COMPANIESACTS, 1908 TO 1917

AND

COMPANIES ACTS, 1963 to2003

COMPANY LIMITED BY SHARES

MEMORANDUM OFASSOCIATION

of

WATERFORD WEDGWOOD PUBLIC LIMITEDCOMPANY

    

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| 1.  | The name ofthe Company is WATERFORD WEDGWOOD PUBLIC LIMITEDCOMPANY. |

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| 2.  | The Company is to be apublic limited company. |

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| 3.  | The objectsfor which the Company is establishedare:- |

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|  | (a)  | To carry on thebusiness of a holding company and for such purpose to acquire and hold,either in the name of the Company or in the name of any nominee oragent, any shares, stocks, bonds, debentures or debenture stock(whether perpetual or not), loan stock, notes, obligations or othersecurities or assets of any kind, whether corporeal or incorporeal, (inthis Clause referred to as "Securities")issued or guaranteed by any company and similarly to acquire and holdas aforesaid any Securities issued or guaranteed by any government,state, ruler, commissioners, or other public body or authority (andwhether sovereign, dependent, national, regional, local or municipal),and to acquire any Securities by original subscription, contract,tender, purchase, exchange, underwriting, participation in syndicatesor otherwise and whether or not fully paid up, and to subscribe for thesame subject to such terms and conditions (if any) as may be thoughtfit and to exercise and enforce all rights and powers conferred by orincident to the ownership of any Securities including, withoutlimitation, all such powers of veto or control as may be conferred byvirtue of the holding by the Company of some special proportion of theissued or nominal amountthereof. |

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|  | (b)  | To undertakethe management and control and supervision of the business oroperations of any person or company and in particular, withoutlimitation, to plan and effectively carry out the organisation of andto initiate and to carry out schemes for the promotion and expansion ofany such business, to engage in research into all problems relating toinvestment, property, financial, portfolio, industrial and businessmanagement, to carry out all or any work of a clerical, secretarial,managerial or other like nature, to provide staff and services, toprepare and deal with accounts, returns, forms and all documentsrequired to be prepared and furnished in relation to any such bodies,to direct and carry out all advertising and publicity for any suchbusiness, and generally to do all acts and things (including thereceipt and payment of money) necessary to be done for the supervisionof the day to day running of any such business and to enter intocontracts with any such company for the carrying out of the works orprovisions of any of the services which the Company is authorised toperform or provide. |

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|  | (c)  | Topromote, develop and secure the interests of the group of companieswhich for the time being shall consist of the Company and any companywhich for the time being is an Associated Company and to so do in suchmanner as the Company may think fit and in particular, withoutlimitation, by giving any guarantee, indemnity, support or security, inrespect of or, directly or indirectly, assuming any liability orobligation of, any Associated Company, by making any payment or loan ordisposition of any property, assets or rights to or for the benefit ofany Associated Company or acquiring any property, assets or rights fromany Associated Company notwithstanding that the Company may not receivein respect of any such transaction full or adequate considerationtherefor or any consideration whatsoever or may pay consideration whichwould or might be in excess of an arms' lengthconsideration. |

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| (d)  | To purchaseor otherwise acquire and carry on all or any part of the business orproperty and to undertake any liabilities of any person or companypossessed of property suitable for any of the purposes of the Companyor carrying on or proposing to carry on any business which the Companyis authorised to carry on or which can be carried on in connection withthe same or which is capable of being conducted so as, directly orindirectly, to benefit theCompany. |

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| (e)  | To purchase, take onlease, on licence, in exchange, upon option or otherwise acquire andhold any lands, buildings, property (whether leasehold or freehold) orany rights or interests therein or in respect thereof or in anyforests, crops or growing produce thereon or any minerals therein orthereunder or any rights to pass thereon or any rights or interests inor over the sea, the sea bed, the sea shore, the sky or in space, orany interests connected or associated with any of the foregoing and toexercise any rights in respect thereof and to develop, improve, alteror manage the same or any part thereof in any way (including, withoutlimitation, construction, demolition, landscaping, planting, drainingand improving) and to farm, harvest or extract anything from thesame. |

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| (f)  | To purchase, take on lease,on licence, in exchange, upon option, on hire or hire-purchase, orotherwise acquire and hold any personal property, rights or privilegeswhich the Company may think necessary or convenient for the purposes ofits business or which may seem to the Company calculated, directly orindirectly, to benefit the Company including, without limitation, thesubscription, taking or otherwise acquiring of Securities in anycompany. |

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| (g)  | To apply for, purchase orotherwise acquire and protect and renew any patents, patent rights,inventions, secret processes, recipes, receipts, prescriptions,formulae, trade marks, trade names, designs, licences, concessions andthe like, conferring any exclusive or non-exclusive or limited right totheir use, or any secret or other information as to any invention orprocess which may seem capable of being used for any of the purposes ofthe Company or the acquisition of which may seem calculated, directlyor indirectly, to benefit the Company and to use, exercise, develop orgrant licences in respect of, or otherwise turn to account, theproperty, rights or information so acquired and to expend money inexperimenting upon, testing or improving any such patents, inventionsor rights. |

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| (h)  | To establish or promoteor concur in establishing or promoting any company or companies for thepurpose of acquiring all or any of the property, rights and liabilitiesof the Company or for any other purpose which may seem, directly orindirectly, calculated to benefit the Company or to place or guaranteethe placing of, underwrite, subscribe for or otherwise acquire all orany part of the Securities of any such othercompany. |

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| (i)  | To invest and to deal withthe moneys of the Company not immediately required in anymanner. |

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| (j)  | To amalgamate, enter intopartnership or into any arrangement for sharing profits, union ofinterests, co-operation, joint venture, reciprocal concession, mutualassistance or otherwise with any person or company carrying on orengaged in or about to carry on or engage in, any business ortransaction which the Company is authorised to carry on or engage in orwhich can be carried on in conjunction therewith or which is capable ofbeing conducted so as, directly or indirectly, to benefit theCompany. |

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| (k)  | To sell, lease, mortgageor otherwise dispose of the business, property, assets or undertakingof the Company or any part thereof for such consideration as theCompany may think fit and to improve, manage, develop, exchange,licence, turn to account or otherwise deal with, all or any of thebusiness, property, assets and undertaking of the Company and inparticular, without limitation, to accept Securities of any othercompany in payment or part payment of the consideration payable to theCompany in respect of any transaction referred to in thisparagraph. |

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| (l)  | To establish andmaintain or procure the establishment and maintenance of or to adhereto any contributory or non-contributory pension or superannuationfunds, schemes or plans for the benefit of, and give or procure thegiving of donations, gratuities, pensions, allowances or emoluments toany persons who are or were at any time in the employment or service ofthe Company or of any Associated Company or who are or were at any timeDirectors or officers of the Company or of any Associated Company andthe spouses, families and dependants of any such persons and also |

2

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|   | establish and subsidise and subscribe to anyassociations, institutions, clubs or funds calculated to be for thebenefit of the Company and to make payments to or towards the insuranceof any such person as aforesaid either alone or in conjunction with anyother company and further to do any acts or things or make anyarrangements or provisions necessary or desirable to enable all or anyof such persons as aforesaid to become shareholders in the Company orotherwise to participate in the profits of the Company or anyAssociated Company. |

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| (m)  | To settlemoneys or other assets on the trustee or trustees of any trust,foundation, settlement or institution set up for charitable orbenevolent purposes or for any public, general or useful object or tolend money or provide services (with or without interest or charge) toany such trustee or trustees and to pay, subscribe, lend or contributeassets or services of the Company (with or without interest or charge)or give any guarantee or indemnity in respect of any trust, foundation,settlement or institution set up or operating for any such purpose orobject or in respect of any exhibition or for any charitable,benevolent, public, general or usefulobject. |

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| (n)  | To borrow or raise money insuch manner as the Company shall think fit and in particular, withoutlimitation, by the issue of Securities of the Company (other thanshares or stock) and to secure the repayment of any moneys borrowed orraised or any other obligation, debt or liability of any nature of theCompany by way of mortgage, charge, lien or other security interestover or in respect of all or any of the Company's undertaking,property or assets (both present and future and including its uncalledcapital) upon such terms as to priority and otherwise as the Companyshall think fit. |

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| (o)  | To lend andadvance money or give credit to any person or company and upon suchterms as may seem expedient (whether with or without security or anyinterest or other charge). |

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| (p)  | To giveany guarantee or indemnity in respect of or otherwise support or securein any manner (whether by personal covenant or by mortgaging, chargingor granting any lien or other security interest over or in respect ofall or any part of the Company's undertaking, property or assets,both present and future and including its uncalled capital, or by bothsuch methods) any obligation, debt, liability of any nature of anyperson or company upon such terms as to priority and otherwise as theCompany shall think fit. |

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| (q)  | To pay forany rights, property or services acquired by the Company and toremunerate any person or company whether by way of cash payment or bythe allotment of Securities of the Company credited as paid up in fullor in part or otherwise. |

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| (r)  | Upon anyissue of Securities of the Company to employ brokers, commission agentsand underwriters and to provide for the remuneration of such personsfor their services. |

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| (s)  | To draw, make,accept, indorse, discount, execute and issue promissory notes, bills ofexchange, bills of lading, warrants, debentures and other negotiable ortransferable instruments. |

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| (t)  | To enterinto any arrangements with any governments or authorities, supreme,municipal, local or otherwise, or any person or company that may seemconducive to the Company's objects or any of them and to obtainfrom any such government, authority, person or company any rights,privileges, charters, licenses and concessions which the Company maythink it desirable to obtain and to carry out, exercise and complytherewith. |

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| (u)  | To undertake and executeany trusts the undertaking whereof may seem desirable and eithergratuitously or otherwise. |

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| (v)  | To adoptsuch means of making known the products, investments or services of theCompany or any Associated Company as may seem expedient and inparticular, without limitation, by advertising in the press or radio ortelevision by circulars, by purchase and exhibition of works of art orinterest, by publication of books and periodicals and by grantingprizes, rewards, scholarships and donations and by sponsoring sportsevents, theatrical and cinematic performances and exhibitions of alldescriptions. |

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| (w)  | To apply for, promoteand obtain any Act of the Oireachtas or any charter, privilege, licenceor authorisation of any government, state or municipality or anyministerial or departmental licence or |

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|   | order for enabling the Company to carry any ofits objects into effect or for effecting any modification of theCompany's constitution or for any other purpose which may seemexpedient and to oppose any proceedings or applications which may seemcalculated, directly or indirectly, to prejudice the interests of theCompany or any AssociatedCompany. |

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| (x)  | To promote freedom ofcontract and to resist, insure against, counteract and discourageinterference therewith, to join any lawful federation, union orassociation or to do any lawful act or thing with a view to preventingor resisting, directly or indirectly, any interruption of orinterference with the trade or business of the Company or any othertrade or business or providing or safeguarding against the same orresisting or opposing any strike, movement or organisation which may bethought detrimental to the interests of the Company or any AssociatedCompany or its or their employees and to subscribe to any associationor fund for any such purposes. |

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| (y)  | Toundertake and carry on any other trade or business (whethermanufacturing or otherwise) which may seem to the Company capable ofbeing conveniently carried on by the Company or which is calculated,directly or indirectly, to enhance the value of or render profitable,any of the Company's businesses, rights orproperty. |

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| (z)  | To do all or any of thematters hereby authorised in any part of the World and with or inrespect of persons or companies resident, domiciled, incorporated,registered or carrying on business in any part of the World and eitheras principal, agent, factor, trustee or otherwise and by or throughagents, factors, trustees or otherwise and either alone or inconjunction with others. |

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| (aa)  | Todistribute in specie or otherwise as may be resolved any of the assetsof the Company among themembers. |

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| (bb)  | To the extent permittedby law, to give whether directly or indirectly, any kind of financialassistance for the purchase of shares of theCompany. |

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| (cc)  | To engage in currencyexchange and interest rate transactions, including but not limited todealings in foreign currency, spot and forward rate exchange contracts,futures, options, forward rate agreements, swaps, caps, floors, collarsand any other foreign exchange or interest rate hedging arrangementsand such other instruments as are similar to, or derived from any ofthe foregoing, whether for the purpose of making a profit or avoiding aloss or managing a currency or interest rate exposure or any otherexposure or for any otherpurpose. |

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| (dd)  | To do all such otherthings as may appear to the Company to be incidental or conducive tothe attainment of the above objects or any of them. |

Providedthat:

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|  | (i)  | the objects set outin any paragraph of this Clause shall not be restrictively construedbut the widest interpretation shall be given thereto and they shallnot, except where the context expressly so requires, be in any waylimited to or restricted by reference to or inference from any otherobject or objects set out in such paragraph or from the terms of anyother paragraph or by the name of the Company; none of such paragraphsor the object or objects therein specified shall be deemed subsidiaryor ancillary to the objects mentioned in any other paragraph, but theCompany shall have full power to exercise all or any of the powers andto achieve and endeavour to achieve all or any of the objects conferredby and provided in any one or more of saidparagraphs; |

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|  | (ii)  | the word"company" in this Clause, except where usedin reference to the Company, shall be deemed to include any firm,partnership, association or other body of persons, whether incorporatedor not incorporated, and whether resident, domiciled, incorporated,registered, or carrying on business in the State or elsewhere;and |

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|  | (iii)  | the expression"Associated Company" in this Clause, shall bedeemed to mean any company which for the time being is a subsidiary orholding company (which expressions in this proviso shall bear themeanings respectively ascribed thereto by Section 155 Companies Act,1963) of |

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|  |        |                                                                                                                                                                                                                                                                                                                                                                   |
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|  |   | the Company, is a subsidiary of a holdingcompany of the Company or is a company in which the Company or any ofsuch companies as aforesaid shall for the time being hold sharesentitling the holder thereof to exercise at least one-fifth of thevotes at any general meeting of such company (not being voting rightswhich arise only in specifiedcircumstances). |

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| 4.  | The liability of themembers is limited. |

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| 5.  | The sharecapital of the Company is €390,000,000.00 divided into6,500,000,000 Ordinary Shares of €0.06 each. The ShareCapital may be reduced, increased, consolidated and divided into sharesof larger amount than its existing shares or sub-divided and any of theincreased share capital, or any part thereof, may be issued asordinary, preference, deferred, redeemable or guaranteed shares withsuch preferences, rights, privileges or conditions or subject to suchrestrictions or limitations as may be determined by Special Resolutionof the Company. |

We, the several persons whose names, addressesand descriptions are subscribed, are desirous of being formed in to aCompany in pursuance of this Memorandum of Association and werespectfully agree to take the number of shares in the capital of theCompany set opposite our respectivenames.

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|--------------------------------------------------------------------------------------|--|-----------------------------------------|--|--|--|--|
|                                                                  |
| Names,addresses anddescriptions ofsubscribers                                        |  | Number of shares takenby eachsubscriber |
| Kevin Patrick Kelly,One 18AdelaideRoad,Dublin.    Jeweller.      |  | One                                     |
| MarionWinifred Barlow,122 DunluceRoad,Clontarf,Dublin.    Clerk. |  | One                                     |
|                                                                                      |

Datedthis 25th day of March, 1947.

Witness to the abovesignatures:

John Joseph Keating. Auditor andAccountant, 32/33 Lower Abbey Street,Dublin.

