                                  14
14.      Other investments                                            14
15.      Warranties                                                   15
16.      Warranty limitations                                         15
17.      Fees and expenses                                            16
18.      Further assurances                                           16
19.      Notices                                                      16
20.      Undertakings by the Directors                                17
21.      ERISA                                                        19
22.      Applicable law                                               20
</TABLE>

Schedules

Schedule 1   The Directors
Schedule 2   The Investors
Schedule 3   Conditions precedent
Schedule 4   Warranties
Schedule 5   Deed of Adherence

Agreed form of Documents

1.   Accountants' Report
2.   Loan Stock Instrument
3.   Directors' Questionnaires
4.   MMS Due Diligence Report
5.   MMS Property Report
6.   Strategy Document
7.   Directors' Service Contracts and Letter of Appointment
8.   Certificate relating to Newco
9.   Resolutions
10.  Applications for allotment of shares
11.  Articles
12.  Acquisition Agreement
13.  Environmental Report
14.  Facility Agreement
15.  Insurance Report
16.  Pensions Report
17.  Marketing Report
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THIS AGREEMENT IS MADE ON

between

(1)   INVERESK RESEARCH GROUP LIMITED (registered number 198206) having its
      registered office at Elphinstone Research Centre, Tranent, Edinburgh EH33
      2NE ("Newco");

(2)   THE PERSONS whose names and addresses are set out in Schedule 1 (together
      the "Directors" and each a "Director"); and

(3)   THE PERSONS whose names and addresses are set out in Schedule 2 (together
      the "Investors" and each an "Investor")

WHEREAS the Directors and the Investors have agreed to invest in Newco for the
purposes of and subject to the terms and conditions of this Agreement.

IT IS HEREBY AGREED as follows:

1.          Interpretation

1.1         Unless the context otherwise requires, the following expressions
            used in this Agreement shall have the meanings set out below:

            "Accountants' Report" means the report prepared by Arthur Andersen
            SC relating to the Targets and the documents annexed to such report
            all in the Agreed Terms;

            "Acquisition Agreement" means the agreement made between the Vendors
            and Newco in the Agreed Terms whereby Newco shall purchase the
            Target Shares;

            "Agreed Terms" means in the form, or substantially in the form,
            initialled for purposes of identification by or on behalf of the
            parties or, in the case of any document not so initialled, in the
            form executed by the parties thereto prior to or contemporaneously
            with Completion;

            "A Ordinary Shares" means cumulative convertible participating
            ordinary shares of (pound)1 each in the capital of Newco having the
            rights, and being subject to the restrictions, set out in the
            Articles;

            "Articles" means the articles of association of Newco in the Agreed
            Terms adopted or to be adopted on the date hereof;

            "Bank" means The Royal Bank of Scotland plc;

            "Board" means the board of directors of Newco;

            "B Ordinary Shares" means cumulative convertible participating
            ordinary shares of (pound)1 each in the capital of Newco having the
            rights and being subject to the restrictions set out in the
            Articles;
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                                       2

            "Business Day" means a day (excluding Saturdays) on banks are
            generally open in London for the transaction of normal banking
            business;

            "Claim" means a claim made by the Investors against the Warrantors
            (or any of them) under the Warranties;

            "Completion" means the occurrence of the events set out in Clause
            3.1;

            "Completion Date" means 20 September 1999 or such later date as may
            be agreed in writing by the parties hereto;

            "Connected Persons" or "person connected" means (in respect of any
            person) any person or persons connected with that person within the
            definition of connected persons contained in section 839 of the
            Income and Corporation Taxes Act 1988;

            "Directors' Questionnaires" means the questionnaires completed by
            each of the Directors, each in the Agreed Terms;

            "Directors' Service Contracts" means the management service
            contracts entered or to be entered into by Newco with each of Walter
            Nimmo and Stewart Leslie each in the Agreed Terms;

            "Disclosure Letter" means the letter of disclosure of even date
            herewith together with the documents annexed or scheduled thereto
            from the Warrantors addressed to the Investors' Agent receipt of
            which has been acknowledged in writing by or on behalf of the
            Investors' Agent;

            "emoluments" shall include all items referred to in paragraph 1(3)
            of Schedule 6 to the Act;

            "Employee Share Scheme" means a scheme for encouraging or
            facilitating the holding of shares in Newco by or for the benefit of
            employees or former employees or the wives, husbands, widows,
            widowers, or children or step children under the age of 18 of such
            employees or former employees of Newco or any other Group Company;

            "Employee Trust" means a trust in terms approved by the Investors'
            Agent, the beneficiaries of which are employees, former employees or
            the wives, husbands, widows, widowers or children or step children
            under the age of 18 of such employees or former employees of Newco
            or any other Group Company;

            "Environmental Report" means the report in Agreed Terms prepared by
            RSK Environment Limited relating to environmental matters and
            addressed to Newco, the Investors' Agent, the Bank and RBS Mezzanine
            Limited;

            "Equity Shares" means the Equity Shares as defined in the Articles;

            "Facility Agreement" means the facility agreement of even date with
            this Agreement between the Bank and Newco in the Agreed Terms;
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                                       3

            "Fees Letters" means the letters of even date with this Agreement
            from Newco to the Investors' Agent relating to certain fees and
            expenses in connection with this Agreement, the Acquisition
            Agreement and the Facility Agreement;

            "Group" means Newco and its subsidiary undertakings from time to
            time and "Group Company" means any of them;

            "Insurance Report" means the report in the Agreed Terms prepared by
            Marsh UK addressed to Newco, the Investors' Agent, the Bank and RBS
            Mezzanine Limited;

            "Investors' Agent" means Candover Partners Limited, 20 Old Bailey,
            London EC4M 7LN in its capacity as agent for the Investors;

            "Investors' Group" means the Investors, any subsidiary of the
            Investors, any holding company of the Investors, any subsidiary of
            such holding company, any fund, investment company or partnership
            formed for bona fide financial reasons managed by any of the
            foregoing, any unit holder, partner or shareholder in any such fund,
            investment company or partnership acquiring assets in the same as a
            result of a dissolution thereof for bona fide financial reasons, any
            co-investment scheme for employees established by the Investors or
            subsidiary or holding company or any other subsidiary of such
            holding company thereof, and any nominee of any of the foregoing;

            "Investors' Representative" has the meaning ascribed thereto in
            Clause 9;

            "Investors' Subscription Shares" means the Subscription Shares to be
            subscribed by the Investors;

            "Letter of Appointment" means the letter appointing Ian Sword as
            chairman of Newco in the agreed terms;

            "Listed Shares" means shares in the capital of Newco listed, or
            dealt in, on the London Stock Exchange or on any other recognised
            investment exchange;

            "Listing" means a listing for, or commencement of dealings in, any
            shares in the capital of Newco on the London Stock Exchange or on
            any other recognised investment exchange;

            "Life Policies" means the keyman life assurance policies insuring
            the lives of Walter Nimmo, Ian Sword and Stewart Leslie for minimum
            amounts of (pound)1,000,000, (pound)500,000 and (pound)250,000
            respectively for a term of not less than 5 years in the cases of
            Messrs Nimmo and Leslie and not less than 3 years in the case of Mr
            Sword and otherwise in terms acceptable to the Investors;

            "Loan Stock" means the (pound)27,037,500 loan stock of Newco
            constituted or to be constituted by the Loan Stock Instrument;

            "Loan Stock Instrument" means the loan stock instrument in the
            Agreed Terms;
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                                       4

            "London Stock Exchange" means The London Stock Exchange Limited or
            any successor of it;

            "Management" means such members of senior management of the Group
            (other than the Directors) as may be determined by the Directors
            with the consent of the Investors' Agent ;

            "Marketing" means any offer, sale or placing of shares in the
            capital of Newco which is initiated or arranged by or on behalf of
            Newco;

            "Marketing Report" means the report in the agreed terms prepared by
            Arthur D Little addressed to Newco, the Investors' Agent, the Bank
            and RBS Mezzanine Limited;

            "MMS" means Maclay Murray & Spens of 3 Glenfinlas Street, Edinburgh
            EH3 6AQ;

            "MMS Due Diligence Report" means a report in Agreed Terms by MMS
            addressed to Newco, the Investors' Agent, the Bank and RBS Mezzanine
            Limited concerning legal due diligence they have conducted in
            relation to the Targets;

            "MMS Property Report" means the reports on property owned or
            occupied by the Targets in Agreed Terms by MMS of the same date as
            this Agreement addressed to Newco, the Investors' Agent, the Bank
            and RBS Mezzanine Limited concerning certain properties owned and/or
            occupied by the Targets;

            "Operating Budget" means in relation to any financial year of Newco
            (as defined in the Act), the projected consolidated balance sheet,
            profit and loss account and cash flow statement in relation to the
            Group, together with the statement of projected capital expenditure
            in relation to the Group for that financial year in form and content
            approved by the Investors' Agent;

            "Ordinary Shares" means ordinary shares of (pound)1 each in the
            capital of the Newco having the rights, and being subject to the
            restrictions, set out in the Articles;

            "Partnership No 1" means the Candover 1997 US No 1 Limited
            Partnership;

            "Partnership No 3" means the Candover 1997 US No 3 Limited
            Partnership;

            "Pensions Report" means the report in the Agreed Terms prepared by
            Barnett Waddingham & Company addressed to Newco, the Investors'
            Agent, the Bank and RBS Mezzanine Limited;

            "recognised investment exchange" means a recognised investment
            exchange as defined in section 207 of the Financial Services Act
            1986;

            "Reports" means the Accountants' Report, the Environmental Report,
            the Insurance Report, the Marketing Report, the MMS Due Diligence
            Report, the MMS Property Report and the Pensions Report and "Report"
            means any of them;

            "Special Director" means a director appointed pursuant to Article 25
            of the Articles;
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                                       5

            "Strategy Document" means the strategy document relating to Newco
            and the documents annexed to such strategy document in the Agreed
            Terms;

            "Subscription Shares" means the shares in the capital of Newco to be
            subscribed for by the Directors and the Investors as provided by
            this Agreement;

            "Target Shares" means the entire issued share capitals of the
            Targets;

            "Targets" means SGS Health Sector Services Holdings Limited and
            Inveresk Research (North America) Inc.;

            "Trust Deed" means any trust deed entered into by Newco in terms
            approved in writing by the Investors' Agent in relation to the
            Employee Trust;

            "Trustees" means the trustees from time to time of the Employee
            Trust;

            "Vendors" means SGS Health & Biosciences International BV and SGS
            North America Inc.;

            "Warranties" means the warranties set out in Schedule 4; and

            "Warrantors" means the Directors .

