Security Agreement

Recorded: 2003-05-09 Received: 2003-05-09 Pages: 5

Assignor

DYNO NOBEL INC.

Executed: 2001-02-28

Assignee

NORDEA BANK NORGE ASA

MIDDELTHUNSGATE 17, P.O. BOX 1166, SENTRUM, NOX, NORWAY

Covered Properties (3)

Emulsion Phase Having Improved Stability

Application: 10/252,171 →

High Energy Explosive Containing Cast Particles

Application: 10/133,579 →

Reduced Energy Blasting Agent and Method

Application: 09/864,339 →