Taorai Service Limited

Argo Tractors S.P.A.

Fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant & machinery.

All monies due or to become due from the company to the chargee on any account whatsoever

Hsbc Invoice Finance (UK) Limited

By way of fixed equitable charge all debts purchased or purported to be purchased by the security holder pursuant to an agreement for the purchase of debts between the security holder and the company (including associated rights relating thereto) which fail to vest effectively or absolutely in the security holder for any reason.

All monies due or to become due from the company to the chargee on any account whatsoever under the terms of the aforementioned instrument creating or evidencing the charge

Hsbc Bank PLC

All book debts and other debts.

£10,000,000.00 and all other monies due or to become due from the company to the chargee

Hsbc Bank PLC

Fixed charge on all book and other debts now and from time to time hereafter due owing or incurred to the company.

All monies due or to become due from the company to the chargee on any account whatsoever

Banca Nazionale Del Lavoro S.P.a, London Branch in Its Capacity as Agent and Trustee for the Issuer

By way of first fixed charge all of the company's rights title benefit and interest in and to the interest bearing sterling deposit account (designated "mc cormick tractors international limited guarantee deposit account"numbered 215937GBP250102) and all moneys standing to the credit of the account.

All present and future obligations and liabilities of the ogligors (as defined in the guarantee facility agreement dated 10 january 2001) to the chargee under the finance documents (as defined in the guarantee facility agreement)