5

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WATERFORDWEDGWOOD PUBLIC LIMITED COMPANY

ARTICLES OF ASSOCIATION

WILLIAM FRYSolicitorsFitzwiltonHouse Wilton Place Dublin2

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TABLE OFCONTENTS

|                                            |  |                                                                 |    |        |    |        |  |  |  |  |
|--------------------------------------------|--|-----------------------------------------------------------------|----|--------|----|--------|--|--|--|--|
| **PARTI - PRELIMINARY**                    |  |                                                            | 6  |   |
| 1.                                         |  | INTERPRETATION                                                  |    |   | 6  |   |
| **PART II- SHARE CAPITAL AND RIGHTS**      |  |                                                            | 9  |   |
| 2.                                         |  | SHARECAPITAL                                                    |    |   | 9  |   |
| 3.                                         |  | RIGHTSOF SHARES ON ISSUE                         |    |   | 9  |   |
| 4.                                         |  | REDEEMABLESHARES                                                |    |   | 9  |   |
| 5.                                         |  | ALLOTMENT OFSHARES                                         |    |   | 10 |   |
| 6.                                         |  | SECTION20 AUTHORITY                                        |    |   | 10 |   |
| 7.                                         |  | SECTION 24AUTHORITY                                        |    |   | 11 |   |
| 8.                                         |  | VARIATION OFRIGHTS                                         |    |   | 11 |   |
| 9.                                         |  | PURCHASE OF OWNSHARES                                 |    |   | 12 |   |
| 10.                                        |  | REISSUE OF TREASURYSHARES                             |    |   | 13 |   |
| 11.                                        |  | TRUSTSNOT RECOGNISED                                       |    |   | 14 |   |
| 12.                                        |  | DISCLOSURE OFINTERESTS                                     |    |   | 14 |   |
| 13.                                        |  | RESTRICTION OFRIGHTS                                       |    |   | 16 |   |
| 14.                                        |  | PAYMENT OFCOMMISSION                                       |    |   | 18 |   |
| 15.                                        |  | PAYMENT BYINSTALMENTS                                      |    |   | 18 |   |
| **PART III- SHARE CERTIFICATES**           |  |                                                            | 18 |   |
| 16.                                        |  | ISSUE OFCERTIFICATES                                       |    |   | 18 |   |
| 17.                                        |  | BALANCE AND EXCHANGECERTIFICATES                      |    |   | 19 |   |
| 18.                                        |  | REPLACEMENT OFCERTIFICATES                                 |    |   | 19 |   |
| **PART IV- LIEN ON SHARES**                |  |                                                            | 20 |   |
| 19.                                        |  | EXTENT OFLIEN                                              |    |   | 20 |   |
| 20.                                        |  | POWER OFSALE                                               |    |   | 20 |   |
| 21.                                        |  | POWER TOEFFECT TRANSFER                               |    |   | 20 |   |
| 22.                                        |  | PROCEEDS OFSALE                                            |    |   | 20 |   |
| **PART V -CALLS ON SHARES AND FORFEITURE** |  |                                                            | 21 |   |
| 23.                                        |  | MAKING OFCALLS                                             |    |   | 21 |   |
| 24.                                        |  | TIME OFCALL                                                |    |   | 21 |   |
| 25.                                        |  | LIABILITY OF JOINTHOLDERS                             |    |   | 21 |   |
| 26.                                        |  | INTEREST ONCALLS                                           |    |   | 21 |   |
| 27.                                        |  | INSTALMENTS TREATED ASCALLS                           |    |   | 21 |   |
| 28.                                        |  | POWERTO DIFFERENTIATE                                      |    |   | 22 |   |
| 29.                                        |  | INTEREST ON MONIESADVANCED                            |    |   | 22 |   |
| 30.                                        |  | NOTICE REQUIRINGPAYMENT                                    |    |   | 22 |   |
| 31.                                        |  | FORFEITURE                                                      |    |   | 22 |   |
| 32.                                        |  | POWER OFDISPOSAL                                           |    |   | 22 |   |
| 33.                                        |  | EFFECT OF FORFEITURE ORSURRENDER                 |    |   | 23 |   |
| 34.                                        |  | STATUTORYDECLARATION                                            |    |   | 23 |   |
| 35.                                        |  | NON-PAYMENT OF SUMS DUE ON SHAREISSUES |    |   | 23 |   |
| **PART VI- TRANSFER OF SHARES**            |  |                                                            | 23 |   |
| 36.                                        |  | INSTRUMENT OFTRANSFER                                      |    |   | 23 |   |
| 37.                                        |  | STATUS OFHOLDER                                            |    |   | 24 |   |
| 38.                                        |  | REFUSAL TO REGISTERTRANSFERS                          |    |   | 24 |   |
|                                            |

2

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|                                             |  |                                                                                        |    |        |    |        |  |  |  |  |
|---------------------------------------------|--|----------------------------------------------------------------------------------------|----|--------|----|--------|--|--|--|--|
| 39.                                         |  | PROCEDURE ONREFUSAL                                                               |    |   | 24 |   |
| 40.                                         |  | CLOSING OF TRANSFERBOOKS                                                     |    |   | 24 |   |
| 41.                                         |  | ABSENCEOF REGISTRATION FEES                                                  |    |   | 25 |   |
| 42.                                         |  | RETENTION OF TRANSFERINSTRUMENTS                                             |    |   | 25 |   |
| **PART VII- TRANSMISSION OF SHARES**        |  |                                                                                   | 25 |   |
| 43.                                         |  | DEATH OFMEMBER                                                                    |    |   | 25 |   |
| 44.                                         |  | TRANSMISSION ON DEATH ORBANKRUPTCY                                      |    |   | 25 |   |
| 45.                                         |  | RIGHTS BEFOREREGISTRATION                                                         |    |   | 25 |   |
| **PARTVIII - ALTERATION OF SHARE CAPITAL**  |  |                                                                                   | 26 |   |
| 46.                                         |  | INCREASE OFCAPITAL                                                                |    |   | 26 |   |
| 47.                                         |  | CONSOLIDATION, SUB-DIVISION ANDCANCELLATION OF CAPITAL             |    |   | 26 |   |
| 48.                                         |  | FRACTIONS ONCONSOLIDATION                                                         |    |   | 27 |   |
| 49.                                         |  | REDUCTION OFCAPITAL                                                               |    |   | 27 |   |
| **PART IX- GENERAL MEETINGS**               |  |                                                                                   | 27 |   |
| 50.                                         |  | ANNUAL GENERALMEETINGS                                                            |    |   | 27 |   |
| 51.                                         |  | EXTRAORDINARY GENERALMEETINGS                                                     |    |   | 27 |   |
| 52.                                         |  | CONVENING GENERALMEETINGS                                                         |    |   | 27 |   |
| 53.                                         |  | NOTICE OF GENERALMEETINGS                                                    |    |   | 27 |   |
| **PART X -PROCEEDINGS AT GENERAL MEETINGS** |  |                                                                                   | 28 |   |
| 54.                                         |  | QUORUM FOR GENERALMEETINGS                                                   |    |   | 28 |   |
| 55.                                         |  | CHAIRMAN OF GENERALMEETINGS                                                  |    |   | 29 |   |
| 56.                                         |  | DIRECTOR'S AND AUDITORS' RIGHTTO ATTEND GENERAL MEETINGS |    |   | 29 |   |
| 57.                                         |  | ADJOURNMENT OF GENERALMEETINGS                                               |    |   | 29 |   |
| 58.                                         |  | DETERMINATION OFRESOLUTIONS                                                       |    |   | 29 |   |
| 59.                                         |  | ENTITLEMENT TO DEMANDPOLL                                                    |    |   | 30 |   |
| 60.                                         |  | TAKINGOF A POLL                                                              |    |   | 30 |   |
| 61.                                         |  | VOTES OFMEMBERS                                                                   |    |   | 30 |   |
| 62.                                         |  | CHAIRMAN'S CASTINGVOTE                                                            |    |   | 31 |   |
| 63.                                         |  | VOTINGBY JOINT HOLDERS                                                       |    |   | 31 |   |
| 64.                                         |  | CORPORATIONS ACTING BYREPRESENTATIVES                                        |    |   | 31 |   |
| 65.                                         |  | VOTING BY INCAPACITATEDHOLDERS                                               |    |   | 31 |   |
| 66.                                         |  | DEFAULT IN PAYMENT OFCALLS                                              |    |   | 31 |   |
| 67.                                         |  | TIMEFOR OBJECTION TO VOTING                                             |    |   | 31 |   |
| 68.                                         |  | APPOINTMENT OFPROXIES                                                             |    |   | 32 |   |
| 69.                                         |  | DEPOSIT OF PROXYINSTRUMENTS                                                  |    |   | 32 |   |
| 70.                                         |  | EFFECT OF PROXYINSTRUMENTS                                                   |    |   | 33 |   |
| 71.                                         |  | EFFECT OF REVOCATION OF PROXY ORAUTHORISATION                 |    |   | 33 |   |
| **PART XI- DIRECTORS**                      |  |                                                                                   | 33 |   |
| 72.                                         |  | NUMBER OFDIRECTORS                                                                |    |   | 33 |   |
| 73.                                         |  | SHAREQUALIFICATION                                                                     |    |   | 33 |   |
| 74.                                         |  | ORDINARY REMUNERATION OFDIRECTORS                                            |    |   | 33 |   |
| 75.                                         |  | SPECIAL REMUNERATION OFDIRECTORS                                             |    |   | 34 |   |
| 76.                                         |  | EXPENSES OFDIRECTORS                                                              |    |   | 34 |   |
| 77.                                         |  | ALTERNATEDIRECTORS                                                                     |    |   | 34 |   |
|                                             |

3

----

|                                                                         |  |                                                                              |    |        |    |        |  |  |  |  |
|-------------------------------------------------------------------------|--|------------------------------------------------------------------------------|----|--------|----|--------|--|--|--|--|
| **PARTXII - POWERS OF DIRECTORS**                                       |  |                                                                         | 35 |   |
| 78.                                                                     |  | DIRECTORS'POWERS                                                             |    |   | 35 |   |
| 79.                                                                     |  | POWERTO DELEGATE                                                        |    |   | 35 |   |
| 80.                                                                     |  | APPOINTMENT OFATTORNEYS                                                 |    |   | 35 |   |
| 81.                                                                     |  | LOCALMANAGEMENT                                                              |    |   | 36 |   |
| 82.                                                                     |  | BORROWINGPOWERS                                                              |    |   | 36 |   |
| 83.                                                                     |  | EXECUTION OF NEGOTIABLEINSTRUMENTS                                 |    |   | 36 |   |
| **PARTXIII - APPOINTMENT, RETIREMENT AND DISQUALIFICATION OFDIRECTORS** |  |                                                                         | 36 |   |
| 84.                                                                     |  | RETIREMENT BYROTATION                                                   |    |   | 36 |   |
| 85.                                                                     |  | DEEMEDRE-APPOINTMENT                                                         |    |   | 37 |   |
| 86.                                                                     |  | ELIGIBILITY FORAPPOINTMENT                                              |    |   | 37 |   |
| 87.                                                                     |  | APPOINTMENT OF ADDITIONALDIRECTORS                                 |    |   | 37 |   |
| 88.                                                                     |  | DISQUALIFICATION OFDIRECTORS                                            |    |   | 37 |   |
| **PART XIV- DIRECTORS' OFFICES ANDINTERESTS**                           |  |                                                                         | 38 |   |
| 89.                                                                     |  | DIRECTORS'OFFICES                                                            |    |   | 38 |   |
| 90.                                                                     |  | DIRECTORS'INTERESTS                                                          |    |   | 39 |   |
| 91.                                                                     |  | RESTRICTION ON DIRECTOR'SVOTING                                    |    |   | 40 |   |
| 92.                                                                     |  | ENTITLEMENT TO GRANTPENSIONS                                       |    |   | 41 |   |
| **PART XV- PROCEEDINGS OF DIRECTORS**                                   |  |                                                                         | 42 |   |
| 93.                                                                     |  | REGULATION ANDCONVENING OF DIRECTORS' MEETINGS           |    |   | 42 |   |
| 94.                                                                     |  | QUORUM FOR DIRECTORS'MEETINGS                                      |    |   | 42 |   |
| 95.                                                                     |  | VOTING AT DIRECTORS'MEETINGS                                       |    |   | 42 |   |
| 96.                                                                     |  | TELECOMMUNICATIONMEETINGS                                                    |    |   | 43 |   |
| 97.                                                                     |  | CHAIRMAN OF MEETINGS OFDIRECTORS                              |    |   | 43 |   |
| 98.                                                                     |  | VALIDITY OF ACTS OFDIRECTORS                                  |    |   | 44 |   |
| 99.                                                                     |  | DIRECTORS' RESOLUTIONS INWRITING                                   |    |   | 44 |   |
| **PART XVI- THE SECRETARY**                                             |  |                                                                         | 44 |   |
| 100.                                                                    |  | APPOINTMENT OFSECRETARY                                                 |    |   | 44 |   |
| 101.                                                                    |  | ASSISTANTSECRETARY                                                           |    |   | 44 |   |
| **PARTXVII - SEALS OF THE COMPANY**                                     |  |                                                                         | 44 |   |
| 102.                                                                    |  | USE OFSEALS                                                             |    |   | 44 |   |
| 103.                                                                    |  | SIGNATURE OF SEALEDINSTRUMENTS                                     |    |   | 44 |   |
| 104.                                                                    |  | SEAL FOR USEABROAD                                                 |    |   | 45 |   |
| 105.                                                                    |  | AUTHENTICATION OFDOCUMENTS                                              |    |   | 45 |   |
| **PARTXVIII - DIVIDENDS AND RESERVES**                                  |  |                                                                         | 45 |   |
| 106.                                                                    |  | DECLARATION OFDIVIDENDS                                                 |    |   | 45 |   |
| 107.                                                                    |  | INTERIM AND FIXEDDIVIDENDS                                         |    |   | 45 |   |
| 108.                                                                    |  | RESERVES                                                                     |    |   | 46 |   |
| 109.                                                                    |  | DIVIDEND PAYMENT ANDELECTION                                       |    |   | 46 |   |
| 110.                                                                    |  | INCOME SHAREELECTION                                                    |    |   | 47 |   |
| 111.                                                                    |  | SCRIPDIVIDENDS                                                               |    |   | 49 |   |
| 112.                                                                    |  | METHOD OF PAYMENT OF DIVIDENDS AND OTHERMONIES |    |   | 51 |   |
| 113.                                                                    |  | DEDUCTIONS FROMDIVIDENDS                                                |    |   | 52 |   |
| 114.                                                                    |  | DIVIDENDS INSPECIE                                                      |    |   | 52 |   |
| 115.                                                                    |  | DIVIDENDS NOT TO BEARINTEREST                                 |    |   | 53 |   |
|                                                                         |

4

----

|                                                    |  |                                                                             |    |        |    |        |  |  |  |  |
|----------------------------------------------------|--|-----------------------------------------------------------------------------|----|--------|----|--------|--|--|--|--|
| 116.                                               |  | PAYMENT TOHOLDERS ON A PARTICULAR DATE             |    |   | 53 |   |
| 117.                                               |  | UNCLAIMEDDIVIDENDS                                                          |    |   | 53 |   |
| **PART XIX- CAPITALISATION OF PROFITS ORRESERVES** |  |                                                                        | 53 |   |
| 118.                                               |  | CAPITALISATION OFDISTRIBUTABLE PROFITS AND RESERVES     |    |   | 53 |   |
| 119.                                               |  | CAPITALISATION OF NON-DISTRIBUTABLEPROFITS AND RESERVES |    |   | 54 |   |
| 120.                                               |  | IMPLEMENTATION OF CAPITALISATIONISSUES                            |    |   | 54 |   |
| 121.                                               |  | STOCKUNITS                                                                  |    |   | 54 |   |
| **PART XX- NOTICES**                               |  |                                                                        | 54 |   |
| 122.                                               |  | NOTICES INWRITING                                                      |    |   | 54 |   |
| 123.                                               |  | SERVICE OFNOTICES                                                      |    |   | 55 |   |
| 124.                                               |  | SERVICE ON JOINTHOLDERS                                           |    |   | 56 |   |
| 125.                                               |  | SERVICE ON TRANSFER OR TRANSMISSION OFSHARES       |    |   | 56 |   |
| 126.                                               |  | SIGNATURE TONOTICES                                                    |    |   | 56 |   |
| 127.                                               |  | DEEMED RECEIPT OFNOTICES                                          |    |   | 56 |   |
| **PART XXI- WINDING UP**                           |  |                                                                        | 57 |   |
| 128.                                               |  | DISTRIBUTION ONWINDING UP                                         |    |   | 57 |   |
| 129.                                               |  | DISTRIBUTION INSPECIE                                                  |    |   | 57 |   |
| **PARTXXII - MISCELLANEOUS**                       |  |                                                                        | 57 |   |
| 130.                                               |  | MINUTES OFMEETINGS                                                     |    |   | 57 |   |
| 131.                                               |  | INSPECTION ANDCONFIDENTIALITY                                          |    |   | 58 |   |
| 132.                                               |  | DESTRUCTION OFRECORDS                                                  |    |   | 58 |   |
| 133.                                               |  | UNTRACEDSHAREHOLDERS                                                        |    |   | 59 |   |
| 134.                                               |  | INDEMNITY                                                                   |    |   | 59 |   |
|                                                    |

