Kvaerner Metals Holdings Limited

National Westminster Bank PLC

All stocks & shares & other securities & licences hold (for full details refer to doc 395 ref M15). Fixed and floating charges over the undertaking and all property and assets present and future including goodwill bookdebts uncalled capital buildings fixtures fixed plant and machinery.

All monies due or to become due from the company to the chargee as security trustee for the secured parties (as defined in the charge) on any account whatsoever. Under the terms of a group facility letter dated 10.1.91 and a composite guarantee (as defined in the charge).