1.2         Unless the context otherwise requires, where words and expressions
            used in this Agreement are defined in the Companies Act 1985 (the
            "Act") such words and expressions shall have the meanings attached
            to them respectively by the Act.

1.3         References in this Agreement to any statute or statutory provision
            shall be deemed to include references to any statute or statutory
            provision which amends, extends, consolidates or replaces the same
            (other than any such statute or statutory provision with
            retrospective effect to the extent that it is retrospective) and
            except to the extent that any amendments or modification enacted
            after the date of this Agreement would extend or increase the
            liability of any party to any other party under this Agreement and,
            save as aforesaid, to any order, regulation, instrument or other
            subordinate legislation made thereunder.

1.4         Reference to "Recitals", "Clauses" and "Schedules" and to
            sub-divisions thereof are to recitals and clauses of and the
            schedules to this Agreement and sub-divisions thereof. The Schedules
            shall form part of this Agreement.

1.5         The headings in this Agreement are for convenience only and shall
            not affect its construction or interpretation.

1.6         Unless the context otherwise requires:

1.6.1       words denoting the singular shall include the plural and vice versa;

1.6.2       words denoting a gender shall include all genders; and
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1.6.3       references to persons shall include natural persons, bodies
            corporate, unincorporated associations, partnerships, joint
            ventures, trusts or other entities or organisations of any kind,
            including (without limitation) government entities (or political
            subdivisions or agencies or instrumentalities thereof).

2.          Conditions precedent

2.1         Completion is conditional upon the satisfaction or fulfilment (or
            waiver in writing or deemed waiver by the Investors' Agent) of the
            conditions set out in Schedule 3 on or prior to the Completion Date
            and the same continuing to be fulfilled or satisfied at Completion.

2.2         The Company and each of the Directors shall use their reasonable
            endeavours to procure that the conditions precedent set out in
            Schedule 3 are satisfied on or before the Completion Date. The
            Company shall give notice promptly to the Investors upon all such
            conditions precedent having become satisfied or waived .

2.3         If the conditions set out in Schedule 3 are not satisfied on or
            before the Completion Date, the Investors' Agent shall be entitled
            forthwith by notice in writing to Newco to terminate this Agreement,
            whereupon none of the parties hereto shall be under any liability
            whatsoever to any other and the Investors shall not be bound to
            subscribe for any share of Newco pursuant to this Agreement or
            otherwise.

2.4         The Investors' Agent may waive in writing (at its sole and absolute
            discretion and whether on further terms and/or conditions or not as
            it thinks fit) any or all of the conditions set out in Schedule 3 if
            they have not been fully satisfied in accordance with Clause 2.1
            and, unless otherwise agreed, will be deemed to have so waived all
            of such conditions upon the Investors making payment of the
            subscription monies due on the Investors' Subscription Shares.

3.          Completion and subsequent matters

3.1         Completion shall take place at such place as the parties shall agree
            on the Completion Date when the Investors shall each subscribe (or
            provide that their respective nominees subscribe) in cash for the
            number of A Ordinary Shares and nominal amount of Loan Stock at the
            prices set out opposite their respective names in Schedule 2, each
            such subscription to be by way of telegraphic transfer to such
            account or in such manner as the Investors shall have been notified
            in writing by or on behalf of Newco prior to the Completion Date;
            and, subject to the Investors complying with these provisions, Newco
            shall allot and issue the A Ordinary Shares and Loan Stock to the
            Investors (or their respective nominees) and shall enter the names
            of the allottees in the register of members (or Loan Stock holders
            as appropriate) of Newco and shall issue and deliver to the
            Investors share and Loan Stock certificates duly executed by Newco
            for the shares and Loan Stock subscribed by them (or their
            respective nominees).

3.2         The proceeds of the subscription shall be used by Newco for the
            purpose of paying the consideration due under the Acquisition
            Agreement, paying the costs and expenses in connection with the
            acquisition of the Target Shares and, in respect of the balance,
            providing working capital for the Group.
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                                       7

3.3         Immediately following Completion Newco shall procure that each of
            the Facility Agreement and the Acquisition Agreement is completed to
            the extent not already completed.

3.4         Newco undertakes that not later than 30 days after Completion it
            shall effect the Life Policies on terms reasonably acceptable to the
            Investors' Agent and provide evidence to the Investors' Agent of the
            same having been effected as soon as practicable.

4.          Investor protection

4.1         Newco hereby agrees with and undertakes to the Investors that:

4.1.1       it shall procure that each of its subsidiaries shall, to the extent
            that it has profits available for distribution and so far as lawful,
            declare and pay to Newco such dividends as are necessary and it
            shall take or procure that all other reasonable steps (which may
            include an application to the court for a reduction of capital in
            respect of any relevant member of the Group and/or transfer of
            assets to one or more new subsidiaries of the Newco) are taken in
            order to ensure that the Newco has sufficient distributable profits
            to pay all dividends in the amounts and on the dates required by the
            Articles and to pay all interest on, and repay the outstanding
            balance of, the Loan Stock in accordance with the provisions of the
            Loan Stock Instrument; and

4.1.2       it shall not, without the prior consent of the Investors' Agent,
            declare, make or pay any dividend (other than the dividends payable
            on the A Ordinary Shares in terms of the Articles).

4.2         Newco shall not (and shall not cause or permit or suffer any
            subsidiary of it to) without the previous written consent of the
            Investors' Agent:

4.2.1       dispose of any share in the capital of any of its subsidiaries or
            alter, increase or reduce the authorised or issued share capital of
            any subsidiary;

4.2.2       subscribe for or purchase or acquire any share or debenture or
            mortgage or security (or any interest in any of them);

4.2.3       re-organise or consolidate or sub-divide or convert any of the
            shares for the time being in the capital of its subsidiaries or vary
            any of the rights attaching to any of the shares for the time being
            in the capital of its subsidiaries;

4.2.4       apply by way of capitalisation any sum in or towards paying up any
            debenture or debenture stock;

4.2.5       (save, in the case of Newco, pursuant to any Employee Share Scheme
            or Employee Trust established in accordance with the provisions of
            Clause 12) issue or agree to issue or grant any option or right to
            subscribe at a future date for (or issue or agree to issue any
            security carrying a right to be converted at a future date into) any
            share in its capital or in any subsidiary of it;

4.2.6       (save, in the case of Newco, pursuant to any Employee Share Scheme
            or Employee Trust established in accordance with the provisions of
            Clause 12) give any guarantee
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                                       8

            or indemnity or security (other than in respect of other members of
            the Group) or permit any such guarantee or indemnity or security to
            subsist or vary any such guarantee or indemnity or security or
            provide any credit (other than normal trade credit in the ordinary
            course of that company's business or to other members of the Group);

4.2.7       (save, in the case of Newco, pursuant to any Employee Share Scheme
            or Employee Trust established in accordance with the provisions of
            Clause 12) make any loan or advance other than to other members of
            the Group or to employees not to exceed in any instance (pound)5,000
            in amount;

4.2.8       create any mortgage or charge on any part of its undertaking,
            property or assets other than the Security Documents as defined in
            the Facility Agreement and save for any encumbrances arising
            automatically by operation of law;

4.2.9       incur any capital expenditure or liability in respect of the
            acquisition of any business or capital asset whatsoever in excess of
            the amount specified in the budget approved by the Investors for
            such acquisition or incur in any financial year aggregate capital
            expenditure in excess of the amount set out in the Operating Budget
            for such financial year;

4.2.10      enter into any new lease of or in respect of machinery or plant if
            the machinery or plant concerned is of such importance in the
            production process of the lessee and/or is of such specialised
            design that such process would be substantially and adversely
            affected were such machinery or plant to be repossessed by the
            lessor for any reason (but for the avoidance of doubt this
            sub-clause shall not prohibit leases in respect of computers used
            only for accounting and administrative purposes);

4.2.11      during any financial year of the Newco, enter into any leases of or
            in respect of vehicles, machinery or plant not reflected in the
            Operating Budget;

4.2.12      borrow any money or incur any indebtedness (save for normal trade
            credit) in the nature of borrowing other than borrowing and
            indebtedness under or permitted by the terms of the Facility
            Agreement;