5

----

COMPANIESACTS, 1908 TO 1917

AND

COMPANIES ACTS 1963 TO2003

PUBLIC COMPANY LIMITED BY SHARES

ARTICLES OFASSOCIATION

of

WATERFORD WEDGWOOD PUBLIC LIMITEDCOMPANY

(adopted by special resolution passed 12December 1995) (as amended by special resolution passed 30 April1999) (as amended by special resolution passed 27 April 2000)(as amended by special resolution passed 25 July 2002) (as amendedby special resolution passed 14 December 2004) (as amended byspecial resolution passed 20 June 2005)

PART I -PRELIMINARY

|          |                 |
|----------|-----------------|
| 1.  | Interpretation. |

|  |           |                                                                                                                                     |
|--|-----------|-------------------------------------------------------------------------------------------------------------------------------------|
|  | (a)  | The Regulationscontained in Table A in the First Schedule to the Companies(Consolidation) Act, 1908 shall not apply to the Company. |

|  |           |                                                                               |
|--|-----------|-------------------------------------------------------------------------------|
|  | (b)  | In these Articles thefollowing expressions shall have the following meanings: |

|  |           |                                                                                                                                  |
|--|-----------|----------------------------------------------------------------------------------------------------------------------------------|
|  | (i)  | "Acts",the Companies Acts, 1963 to 2001 including any statutory modificationor re-enactment thereof for the time being in force. |

|  |            |                                                                                                    |
|--|------------|----------------------------------------------------------------------------------------------------|
|  | (ii)  | "Articles",these Articles of Association as from time to time altered byresolution of the Company. |

|  |             |                                                            |
|--|-------------|------------------------------------------------------------|
|  | (iii)  | "Auditors",the auditors for the time being of the Company. |

|  |            |                                                                                                                                                                                                    |
|--|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (iv)  | "ClearDays", in relation to the period of a notice, that periodexcluding the day when the notice is given or deemed to be given andthe day for which it is given or on which it is to take effect. |

|  |           |                                                      |
|--|-----------|------------------------------------------------------|
|  | (v)  | "Company",Waterford Wedgwood Public Limited Company. |

|  |            |                                                                                                                            |
|--|------------|----------------------------------------------------------------------------------------------------------------------------|
|  | (vi)  | "Directors",the Directors for the time being of the Company or any of them actingas the board of Directors of the Company. |

|  |             |                                                                                                                                              |
|--|-------------|----------------------------------------------------------------------------------------------------------------------------------------------|
|  | (vii)  | "Holder",in relation to any share in the capital of the Company, the memberwhose name is entered in the Register as the Holder of the share. |

|  |              |                                                                   |
|--|--------------|-------------------------------------------------------------------|
|  | (viii)  | "IncomeShare", an income share of Stg1p in the capital of WW(UK). |

|  |            |                                                                                                       |
|--|------------|-------------------------------------------------------------------------------------------------------|
|  | (ix)  | "IrishExchange", the Irish Unit of The Stock Exchange (or anybody that may succeed to its functions). |

|  |           |                                                                   |
|--|-----------|-------------------------------------------------------------------|
|  | (x)  | "Office",the registered office for the time being of the Company. |

|  |            |                                                                                    |
|--|------------|------------------------------------------------------------------------------------|
|  | (xi)  | "OrdinaryShares", ordinary shares of €0.06 each in thecapital of the Company. |

|  |             |                                                                        |
|--|-------------|------------------------------------------------------------------------|
|  | (xii)  | "Register",the register of members to be kept as required by the Acts. |

6

----

|  |              |                                                                                                                  |
|--|--------------|------------------------------------------------------------------------------------------------------------------|
|  | (xiii)  | "Seals",the common seal of the Company and the official securities seal kept bythe Company pursuant to the Acts. |

|  |             |                                                                                                                                         |
|--|-------------|-----------------------------------------------------------------------------------------------------------------------------------------|
|  | (xiv)  | "Secretary",any person duly appointed to perform the duties of the Secretary of theCompany, including an assistant or deputy secretary. |

|  |            |                  |
|--|------------|------------------|
|  | (xv)  | "State",Ireland. |

|  |             |                                                                                                                                                                                                                                               |
|--|-------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (xvi)  | "StockExchange", The International Stock Exchange of the UnitedKingdom and the Republic of Ireland Limited or, as the case mayrequire, such body or bodies as may succeed to its functions in eitheror both the State and the United Kingdom. |

|  |              |                                                                                        |
|--|--------------|----------------------------------------------------------------------------------------|
|  | (xvii)  | "StockExchange Nominee", a person designated by law as a nomineeof The Stock Exchange. |

|  |               |                                                                                                                                                                                                                                                                                                                     |
|--|---------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (xviii)  | "StockUnit", a unit consisting of one Ordinary Share in theCompany in respect of which the Holder or Holders thereof has made oris entitled to make an election pursuant to Article 110 and one IncomeShare held by the same Holder or Holders which ranks for dividends (ifany) when such an election is in force. |

|  |             |                                                                                      |
|--|-------------|--------------------------------------------------------------------------------------|
|  | (xix)  | "TreasuryShare", the meaning given to such expression by Section209 of the 1990 Act. |

|  |            |                                        |
|--|------------|----------------------------------------|
|  | (xx)  | "Unitholder",a Holder of a Stock Unit. |

|  |             |                                                                           |
|--|-------------|---------------------------------------------------------------------------|
|  | (xxi)  | "UnitedKingdom", the United Kingdom of Great Britain and NorthernIreland. |

|  |              |                                                                                                      |
|--|--------------|------------------------------------------------------------------------------------------------------|
|  | (xxii)  | "WW(UK)", Waterford Wedgwood (UK) plc, a company incorporatedin England under the Companies Act1985. |

|  |               |                                    |
|--|---------------|------------------------------------|
|  | (xxiii)  | "1963Act", the Companies Act,1963. |

|  |              |                                                |
|--|--------------|------------------------------------------------|
|  | (xxiv)  | "1983Act", the Companies (Amendment) Act,1983. |

|  |             |                                    |
|--|-------------|------------------------------------|
|  | (xxv)  | "1990Act", the Companies Act,1990. |

|  |              |                                                         |
|--|--------------|---------------------------------------------------------|
|  | (xxvi)  | "1999Act", the Companies (Amendment) (No. 2) Act, 1999. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                |
|--|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (c)  | Expressions in theseArticles referring to writing shall, unless the contrary intentionappears, be construed as including references to printing, lithography,photography, electronic, and any other modes of representing orreproducing words in a visible form. The expression"executed" shall include any mode ofexecution whether under seal or under hand. |

|  |           |                                                                                                                                                                                                                                                                                |
|--|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (d)  | Unless specificallydefined herein or the context otherwise requires, words or expressionscontained in these Articles shall bear the same meaning as in the Actsbut excluding any statutory modification thereof not in force whenthese Articles become binding on the Company. |

|  |           |                                                                                                                                                                                                                                                            |
|--|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (e)  | Any reference in anArticle to a paragraph or sub-paragraph shall be a reference to aparagraph or sub-paragraph of the Article in which the references iscontained unless it appears from the context that a reference to someother provisions is intended. |

|  |           |                                                                                                                                                                                                                 |
|--|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (f)  | The headings andcaptions included in these Articles are inserted for convenience ofreference only and shall not be considered to be a part of or to affectthe construction or interpretation of these Articles. |

|  |           |                                                                                                                                                                                                                         |
|--|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (g)  | References in theseArticles to any enactment or any section or provision thereof shallmean such enactment, section or provision as the same may be amendedand may be from time to time and for the time being in force. |

(h)

|  |           |                                                                                                                                                                                                                                        |
|--|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (i)  | Referencesto "IR£","IRp" and "IrishPounds" shall be to the currency, for the time being, ofthe State and references to "Stg£","Stgp" and "PoundsSterling" shall mean the currency for the time being ofthe United Kingdom. |

7

----

|  |            |                                                                                                                                                                         |
|--|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (ii)  | Referencesto the "€" and"Euro" shall be to the Euro, being the lawfulcurrency of the State pursuant to the provisions of the Economic andMonetary Union Act, 1998. |

|  |           |                                                                                                                                                                                                                                                                                       |
|--|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (i)  | In these Articles,unless the context otherwise admits the masculine gender shall includethe feminine and neuter, and vice versa, and the singular number shallinclude the plural, and vice versa, and words importing persons shallinclude firms or companies or other legal persons. |

(j)

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|--|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (i)  | Referencesin these Articles to "electroniccommunication" means information communicated or intendedto be communicated to a person or public body, other than itsoriginator, that is generated, communicated, processed, sent, received,recorded, stored or displayed by electronic means or in electronic formbut does not include information communicated in the form of speechunless the speech is processed at its destination by an automatic voicerecognition system and any reference in paragraph (j) to the words"information", "publicbody", "originator","electronic" and"person" shall have the meaning set out inSection 2 of the Electronic Commerce Act, 2000. |

|  |            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|--|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (ii)  | Any communication orinformation of any kind required or permitted to be given or receivedby the Company under the provisions of these Articles or otherwise maybe given or received by electronic means or as an electroniccommunication in such manner or form (and subject to such restrictions)as the Directors shall determine in their absolute discretionnotwithstanding anything to the contrary in these Articles or otherwiseSection 21 (1) of the Electronic Commerce Act, 2000 shall govern thedeemed date and time of receipt of any communication or informationgiven or received by electronic means or as an electronic communicationand Article 123 of these Articles shall be construed accordingly. TheCompany shall not be compelled to receive communications or informationunder these Articles or otherwise until such time as it advises itsshareholders of the means and form by which they may be received. |

PART II - SHARE CAPITAL AND RIGHTS

|          |                |
|----------|----------------|
| 2.  | Share Capital. |

|  |           |                                                                                                                       |
|--|-----------|-----------------------------------------------------------------------------------------------------------------------|
|  | (a)  | The share capital ofthe Company is €390,000,000.00 divided into 6,500,000,000Ordinary Shares of €0.06 each. |

|  |           |                                                           |
|--|-----------|-----------------------------------------------------------|
|  | (b)  | All Ordinary Sharesshall form one class for all purposes. |

|          |                            |
|----------|----------------------------|
| 3.  | Rights of Shares on Issue. |

|        |                                                                                                                                                                                                                                                                                                                                                                                             |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Without prejudice to any special rightsconferred on the Holders of any existing shares or class of shares, andsubject to the provisions of the Acts, any share may be issued withsuch rights or restrictions (except, in the case of any share to belisted on the Irish Exchange or the Stock Exchange, restrictions ontransferability) as the Company may by ordinary resolutiondetermine. |

|          |                    |
|----------|--------------------|
| 4.  | Redeemable Shares. |

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Subject to the provisions of the Acts, anyshares may be issued on the terms that they are, or, at the option ofthe Company or the Holder are, liable to be redeemed on such terms andin such manner as the Company may determine and the Company may cancelany shares so redeemed or hold them as Treasury Shares with liberty toreissue any such share or shares as shares of any class or classesprovided however that for so long as Stock Units are in existence theCompany shall not redeem, cancel, hold as Treasury Shares, or reissueOrdinary Shares comprised in such Stock Units unless the Directors aresatisfied that, if necessary or desirable, similar and equivalentactions will be taken or have been taken by WW (UK) on the sameoccasion in respect of the Income Shares comprised in any such StockUnit. |

8

----

|          |                     |
|----------|---------------------|
| 5.  | Allotment ofShares. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|--|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (a)  | Subject tothe provisions of the Acts relating to authority, pre-emption orotherwise in regard to the issue of new shares and to any resolution ofthe Company in general meeting passed pursuant thereto, all unissuedshares (including Treasury Shares) shall be at the disposal of theDirectors, and (subject to the provisions of the Acts) they may allot,grant options over or otherwise dispose of them to such persons on suchterms and conditions and at such times as they may consider to be inthe best interests of the Company and its shareholders. Provided alwaysthat the Directors shall not allot, grant options over or otherwisedeal with or dispose of Ordinary Shares unless, to the extent that itis necessary, the Directors of WW (UK) take similar and equivalentaction so that no Ordinary Share shall be in issue unless combined withan Income Share so as to comprise a Stock Unit. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|--|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (b)  | Without prejudice tothe generality of the powers conferred on the Directors by paragraph(a) and the powers and rights of the Directors under or in connectionwith any share option schemes, employee profit sharing schemes or anyarrangements which were adopted or entered into by the Company prior tothe adoption of these Articles, the Directors may subject to theproviso contained in paragraph (a) from time to time grant options tosubscribe for the unallotted shares in the capital of the Company topersons in the service or employment of the Company or any subsidiaryor associated company of the Company (including Directors holdingexecutive offices) and may also allot shares in the capital of theCompany to such persons under or in connection with any share optionscheme, employee profit sharing scheme or employee share ownership planon such terms and subject to such conditions as the members of theCompany in general meeting may from time to time approve. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                |
|--|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (c)  | The Company may issuewarrants to subscribe (by whatever name they are called) to any personto whom the Company has granted the right to subscribe for shares inthe Company (other than under a share option scheme for employees)certifying the right of the registered Holder thereof to subscribe forshares in the Company upon such terms and conditions as the right mayhave been granted. |

|          |                       |
|----------|-----------------------|
| 6.  | Section 20Authority.1 |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|--|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (a)  | The Directors, forthe purposes of Section 20 of the 1983 Act, shall be generally andunconditionally authorised to allot and issue relevant securities (asdefined by the said Section 20) up to an amount equal to the authorisedbut unissued share capital of the Company as at the close of businesson 20 June 2005 and to allot and issue any shares purchased by theCompany pursuant to the provisions of the 1990 Act and held as TreasuryShares. |

|  |           |                                                                                                                                                    |
|--|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (b)  | Theauthority conferred by this Article shall expire on 20 June 2010,unless previously renewed, varied or revoked by the Company in generalmeeting. |

|          |                       |
|----------|-----------------------|
| 7.  | Section 24 Authority. |

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Subject to the Directors being generallyauthorised pursuant to Section 20 of the 1983 Act and to the passing ofa special resolution of the Company empowering the Directors so to do,the Directors, pursuant to and on and subject to the provisions ofSection 24 of the 1983 Act, may (for so long as any such empowermentshall remain in full force and effect) allot equity securities (asdefined by Section 23 of the 1983 Act) for cash pursuant to theauthority conferred by the said Section 20 as if sub-section (1) of thesaid Section 23 did not apply to any such allotment provided that suchpowers shall be limited to: |

|  |           |                                                                                                                                                                               |
|--|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (a)  | the allotment of equitysecurities (including, without limitation any shares purchased by theCompany pursuant to the provisions of the 1990 Act and held as TreasuryShares) in |

|  |
|--|

|   |                                                                   |
|---|-------------------------------------------------------------------|
| 1 | Renewedby Ordinary Resolution of the shareholders on 20 June2005. |

