T P STEVENSON LIMITED

Assignment of rights - all monies all rights, claims and monies payable to the company under or in respect of heads of agreement dated 23 april 2001 relating to development lands at clooney road, londonderry in the townlands of caw and ballyowen, parish of clondemott barony of tirkeeran and county of londonderry.

Solicitor's letter of undertaking the company's property situate in the townland of ballyoan londonderry comprising approximately 5.15 hectares as edged red on attached map.

All monies. Mortgage debenture (a) a specific equitable charge over the company's estate or interest in all freehold or leasehold properties now or at any time belonging to or charged to the company. (B) a specific charge over all book and other debts for the time being due or owing to the company but so that the company shall pay into the company's account with the bank all moneys which it may receive in respect of such debts and shall not without the prior consent in writing of the bank sell factor discount or otherwise charge or assign the same in favour of any other person or purport to do so and the company shall if called upon to do so by the bank from time to time execute legal assignments of such book debts and other debts to the bank. (C) a specific charge over its goodwill and the benefit of any licences and all fixed and moveable plant machinery implements utensils furniture and equipment for the time being the company's property. (D) a floating charge over the undertaking and all other property and assets present and future but so that the company shall not without the bank's consent create any mortgage or charge ranking in priority to or pari passu with this charge.