4.2.13      (save, in the case of Newco, pursuant to any Employee Share Scheme
            or Employee Trust established in accordance with the provisions of
            Clause 12) enter into any contract or arrangement of a long term
            (other than in the ordinary course of business) or unusual nature;

4.2.14      appoint or cause or permit or suffer to be appointed any committee
            of its board of directors or discuss any matters or take any
            decisions which are material to the Group as a whole otherwise than
            at a board meeting;

4.2.15      enter into a service agreement (other than, in the case of Newco,
            the Directors Service Contracts) with any director or vary to any
            material extent any existing service agreement with a director;
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                                       9

4.2.16      commence or terminate the employment of any of its directors or
            Management (including, without limitation making any of the
            Directors or member of the Management redundant);

4.2.17      appoint a chairman of its board of directors;

4.2.18      (save, in the case of Newco, for entering into the Directors Service
            Contracts on the Completion Date) enter into any new service
            agreement or new contract of or for services (or any series of
            contracts for the services of the same person either direct or
            indirectly) in the nature of an employment or consultancy or
            advisory contract whereunder the liability of it and any of its
            subsidiaries exceeds (pound)80,000 (taking into account all
            associated costs, benefits, pensions, taxes, duties and perquisites)
            in any period of twelve months or vary any such contract for or to a
            term of more than one year;

4.2.19      enter into or amend any contract of service with any employee not
            terminable on six months' notice or less (other than an amendment
            made with the consent of the Remuneration Committee under Clause
            11.4);

4.2.20      (save, in the case of Newco, pursuant to any Employee Share Scheme
            or Employee Trust established in accordance with the provisions of
            Clause 12) establish any new or amend to any material extent any
            profit sharing, bonus or incentive scheme;

4.2.21      (save, in the case of Newco, for entering into the Directors'
            Service Contracts on the Completion Date) enter into or amend any
            contract or arrangement with any shareholder of any member of the
            Group or with any director or with any person who is a Connected
            Person of a shareholder or of any member of the Group or of any
            Director or enter into or amend any contract or arrangement in which
            any such person is interested, whether director or indirectly (save
            as a shareholder of Newco);

4.2.22      save as provided or reflected in the relevant Operating Budget, sell
            the undertaking of it or any of its subsidiaries or any substantial
            part thereof or sell any fixed asset of it or any of its
            subsidiaries having a book value or market value of more than
            (pound)25,000 whether by a single transaction or a series of
            transactions or part with control of any company which is for the
            time being a member of the Group. For the purpose of this sub-clause
            a company shall be deemed to part with control if as a result of any
            transaction or series of transactions or any arrangement whether or
            not involving a transfer of shares in the relevant subsidiary or the
            issue by such subsidiary of further shares that company ceases
            (either directly or indirectly) to be the holder of shares
            representing the right to exercise 50 per cent. or more of the total
            voting rights exercisable at any general meeting of that subsidiary;

4.2.23      save as provided or reflected in the relevant Operating Budget,
            purchase or otherwise acquire any heritable or freehold or leasehold
            property or any interest therein for an amount in excess of
            (pound)25,000;

4.2.24      save as provided or reflected in the relevant Operating Budget, sell
            or otherwise dispose of any heritable or freehold or leasehold
            property or any interest therein for an amount in excess of
            (pound)25,000;

4.2.25      alter its accounting reference date or change its auditors;
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                                       10

4.2.26      use the name of the Investors' Agent or the Investors (or any of
            them) in any context whatsoever or hold itself out as being
            connected or associated with the Investors' Agent or the Investors
            (or any of them) in any manner whatsoever (other than their
            inclusion as a shareholder in returns and accounts required to be
            prepared by Newco under the Act);

4.2.27      agree to waive or compromise any rights or claims it has under the
            Acquisition Agreement or any documents ancillary thereto;

4.2.28      enter into any new borrowing facility or vary the terms of the
            Facility Agreement;

4.2.29      make any alterations or additions to any terms and provisions of any
            Trust Deed or Employee Trust or Employee Share Scheme once the same
            has been created in accordance with the provisions of Clause 12;
            and/or

4.2.30      save as envisaged in Clause 12, provide funds for the purpose of the
            Employee Trust by way of gift or loan to the Trustees or by any
            other means or provide a guarantee or give a security or undertaking
            to any third party in respect of funds borrowed by the Trustees.

4.3         Newco further agrees with and undertakes to the Investors that it
            shall not without the previous written consent of the Investors
            Agent:

4.3.1       reduce the sum assured by the Life Policies or assign, charge or
            otherwise dispose of any interest in or arising under the Life
            Policies; or

4.3.2       make any application for a Listing or make any arrangements for any
            other form of Marketing.

5.          Listing and Sale

            Newco and the Directors acknowledge and agree that:

5.1         if a Listing is obtained for any of the Equity Shares:

5.1.1       such Listing shall, at the option of the Investors, extend to the
            Equity Shares held by the Investors; and

5.1.2       thereafter the Investors shall (subject to any orderly marketing
            arrangements agreed by the Investors' Agent with Newco's brokers or
            financial advisers) be entitled to deal freely in any Listed Shares
            held by the Investors;

5.2         if any Marketing is made or proposed the Investors shall be entitled
            to participate in such Marketing in respect of the same proportion
            of their holdings of Equity Shares as the number of Equity Shares
            being offered, sold or placed by all other shareholders
            participating in such Marketing bears to the aggregate number of
            Equity Shares held by all such other shareholders;
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                                       11

5.3         if a Listing is obtained or in relation to any sale of shares in the
            capital of Newco the Investors shall not be required to:

5.3.1       give any kind of representations, warranty, undertaking or indemnity
            to any person in respect of any matter or participate in any escrow
            fund or other form of retention in respect of liability in respect
            of any representation, warranty, undertaking or indemnity given by
            an other shareholder, other than a warranty as to title to any such
            shares then held by the Investors; or

5.3.2       appoint the sponsor, financial adviser or broker to Newco to act as
            their own agent in connection with a sale of any such shares.

6.          Liaison and information

6.1         Newco agrees with the Investors that Newco will keep the Investors'
            Agent informed of the progress of its business and that of each of
            its subsidiaries and furnish the Investors' Agent to such extent and
            in such form and detail as the Investors' Agent may from time to
            time reasonably require with particulars of any matters concerned
            with or arising out of the activities, financial position or
            prospects of Newco and those of each of its subsidiary undertakings
            and in particular, but without limiting the generality of the
            foregoing, shall furnish the Investors' Agent with:

6.1.1       copies of the trading account and audited consolidated profit and
            loss account and balance sheet in respect of each accounting
            reference period of Newco and every subsidiary undertaking thereof
            forthwith upon the same becoming available and not in any event
            later than 3 months after the end of each such accounting reference
            period;

6.1.2       monthly financial statements in such form as shall be agreed from
            time to time between Newco and the Investors' Agent to be provided
            within 25 days of the end of the month in question, such financial
            statements:

6.1.2.1     to include a consolidated profit and loss account, balance sheet and
            cash flow statement for the Group broken down according to the
            principal divisions of the Group from time to time;

6.1.2.2     to refer to any material matter occurring in or relating to the
            period in question;

6.1.2.3     to include a comparison of all such information with the projections
            and forecasts in the relevant Operating Budget and with the
            corresponding information (in so far as available) for the same
            period in the preceding year and a statement of any material
            variation from the Operating Budget;

6.1.2.4     to itemise all material transactions referred to in the statement of
            projected capital expenditure included in the relevant Operating
            Budget entered into by Newco or any of its subsidiary undertakings
            during that period;

6.1.2.5     to have been approved by the finance director and one other director
            of Newco as evidenced by their signature of the financial
            statements;
<PAGE>
                                       12

6.1.2.6     to include a commentary by the chief executive or finance director
            of Newco on the state of the business of the Group; and

6.1.2.7     to include such other reports as the Investors' Agent may from time
            to time reasonably require as to any matter relating to the
            businesses or affairs of the Group or to its financial position or
            assets;

6.1.3       an Operating Budget in respect of the next financial year, together
            with a three year corporate plan, such Operating Budget to be
            provided at least 30 days prior to the commencement of the financial
            year to which it relates;

6.1.4       copies of any management letter produced by the auditors of Newco or
            any of its subsidiary undertakings in connection with the annual
            audit to be provided forthwith upon receipt of the same;

6.1.5       quarterly statements showing performance in relation to covenants
            contained in the Facility Agreement which are tested during the
            relevant month to be provided within 30 days of the month in
            question; and

6.1.6       copies of any agendas, minutes and other documents circulated for
            (or following) discussion at any meeting of the Board or the board
            of any subsidiary at the same time they are given to the Board or
            the board of the subsidiary.

6.2         If Newco fails to provide any of the information detailed in Clause
            6.1 within the time specified then the Investors' Agent shall be
            entitled at any time after having given Newco 14 days' notice of its
            failure, to appoint accountants to do so at the cost of Newco and
            Newco shall provide such accountants with any assistance which they
            may reasonably request to allow them to carry out their task.

6.3         Newco shall ensure that (save for changes required to meet UK GAAP
            from time to time):

6.3.1       its annual accounts and each set of management accounts referred to
            in Clause 6.2 is prepared, so far as applicable, on the same basis
            as that used in the preparation of the relevant Operating Budget and
            the Strategy Document and in accordance with accounting principles
            and practices generally accepted in the United Kingdom, consistently
            applied; and

6.3.2       each report prepared under Clause 6.1.2.7 is in such format as may
            reasonably be required by the Investors' Agent.