9

----

|  |        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  |   | connection with any offer of securities, openfor a period fixed by the Directors, by way of rights, open offer orotherwise in favour of ordinary shareholders and/or any persons havinga right to subscribe for or convert securities into ordinary shares inthe capital of the Company (including, without limitation, any personentitled to options under any of the Company's share optionschemes and any person entitled to shares under any of theCompany's employee profit sharing schemes for the time being) andsubject to such exclusions or other arrangements as the Directors maydeem necessary or expedient in relation to legal or practical problemsunder the laws of, or the requirements of any recognised body or stockexchange in, any territory; and |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|--|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (b)  | (in addition to theauthority conferred by paragraph (a)), the allotment of equitysecurities (including, without limitation, any shares purchased by theCompany pursuant to the provisions of the 1990 Act and held as TreasuryShares) up to a maximum aggregate nominal value of ten per cent. of theissued ordinary share capital of the Company at the close of businesson the date on which any renewal of this authority shall be granted or,in respect of the period between 20 June 2005 and the date of theCompany's annual general meeting in 2005, up to a maximumaggregate nominal value of ten per cent. of the issued ordinary sharecapital of the Company at the close of business on the date ofallotment of Ordinary Shares pursuant to the Rights Issue described inthe Circular to Shareholders dated 27 May 2005. |

|          |                      |
|----------|----------------------|
| 8.  | Variation of Rights. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|--|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (a)  | Whenever the sharecapital is divided into different classes of shares, the rightsattaching to any class may be varied or abrogated with the consent inwriting of the Holders of three-fourths in nominal value of the issuedshares of that class, or with the sanction of a special resolutionpassed at a separate general meeting of the Holders of the shares ofthe class and may be so varied or abrogated either whilst the Companyis a going concern or during or in contemplation of a winding-up. Thequorum at any such meeting, other than an adjourned meeting, shall betwo persons holding or representing by proxy at least one-third innominal value of the issued shares of the class and the quorum at anadjourned meeting shall be one person holding shares of the class orhis proxy. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|--|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (b)  | Unlessotherwise provided by the rights attaching to any shares and withoutprejudice to any such provisions, the rights attaching to any shares(the "Existing Shares") shall be deemed to bevaried by (i) the reduction of the capital paid up on the ExistingShares, or (ii) the allotment of any shares, created after the date offirst creation of the class of the Existing Shares, which (x) rank inpriority to the Existing Shares for payment of a dividend or in respectof capital, or (y) confer on the Holders thereof voting rights morefavourable than those conferred by the Existing Shares, but shall nototherwise be deemed to be varied by the creation or issue of furthershares or by any purchase or redemption by the Company of any of itsown shares. |

|          |                        |
|----------|------------------------|
| 9.  | Purchase of OwnShares. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|--|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (a)  | Subject tothe provisions of, and to the extent permitted by, the Acts, to anyrights conferred on the Holders of any class of shares and to thefollowing paragraphs of this Article, the Company may purchase any ofits Ordinary Shares ("Acquired OrdinaryShares" or "Acquired OrdinaryShare", as appropriate) and may cancel any shares sopurchased, or hold them as Treasury Shares with liberty to re-issue anysuch share or shares on such terms and conditions and in such manner asthe Directors may from time to time determine. Provided however thatfor so long as Stock Units are in existence the Company shall notreissue any Acquired Ordinary Shares unless the Directors are satisfiedthat at the same time an identical number of Income Shares areavailable to be linked with such reissued Acquired Ordinary Shares inorder to comprise Stock Units. |

10

----

|  |           |                                                                                                                                                                                                                                                                                                                                    |
|--|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (b)  | TheCompany shall not exercise any authority granted under Section 215 ofthe 1990 Act to make market purchases of its own shares unless theauthority required by such Section shall have been granted by specialresolution of the Company (a "Section 215Resolution") and the Company shall not purchase anyOrdinary Share, unless: |

|  |           |                                                                                                                                                                                    |
|--|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (i)  | at the same time as theCompany shall purchase any such Ordinary Share, the Company shall alsopurchase the Income Share with which such Ordinary Share is linked as aStock Unit; or |

|  |            |                                                                                                                                                                       |
|--|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (ii)  | theDirectors are satisfied that WW (UK) will purchase or have purchased onthe same occasion the Income Share with which such Ordinary Share islinked in a Stock Unit. |

|  |           |                                                                                                                                                                                                                                                                                                                                              |
|--|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (c)  | The Company shall notbe required to select the Acquired Ordinary Shares to be purchased on apro rata basis or in any particular manner as between the Holders ofshares of the same class or as between the Holders of shares ofdifferent classes or in accordance with the rights as to dividends orcapital attached to any class of shares. |

|  |           |                                                |
|--|-----------|------------------------------------------------|
|  | (d)  | For the purposes of anySection 215 Resolution: |

|  |           |                                                                                                                                                                                                                                                                                                                               |
|--|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (i)  | the aggregate nominal valueof the Acquired Ordinary Shares authorised to be acquired pursuant toany such Section 215 Resolution shall not exceed 10 per cent of theaggregate nominal value of the aggregate share capital of the Companyas at the close of business on the date of the passing of such Section215 Resolution; |

|  |            |                                                                                                                                                                                                                                         |
|--|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (ii)  | theminimum price which may be paid for any Acquired Ordinary Share shallbe the nominal value thereof and for so long as Stock Units are inexistence, the minimum price paid for an Income Share shall also be thenominal value thereof; |

|  |             |                                                                                                                                                                                                |
|--|-------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (iii)  | for so long as StockUnits are in existence, the maximum price which may be paid for anyAcquired Ordinary Share (a "Relevant Share")shall be an amount equal to 105 per cent of the higher of:- |

|  |          |                                                                                                                                                                                                                                                                   |
|--|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | A.  | the average of theRelevant Price for Stock Units in respect of each of the five (or suchother number of days as the Directors may determine in their absolutediscretion) business days immediately preceding the day on which theRelevant Share is purchased; and |

|  |          |                                                                                                                                                                                                                                                                                                                                                                                     |
|--|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | B.  | (if there shall be any),the average of the middle market prices for Stock Units, as derivedfrom the London Stock Exchange Daily Official List (or any successorpublication thereto), for the five (or such other number of days as theDirectors may determine in their absolute discretion) business daysimmediately preceding the day on which the Relevant Share is purchased;and |

|  |            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|--|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (iv)  | for the purposesof sub-paragraph (iii)A., the expression "RelevantPrice" shall mean, in respect of any business day on whichthere shall be a dealing on the Irish Exchange in respect of StockUnits, the closing quotation price in respect of Stock Units for suchbusiness day as published in the Irish Exchange Daily Official List (orany successor publication thereto) and, in respect of any business dayon which there shall be no such dealing, the price which is equal to(x) the mid-point between the high and low market guide prices inrespect of Stock Units for such business day as published in the IrishExchange Daily Official List (or any successor publication thereto), or(y) if there shall be only one such market guide price so published,the market guide price so published. |

11

----

|           |                            |
|-----------|----------------------------|
| 10.  | Reissue ofTreasury Shares. |

|        |                                                                                                                                                                                                                                               |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | For the purposes of anyresolution of the Company proposing to determine, in accordance withSection 209 of the 1990 Act, the reissue price range at which anyTreasury Shares for the time being held by the Company may be reissuedoff-market: |

|  |           |                                                                                                                                         |
|--|-----------|-----------------------------------------------------------------------------------------------------------------------------------------|
|  | (a)  | themaximum price at which a Treasury Share may be reissued off-marketshall be an amount equal to 120 per cent of the Appropriate Price; |

|  |           |                                                                                                                                        |
|--|-----------|----------------------------------------------------------------------------------------------------------------------------------------|
|  | (b)  | the minimum price atwhich a Treasury Share may be reissued off-market shall be an amountequal to 95 per cent of the Appropriate Price; |

|  |           |                                                                                                                                                     |
|--|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (c)  | for the purposes ofparagraphs (a) and (b), the expression "AppropriatePrice" shall mean, for so long as Stock Units are inexistence, the higher of: |

|  |           |                                                                                                                                                                                                 |
|--|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (i)  | the average of the RelevantPrice for Stock Units in respect of each of the ten business daysimmediately preceding the day on which the Treasury Share comprised ina Stock Unit is reissued; and |

|  |            |                                                                                                                                                                                                                                                                                                                        |
|--|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (ii)  | (if there shall be any),the average of the middle market prices for Stock Units, as derivedfrom the London Stock Exchange Daily Official List (or any successorpublication thereto), for the ten business days immediately precedingthe day on which the such Treasury Share comprised in a Stock Unit isreissued; and |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|--|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (d)  | forthe purposes of sub-paragraph (c)(i), the expression"Relevant Price" shall mean, in respect ofany business day on which there shall be a dealing on the IrishExchange in respect of Stock Units, the closing quotation price inrespect of Stock Units for such business day as published in the IrishExchange Daily Official List (or any successor publication thereto)and, in respect of any business day on which there shall be no suchdealing, the price which is equal to (x) the mid-point between the highand low market guide prices in respect of Stock Units for such businessday as published in the Irish Exchange Daily Official List (or anysuccessor publication thereto), or (y) if there shall be only one suchmarket guide price so published, the market guide price sopublished. |

|           |                        |
|-----------|------------------------|
| 11.  | Trusts Not Recognised. |

Except as required by law, no person shall berecognised by the Company as holding any share upon any trust, and theCompany shall not be bound by or be compelled in any way to recognise(even when having notice thereof) any equitable, contingent, future orpartial interest in any share or any interest in any fractional part ofa share or (except only as by these Articles or by law otherwiseprovided) any other rights in respect of any share except an absoluteright to the entirety thereof in the Holder.

|           |                          |
|-----------|--------------------------|
| 12.  | Disclosure of Interests. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|--|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (a)  | Notwithstanding theprovisions of the immediately preceding Article, the Directors may atany time and from time to time if, in their absolute discretion, theyconsider it to be in the interests of the Company to do so, give anotice to the Holder or Holders of any share (or any of them) requiringsuch Holder or Holders to notify the Company in writing within suchperiod as may be specified in such notice (which shall not, in the caseof a Holder or Holders of not less than 0.25 per cent of the class ofissued shares concerned, be less than fourteen days or, in any othercase, twenty-eight days from the date of service of such notice) offull and accurate particulars of all or any of the following matters,namely: |

|  |           |                            |
|--|-----------|----------------------------|
|  | (i)  | his interest insuch share; |

|  |            |                                                                                                                                                                                                                                                                                                                                                             |
|--|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (ii)  | if hisinterest in the share does not consist of the entire beneficialinterest in it, the interests of all persons having any beneficialinterest (direct or indirect) in the share (provided that one jointHolder of a share shall not be obliged to give particulars of interestsof persons in the share which arise only through another joint Holder);and |

12

----

|  |             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|--|-------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (iii)  | anyarrangements (whether legally binding or not) entered into by him orany person having any beneficial interest in the share whereby it hasbeen agreed or undertaken or the Holder of such share can be requiredto transfer the share or any interest therein to any person (other thana joint Holder of the share) or to act in relation to any meeting ofthe Company or of any class of shares of the Company in a particularway or in accordance with the wishes or directions of any other person(other than a person who is a joint Holder of such share). |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|--|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (b)  | If, pursuant to anynotice given under paragraph (a), the person stated to own anybeneficial interest in a share or the person in favour of whom anyHolder (or other person having any beneficial interest in the share)has entered into any arrangements referred to in sub-paragraph (a)(iii), is a body corporate, trust, society or any other legal entity orassociation of individuals and/or entities, the Directors may at anytime and from time to time if, in their absolute discretion, theyconsider it to be in the best interests of the Company to do so, give anotice to the Holder or Holders of such share (or any of them)requiring such Holder or Holders to notify the Company in writingwithin such period as may be specified in such notice (which shall not,in the case of a Holder or Holders of not less than 0.25 per cent ofthe class of shares concerned, be less than fourteen days or, in anyother case, twenty-eight days from the date of service of such notice)of full and accurate particulars of the name and addresses of theindividuals who control (whether directly or indirectly and through anynumber of vehicles, entities or arrangements) the beneficial ownershipof all the shares, interests, units or other measure of ownership ofsuch body corporate, trust, society or other entity or associationwherever the same shall be incorporated, registered or domiciled orwherever such individuals shall reside provided that if at any stage ofsuch chain of ownership the beneficial interest in any share shall beestablished to the satisfaction of the Directors to be in the ownershipof (x) any body corporate whose ordinary shares are listed or dealt inon any bona fide stock exchange, unlisted securities market orover-the-counter securities market, (y) a mutual assurance company, or(z) a bona fide charitable trust or foundation, it shall not benecessary to disclose details of the individuals ultimately controllingthe beneficial interests in the shares of such body corporate, trust,society or other entity or association. |

|  |           |                                                                                                                                                                                                                                                                      |
|--|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (c)  | The Directors, if theythink fit, may give notices under paragraphs (a) and (b) at the sametime on the basis that the notice given pursuant to paragraph (b) shallbe contingent upon disclosure of certain facts pursuant to a noticegiven pursuant to paragraph (a). |

|  |           |                                                                                                                                                                  |
|--|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (d)  | The Directors mayrequire (before or after the receipt of any written particulars underthis Article) any such particulars to be verified by statutorydeclaration. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|--|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (e)  | TheDirectors may serve any notice pursuant to the terms of this Articleirrespective of whether or not the Holder on whom it shall be servedmay be dead, bankrupt, insolvent or otherwise incapacitated and no suchincapacity or any unavailability of information or inconvenience orhardship in obtaining the same shall be a satisfactory reason forfailure to comply with any such notice provided that if the Directorsin their absolute discretion think fit, they may waive compliance inwhole or in part with any notice given under this Article in respect ofa share in any case of bona fide unavailability of information orgenuine hardship or where they otherwise think fit but no such waivershall in any way prejudice or affect any non-compliance not so waivedwhether by the Holder concerned or any other joint Holder of the shareor by any person to whom a notice may be given at any time. |

|  |           |                                                                                                                                                                                                                                               |
|--|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (f)  | For the purpose ofestablishing whether or not the terms of any notice served under thisArticle shall have been complied with, the decision of the Directors inthis regard shall be final and conclusive and shall bind all personsinterested. |

|  |           |                                                                                                                                                                                                       |
|--|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (g)  | Theprovisions of this Article and Article 13 are in addition to, and donot limit, any other right or power of the Company, including any rightvested in, or power granted to the Company by the Acts. |

