CIBC WORLD MARKETS LIMITED: Charges

All the company's rights,title and interest in and to the underlying asset (as defined in the note) (including all rights in respect thereof or relating thereto (whether or not against third parties)) as security for all the monies and other liabilities payable or owing by the company under the note,

All the company's rights,title and interest in and to the underlying asset (as defined in the note) (including all rights in respect thereof or relating thereto (whether or not against third parties)) as security for all the monies and other liabilities payable or owing by the company under the note,

All monies due or to become due from the company to the chargee under the note

All present and future obligations and liabilities of the company to the chargee (the bank) arising out of transactions between the bank and the company in connection with the cgo and all monies due under the charge

All monies due or to become due from the company to the chargee under the terms of the agreement or under the structured notes (as defined in the charge)

All the moneys and other liabilities payable or owing by the company under the note

The dem 50,000,000 floating rate secured notes due 2005 pursuant to which the company with full title guarantee has in the trust deed assigned by way of security in favour of the trustee (I) all the company's rights,title and interest in and to the swap transaction (as defined in the trust deed) (including the benefit of the security therefore over the underlying assets (as defined in the trust deed) and (ii) all the company's rights ,title and interest in and to the custody agreement (as defined in the trust deed) and the obligations of the custodian (as define in the trust deed) represented thereby as security for all the moneys and other liabilities payable or owing by the company under the trust deed

All monies due or to become due from the company to the chargee under the note (as defined)

All present and future obligations of the pledgor to the guarantor (a syndicate of banks whose lead bank is citibank N.A.and whose members as at the date of this certificate include banque bruxelles lambert S.A.banque generale du luxembourg S.A.banque internationale a luxembourg S.A.credit commercial de france kredietbank N.V.kredietbank S.A.luxemburgeoise union bank of switzerland and whose composition may periodically change) arising from its guarantee of the pledgor's borrowings of securities arranged under the cedel securities lending and borrowing rules and regulations of march 1997 as amended from time to time (the rules)

All present and future obligations of the pledgor to the guarantor (a syndicate of banks whose lead bank is citibank N.A.and whose members as at the date of this certificate include banque bruxelles lambert S.A.banque generale du luxembourg S.A.banque internationale a luxembourg S.A.credit commercial de france kredietbank N.V.kredietbank S.A.luxemburgeoise union bank of switzerland and whose composition may periodically change) arising from its guarantee of the pledgor's borrowings of securities arranged under the cedel securities lending and borrowing rules and regulations of march 1997 as amended from time to time 9THE rules)

All monies due or to become due from the company to the chargee under the terms of the "note"

All monies and other liabilities due or to become due from the company to the chargee under the note

All monies due or to become due from dudley waste services limited to the chargee under or pursuant to the secured documents

All monies due or to become due from wolverhampton waste services limited to the chargee under or pursuant to the secured documents

All monies due or to become due from the company to the chargee in whatever form that relates to the company's use of the euroclear system