7.          Exchange of information

            Newco authorises the Investors' Agent, the Special Directors and the
            Investors' Representative (if any) to consult fully with Newco's
            bankers and auditors and with any other shareholders or potential
            shareholders in Newco as to its affairs and the affairs of any of
            Newco's subsidiary undertakings and to exchange information whether
            oral or written in such manner as the Investors' Agent and the said
            bankers, auditors and other shareholders or potential shareholders
            shall deem necessary. This authority shall also extend to any
            disclosures of information which the Investors are
<PAGE>
                                       13

            required to make by law or to the London Stock Exchange or any other
            stock exchange or any regulatory body to which the Investors or any
            member of the Investors Group is subject and to any information
            which the Investor is contractually obliged to provide to any fund
            member, shareholder or investor of or in such Investor.

8.          Publicity

            The parties agree that they shall not (and in the case of Newco it
            shall also procure that all other Group Companies shall not) issue
            any press release or make any other public announcement in relation
            to the subject matter of this Agreement except in accordance with
            terms which have been agreed in writing by Newco and the Investors'
            Agent or to the extent required by law, the London Stock Exchange or
            any other stock exchange, or other regulatory authority to which the
            relevant party is subject.

9.          Representative at Board meetings

            Newco and the Directors confirm that if the Investors have not for
            the time being appointed a Special Director pursuant to the Articles
            the Investors' Agent shall be entitled to nominate a representative
            (the "Investors' Representative") to attend any meeting of the Board
            or the board of any subsidiary.

10.         Corporate governance

10.1        The management of the affairs of Newco shall be controlled by the
            Board.

10.2        The Board shall meet as necessary to discharge its obligations set
            out in Clause 10.1 but in any case no less frequently than 10 times
            a year.

10.3        Save in the case of an emergency (when as much notice as practicable
            shall be given) at least 72 hours' notice of each meeting of the
            Board or the board of any subsidiary shall be given to each member
            of the relevant board (and, if applicable, the Investors'
            Representative) (whether or not he is absent from the United
            Kingdom) unless in any particular case a majority of the directors
            (including a Special Director or, if applicable, the Investors'
            Representative) agree otherwise.

11.         Directors emoluments and pensions

            Newco hereby undertakes to set up a remuneration committee within 2
            months after Completion for the purposes of making all decisions in
            relation to the undernoted matters which concern Newco and/or other
            members of the Group (the "Remuneration Committee"). The
            Remuneration Committee shall comprise the chief executive of Newco
            and not less than one, but not more than three, non-executive
            directors of Newco (of which one must be a Special Director if such
            an appointment has been made) but shall have no other members. The
            Special Director (if one has been appointed failing whom one of the
            non-executive directors) shall have a second or casting vote in
            relation to any matter or decision which the Remuneration Committee
            is required to decide. No decision shall be taken on any of the
            following matters in relation to Newco and/or any other member of
            the Group save with the consent in writing of a majority of the
            members of the Remuneration Committee:
<PAGE>
                                       14

11.1        any increase in remuneration paid to any Directors or to any
            directors of any member of the Group;

11.2        the granting by Newco to any Director or any director of any member
            of the Group of any option to acquire, or the issue to any such
            Director or to any director of any member of the Group of, shares in
            the capital of Newco or any beneficial interest therein under any
            employees' share scheme;

11.3        the provision of any money, whether by way of loan or gift or
            otherwise, for the acquisition of shares in the capital of Newco in
            connection with any employees' share scheme;

11.4        the making of any service agreement (other than the Management
            Service Contracts) (or the varying or termination of any such
            agreement) with any Director or any director of any member of the
            Group, or with any employee of any member of the Group whose
            aggregate remuneration is expected to exceed (pound)80,000 per
            annum.

12.         Employee share scheme and Senior Management

12.1        Subject to the consent in writing of the Investors' Agent, including
            without prejudice to the foregoing generality consent as to the
            price at which shares are issued (or rights to subscribe or purchase
            shares are granted or the terms on which options over shares are
            offered), it is acknowledged that following Completion it is the
            intention, and Newco shall be entitled, to establish and operate an
            Employee Share Scheme and/or an Employee Trust pursuant to which
            employees of the Group will be offered an opportunity to subscribe
            for B Ordinary Shares or rights to purchase or subscribe for options
            over B Ordinary Shares up to a maximum of 28,906 B Ordinary Shares.

12.2        The parties acknowledge that following Completion it is the
            intention (and the parties shall, so far as they are able to use
            their powers so to do, procure) that the Management are offered an
            opportunity to subscribe for up to 31,796 Ordinary Shares of
            (pound)1.00 each in the ordinary share capital of Newco (the "Senior
            Management Shares") on terms agreed by the Investors' Agent.

13.         Future business development

            Newco and the Directors agree with the Investors that they shall so
            far as they are able procure that any expansion development or
            evolution of the businesses of the Group shall only be effected
            through Newco or wholly-owned subsidiaries of Newco.

14.         Other investments

            The Directors agree with the Investors that, save with prior written
            consent of the Investors' Agent, they will not make any investment
            in any other company save for investments not exceeding 3% in total
            of any class of security dealt with on the London Stock Exchange or
            any other recognised investment exchange.
<PAGE>
                                       15

15.         Warranties

15.1        The Warrantors hereby jointly and severally represent and warrant to
            the Investors in the terms set out in Schedule 4. The Warrantors
            expressly acknowledge and agree that the Investors have entered into
            this Agreement in reliance upon such representations and warranties.

15.2        Each of the Warranties shall be separate and independent and are
            given subject to the matters fully and fairly disclosed in the
            Disclosure Letter and shall not be limited by any constructive
            knowledge of the Investors' Agent or the Investors or their agents
            or professional advisers.

15.3        Each of the Warranties shall remain in full force and effect
            notwithstanding Completion.

15.4        The Warrantors hereby severally undertake with the Investors that
            they will each upon becoming aware, at any time after Completion, of
            any material change affecting, or any breach of the Warranties, as
            soon as is reasonably possible notify the Investors' Agent thereof
            in writing and take all such steps as may be reasonably requested by
            the Investors' Agent to remedy the same.

16.         Warranty limitations

16.1        None of the Warrantors shall have any liability in respect of any
            breach or breaches of the Warranties unless and until the aggregate
            of all Claims exceed (pound)25,000 in which case the Warrantors
            shall be liable for the whole amount and not just the excess.

16.2        No Claim shall be brought by the Investors' Agent against the
            Warrantors in respect of any breach of the Warranties unless notice
            of such Claim (specifying in as much detail as possible the nature
            of the breach and so far as is practicable the amount claimed in
            respect thereof) has been given to the Warrantors not later than the
            second anniversary of the date of this Agreement (the "Claim Date")
            and such Claim (if it has not been waived, withdrawn or settled)
            shall be deemed to have been waived in respect of any particular
            Warrantor on the date six months after the Claim Date unless
            proceedings in respect thereof shall have been commenced against
            such Warrantor before such date and for this purpose proceedings
            shall be deemed to have been commenced if they have been served or
            are deemed by law to have been served on the relevant Warrantor.

16.3        The aggregate liability of each of the Warrantors under the
            Warranties shall not exceed:

16.3.1      in relation to Walter Nimmo the amount of (pound)100,000;

16.3.2      in relation to Ian Sword the amount of (pound)62,500; and

16.3.3      in relation to Stewart Leslie the amount of (pound)37,500.
<PAGE>
                                       16

16.4        The Investors undertake to the Warrantors that they shall and shall
            use all reasonable endeavours to procure that Newco shall take all
            reasonable steps to mitigate the amount of any Claim.

16.5        If any Investor makes any Claim against the Warrantors (or any of
            them), none of the Directors shall have or pursue any claim or third
            party action to join in, claim against, seek a contribution from or
            otherwise claim or seek damages or compensation from any Group
            Company in respect of any such Claim. Each of the Directors hereby
            expressly waives any right of contribution counterclaim or set-off
            or any other claim or right of recovery against any Group Company or
            any of its officers, employees, auditors or advisers in relation to
            any claim. Each of the Warrantors confirms to the Investors that no
            Group Company has entered into any indemnity or other agreement or
            arrangement concerning the liability of the Warrantors for any
            breach of the Warranties or any other provision of this Agreement.

17.         Fees and expenses

            Newco shall pay the Investors' Agent an arrangement fee equal to
            (pound)275,000 (plus any VAT). Such fee shall be payable on the date
            of this Agreement. All legal and accountancy fees (plus any expenses
            and VAT) of the Investors and the legal fees, subject to a maximum
            of (pound)20,000 plus any VAT, of the Directors in relation to this
            Agreement shall be for the account of Newco and shall be payable on
            the date of this Agreement.

18.         Further assurances

            The parties (other than Newco) shall at all times (so far as lawful
            and consistent with their fiduciary duties) use and exercise the
            votes they control at both general meetings of Newco and/or meetings
            of the board of directors of the Group to ensure that full force and
            effect is given to the express terms of the provisions of the
            Articles relating to variation of class rights including deemed
            variation of class rights. The parties (other than Newco) shall use
            and exercise the votes they control at both general meetings of
            Newco and/or meetings of the boards of directors of the Group and
            give such consents as may be necessary to enable Newco to comply
            with Clause 4.1.