13

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|           |                       |
|-----------|-----------------------|
| 13.  | Restriction ofRights. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|--|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (a)  | If at anytime the Directors shall determine that a Specified Event (as definedby paragraph (g)) shall have occurred in relation to any share orshares, the Directors may serve a notice to such effect on the Holderor Holders thereof. Upon the expiry of fourteen days from the serviceof any such notice (in these Articles referred to as a"Restriction Notice"), for so long as suchRestriction Notice shall remain in force: |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|--|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (i)  | no Holder or Holders of theshare or shares specified in such Restriction Notice (in these Articlesreferred to as "Specified Shares") shall beentitled to attend, speak or vote either personally, by representativeor by proxy at any general meeting of the Company or at any separategeneral meeting of the class of shares concerned or to exercise anyother right conferred by membership in relation to any such meeting;and |

|  |            |                                                                                                                                           |
|--|------------|-------------------------------------------------------------------------------------------------------------------------------------------|
|  | (ii)  | the Directorsshall, where the Specified Shares represent not less than 0.25 per centof the class of issued shares concerned, be entitled: |

|  |          |                                                                                                                                                      |
|--|----------|------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | A.  | to withhold payment ofany dividend or other amount payable (including shares issuable in lieuof dividend) in respect of the Specified Shares; and/or |

|  |          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|--|----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | B.  | to refuse to registerany transfer of the Specified Shares or any renunciation of anyallotment of new shares or debentures made in respect thereof unlesssuch transfer or renunciation is shown to the satisfaction of theDirectors to be a bona fide transfer or renunciation to anotherbeneficial owner unconnected with the Holder or Holders or any personappearing to have an interest in the Specified Shares (subject alwaysto the provisions of paragraphs (c) and (h)). |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|--|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (b)  | A Restriction Noticeshall be cancelled by the Directors not later than seven days after theHolder or Holders concerned shall have remedied the default by virtueof which the Specified Event shall have occurred. A Restriction Noticegiven in respect of any Specified Share as a result of a SpecifiedEvent described in sub-paragraph (g) (ii) or (iii), shall automaticallybe deemed to be cancelled on receipt by the Directors of evidencesatisfactory to them that the Specified Share has been sold on a bonafide transfer or renunciation to another beneficial owner unconnectedwith the Holder or Holders or any person appearing to have an interestin the Specified Shares (subject always to the provisions of paragraphs(c) and (h)) or upon registration of a transfer of such share. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|--|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (c)  | A Restriction Noticeshall not cease to have effect in respect of any transfer where nochange in the beneficial ownership of the share shall occur and forthis purpose, without prejudice to the generality of the foregoingprovisions, it shall be assumed that no such change has occurred wherea transfer form in respect of the share is presented for registrationhaving been stamped at a reduced rate of stamp duty by virtue of thetransferor or transferee claiming to be entitled to such reduced rateas a result of the transfer being one where no beneficial interestpasses. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|--|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (d)  | TheDirectors shall cause a notation to be made in the Register against thename of any Holder or Holders in respect of whom a Restriction Noticeshall have been served indicating the number of the Specified Sharesand shall cause such notation to be deleted upon cancellation or cesserof such Restriction Notice. Any determination of the Directors and anynotice served by them pursuant to the provisions of this Article shallbe conclusive as against the Holder or Holders of any share and thevalidity of any notice served by the Directors in pursuance of thisArticle shall not be questioned by any person. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|--|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (e)  | If, while anyRestriction Notice shall remain in force in respect of any SpecifiedShares, any further shares shall be issued in respect thereof pursuantto a capitalisation issue made in pursuance of these Articles(including, without limitation, any capitalisation effected pursuant tothe provisions of Article 111), the Restriction Notice shall be deemedalso to apply in respect of such further shares which shall as from thedate of issue thereof form part of the Specified Shares for allpurposes of this Article. |

14

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|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|--|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (f)  | Onthe cancellation of any Restriction Notice the Company shall pay to theHolder (or, in the case of joint Holders, the first named Holder) onthe Register in respect of the Specified Shares as of the record datefor any such dividend so withheld, all such amounts as have beenwithheld pursuant to the provisions of this Article subject always tothe provisions of Article 117 which shall be deemed to apply, mutatismutandis, to any amount so withheld. |

|  |           |                                                                                                                                    |
|--|-----------|------------------------------------------------------------------------------------------------------------------------------------|
|  | (g)  | For the purposes ofthese Articles, the expression "SpecifiedEvent" in relation to any share shall mean any of thefollowing events: |

|  |           |                                                                                                                                         |
|--|-----------|-----------------------------------------------------------------------------------------------------------------------------------------|
|  | (i)  | thefailure of the Holder or Holders thereof to pay any call or instalmentof a call in the manner and at the time appointed for payment; |

|  |            |                                                                                                                                                                                                                                         |
|--|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (ii)  | the failure by the Holderthereof or any of the Holders thereof to comply, to the satisfaction ofthe Directors, with all or any of the terms of Article 12 in respect ofany notice or notices given to him or any of them thereunder; or |

|  |             |                                                                                                                                                                                                                                  |
|--|-------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (iii)  | the failure by the Holderthereof or any of the Holders thereof to comply, to the satisfaction ofthe Directors, with the terms of any notice given to him or any of thempursuant to the provisions of Section 81 of the 1990 Act. |

|  |           |                                                                                                                                                                                                                              |
|--|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (h)  | For the purposes ofsub-paragraph (a) (ii) B and paragraph (b) the Directors shall berequired to accept as a bona fide transfer to another beneficial owner,any transfer which is presented for registration in pursuance of: |

|  |           |                                                                                                                    |
|--|-----------|--------------------------------------------------------------------------------------------------------------------|
|  | (i)  | any bona fide sale made onany bona fide stock exchange, unlisted securities market orover-the-counter exchange; or |

|  |            |                                                                                                                 |
|--|------------|-----------------------------------------------------------------------------------------------------------------|
|  | (ii)  | the acceptance of anygeneral offer made to all the Holders of any class of shares in thecapital of the Company. |

|           |                       |
|-----------|-----------------------|
| 14.  | Payment ofCommission. |

The Company may exercise thepowers of paying commissions conferred by the Acts. Subject to theprovisions of the Acts, any such commission may be satisfied by thepayment of cash or by the allotment of fully or partly paid shares orpartly in one way and partly in the other. The Company may also, on anyissue of shares, pay such brokerage as may be lawful.

|           |                         |
|-----------|-------------------------|
| 15.  | Payment by Instalments. |

If by the conditions of allotment of any sharethe whole or part of the amount or issue price thereof shall be payableby instalments, every such instalment when due shall be paid to theCompany by the person who for the time being shall be the registeredHolder of the share.

PART III - SHARE CERTIFICATES

|           |                        |
|-----------|------------------------|
| 16.  | Issue of Certificates. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|--|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (a)  | Except in relation to aStock Exchange Nominee in respect of whom the Company is not by lawrequired to complete and have ready for delivery a certificate, theCompany shall issue to a member without payment, within two monthsafter allotment or lodgment of a transfer to him of the shares inrespect of which he is so registered (or, in respect of shares allottedto him, within one month after the expiration of any right ofrenunciation in respect thereof), one certificate for the shares ofeach class held by him or several certificates each for one or more ofhis shares upon payment for every certificate after the first of suchreasonable sum as the Directors may determine provided that: |

|  |           |                                                                                                                 |
|--|-----------|-----------------------------------------------------------------------------------------------------------------|
|  | (i)  | the Company shall not bebound to issue more than one certificate for shares held jointly byseveral persons; and |

|  |            |                                                                                                                                                                                                                       |
|--|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (ii)  | every certificate inrespect of an Ordinary Share comprised in a Stock Unit shall be issuedin conjunction with the share certificate issued by WW (UK) in respectof the Income Share comprised in the same Stock Unit. |

15

----

|  |           |                                                                                            |
|--|-----------|--------------------------------------------------------------------------------------------|
|  | (b)  | Deliveryof a certificate to one joint Holder shall be a sufficient delivery toall of them. |

|  |           |                                                                                                                                                                                                                     |
|--|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (c)  | Everycertificate shall be sealed with one of the Seals and shall specify thenumber, class and distinguishing numbers (if any) of the shares towhich it relates and the amount or respective amounts paid upthereon. |

|           |                                   |
|-----------|-----------------------------------|
| 17.  | Balance and ExchangeCertificates. |

|  |           |                                                                                                                                                                                                                  |
|--|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (a)  | Where some only of theshares comprised in a share certificate are transferred, the oldcertificate shall be cancelled and a new certificate for the balance ofsuch shares shall be issued in lieu without charge. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|--|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (b)  | Any two or morecertificates representing shares of any one class held by any membermay at his request be cancelled and a single new certificate for suchshares issued in lieu without charge unless the Directors otherwisedetermine. If any member shall surrender for cancellation a sharecertificate representing shares held by him and request the Company toissue in lieu two or more share certificates representing such sharesin such proportions as he may specify, the Directors may, if they thinkfit, comply with such request. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                       |
|--|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (c)  | The Directors shall notbe obliged, in respect of an Ordinary Share comprised in a Stock Unit,to cancel a certificate and issue a new certificate pursuant to theprovisions of paragraph (a) and (b) unless in conjunction with suchcancellation and issue the Directors of WW (UK) shall take a comparableand equivalent action in respect of the Income Share comprised in suchunit. |

|           |                             |
|-----------|-----------------------------|
| 18.  | Replacement ofCertificates. |

|  |           |                                                                                                                                                                                                                                                                                                                                                             |
|--|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (a)  | If ashare certificate is defaced, worn-out, lost, stolen or destroyed, itmay be replaced on such terms (if any) as to evidence and indemnity andpayment of any exceptional expenses incurred by the Company as theDirectors may determine but otherwise free of charge, and (in the caseof defacement or wearing-out) on delivery up of the oldcertificate. |

|  |           |                                                                                                                                                                                                                                                                                                            |
|--|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (b)  | TheDirectors may issue new certificate(s) at any time in respect of sharesof any class and on such issue, cancel the old certificate(s) inrespect of such shares notwithstanding that such certificates have notbeen delivered to the Company (or its share registrar for the timebeing) for cancellation. |

16

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PARTIV - LIEN ON SHARES

|           |                |
|-----------|----------------|
| 19.  | Extent ofLien. |

The Company shall have a first andparamount lien on every share (not being a fully paid share) for allmonies (whether presently payable or not) payable at a fixed time orcalled in respect of that share. The Directors at any time may declareany share to be wholly or in part exempt from the provisions of thisArticle. The Company's lien on a share shall extend to all moniespayable in respect of it.

|           |               |
|-----------|---------------|
| 20.  | Power ofSale. |

Subject to the restrictions in theseArticles on the sale, disposition and transfer of Ordinary Sharescomprised in Stock Units, the Company may sell in such manner as theDirectors determine, any share on which the Company has a lien if a sumin respect of which the lien exists is presently payable and is notpaid within fourteen Clear Days after notice demanding payment, andstating that if the notice is not complied with the shares may be sold,has been given to the Holder of the share or to the person entitled toit by reason of the death or bankruptcy of the Holder, demandingpayment.

|           |                          |
|-----------|--------------------------|
| 21.  | Power to EffectTransfer. |

To give effect to a sale, theDirectors may authorise some person to execute an instrument oftransfer of the shares sold to, or in accordance with the directionsof, the purchaser. The transferee shall be entered in the Register asthe Holder of the shares comprised in any such transfer and he shallnot be bound to see to the application of the purchase monies nor shallhis title to the shares be affected by any irregularity in orinvalidity of the proceedings in reference to the sale, and after thename of the transferee has been entered in the Register, the remedy ofany person aggrieved by the sale shall be in damages only and againstthe Company exclusively.

|           |                  |
|-----------|------------------|
| 22.  | Proceeds ofSale. |

The net proceeds of the sale, afterpayment of the costs, shall be applied in payment of so much of the sumfor which the lien exists as is presently payable and any residue (uponsurrender to the Company for cancellation of the certificate for theshares sold and subject to a like lien for any monies not presentlypayable as existed upon the shares before the sale) shall be paid tothe person entitled to the shares at the date of the sale.

17

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PART V - CALLS ON SHARES ANDFORFEITURE

|           |                  |
|-----------|------------------|
| 23.  | Making of Calls. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|--|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (a)  | Subject to the terms ofallotment, the Directors may make calls upon the members in respect ofany monies unpaid on their shares (whether in respect of nominal valueor premium) and each member (subject to receiving at least fourteenClear Days' notice specifying when and where payment is to bemade) shall pay to the Company as required by the notice the amountcalled on his shares. A call may be required to be paid by instalments.A call may be revoked before receipt by the Company of a sum duethereunder, in whole or in part and payment of a call may be postponedin whole or in part. A person upon whom a call is made shall remainliable for calls made upon him notwithstanding the subsequent transferof the shares in respect of which the call was made. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|--|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (b)  | On the trial or hearingof any action for the recovery of any money due for any call it shallbe sufficient to prove that the name of the member sued is entered inthe Register as the Holder, or one of the Holders, of the shares inrespect of which such debt accrued, that the resolution making the callis duly recorded in the minute book and that notice of such call wasduly given to the member sued, in pursuance of these Articles, and itshall not be necessary to prove the appointment of the Directors whomade such call nor any other matters whatsoever, but the proof of thematters aforesaid shall be conclusive evidence of the debt. |

|          |               |
|----------|---------------|
| 24  | Time of Call. |

Acall shall be deemed to have been made at the time when the resolutionof the Directors authorising the call was passed.

|           |                             |
|-----------|-----------------------------|
| 25.  | Liability of Joint Holders. |

The joint Holders of a share shall be jointlyand severally liable to pay all calls in respect thereof.

|           |                    |
|-----------|--------------------|
| 26.  | Interest on Calls. |

If a call remains unpaid after it has become dueand payable, the person from whom it is due and payable shall payinterest on the amount unpaid from the day it became due until it ispaid at the rate fixed by the terms of allotment of the share or in thenotice of the call or, if no rate is fixed, at the appropriate rate (asdefined by the Acts) but the Directors may waive payment of theinterest wholly or in part.

|           |                               |
|-----------|-------------------------------|
| 27.  | Instalments Treated as Calls. |

An amount payable in respect of a share onallotment or at any fixed date, whether in respect of nominal value orpremium or as an instalment of a call, shall be deemed to be a call andif it is not paid the provisions of these Articles shall apply as ifthat amount had become due and payable by virtue of a call.

|           |                         |
|-----------|-------------------------|
| 28.  | Power to Differentiate. |

Subject to the terms of allotment, the Directorsmay make arrangements on the issue of shares for a difference betweenthe Holders in the amounts and times of payment of calls on theirshares.

|           |                             |
|-----------|-----------------------------|
| 29.  | Interest on MoniesAdvanced. |

The Directors, if they think fit,may receive from any member willing to advance the same all or any partof the monies uncalled and unpaid upon any shares held by him, and uponall or any of the monies so advanced may pay (until the same would, butfor such advance, become payable) interest at such rate, not exceeding(unless the Company in general meeting otherwise directs) eight percent per annum, as may be agreed upon between the Directors and themember paying such sum in advance.

18

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|           |                          |
|-----------|--------------------------|
| 30.  | Notice RequiringPayment. |

If a call remains unpaid after ithas become due and payable, the Directors may give to the person fromwhom it is due not less than fourteen Clear Days' noticerequiring payment of the amount unpaid together with any interest whichmay have accrued. The notice shall name the place where payment is tobe made and shall state that if the notice is not complied with theshares in respect of which the call was made will be liable to beforfeited.

|           |             |
|-----------|-------------|
| 31.  | Forfeiture. |

If the requirements of any notice given inaccordance with the immediately preceding Articles are not compliedwith, any share in respect of which it was given may, before thepayment required by the notice has been made, be forfeited by aresolution of the Directors to that effect. The forfeiture shallinclude all dividends or other monies payable in respect of theforfeited share and not paid before the forfeiture. The Directors mayaccept a surrender of any share liable to be forfeited hereunder.

|           |                    |
|-----------|--------------------|
| 32.  | Power of Disposal. |

Subject to the restrictions in these Articles onthe sale, disposition and transfer of Ordinary Shares comprised inStock Units and subject to the provisions of the Acts, a shareforfeited (or surrendered in lieu thereof) may be sold, re-allotted orotherwise disposed of on such terms and in such manner as the Directorsdetermine, either to the person who was the Holder before theforfeiture or to any other person. At any time before any such sale,re-allotment or other disposition, the forfeiture may be cancelled onsuch terms as the Directors think fit. Where for the purposes of itsdisposal such a share is to be transferred to any person, the Directorsmay authorise some person to execute an instrument of transfer of theshare to that person. The Company may receive the consideration, ifany, given for the share on any sale or disposition thereof and theperson to whom the share is disposed of shall be registered as theHolder of the share and shall not be bound to see to the application ofthe consideration, if any, nor shall his title to the share be affectedby any irregularity in or invalidity of the proceedings in reference tothe forfeiture, surrender, sale, re-allotment or other disposal of theshare.

|           |                                   |
|-----------|-----------------------------------|
| 33.  | Effect of Forfeiture orSurrender. |

A person any of whose shareshave been forfeited or surrendered shall cease to be a member inrespect of them and shall surrender to the Company for cancellation thecertificate for the shares forfeited or surrendered but shall remainliable to pay to the Company all monies which at the date of forfeitureor surrender were payable by him to the Company in respect of thoseshares with interest at the rate at which interest was payable on thosemonies before the forfeiture or, if no interest was so payable, at theappropriate rate (as defined in the Acts) from the date of forfeitureor surrender until payment but the Directors may waive payment whollyor in part or enforce payment without any allowance for the value ofthe shares at the time of forfeiture or surrender or for anyconsideration received on their disposal. Such liability shall cease ifand when the Company shall have received payment in full of all suchmonies in respect of the shares.

|           |                        |
|-----------|------------------------|
| 34.  | Statutory Declaration. |

A statutory declaration by a Director or theSecretary that a share has been forfeited or surrendered on a specifieddate shall be conclusive evidence of the facts stated in it as againstall persons claiming to be entitled to the share and the declarationshall (together with the receipt of the Company for the consideration,if any, given for the share on the sale or disposition thereof and acertificate by the Company for the share delivered to the person towhom the same is sold or disposed of) constitute a good title to theshare.

|           |                                         |
|-----------|-----------------------------------------|
| 35.  | Non-Payment of Sums Due onShare Issues. |

The provisions of theseArticles as to forfeiture shall apply in the case of non-payment of anysum which, by the terms of issue of a share, becomes payable at a fixedtime, whether on account of the nominal value of the share or by way ofpremium, as if the same had been payable by virtue of a call duly madeand notified.

19

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PART VI - TRANSFER OF SHARES

|           |                         |
|-----------|-------------------------|
| 36.  | Instrument of Transfer. |

The instrument of transfer of any share shall bein writing in any usual form or in any other form which the Directorsmay approve. Any instrument of transfer shall be executed by or onbehalf of the transferor and (except in the case of fully-paid shares)by the transferee. Title to any shares in the Company may also beevidenced and transferred without a written instrument in accordancewith statutory regulations made from time to time under Section 239 ofthe 1990 Act or under any other regulations having similar effect. TheDirectors shall have the power to implement any arrangements they thinkfit for such evidencing and transfer which accord with such regulationsand in particular shall where appropriate be entitled to disapply allor part of the provisions in these Articles with respect to therequirement for written instruments of transfer and share certificates,in order to give effect to such regulations.

|           |                   |
|-----------|-------------------|
| 37.  | Status of Holder. |

The transferor of any share shall be deemed toremain the Holder of the share until the name of the transferee isinserted in the Register in respect thereof.

|           |                                |
|-----------|--------------------------------|
| 38.  | Refusal to Register Transfers. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|--|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (a)  | The Directors shalldecline to register the transfer of a share (whether fully paid or not)comprised in a Stock Unit, or any renunciation of any allotment made inrespect of any such share in favour of any person, unless there isproduced to the Directors such evidence as they may reasonably requireto ensure that on the same date of transfer or renunciation there wastransferred to or renounced in favour of such person the Income Sharecomprised in the same Stock Unit. |

|  |           |                                                                                                  |
|--|-----------|--------------------------------------------------------------------------------------------------|
|  | (b)  | The Directors may, intheir absolute discretion and without giving any reason, refuse toregister: |

|  |           |                                                                                                                                                                                                                                                                                                           |
|--|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (i)  | the transferof a share or any renunciation of any allotment made in respect of ashare which is not fully paid provided, however, that in the case ofany such shares which are listed on the Stock Exchange, the Directorsshall allow dealings in such shares to take place on an open and properbasis; or |

|  |            |                                                                                                                       |
|--|------------|-----------------------------------------------------------------------------------------------------------------------|
|  | (ii)  | any transferof a share to or by a minor or a person of unsound mind or anyrenunciation of a share to any such person. |

|  |           |                                                                                                                            |
|--|-----------|----------------------------------------------------------------------------------------------------------------------------|
|  | (c)  | The Directors may alsorefuse to register any transfer (whether or not it is in respect of afully paid share) unless it is: |

|  |           |                                                                                                                                                                                                                                                                                                                                     |
|--|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (i)  | lodged at the Office or atsuch other place as the Directors may appoint and is accompanied by thecertificate for the shares to which it relates (save in the case of atransfer by a Stock Exchange Nominee) and such other evidence as theDirectors may reasonably require to show the right of the transferor tomake the transfer; |

|  |            |                                            |
|--|------------|--------------------------------------------|
|  | (ii)  | inrespect of only one class of shares; and |

|  |             |                                             |
|--|-------------|---------------------------------------------|
|  | (iii)  | in favour of not morethan four transferees. |

|           |                      |
|-----------|----------------------|
| 39.  | Procedure onRefusal. |

If the Directors refuse toregister a transfer they shall, within two months after the date onwhich the transfer was lodged with the Company, send to the transfereenotice of the refusal.

|           |                           |
|-----------|---------------------------|
| 40.  | Closing ofTransfer Books. |

The registration oftransfers of shares or of transfers of any class of shares may besuspended at such times and for such periods (not exceeding thirty daysin each year) as the Directors may determine.

20

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|           |                              |
|-----------|------------------------------|
| 41.  | Absence ofRegistration Fees. |

No fee shall be chargedfor the registration of any instrument of transfer or other documentrelating to or affecting the title to any share.

|           |                                    |
|-----------|------------------------------------|
| 42.  | Retention of Transfer Instruments. |

The Company shall be entitled to retain anyinstrument of transfer which is registered, but any instrument oftransfer which the Directors refuse to register shall be returned tothe person lodging it when notice of the refusal is given.

PARTVII - TRANSMISSION OF SHARES

|           |                 |
|-----------|-----------------|
| 43.  | Death ofMember. |

If a member dies, the survivor orsurvivors, where he was a joint Holder, and his personalrepresentatives, where he was a sole Holder or the only survivor ofjoint Holders, shall be the only persons recognised by the Company ashaving any title to his interest in the shares; but nothing hereincontained shall release the estate of a deceased member from anyliability in respect of any share which had been jointly held byhim.

|           |                                     |
|-----------|-------------------------------------|
| 44.  | Transmission on Death orBankruptcy. |

A person becoming entitled to ashare in consequence of the death or bankruptcy of a member may, uponsuch evidence being produced as the Directors may properly require,elect either to become the Holder of the share or to have some personnominated by him registered as the transferee. If he elects to becomethe Holder he shall give notice to the Company to that effect. If heelects to have another person registered he shall execute an instrumentof transfer of the share to that person. All of these Articles relatingto the transfer of shares shall apply to the notice or instrument oftransfer as if it were an instrument of transfer executed by the memberand the death or bankruptcy of the member had not occurred.

|           |                             |
|-----------|-----------------------------|
| 45.  | Rights before Registration. |

A person becoming entitled to a share by reasonof the death or bankruptcy of a member (upon supplying to the Companysuch evidence as the Directors may reasonably require to show his titleto the share) shall have the rights to which he would be entitled if hewere the Holder of the share, except that he shall not, before beingregistered as the Holder of the share, be entitled in respect of it toattend or vote at any meeting of the Company or at any separate meetingof the Holders of any class of shares in the Company, so, however, thatthe Directors may at any time give notice requiring any such person toelect either to be registered himself or to transfer the share, and ifthe notice is not complied with within ninety days, the Directors maythereupon withhold payment of all dividends, bonuses or other moniespayable in respect of the share until the requirements of the noticehave been complied with.

PART VIII - ALTERATION OF SHARECAPITAL

|           |                      |
|-----------|----------------------|
| 46.  | Increase of Capital. |

|  |           |                                                                                                                                                                            |
|--|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (a)  | The Company may fromtime to time by ordinary resolution increase the share capital by suchsum, to be divided into shares of such amount, as the resolution shallprescribe. |

|  |           |                                                                                                                                                                                                                                                                                              |
|--|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (b)  | For solong as the Stock Units are in existence, no new Ordinary Shares shallbe issued unless the Directors are satisfied that, should the needarise, similar and equivalent actions will be taken or have been takenby WW (UK) on the same occasion in respect of the issue of IncomeShares. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                   |
|--|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (c)  | Except inso far as otherwise provided by the conditions of issue or by theseArticles, any capital raised by the creation of new shares shall beconsidered part of the pre-existing ordinary share capital and shall besubject to the provisions herein contained with reference to thepayment of calls and instalments, transfer and transmission,forfeiture, lien and otherwise. |

21

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|           |                                                         |
|-----------|---------------------------------------------------------|
| 47.  | Consolidation,Sub-Division and Cancellation of Capital. |

The Company may by ordinary resolution:

|  |           |                                                                                                             |
|--|-----------|-------------------------------------------------------------------------------------------------------------|
|  | (a)  | consolidate and divideall or any of its share capital into shares of larger amount than itsexisting shares; |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|--|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (b)  | subject to theprovisions of the Acts, sub-divide its shares, or any of them, intoshares of smaller amount, so however that in the sub-division theproportion between the amount paid and the amount, if any, unpaid oneach sub-divided share shall be the same as it was in the case of theshare from which the sub-divided share is derived (and so that theresolution whereby any share is sub-divided may determine that, asbetween the Holders of the shares resulting from such sub-division, oneor more of the shares held by a Holder may, as compared with theothers, have any such preferred, deferred or other rights or be subjectto any such restrictions as the Company has power to attach to unissuedor new shares); or |

|  |           |                                                                                                                                                                                                                             |
|--|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (c)  | cancel any shareswhich, at the date of the passing of the resolution, have not beentaken or agreed to be taken by any person and reduce the amount of itsauthorised share capital by the amount of the shares so cancelled. |

Provided always that none of the matterscontemplated by sub-paragraphs (a) and (b) of this Article shall beeffected by the Company in respect of any Ordinary Share for so long asany Stock Unit shall remain in existence unless the Directors aresatisfied that similar and equivalent actions will be taken or havebeen taken by WW (UK) on the same occasion in respect of the IncomeShare comprised in any such Stock Unit.

|           |                             |
|-----------|-----------------------------|
| 48.  | Fractions on Consolidation. |

Subject to the provisions of these Articles,whenever as a result of a consolidation of shares any members wouldbecome entitled to fractions of a share, the Directors may, on behalfof those members, sell the shares representing the fractions for thebest price reasonably obtainable to any person and distribute the netproceeds of sale (after expenses) in due proportion among those members(save that the Directors may in any such case determine that amounts of€4 or less shall not be distributed but shall be retainedfor the benefit of the Company), and the Directors may, subject to therestrictions in these Articles, on the sale, allotment and dispositionof Ordinary Shares comprised in Stock Units, authorise some person toexecute an instrument of transfer of the shares to, or in accordancewith the directions of, the purchaser. The transferee shall not bebound to see to the application of the purchase money nor shall histitle to the shares be affected by any irregularity in or invalidity ofthe proceedings in reference to the sale.

|           |                       |
|-----------|-----------------------|
| 49.  | Reduction of Capital. |

The Company may by special resolution reduce itsshare capital, any capital redemption reserve fund or any share premiumaccount in any manner and with, and subject to, any incidentauthorised, and consent required, by law provided that for so long asStock Units are in existence the Company shall not reduce its ordinaryshare capital unless the Directors are satisfied that similar andequivalent actions will be taken or have been taken by WW (UK) on thesame occasion in respect of the Income Shares comprised in the StockUnits.

PART IX - GENERAL MEETINGS

|           |                          |
|-----------|--------------------------|
| 50.  | Annual General Meetings. |

The Company shall in each year hold a generalmeeting as its annual general meeting in addition to any other meetingin that year, and shall specify the meeting as such in the noticescalling it.

|           |                                |
|-----------|--------------------------------|
| 51.  | Extraordinary GeneralMeetings. |

All general meetings other thanannual general meetings shall be called extraordinary generalmeetings.

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|           |                            |
|-----------|----------------------------|
| 52.  | ConveningGeneral Meetings. |

The Directors may convenegeneral meetings. Extraordinary general meetings may also be convenedon such requisition, or in default, may be convened by suchrequisitionists and in such manner as may be provided by the Acts.

|           |                             |
|-----------|-----------------------------|
| 53.  | Notice of General Meetings. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                          |
|--|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (a)  | Subject to theprovisions of the Acts allowing a general meeting to be called byshorter notice, an annual general meeting and an extraordinary generalmeeting called for the passing of a special resolution shall be calledby at least twenty-one Clear Days' notice and all otherextraordinary general meetings shall be called by at least fourteenClear Days' notice. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|--|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (b)  | Any notice convening ageneral meeting shall specify the time and place of the meeting and thegeneral nature of the business to be transacted and, in reasonableprominence, that a member entitled to attend and vote is entitled toappoint a proxy to attend, speak and vote in his place and that a proxyneed not be a member of the Company. It shall also give particulars ofany Directors who are to retire by rotation or otherwise at the meetingand of any persons who are recommended by the Directors for appointmentor re-appointment as Directors at the meeting, or in respect of whomnotice has been duly given to the Company of the intention to proposethem for appointment or re-appointment as Directors at the meeting.Subject to any restrictions imposed on any shares, the notice shall begiven to all the members, the Directors and the Auditors. |

|  |           |                                                                                                                                                                                               |
|--|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (c)  | The accidental omissionto give notice of a meeting to, or the non-receipt of notice of ameeting by, any person entitled to receive notice shall not invalidatethe proceedings at the meeting. |

PART X - PROCEEDINGS AT GENERALMEETINGS

|           |                             |
|-----------|-----------------------------|
| 54.  | Quorum for GeneralMeetings. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|--|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (a)  | Nobusiness other than the appointment of a chairman shall be transactedat any general meeting unless a quorum of members is present at thetime when the meeting proceeds to business. Except as provided inrelation to an adjourned meeting, three persons entitled to vote uponthe business to be transacted, each being a member or a proxy for amember or a duly authorised representative of a corporate member, shallbe a quorum. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|--|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (b)  | Ifsuch a quorum is not present within half an hour from the timeappointed for the meeting, or if during a meeting a quorum ceases to bepresent, the meeting shall stand adjourned to the same day in the nextweek at the same time and place, or to such time and place as theDirectors may determine. If at the adjourned meeting such a quorum isnot present within half an hour from the time appointed for themeeting, the meeting, if convened otherwise than by resolution of theDirectors, shall be dissolved, but if the meeting shall have beenconvened by resolution of the Directors, two persons entitled to becounted in a quorum present at the meeting shall be a quorum. |

|           |                               |
|-----------|-------------------------------|
| 55.  | Chairman of General Meetings. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|--|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (a)  | The chairman of theBoard of Directors or, in his absence or with his agreement, the deputychairman, if any, or in his absence, some other Director nominated bythe Directors shall preside as chairman at every general meeting of theCompany. If at any general meeting none of such persons shall bepresent within fifteen minutes after the time appointed for the holdingof the meeting and willing to act, the Directors present shall electone of their number to be chairman of the meeting and, if there is onlyone Director present and willing to act, he shall be chairman. |