19.         Notices

19.1        Any notices or other document to be served under this Agreement may
            be delivered or sent by facsimile to the party to be served at its
            address appearing in this Agreement or at such other address as it
            may have notified to the other parties in accordance with this
            Clause and shall (where the party to be served is not an individual)
            be marked for the attention of the individual specified in this
            agreement or such other individual as the relevant party may have
            notified to the other parties in accordance with this Clause.

19.2        Any notice or document shall be deemed to have been served:

19.2.1      if delivered, at the time of delivery; or

19.2.2      if sent by facsimile, the time of despatch.
<PAGE>
                                       17

19.3        In proving service of a notice or document it shall be sufficient to
            prove that delivery was made or that the facsimile message was
            properly addressed and despatched as the case may be.

20.         Undertakings by the Directors

20.1        Each of the Directors, other than Ian Sword, undertakes to the
            Investors that he will, so long as he is employed by any Group
            Company (the "employment"), devote the whole of his time and
            attention during business hours to the duties of his employment with
            Newco and will not be concerned in any other business without
            consent from the Investors' Agent. Ian Sword undertakes to the
            Investors that he will fulfill his obligations to Newco pursuant to
            his appointment as chairman of Newco.

20.2        As each Director, in the course of his employment and directorship,
            is likely from time to time to obtain knowledge of trade secrets and
            other confidential information of Group Companies and to have
            dealings with the customers and suppliers of Group Companies and in
            order to protect such trade secrets and other confidential
            information and the goodwill of Group Companies, each of the
            Directors further undertakes to the Investors and, as a separate
            undertaking, to Newco in the terms of Clause 20.3.

20.3        Each Director undertakes to Newco and the Investors that, without
            prejudice to any other duty implied by law or equity, he will not,
            for a period of 12 months (the "Restricted Period") after he ceases
            to be either an employee of, or a consultant to, any Group Company
            and does not continue in any such capacity (the "Termination Date"):

20.3.1      be concerned in any business which competes with any business of any
            Group Company as carried on at the Termination Date (and in which
            the Director was actively involved during the 12 months ending on
            the Termination Date) in any territory in which such business was
            carried on at such date;

20.3.2      directly or indirectly on his own account or on behalf of or in
            conjunction with any person (except on behalf of a Group Company)
            canvass or solicit business or custom for goods of a similar type to
            those being manufactured or dealt in or services similar to those
            being provided by any Group Company at the Termination Date and with
            which the Director was actively involved in the course of his
            employment during the 12 months ending on the Termination Date from
            any person who has been at any time during the 12 months ending on
            the Termination Date a customer or client of any Group Company and
            with whom the Director was actively involved in the course of his
            employment during the 12 months ending on the Termination Date;

20.3.3      directly or indirectly on his own account or on behalf of or in
            conjunction with any person induce or attempt to induce any supplier
            of any Group Company, with whom the Director was actively involved
            in the course of his employment during the 12 months ending on the
            Termination Date, to cease to supply, or to restrict or vary the
            terms of supply to, any Group Company or otherwise interfere with
            the relationship between such a supplier and any Group Company;

20.3.4      directly or indirectly on his own account or on behalf of or in
            conjunction with any person induce or attempt to induce any employee
            of any Group Company who is
<PAGE>
                                       18

            engaged in any business or activity carried on by a Group Company at
            the Termination Date, and with whom the Director during the 12
            months ending on the Termination Date had material dealings in the
            course of his employment, to leave the employment of that Group
            Company (whether or not his would be a breach of contract by the
            employee); or

20.3.5      use or (insofar as he can reasonably do so) allow to be used (except
            by a Group Company) any trade name used by any Group Company at the
            Termination Date, or any other name calculated or likely to be
            confused with such a trade name.

20.4        The parties agree that the foregoing restrictions shall apply even
            in circumstances where the relevant Director was made redundant or
            was constructively or unfairly or wrongfully dismissed as determined
            in accordance with the provisions of Clause 20.5 provided that in
            such circumstances the Company shall pay to the relevant Director
            each month during the Restricted Period a sum equal to the monthly
            remuneration to which he was entitled immediately prior to the
            termination.

20.5        Without prejudice to a Director's rights to claim constructive
            and/or wrongful and/or unfair dismissal, for the purposes of
            determining whether a Director has been constructively and/or
            unfairly and/or wrongfully dismissed solely for the purposes of
            Clause 20.4 of this Agreement the relevant Director or the
            Investors' Agent may request the appointment of an independent
            solicitor to determine whether the relevant Director has been
            constructively and/or unfairly and/or wrongfully dismissed. Such
            appointment shall be made by the relevant Director and the
            Investors' Agent either jointly or, in default of an agreement
            within seven days of one party notifying the other of its wish to
            appoint an independent solicitor, by the President for the time
            being of the Law Society of England and Wales on the application of
            either party. The certification prepared by such independent
            solicitor shall be final and binding on the relevant Director, Newco
            and the Investors for the purposes of this Clause 20. Such
            independent solicitor shall act as an expert and not as an arbiter.
            Newco shall pay the charges of any independent solicitor appointed
            in accordance with this Clause 20.5 unless the independent
            solicitors determines that the Director was not constructively,
            unfairly or wrongfully dismissed in which case the costs shall be
            borne by the Director concerned.

20.6        For the purposes of this Clause:

20.6.1      a Director is concerned in a business if:

            (i)   he carries it on as principal or agent; or

            (ii)  he is a partner, director, employee, secondee, consultant or
                  agent in, of or to any person who carried on the business; or

            (iii) he has any financial interest other than in accordance with
                  Clause 14 (as shareholder or otherwise) in any person who
                  carries on the business; or

            (iv)  he is a partner, director, employee, secondee, consultant or
                  agent in, of or to any person who has a financial interest (as
                  shareholder or otherwise) in any person who carried on the
                  business,
<PAGE>
                                       19

            disregarding any financial interest of a person in securities which
            are listed or dealt in on any stock exchange if that person, the
            Director and any person connected with him are interested in
            securities which amount to less than three per cent, of the issued
            securities of the same class and which, in all circumstances, carry
            less than three per cent, of the voting rights (if any) attaching to
            the issued securities of that class; and

20.6.2      references to a Group Company include its successors in business.

20.7        Any of the undertakings on the part of a Director under this Clause
            may be released either generally or in any particular case by the
            Board with the consent of the Investors' Agent.

20.8        Each covenant contained in each paragraph or sub-clause above shall
            be, and is, a separate covenant by each Director and shall be
            enforceable separately against each Director and independently of
            each of the other covenants and its validity shall not be affected
            if any of the others is invalid; and if any of the covenants is void
            but would be valid if some part of the covenant were deleted the
            covenant in question shall apply with such modification as may be
            necessary to make it valid.

20.9        Each Director, having obtained professional advice, acknowledges and
            agrees that the covenants contained in this clause in favour of the
            Investors are no more extensive than is reasonable to protect the
            Investors as subscribers (or transferees) of the A Ordinary Shares.

21.         ERISA

21.1        If and for so long as Partnership No 1 or its nominee or Partnership
            No 3 or its nominee is a shareholder in Newco, the following
            provisions of this Clause shall have effect but not otherwise.

21.2        Partnership No 1 and Partnership No 3 include limited partners which
            are entities governed in the United States of America by the
            Employee Retirement Income Security Act of 1974 as amended
            ("ERISA"). It has been agreed that, in order to permit the limited
            partners governed by ERISA (the "ERISA Partners") to treat
            Partnership No 1 and Partnership No 3 as a "venture capital
            operating company" ("VCOC") for purposes of ERISA, each of
            Partnership No 1 and Partnership No 3 will obtain certain management
            rights in companies in which it invests in a manner and to an extent
            that will permit Partnership No 1 and Partnership No 3 to qualify as
            a VCOC. Accordingly, it is agreed by Newco and Partnership No 1 and
            Partnership No 3 that:

21.2.1      So long as Partnership No 1 or its nominee or Partnership No 3 or
            its nominee is a shareholder in Newco, the right to appoint and
            remove directors of Newco in accordance with Article 25 of the
            Articles may be exercised by Partnership No 1 and/or Partnership No
            3.

21.2.2      Partnership No 1 and Partnership No 3 shall have the right, and
            Newco grants to Partnership No 1 and Partnership No 3 the right in
            so far as it is lawful, to consult with and advise the management of
            Newco, at any time or from time to time, on all matters relating to
            the operation of Newco, including, without limitation, significant
            changes in management personnel and compensation or employee
            benefits, the
<PAGE>
                                       20

            introduction of new products or new lines of business, important
            acquisitions or dispositions of plant and equipment, significant
            research and development programmes, the purchase or sale of
            important patents, trade marks, licences and concessions, and the
            proposed compromise of any significant litigation.

21.2.3      Partnership No 1 and Partnership No 3 shall have the right, and
            Newco shall grant to Partnership No 1 and Partnership No 3 the
            right, in so far as it is lawful, to have its representatives (in
            addition to its representatives that are directors) attend meetings
            of the Board. Newco shall give, as appropriate to Partnership No 1
            and Partnership No 3 (i) at least three days' prior written notice
            of each regular meeting of the Board; (ii) such notice as is
            necessary under the circumstances to enable Partnership No 1's
            representatives and Partnership No 3's representatives to attend
            each special or emergency meeting of the Board; (iii) on or prior to
            the date of each meeting of the Board, all information given to the
            directors at such meeting; and (iv) within 60 days following receipt
            of minutes of the meeting of the Board, copies of the minutes of
            such meeting.