23

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|  |           |                                                                                                                                                                                                                                                                                         |
|--|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (b)  | Ifat any meeting no Director is willing to act as chairman or if noDirector is present within fifteen minutes after the time appointed forholding the meeting, the members present and entitled to vote shallchoose one of the members personally present to be chairman of themeeting. |

|           |                                                           |
|-----------|-----------------------------------------------------------|
| 56.  | Director's andAuditors' Right to Attend General Meetings. |

A Director shall be entitled, notwithstandingthat he is not a member, to receive notice of and to attend and speakat any general meeting and at any separate meeting of the Holders ofany class of shares in the Company. The Auditors shall be entitled toattend any general meeting and to be heard on any part of the businessof the meeting which concerns them as the Auditors.

|           |                                  |
|-----------|----------------------------------|
| 57.  | Adjournment of General Meetings. |

The chairman, with the consent of a meeting atwhich a quorum is present may (and shall if so directed by the meeting)adjourn the meeting from time to time (or sine die) and from place toplace, but no business shall be transacted at any adjourned meetingother than business which might properly have been transacted at themeeting had the adjournment not taken place. Where a meeting isadjourned sine die, the time and place for the adjourned meeting shallbe fixed by the Directors. When a meeting is adjourned for fourteendays or more or sine die, at least seven Clear Days' notice shallbe given specifying the time and place of the adjourned meeting and thegeneral nature of the business to be transacted. Save as aforesaid itshall not be necessary to give any notice of an adjourned meeting.

|           |                               |
|-----------|-------------------------------|
| 58.  | Determination of Resolutions. |

At any general meeting a resolution put to thevote of the meeting shall be decided on a show of hands unless before,or on the declaration of the result of, the show of hands a poll isduly demanded. Unless a poll is so demanded, a declaration by thechairman that a resolution has been carried or carried unanimously, orby a particular majority, or lost, or not carried by a particularmajority and an entry to that effect in the minutes of the meetingshall be conclusive evidence of the fact without proof of the number orproportion of the votes recorded in favour of or against theresolution. The demand for a poll may be withdrawn before the poll istaken but only with the consent of the chairman and a demand sowithdrawn shall not be taken to have invalidated the result of a showof hands declared before the demand was made.

|           |                             |
|-----------|-----------------------------|
| 59.  | Entitlement to Demand Poll. |

Subject to the provisions of the Acts, a pollmay be demanded:

|  |           |                                |
|--|-----------|--------------------------------|
|  | (a)  | bythe chairman of the meeting; |

|  |           |                                                                                                  |
|--|-----------|--------------------------------------------------------------------------------------------------|
|  | (b)  | by at least threemembers present (in person or by proxy) having the right to vote at themeeting; |

|  |           |                                                                                                                                                                                      |
|--|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (c)  | by anymember or members present (in person or by proxy) representing not lessthan one-tenth of the total voting rights of all the members having theright to vote at the meeting; or |

|  |           |                                                                                                                                                                                                                                                                                         |
|--|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (d)  | by a member or memberspresent (in person or by proxy) holding shares in the Companyconferring the right to vote at the meeting being shares on which anaggregate sum has been paid up equal to not less than one-tenth of thetotal sum paid up on all the shares conferring that right. |

|           |                   |
|-----------|-------------------|
| 60.  | Taking of a Poll. |

|  |           |                                                                                                                                                                                                                                                                                                                               |
|--|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (a)  | Save as provided inparagraph (b), a poll shall be taken in such manner as the chairmandirects and he may appoint scrutineers (who need not be members) andfix a time and place for declaring the result of the poll. The resultof the poll shall be deemed to be the resolution of the meeting atwhich the poll was demanded. |

24

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|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|--|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (b)  | Apoll demanded on the election of a chairman of any meeting or on aquestion of adjournment thereof shall be taken forthwith. A polldemanded on any other question shall be taken either forthwith or atsuch time (not being more than thirty days after the poll is demanded)and place as the chairman of the meeting may direct. The demand for apoll shall not prevent the continuance of a meeting for the transactionof any business other than the question on which the poll was demanded.If a poll is demanded before the declaration of the result of a show ofhands and the demand is duly withdrawn, the meeting shall continue asif the demand had not been made. |

|  |           |                                                                                                                                                                                                                                                                                                       |
|--|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (c)  | No notice need be givenof a poll not taken forthwith if the time and place at which it is tobe taken are announced at the meeting in respect of which it isdemanded. In any other case at least seven Clear Days' noticeshall be given specifying the time and place at which the poll is to betaken. |

|           |                   |
|-----------|-------------------|
| 61.  | Votes of Members. |

Votes may be given either personally or byproxy. Subject to any rights or restrictions for the time beingattached to any class or classes of shares, on a show of hands everymember present in person and every proxy shall have one vote, so,however, that no individual shall have more than one vote, and on apoll every member present in person or by proxy shall have one vote forevery share carrying voting rights of which he is the Holder.

|           |                          |
|-----------|--------------------------|
| 62.  | Chairman's Casting Vote. |

Where there is an equality of votes, whether ona show of hands or on a poll, the chairman of the meeting at which theshow of hands takes place or at which the poll is demanded, shall beentitled to a casting vote in addition to any other vote he mayhave.

|           |                          |
|-----------|--------------------------|
| 63.  | Voting by Joint Holders. |

Where there are joint Holders of a share, thevote of the senior who tenders a vote, whether in person or by proxy,in respect of such share shall be accepted to the exclusion of thevotes of the other joint Holders; and for this purpose, seniority shallbe determined by the order in which the names of the Holders stand inthe Register in respect of the share.

|           |                                        |
|-----------|----------------------------------------|
| 64.  | Corporations Acting byRepresentatives. |

Any corporation which is amember of the Company may by resolution of its directors or othergoverning body authorise such person as it thinks fit to act as itsrepresentative at any meeting of the Company or of any class of membersof the Company. The person so authorised shall be entitled to exercisethe same powers on behalf of such corporation as the corporation couldexercise if it were an individual member of the Company and suchcorporation shall for the purposes of these Articles be deemed to bepresent in person at any such meeting if a person so authorised ispresent thereat.

|           |                                 |
|-----------|---------------------------------|
| 65.  | Voting byIncapacitated Holders. |

A member of unsoundmind, or in respect of whom an order has been made by any court havingjurisdiction (whether in the State or elsewhere) in matters concerningmental disorder, may vote, whether on a show of hands or on a poll, byhis committee, receiver, guardian or other person appointed by thatcourt, and any such committee, receiver, guardian or other person mayvote by proxy on a show of hands or on a poll. Evidence to thesatisfaction of the Directors of the authority of the person claimingto exercise the right to vote shall be deposited at the Office or atsuch other place as is specified in accordance with these Articles forthe deposit of instruments of proxy, not less than forty-eight hoursbefore the time appointed for holding the meeting or adjourned meetingat which the right to vote is to be exercised and in default the rightto vote shall not be exercisable.

|           |                              |
|-----------|------------------------------|
| 66.  | Default in Payment of Calls. |

Unless the Directors otherwise determine, nomember shall be entitled to vote at any general meeting or any separatemeeting of the Holders of any class of shares in the Company, either in

25

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person or by proxy, or to exercise anyprivilege as a member in respect of any share held by him, unless allmonies then payable by him in respect of that share have been paid.

|           |                               |
|-----------|-------------------------------|
| 67.  | Time for Objection to Voting. |

No objection shall be raised to thequalification of any voter except at the meeting or adjourned meetingat which the vote objected to is tendered, and every vote notdisallowed at such meeting shall be valid. Any such objection made indue time shall be referred to the chairman of the meeting whosedecision shall be final and conclusive.

|           |                         |
|-----------|-------------------------|
| 68.  | Appointment of Proxies. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|--|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (a)  | The instrumentappointing a proxy shall be in writing in any usual form or in anyother form which the Directors may approve and shall be executed by oron behalf of the appointor. The signature on such instrument need notbe witnessed. A body corporate may execute a form of proxy under itscommon seal or under the hand of a duly authorised officer thereof. Amember may appoint separate proxies to attend on the same occasion inrespect of separate shares held by him. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|--|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (b)  | The Directors may send,at the expense of the Company, by post or otherwise, to the membersinstruments of proxy (with or without stamped envelopes for theirreturn) for use at any general meeting or at any class meeting, eitherin blank or nominating any one or more of the Directors or any otherpersons in the alternative. If for the purpose of any meetinginvitations to appoint as proxy a person or one of a number of personsspecified in the invitations are issued at the expense of the Company,such invitations shall be issued to all (and not to some only) of themembers entitled to be sent a notice of the meeting and to vote thereatby proxy. |

|           |                              |
|-----------|------------------------------|
| 69.  | Deposit of ProxyInstruments. |

The instrument appointing aproxy and any authority under which it is executed or a copy, certifiednotarially or in some other way approved by the Directors, shall bedeposited at the Office or (at the option of the member) at such otherplace or places (if any) as may be specified for that purpose in or byway of note to the notice convening the meeting not less thanforty-eight hours before the time appointed for the holding of themeeting or adjourned meeting or (in the case of a poll taken otherwisethan at or on the same day as the meeting or adjourned meeting) for thetaking of the poll at which it is to be used, and in default shall notbe treated as valid. Provided that:

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                              |
|--|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (a)  | in the case of ameeting which is adjourned to, or a poll which is to be taken on, adate which is less than seven days after the date of the meeting whichwas adjourned or at which the poll was demanded, it shall be sufficientif the instrument of proxy and any such authority and certificationthereof as aforesaid, is lodged with the Secretary at the commencementof the adjourned meeting or the taking of the poll; |

|  |           |                                                                                                                                                                                                                                                                    |
|--|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (b)  | an instrument of proxyrelating to more than one meeting (including any adjournment thereof)having once been so delivered for the purposes of any meeting shall notrequire again to be delivered for the purposes of any subsequentmeeting to which it relates; and |

|  |           |                                                                                                                                                                                                                                     |
|--|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (c)  | the Secretary mayaccept proxy forms submitted by telefax provided such telefaxes arereceived, to the satisfaction of the Secretary, in clear and legibleform not less than forty-eight hours before the time appointed asaforesaid. |

|           |                             |
|-----------|-----------------------------|
| 70.  | Effect of ProxyInstruments. |

Deposit of an instrument ofproxy in respect of a meeting shall not preclude a member fromattending and voting at the meeting or at any adjournment thereof. Theinstrument appointing a proxy shall, unless the contrary is statedtherein, be valid as well for any adjournment of the meeting as for themeeting to which it relates.

26

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|           |                                                |
|-----------|------------------------------------------------|
| 71.  | Effect ofRevocation of Proxy or Authorisation. |

Avote given or poll demanded in accordance with the terms of aninstrument of proxy or a resolution authorising a representative to acton behalf of a body corporate shall be valid notwithstanding the deathor insanity of the principal or the revocation of the instrument ofproxy or of the authority under which the instrument of proxy wasexecuted or the revocation or termination of the resolution authorisingthe representative to act or the transfer of the share in respect ofwhich the instrument of transfer or the authorisation of therepresentative to act was given, unless notice in writing of any suchdeath, insanity, revocation, termination or transfer was (x) receivedby the Company at the Office or at such other place or one of suchother places (if any), at which the instrument of proxy could have beenduly deposited in respect of such meeting, in any such case not laterthan the close of business (local time) at the place where it was soreceived on the day before the meeting to which it relates, (y) handedto the chairman of the meeting or the Secretary at the place of themeeting or adjourned meeting at which the vote is to be given or polldemanded, before the commencement of such meeting or adjourned meeting,or (z) in the case of a poll taken otherwise than on the same day asthe meeting or adjourned meeting, handed to the chairman of the meetingor the Secretary at the place, and prior to the time, appointed for thetaking of the poll.

PART XI - DIRECTORS

|           |                      |
|-----------|----------------------|
| 72.  | Number of Directors. |

The number of Directors shall not be subject toany maximum.

|           |                      |
|-----------|----------------------|
| 73.  | Share Qualification. |

A Director shall not require a sharequalification.

|           |                                    |
|-----------|------------------------------------|
| 74.  | Ordinary Remunerationof Directors. |

The ordinary remuneration ofthe Directors shall from time to time be determined by an ordinaryresolution of the Company and shall be divisible (unless suchresolution shall otherwise provide) among the Directors as they mayagree, or, failing agreement, equally, except that any Director whoshall hold office for part only of the period in respect of which suchremuneration is payable shall be entitled only to rank in such divisionfor a proportion of the remuneration related to the period during whichhe has held office.

|           |                                   |
|-----------|-----------------------------------|
| 75.  | SpecialRemuneration of Directors. |

Any Director whoholds any executive office (including for this purpose the office ofchairman or deputy chairman) or who serves on any committee, or whootherwise performs services which in the opinion of the Directors areoutside the scope of the ordinary duties of a Director, may be paidsuch extra remuneration by way of salary, commission or otherwise asthe Directors may determine.

|           |                       |
|-----------|-----------------------|
| 76.  | Expensesof Directors. |

The Directors may be paid alltravelling, hotel and other expenses properly incurred by them inconnection with their attendance at meetings of Directors or committeesof Directors or general meetings or separate meetings of the Holders ofany class of shares or of debentures of the Company or otherwise inconnection with the discharge of their duties.

|           |                      |
|-----------|----------------------|
| 77.  | Alternate Directors. |

|  |           |                                                                                                                                                                                                                                                                                                                    |
|--|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (a)  | Any Director may bywriting under his hand appoint any person (including another Director)to be his alternate provided always that no such appointment of aperson other than a Director as an alternate shall be operative unlessand until such appointment shall have been approved by resolution ofthe Directors. |

27

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|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|--|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (b)  | Analternate Director shall be entitled to receive notices of all meetingsof the Directors and of all meetings of committees of Directors ofwhich his appointor is a member, to attend and vote at any such meetingat which the Director appointing him is not personally present and, inthe absence of his appointor, to exercise all the powers, rights,duties and authorities of his appointor as a Director (other than theright to appoint an alternate hereunder). |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|--|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (c)  | Save as otherwiseprovided in these Articles, an alternate Director shall be deemed forall purposes to be a Director and shall alone be responsible for hisown acts and defaults and he shall not be deemed to be the agent of theDirector appointing him. The remuneration of any such alternateDirector shall be payable out of the remuneration paid to the Directorappointing him and shall consist of such portion of the last mentionedremuneration as shall be agreed between the alternate and the Directorappointing him. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|--|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (d)  | ADirector may at any time revoke the appointment of any alternateappointed by him. If a Director shall die or cease to hold the officeof Director, the appointment of his alternate shall thereupon cease anddetermine but, if a Director retires by rotation or otherwise but isre-appointed or deemed to have been re-appointed at the meeting atwhich he retires, any appointment of an alternate Director made by himwhich was in force immediately prior to his retirement shall continueafter his re-appointment. |

|  |           |                                                                                                                                                                                                                       |
|--|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (e)  | Any appointment orrevocation by a Director under this Article shall be effected by noticein writing given under his hand to the Secretary or deposited at theOffice or in any other manner approved by the Directors. |

PARTXII - POWERS OF DIRECTORS

|           |                    |
|-----------|--------------------|
| 78.  | Directors' Powers. |

Subject to the provisions of the Acts, theMemorandum of Association of the Company and these Articles and to anydirections given by ordinary resolution, the business of the Companyshall be managed by the Directors who may do all such acts and thingsand exercise all the powers of the Company as are not by the Acts or bythese Articles required to be done or exercised by the Company ingeneral meeting. No alteration of the Memorandum of Association of theCompany or of these Articles and no such direction shall invalidate anyprior act of the Directors which would have been valid if thatalteration had not been made or that direction had not been given. Thepowers given by this Article shall not be limited by any special powergiven to the Directors by these Articles and a meeting of Directors atwhich a quorum is present may exercise all powers exercisable by theDirectors.

|           |                    |
|-----------|--------------------|
| 79.  | Power to Delegate. |

Without prejudice to the generality of the lastpreceding Article, the Directors may delegate any of their powers anddiscretions to any managing Director or any Director holding any otherexecutive office or to any committee consisting of one or moreDirectors together with such other person or persons (if any) as may beappointed to such committee by the Directors provided that a majorityof the members of each committee shall at all times consist ofDirectors and that no resolution of any such committee shall beeffective unless a majority of the members of the committee present andvoting at the meeting at which it was passed are Directors. The powersor discretions which may be delegated to any such committee shallinclude (without limitation) any powers and discretions whose exerciseinvolves or may involve the payment of remuneration to, or theconferring of any other benefit on, all or any of the Directors. Anysuch delegation may be made subject to any conditions the Directors mayimpose, and either collaterally with or to the exclusion of their ownpowers, and may be revoked. Subject to any such conditions, theproceedings of a committee with two or more members shall be governedby the provisions of these Articles regulating the proceedings ofDirectors so far as they are capable ofapplying.