21.2.4      Newco shall provide to Partnership No 1, if Partnership No 1 so
            requests, and to Partnership No 3, if Partnership No 3 so requests,
            true and correct copies of all monthly, quarterly and annual
            financial reports and budgets prepared by or on behalf of Newco and
            its subsidiaries and such other documents, reports, financial data
            and other information as Partnership No 1 or Partnership No 3 (as
            the case may be) may reasonably request, as such documents are
            available to Newco. Newco shall permit any authorised
            representatives designated by Partnership No 1 and Partnership No 3
            to visit and inspect any of the properties of Newco or any of its
            subsidiaries, including its and their books and records (and to make
            copies and take extracts therefrom) and to discuss its and their
            affairs, finances and accounts with its and their officers and their
            current and prior independent public accountants (and by this
            provision Newco authorises such accountants to discuss with such
            representatives the affairs, finances and accounts of Newco and its
            subsidiaries, whether or not a representative of Newco is present),
            all at such reasonable times and as often as Partnership No 1 and/or
            Partnership No 3 may reasonably request, in so far as it is lawful.

22.         Applicable law

            This Agreement shall be governed by and construed in accordance with
            English law and all the parties hereto irrevocably submit to the
            non-exclusive jurisdiction of the High Court in London as regards
            any claim, dispute or matter arising out of or relating to this
            Agreement or any of the documents to be executed pursuant to it.

AS WITNESS WHEREOF this Agreement has been executed on the date first above
written.
<PAGE>
                                       21

                                   Schedule 1
                                  The Directors

<TABLE>
<CAPTION>
           (1)                              (2)                       (3)

Name                             Number of Ordinary Shares       Consideration
----                             -------------------------       -------------
                                                                     (pound)
<S>                              <C>                             <C>
Walter Nimmo                              31,797                    100,000

Ian Sword                                 14,453                    62,500

Stewart Leslie                             8,672                    37,500
</TABLE>
<PAGE>
                                       22

                                   Schedule 2

                                  The Investors

<TABLE>
<CAPTION>
           (1)                                          (2)                        (3)                (4)

Name & Address                              Number of A Ordinary Shares       Nominal Value of     Consideration
--------------                              ---------------------------       ----------------     -------------
                                                                                Loan Stock
                                                                                ----------
                                                                                 (pound)              (pound)
<S>                                         <C>                               <C>                  <C>
Candover Investments PLC                              48,970                     3,180,882           3,229,853
20 Old Bailey
London EC4M 7LN

Candover Trustees Limited                               5441                         Nil                  5441
20 Old Bailey
London EC4M 7LN

Candover 1997 UK Limited                             159,318                     9,313,623           9,472,941
Partnership, 20 Old Bailey,
London EC4M 7LN acting by
their general partner Candover
Partners Limited

Candover 1997 UK No 2                                 49,624                     2,900,965           2,950,588
Limited Partnership, 20 Old
Bailey, London EC4M 7LN
acting by their general partner
Candover Partners Limited

Candover 1997 US No 1                                132,275                     7,732,725           7,865,000
Limited Partnership, 20 Old
Bailey, London EC4M 7LN
acting by their general partner
Candover Partners Limited

Candover 1997 US No 2                                 44,509                     2,601,962           2,646,471
Limited Partnership, 20 Old
Bailey, London EC4M 7LN
acting by their general partner
Candover Partners Limited

Candover 1997 US No 3                                 22,363                     1,307,343           1,329,706
Limited Partnership)20 Old
Bailey, London EC4M 7LN
acting by their general partner
Candover Partners Limited

Total                                                462,500                   27,037,500           27,500,000
                                                     =======                   ==========           ==========
</TABLE>
<PAGE>
                                       23

                                   Schedule 3

                              Conditions precedent

1.          The Investors' Agent having received all of the following in form
            and substance satisfactory in all respects to it:

1.1         certified true copies of the memorandum and articles of association
            and the certificate of incorporation of Newco;

1.2         a certified true copy of the Acquisition Agreement (and of all
            agreements, indemnities, deeds and documents to be executed and/or
            delivered in terms thereof) and the Management Service Contracts and
            the Letter of Appointment all as duly executed;

1.3         a certificate from MMS relating to Newco, in the Agreed Terms;

1.4         evidence that there have been duly passed resolutions of Newco in
            the Agreed Terms, inter alia, creating and authorising the allotment
            of the Subscription Shares and adopting the Articles as the articles
            of association of Newco;

1.5         a duly signed copy of each of the Reports;

2.          The Acquisition Agreement having become unconditional in all
            respects and the satisfaction of or compliance with all matters
            necessary for the due completion of the Acquisition Agreement by the
            parties thereto in accordance with its terms save only for the
            payment of the purchase price thereunder.

3.          The Facility Agreement having become unconditional in all respects
            except insofar as it is conditional upon this Agreement having
            become unconditional.

4.          The Investors' Agent being satisfied in all respects with Newco's
            banking facilities and the securities to be granted in respect
            thereof.

5.          The Investors' Agent being satisfied with the Fees Letters.

6.          The Investors' Agent being satisfied with the duly completed
            Management Questionnaires.

7.          The state of affairs and the prospects of Newco being no worse in
            any respect than that shown in the Strategy Document.

8.          Each of the persons referred to in Schedule 1 having subscribed in
            cash pursuant to an application for allotment in the Agreed Terms
            for the number of Ordinary Shares shown opposite his name in column
            2 of Schedule 1.
<PAGE>
                                       24

                                   Schedule 4

                                   Warranties

1.1         Each of the Directors has carefully read and considered the Reports
            and is not aware of any material omissions or inaccuracies in the
            Reports.

1.2         None of the Directors has deliberately failed to disclose to the
            authors of any of the Reports any material fact, circumstance or
            opinion known or held by him which would be relevant to such
            authors.

1.3         So far as the Directors are aware no part of the text of the Reports
            has been rendered incorrect to any material extent by virtue of any
            events or circumstances within the actual knowledge of the Directors
            which have arisen since the date of such Report.

1.4         There is nothing known to the Directors which is not reflected in
            the Reports which the Directors acting reasonably consider material
            to the decision of Newco to purchase the Targets.

2.          The Strategy Document was prepared after all reasonable enquiry and
            in particular:-

2.1         so far as the Directors are aware all assumptions on which any
            profit or cash flow forecasts and forecast balance sheets contained
            in the Strategy Document have been based are set out therein and all
            expressions of opinion intention or expectation contained in the
            Strategy Document are fair and honest and are made on reasonable
            grounds;

2.2         there are no material omissions from the Strategy Document known to
            any of the Directors; and

2.3         so far as the Directors are aware, the historical factual
            information (as opposed to projections and forecasts) contained in
            the Strategy Document is true and accurate in all material respects.

3.          Except for his shareholding in Newco and shares quoted on the Stock
            Exchange or any other recognised investment exchange and held for
            normal personal investment purposes or as disclosed in the relevant
            Management Questionnaire none of the Directors has any interest in
            any business or partnership nor is he interested in the shares of
            any company nor (except for any service contract) does any of the
            Directors or any persons connected with him have any interest in any
            contract or agreement with Newco.

4.          None of the Directors has been convicted of a criminal offence,
            other than a Road Traffic offence not punishable by a custodial
            sentence, and no order has been made against any of the Directors
            pursuant to The Company Directors Disqualification Act 1986 and none
            of the Directors is aware of any circumstances which would be likely
            to lead to such an order being made against him pursuant to such
            Act.

5.          The entering into of this Agreement by Newco has been decided on by
            all the Directors.

6.          The information contained in the Directors' Questionnaires is true
            and accurate in all respects and contains no omissions making any
            information so contained misleading.
<PAGE>
                                       25

The warranties in this Schedule 4 shall be deemed to be given immediately before
the advance of monies by the Investors pursuant to the Agreement.
Notwithstanding any other provision in this Agreement the warranties contained
in paragraphs 1, 3, 4 and 6 shall be deemed to be given by each Director only in
relation to himself and (so far as applicable) his Connected Persons.

Where the expression "so far as the Directors are aware" or any similar
expression is used in this Schedule 4 it shall mean to the best of the
knowledge, information and belief of the Directors having made reasonable
enquiry of the senior managers of Inveresk Research (North America) Inc,
Inveresk Research International Limited and Inveresk Clinical Research Limited
("the Inveresk Companies"). The Directors shall be deemed to have made
reasonable enquiry of the senior managers of the Inveresk Companies if they have
enquired of such senior managers on 25 August 1999 as follows:

(i)         if there is any pending litigation against the Targets or the
            Inveresk Companies that they are aware of that has not yet been
            disclosed to the Investors;

(ii)        to confirm that the information they have given to finance and the
            general managers regarding the forecast of the financial result for
            1999 was accurate;

(iii)       if there has been any change in value of assets in their areas of
            responsibility; and

(iv)        if there is any material fact affecting suppliers or clients within
            their area of responsibility that could affect the value of the
            Targets or the Inveresk Companies.
<PAGE>
                                       26

                                   Schedule 5

                                Deed of Adherence

THIS Deed of Adherence is made the        day of        199   between

(1)         [           ] of [             ] (the "Investor"),

(2)         [                 ] of [             ] (the "Transferee") and

(3)         Inveresk Research Group Limited of Elphinstone Research Centre,
            Tranent (the "Company")

WHEREAS:

(A)         Under the terms of an agreement dated [     ] 1999 (the "Investment
            Agreement") and entered into between the Company, the Directors (as
            defined therein) [      ], [      ] and [    ] the Investor is to
            transfer to the Transferee certain of the A Ordinary Shares
            previously subscribed by it or on its behalf subject to the parties
            hereto entering into this Agreement.

(B)         The Transferee wishes to accept a transfer of such shares and to
            enter into this Agreement upon the terms of the Investment
            Agreement.

IT IS HEREBY AGREED AS FOLLOWS:

1.          Expressions defined in the Investment Agreement shall (unless the
            context otherwise requires or unless otherwise specified) have the
            same meaning when used in this Agreement.

2.          In consideration of the sum of(pound)[ ] paid on [ ] (the "Effective
            Date") the Investor shall forthwith transfer or procure the transfer
            by [ ] to the Transferee of [ ] A Ordinary Shares together with the
            right to receive all dividends accrued thereon as at the date of
            transfer subject to the Articles of Association of the Company. Upon
            receipt of the duly stamped stock transfer form the Company shall
            issue and deliver to the Transferee a share certificate in its name
            or that of its nominee for [ ] A Ordinary Shares.

3.          The Transferee hereby undertakes to and covenants with all the
            parties to the Investment Agreement (including any persons who have
            become parties hereto by deed of adherence) to comply with the
            provisions of and to perform all the obligations in the Investment
            Agreement so far as it may do so and so far as they may remain to be
            observed and performed as if the Transferee has been a party to such
            agreements as an Investor.

4.          The Transferee hereby acknowledges that it has received and read the
            Investment Agreement and assumed the rights and obligations referred
            to above on the basis of the exceptions and reservations contained
            therein. The Transferee further acknowledges and agrees that it is
            not relying on any warranties or representations made to it by any
            Investor (as defined in the Investment Agreement).

5.          The Transferee, hereby warrants to Newco and the Investors that it
            has the legal capacity and has been duly authorised to enter into
            this Deed of Adherence and that it
<PAGE>
                                       27

            has the legal capacity to grant such warranties and to enter into
            such indemnities as may be requested of the Transferee in connection
            with any marketing or listing.

6.          This Agreement shall be governed by and construed in accordance with
            English law and the parties hereby irrevocably submit to the
            non-exclusive jurisdiction of the English Courts as regards any
            claim, dispute or matter arising out of or relating to this
            Agreement.

AS WITNESS WHEREOF this Agreement was signed as a deed by the parties on the
date first above written.

Signed as a deed for and on behalf of       )     /s/ Ian James Gray
Inveresk Research Group Limited             )     ______________________________
acting by Ian James Gray, director          )     Director
in the presence of this witness:            )

Witness /s/ Graeme E.C. Sloan
        _______________________________

Full Name   Graeme Eoghan Campbell Sloan

Address     3 Glenfinlas Street

            Edinburgh

            Solicitor

Signed as a deed for and on behalf of        )    /s/ Ian James Gray
Candover Investments PLC                     )    ______________________________
acting by Ian James Gray as their attorney   )    Attorney
in the presence of this witness:             )

Witness /s/ Graeme E.C. Sloan
        _______________________________

Full Name   Graeme Eoghan Campbell Sloan

Address     3 Glenfinlas Street

            Edinburgh

            Solicitor

Signed as a deed for and on behalf of        )    /s/ Ian James Gray
Candover Trustees Limited                    )    ______________________________
acting by Ian James Gray as their attorney   )    Attorney
in the presence of this witness:             )

Witness /s/ Graeme E.C. Sloan
        _______________________________

Full Name   Graeme Eoghan Campbell Sloan

Address     3 Glenfinlas Street

            Edinburgh

            Solicitor

<PAGE>
                                       28

Signed as a deed for and on behalf of        )    /s/ Ian James Gray
Candover 1997 UK Limited Partnership         )    ______________________________
 acting by Ian James Gray as their attorney  )    Attorney
in the presence of this witness:             )

Witness     /s/ Graeme E. C. Sloan
            ____________________________
Full Name   Graeme Eoghan Campbell Sloan

Address     3 Glenfinlas Street

            Edinburgh

            Solicitor

Signed as a deed for and on behalf of        )    /s/ Ian James Gray
Candover 1997 UK No 2 Limited Partnership    )    ______________________________
acting by Ian James Gray as their attorney   )    Attorney
in the presence of this witness:             )

Witness     /s/ Graeme E. C. Sloan
            _______________________________

Full Name   Graeme Eoghan Campbell Sloan

Address     3 Glenfinlas Street

            Edinburgh

            Solicitor

Signed as a deed for and on behalf of        )    /s/ Ian James Gray
Candover 1997 US No 1 Limited Partnership    )    ______________________________
acting by Ian James Gray as their attorney   )    Attorney
in the presence of this witness:             )

Witness     /s/ Graeme E. C. Sloan
            _______________________________

Full Name   Graeme Eoghan Campbell Sloan

Address     3 Glenfinlas Street

            Edinburgh

            Solicitor
<PAGE>
                                       29

Signed as a deed for and on behalf of        )    /s/ Ian James Gray
Candover 1997 US No 2 Limited Partnership    )    ______________________________
acting by Ian James Gray as their attorney   )    Attorney
in the presence of this witness:             )

Witness     /s/ Graeme E. C. Sloan
            _______________________________

Full Name   Graeme Eoghan Campbell Sloan

Address     3 Glenfinlas Street

            Edinburgh

            Solicitor

Signed as a deed for and on behalf of        )    /s/ Ian James Gray
Candover 1997 US No 3 Limited Partnership    )    ______________________________
acting by Ian James Gray as their attorney   )    Attorney
in the presence of this witness:             )

Witness     /s/ Graeme E. C. Sloan
            _______________________________

Full Name   Graeme Eoghan Campbell Sloan

Address     3 Glenfinlas Street

            Edinburgh

            Solicitor

Signed as a deed by Walter Nimmo             )   /s/ Walter Nimmo
                                             )   ______________________________
in the presence of this witness:                  Walter Nimmo

Witness     /s/ Graeme E. C. Sloan
            _______________________________

Full Name   Graeme Eoghan Campbell Sloan

Address     3 Glenfinlas Street

            Edinburgh

            Solicitor

Signed as a deed by Ian Sword                )  /s/ Ian Sword
                                             )  ______________________________
in the presence of this witness:                  Ian Sword

Witness     /s/ Graeme E. C. Sloan
            _______________________________

Full Name   Graeme Eoghan Campbell Sloan

Address     3 Glenfinlas Street

            Edinburgh

            Solicitor
<PAGE>
                                       30

Signed as a deed by Stewart Leslie           )    /s/ Stewart Leslie
                                             )    ______________________________
in the presence of this witness:                  Stewart Leslie

Witness     /s/  Graeme E.C. Sloan
            _______________________________

Full Name   Graeme Eoghan Campbell Sloan

Address     3 Glenfinlas Street

            Edinburgh

            Solicitor<PAGE>

                                                                    EXHIBIT 10.2

                                  GECS/CAN.22.1

                                17 September 1999

                       Supplemental investment agreement

                       between

                       Inveresk Research Group Limited

                       Walter Nimmo and others

                       and

                       Candover Investments PLC and others
<PAGE>
THIS AGREEMENT IS MADE ON 17 SEPTEMBER 1999

between

(1)   INVERESK RESEARCH GROUP LIMITED (registered number 198206) having its
      registered office at Elphinstone Research Centre, Tranent, Edinburgh EH33
      2NE ("Newco");

(2)   THE PERSONS whose names are set out in Schedule 1 (together the
      "Directors" and each a "Director"); and

(3)   THE PERSONS whose names and addresses are set out in Schedule 2 (together
      the "Investors" and each an "Investor")

WHEREAS

(A)   Pursuant to an investment agreement dated 4 September 1999 (the
      "Investment Agreement") the Directors and the Investors agreed to invest
      in Newco for the purposes of and subject to the terms and conditions of
      the Investment Agreement.

(B)   The parties have agreed to enter into this Agreement which is
      supplementary to the Investment Agreement.

IT IS HEREBY AGREED as follows:

1.          Interpretation

1.1         Unless the context otherwise requires, expressions defined in the
            Investment Agreement shall have the same meaning in this Agreement.

1.2         Reference to "Recitals", "Clauses" and "Schedules" and to
            sub-divisions thereof are to recitals and clauses of and the
            schedules to this Agreement and sub-divisions thereof. The Schedules
            shall form part of this Agreement.

1.3         The headings in this Agreement are for convenience only and shall
            not affect its construction or interpretation.

1.4         Unless the context otherwise requires:

1.4.1       words denoting the singular shall include the plural and vice versa;

1.4.2       words denoting a gender shall include all genders; and

1.4.3       references to persons shall include natural persons, bodies
            corporate, unincorporated associations, partnerships, joint
            ventures, trusts or other entities or organisations of any kind,
            including (without limitation) government entities (or political
            subdivisions or agencies or instrumentalities thereof).
<PAGE>
                                        2

2.       Investor protection

2.1      Newco hereby agrees with and undertakes to the Investors that it shall,
         so far as within its power, not permit any act or omission to occur
         between the execution of this Agreement and Completion which would
         require the consent of the Investors under the Agreement or the consent
         of holders of A Ordinary Shares under the Articles if the Articles had
         been adopted at the date of this Agreement.

2.2      Each of Messrs Nimmo and Leslie hereby agrees with and undertakes to
         the Investors that he shall, so far as within his power, not permit any
         act or omission to occur between the execution of this Agreement and
         Completion which would require the consent of the Investors under the
         Agreement or the consent of holders of A Ordinary Shares under the
         Articles if the Articles had been adopted at the date of this Agreement
         without first consulting the Investors provided that no consent of the
         Investors or the holders of A Ordinary Shares shall be required in
         connection with any such act or omission.

3.       Amendment of Investment Agreement

         The Investment Agreement shall be amended:

3.1      by the addition to Schedule 3 of the Agreement of the following as a
         new paragraph 9:

         "9.      There having been no breach of clause 2 of the supplemental
                  subscription agreement dated 17 September 1999 between the
                  parties thereto." and

3.2      by the addition to Schedule 4 of the Agreement of the following
         additional warranties:

         "7.      So far as the Warrantors are aware, since execution of the
                  supplemental subscription agreement dated 17 September 1999
                  between the parties thereto:

         7.1      Newco has not undertaken any trading and has not incurred any
                  new liabilities of any nature whatsoever whether actual or
                  contingent;

         7.2      Newco has not become engaged in and is not about to initiate
                  any litigation or arbitration and, so far as the Directors are
                  aware, no such litigation or arbitration is pending or
                  threatened against Newco;

         7.3      Newco has not taken any corporate action nor have any steps
                  been taken or legal proceedings been started or threatened
                  against it for winding up, dissolution or reorganisation or
                  for the appointment of a receiver or administrative receiver
                  or any administrator, trustee or similar officer of it or of
                  any of its assets or revenues;

         7.4      No mortgages, charges, liens, encumbrances or other security
                  interests (save for liens and retentions of title arising
                  automatically by operation of law or in the ordinary and usual
                  course of business) subsist over the undertaking or assets of
                  Newco;
<PAGE>
                                        3

         7.5      None of the directors of Newco has been given any service
                  contract with Newco or any member of the Group other than the
                  Directors' Service Contracts;

         7.6      No options have been granted or agreements entered into which
                  call for the issue of or accord to any person the right to
                  call for the issue of any shares in the capital of Newco; and

         7.7      Newco has not had (and will not following completion of the
                  transactions envisaged in this Agreement have) any interest in
                  the shares of any company other than the Targets."

3.3      by the addition to Schedule 4 at the end of the paragraph commencing
         with the words "The Warranties in this Schedule 4" the following:

         "... and the Warranties contained in paragraph 7 shall be deemed to be
         given by each of Stewart Leslie and Walter Nimmo only."

4.       Fees and expenses

         All legal and accountancy fees (plus any expenses and VAT) of the
         Investors in relation to this Agreement shall be for the account of
         Newco and shall be payable on the date of completion of the Investment
         Agreement.

5.       Counterparts

         This Agreement may be executed in any number of counterparts by the
         different parties hereto on separate counterparts, each of which when
         executed and delivered shall constitute an original, but all of which
         shall together constitute one and the same instrument.

6.       Applicable Law

         This Agreement shall be governed by and construed in accordance with
         English law and all the parties hereto irrevocably submit to the
         non-exclusive jurisdiction of the High Court in London as regards any
         claim, dispute or matter arising out of or relating to this Agreement
         or any of the documents to be executed pursuant to it.

AS WITNESS WHEREOF this Agreement has been executed on the date first above
written.
<PAGE>
                                       4

                                   Schedule 1

                                  The Directors

Walter Nimmo

Ian Sword

Stewart Leslie
<PAGE>
                                       5

                                   Schedule 2

                                  The Investors

Name & Address

Candover Investments PLC
20 Old Bailey
London EC4M 7LN

Candover Trustees Limited
20 Old Bailey
London EC4M 7LN

Candover 1997 UK Limited
Partnership, 20 Old Bailey,
London EC4M 7LN acting by
their general partner
Candover Partners Limited

Candover 1997 UK No 2 Limited
Partnership, 20 Old Bailey,
London EC4M 7LN acting by
their general partner Candover
Partners Limited

Candover 1997 US No 1 Limited
Partnership, 20 Old Bailey,
London EC4M 7LN acting by
their general partner Candover
Partners Limited

Candover 1997 US No 2 Limited
Partnership, 20 Old Bailey,
London EC4M 7LN acting by
their general partner Candover
Partners Limited

Candover 1997 US No 3 Limited
Partnership)20 Old Bailey, London
EC4M 7LN acting by their general
partner Candover Partners Limited
<PAGE>
                                       6

Signed as a deed for and on behalf of                )  /s/ Marek Gumienny
Inveresk Research Group Limited                      )  ........................
acting by Marek Gumienny, director,                  )  Director
in the presence of this witness:                     )

            /s/ Susan Coughlan
Witness     .......................................
            Susan Coughlan
Full Name   .......................................
            Maclays
Address     .......................................
            10 Foster Lane
            .......................................
            London EC2V6HR
            .......................................

Signed as a deed for and on behalf of                )  /s/ Marek Gumienny
Candover Investments PLC                             )  ........................
acting by Marek Gumienny, director,                  )  Director
in the presence of this witness:                     )

            /s/ Susan Coughlan
Witness     .......................................

Witness     .......................................

Full Name   .......................................
            Maclays
Address     .......................................
            10 Foster Lane
            .......................................
            London EC2V6HR
            .......................................

Signed as a deed for and on behalf of                )  /s/ Marek Gumienny
Candover Trustees Limited                            )  ........................
acting by Marek Gumienny as their attorney           )  Attorney
in the presence of this witness:                     )

            /s/ Susan Coughlan
Witness     .......................................

Full Name   .......................................
            Maclays
Address     .......................................
            10 Foster Lane
            .......................................
            London EC2V6HR
            .......................................
<PAGE>
                                       7

Signed as a deed for and on behalf of                )  /s/ Marek Gumienny
Candover 1997 UK Limited Partnership                 )  ........................
acting by Marek Gumienny as their attorney           )  Attorney
in the presence of this witness:                     )

            /s/ Susan Coughlan
Witness     .......................................
            Susan Coughlan
Full Name   .......................................
            Maclays
Address     .......................................
            10 Foster Lane
            .......................................
            London ECZ V 6HR
            .......................................

Signed as a deed for and on behalf of                )  /s/ Marek Gumienny
Candover 1997 UK No 2 Limited Partnership            )  ........................
acting by Marek Gumienny as their attorney           )  Attorney
in the presence of this witness:                     )

            /s/ Susan Coughlan
Witness     .......................................
            Susan Coughlan
Full Name   .......................................
            Maclays
Address     .......................................
            10 Foster Lane
            .......................................
            London ECZ V 6HR
            .......................................

Signed as a deed for and on behalf of                )  /s/ Marek Gumienny
Candover 1997 US No 1 Limited Partnership            )  ........................
acting by Marek Gumienny as their attorney           )  Attorney
in the presence of this witness:                     )

            /s/ Susan Coughlan
Witness     .......................................
            Susan Coughlan
Full Name   .......................................
            Maclays
Address     .......................................
            10 Foster Lane
            .......................................
            London ECZ V 6HR
            .......................................
<PAGE>
                                       8

Signed as a deed for and on behalf of                )   /s/ Marek Gumienny
Candover 1997 US No 2 Limited Partnership            )  ........................
acting by Marek Gumienny as their attorney           )  Attorney
in the presence of this witness:                     )

             /s/ Susan Coughlan
Witness     .......................................
              Susan Coughlan
Full Name   .......................................
              Maclays
Address     .......................................
              10 Foster Lane
            .......................................
              London ECZ V6HR
            .......................................

Signed as a deed for and on behalf of                )   /s/ Marek Gumienny
Candover 1997 US No 3 Limited Partnership            )  ........................
acting by Marek Gumienny as their attorney           )  Attorney
in the presence of this witness:                     )

             /s/ Susan Coughlan
Witness     .......................................
              Susan Coughlan
Full Name   .......................................
              Maclays
Address     .......................................
              10 Foster Lane
            .......................................
              London ECZ V6HR
            .......................................
                                                         /s/ Walter Nimmo
Signed as a deed by Walter Nimmo                     )  ........................
in the presence of this witness:                     )  Walter Nimmo

             /s/ Catherine Mary Christie
Witness     .......................................

Full Name   .......................................

Address     .......................................

            .......................................

            .......................................

                                                        /s/ Ian Sword
Signed as a deed by Ian Sword                        )  ........................
in the presence of this witness:                     )  Ian Sword

            /s/ Margaret Hay
Witness     .......................................
            Margaret Hay
Full Name   .......................................

Address     .......................................

            .......................................

            .......................................

<PAGE>
<TABLE>
<CAPTION>
Contents                                                                    Page
--------                                                                    ----
<S>                                                                         <C>
1.          Interpretation                                                     1

2.          Investor protection                                                2

3.          Amendment of Investment Agreement                                  2

4.          Fees and expenses                                                  2

5.          Counterparts                                                       2

6.          Applicable law                                                     2
</TABLE>

Schedules

Schedule 1  The Directors

Schedule 2  The Investors

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