28

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|           |                          |
|-----------|--------------------------|
| 80.  | Appointmentof Attorneys. |

The Directors may from timeto time and at any time by power of attorney appoint any company, firmor person or fluctuating body of persons, whether nominated directly orindirectly by the Directors, to be the attorney or attorneys of theCompany for such purposes and with such powers, authorities anddiscretions (not exceeding those vested in or exercisable by theDirectors under these Articles) and for such period and subject to suchconditions as they may think fit. Any such power of attorney maycontain such provisions for the protection of persons dealing with anysuch attorney as the Directors may think fit, and may also authoriseany such attorney to sub-delegate all or any of the powers, authoritiesand discretions vested in him.

|           |                  |
|-----------|------------------|
| 81.  | LocalManagement. |

Without prejudice to thegenerality of the immediately preceding Article, the Directors mayestablish any committees, local boards or agencies for managing any ofthe affairs of the Company, either in the State or elsewhere, and mayappoint any persons to be members of such committees, local boards oragencies and may fix their remuneration and may delegate to anycommittee, local board or agent any of the powers, authorities anddiscretions vested in the Directors with power to sub-delegate and anysuch appointment or delegation may be made upon such terms and subjectto such conditions as the Directors may think fit, and the Directorsmay remove any person so appointed, and may annul or vary any suchdelegation, but no person dealing in good faith with any suchcommittee, local board or agency, without notice of any such annulmentor variation shall be affected thereby.

|           |                   |
|-----------|-------------------|
| 82.  | Borrowing Powers. |

The Directors may exercise all the powers of theCompany to borrow or raise money, and to mortgage or charge itsundertaking, property, assets and uncalled capital or any part thereof(subject to Part III of the 1983 Act), and to issue debentures,debenture stock and other securities, whether outright or as collateralsecurity for any debt, liability or obligation of the Company or of anythird party, without any limitation as to amount.

|           |                                      |
|-----------|--------------------------------------|
| 83.  | Execution of Negotiable Instruments. |

All cheques, promissory notes, drafts, bills ofexchange and other negotiable instruments and all receipts for moniespaid to the Company shall be signed, drawn, accepted, endorsed orotherwise executed, as the case may be, by such person or persons andin such manner as the Directors shall determine from time to time byresolution.

PART XIII - APPOINTMENT, RETIREMENT ANDDISQUALIFICATION OF DIRECTORS

|           |                         |
|-----------|-------------------------|
| 84.  | Retirement by Rotation. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|--|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (a)  | At each annual generalmeeting of the Company one-third of the Directors who are subject toretirement by rotation or, if their number is not three or a multipleof three, the number nearest to one-third shall retire from office,but, if there is only one Director who is subject to retirement byrotation, he shall retire, provided that if as a result of theimplementation of this Article any Director would hold office for aperiod of more than three years from the date of his last election orre-election, such Director shall retire from office on the third AnnualGeneral Meeting after the date of his last election or re-election. |

|  |           |                                                                                                                                                                                                                                                                                                                   |
|--|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (b)  | The Directors to retireby rotation shall be those who have been longest in office since theirlast appointment or re-appointment but, as between persons who becameor were last re-appointed Directors on the same day, those to retireshall (unless they otherwise agree amongst themselves) be determined bylot. |

|  |           |                                                                                                                                                                                                                                                                                                            |
|--|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (c)  | A Director whoretires at an annual general meeting may, if willing to act, bere-appointed. If he is not re-appointed (or deemed to be re-appointedpursuant to these Articles) he shall retain office until the meetingappoints someone in his place or, if it does not do so, until the endof the meeting. |

29

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|           |                       |
|-----------|-----------------------|
| 85.  | DeemedRe-appointment. |

If the Company, at themeeting at which a Director retires by rotation, does not fill thevacancy the retiring Director shall, if willing to act, be deemed tohave been re-appointed, unless at the meeting it is resolved not tofill the vacancy or unless a resolution for the re-appointment of theDirector is put to the meeting and lost.

|           |                              |
|-----------|------------------------------|
| 86.  | Eligibility for Appointment. |

No person other than a Director retiring byrotation or pursuant to Article 87(b) shall be appointed a Director atany general meeting unless he is recommended by the Directors or notless than seven nor more than fourteen Clear Days before the dateappointed for the meeting, notice executed by a member qualified tovote at the meeting has been given to the Company of the intention topropose that person for appointment stating with respect to such personto be proposed the particulars which would, if he were so appointed, berequired to be included in the Company's register of Directorstogether with notice executed by that person of his willingness to beappointed.

|           |                                     |
|-----------|-------------------------------------|
| 87.  | Appointment of AdditionalDirectors. |

|  |           |                                                                                                                                                                                                                 |
|--|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (a)  | TheCompany may by ordinary resolution appoint a person to be a Directoreither to fill a vacancy or as an additional Director and may alsodetermine the rotation in which any additional Directors are toretire. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                              |
|--|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (b)  | TheDirectors may appoint a person who is willing to act to be a Director,either to fill a vacancy or as an additional Director. A Director soappointed shall hold office only until the next following annualgeneral meeting and, if not then re-appointed, shall vacate office andshall not be taken into account in determining the Directors who are toretire by rotation at the meeting. |

|           |                                |
|-----------|--------------------------------|
| 88.  | Disqualification of Directors. |

The office of a Director shall be vacated ipsofacto if:

|  |           |                                                                                                                        |
|--|-----------|------------------------------------------------------------------------------------------------------------------------|
|  | (a)  | he ceasesto be a Director by virtue of any provision of the Acts or he becomesprohibited by law from being a Director; |

|  |           |                                                                                                      |
|--|-----------|------------------------------------------------------------------------------------------------------|
|  | (b)  | he becomes restrictedor disqualified to act as a Director pursuant to the provisions of the1990 Act; |

|  |           |                                                                                         |
|--|-----------|-----------------------------------------------------------------------------------------|
|  | (c)  | hebecomes bankrupt or makes any arrangement or composition with hiscreditors generally; |

|  |           |                                                                                                                                           |
|--|-----------|-------------------------------------------------------------------------------------------------------------------------------------------|
|  | (d)  | in the opinion of amajority of his co-Directors he becomes incapable by reason of mentaldisorder of discharging his duties as a Director; |

|  |           |                                                                                                                                  |
|--|-----------|----------------------------------------------------------------------------------------------------------------------------------|
|  | (e)  | (without therebycommitting a breach of any contract between him and the Company), heresigns his office by notice to the Company; |

|  |           |                                                                                                                                              |
|--|-----------|----------------------------------------------------------------------------------------------------------------------------------------------|
|  | (f)  | he is convicted of anindictable offence and his co- Directors determine that as a result ofsuch conviction he should cease to be a Director; |

|  |           |                                                                                                                                                                                                                                                                                                                                                                    |
|--|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (g)  | he shall have beenabsent for more than six consecutive months without permission of theDirectors from meetings of the Directors held during that period andhis alternate Director (if any) shall not have attended any suchmeeting in his place during such period, and his co-Directors pass aresolution that he has by reason of such absence vacated office; or |

|  |           |                                                                                                                                                                   |
|--|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (h)  | (not being a Directorwho is, or at any time has been, the holder of the office of chairman)he is required in writing by a majority of his co- Directors toresign. |

30

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PART XIV - DIRECTORS' OFFICES ANDINTERESTS

|           |                    |
|-----------|--------------------|
| 89.  | Directors'Offices. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|--|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (a)  | The Directorsmay appoint one or more of their body to the office of managingDirector or joint managing Director or to any other executive ornon-executive office under the Company (including, where consideredappropriate, the office of chairman or deputy chairman) on such termsand for such period as they may determine and, without prejudice to theterms of any contract entered into in any particular case, may at anytime revoke any such appointment. |

|  |           |                                                                                                                                                                                                                                                                                                                            |
|--|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (b)  | A Directorholding any such executive office shall receive such remuneration,whether in addition to or in substitution for his ordinary remunerationas a Director and whether by way of salary, commission, participationin profits or otherwise or partly in one way and partly in another, asthe Directors may determine. |

|  |           |                                                                                                                                                                                                                                                                                                                            |
|--|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (c)  | The appointmentof any Director to the office of chairman or deputy chairman, managingor joint managing or deputy or assistant managing Director shallautomatically determine if he ceases to be a Director but withoutprejudice to any claim for damages for breach of any contract ofservice between him and the Company. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                |
|--|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (d)  | The appointmentof any Director to any other executive office shall not automaticallydetermine if he ceases from any cause to be a Director unless thecontract or resolution under which he holds office shall expresslystate otherwise, in which event such determination shall be withoutprejudice to any claim for damages for breach of any contract ofservice between him and the Company. |

|  |           |                                                                                                                                                                                                                                                                                                                   |
|--|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (e)  | A Director mayhold any other office or place of profit under the Company (except thatof Auditor) in conjunction with his office of Director, and subject tothe following Article, may act in a professional capacity to theCompany, on such terms as to remuneration and otherwise as theDirectors shall arrange. |

|           |                       |
|-----------|-----------------------|
| 90.  | Directors' Interests. |

|  |           |                                                                                                                                                                                       |
|--|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (a)  | Subject to theprovisions of the Acts, and provided that he has disclosed to theDirectors the nature and extent of any material interest of his, aDirector notwithstanding his office: |

|  |           |                                                                                                                                                                                                                                             |
|--|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (i)  | may be a party to,or otherwise interested in, any transaction or arrangement with theCompany or any subsidiary or associated company thereof or in which theCompany or any subsidiary or associated company thereof is otherwiseinterested; |

|  |            |                                                                                                                                                                                                                                                                               |
|--|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (ii)  | may be a Directoror other officer of, or employed by, or a party to any transaction orarrangement with, or otherwise interested in, any body corporatepromoted by the Company or in which the Company or any subsidiary orassociated company thereof is otherwise interested; |

|  |             |                                                                                                                                                                                                                                                                                                                                                                                      |
|--|-------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (iii)  | shall not, byreason of his office, be accountable to the Company for any benefitwhich he derives from any such office or employment or from any suchtransaction or arrangement or from any interest in any such bodycorporate unless the Company otherwise directs and no such transactionor arrangement shall be liable to be avoided on the ground of any suchinterest or benefit. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|--|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (b)  | NoDirector or intending Director shall be disqualified by his office fromcontracting with the Company either as vendor, purchaser or otherwise,nor shall any such contract or any contract or arrangement entered intoby or on behalf of the other company in which any Director shall be inany way interested be avoided nor shall any Director so contracting orbeing so interested be liable to account to the Company for any profitrealised by any such contract or arrangement by reason of such Directorholding that office or of the fiduciary relationship therebyestablished. The nature of a Director's interest must be declaredby him at the meeting of the Directors at which the question ofentering into the contract or arrangement is first taken intoconsideration, or if the Director was not at the date of that |

31

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|  |        |                                                                                                                                                                                                                                                                                                              |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  |   | meeting interested in the proposed contractor arrangement at the next meeting of the Directors held after hebecame so interested, and in a case where the Director becomesinterested in a contract or arrangement after it is made at the firstmeeting of the Directors held after he becomes so interested. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|--|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (c)  | A copyof every declaration made and notice given under this Article shall beentered within three days after the making or giving thereof in a bookkept for this purpose. Such book shall be open for inspection withoutcharge by any Director, Secretary, Auditor or member of the Company atthe Office and shall be produced at every general meeting of theCompany and at any meeting of the Directors if any Director so requestsin sufficient time to enable the book to be available at themeeting. |

|  |           |                                  |
|--|-----------|----------------------------------|
|  | (d)  | Forthe purposes of this Article: |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                    |
|--|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (i)  | a generalnotice given to the Directors that a Director is to be regarded ashaving an interest of the nature and extent specified in the notice inany transaction or arrangement in which a specified person or class ofpersons is interested shall be deemed to be a disclosure that theDirector has an interest in any such transaction of the nature andextent so specified; and |

|  |            |                                                                                                                                                           |
|--|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (ii)  | aninterest of which a Director has no knowledge and of which it isunreasonable to expect him to have knowledge shall not be treated as aninterest of his. |

|           |                                  |
|-----------|----------------------------------|
| 91.  | Restrictionon Director's Voting. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|--|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (a)  | Saveas otherwise provided by these Articles, a Director shall not vote at ameeting of the Directors or a committee of Directors on any resolutionconcerning a matter in which he has, directly or indirectly, aninterest which is material or a duty which, in a material way,conflicts or may conflict with the interests of the Company. A Directorshall not be counted in the quorum present at a meeting in relation toany such resolution on which he is not entitled to vote. |

|  |           |                                                                                                                                                                                                                                                                                                                   |
|--|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (b)  | Notwithstandingthe provisions of paragraph (a) and subject to the provisions of theActs, a Director shall (in the absence of some other material interestthan is indicated below) be entitled to vote (and be counted in thequorum) in respect of any resolutions concerning any of the followingmatters, namely: |

|  |           |                                                                                                                                                                                                                                                |
|--|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (i)  | the givingof any security, guarantee or indemnity to him in respect of money lentby him or obligations incurred by him or any other person at therequest of or for the benefit of the Company or any of its subsidiaryor associated companies; |

|  |            |                                                                                                                                                                                                                                                                                                                                               |
|--|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (ii)  | thegiving of any security, guarantee or indemnity to a third party inrespect of a debt or obligation of the Company or any of its subsidiaryor associated companies for which he himself has assumed responsibilityin whole or in part, and whether alone or jointly with others, under aguarantee or indemnity or by the giving of security; |

|  |             |                                                                                                                                                                                                                                                                                                                                                            |
|--|-------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (iii)  | anyproposal concerning any offer of shares or debentures or othersecurities of or by the Company or any of its subsidiary or associatedcompanies for subscription, purchase or exchange in which offer he isentitled to participate as a Holder of securities or is or is to beinterested as a participant in the underwriting or sub-underwritingthereof; |

|  |            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|--|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (iv)  | anyproposal relating to any other company in which he is interested,directly or indirectly and whether as an officer or shareholder orotherwise howsoever, provided that he is not the Holder of, nor has aninterest (within the meaning of the 1990 Act) in, one per cent or moreof (x) the issued shares of any class of the equity share capital ofsuch company, or (y) the voting rights available to members of suchcompany (or of a third company through which his interest is derived),any such interest being deemed for the purposes of this Article to be amaterial interest in all circumstances; |

|  |           |                                                                                                                                                                                                                                                                                                                                                                        |
|--|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (v)  | anyproposal relating to a pension or superannuation fund or retirement,death or disability benefits scheme under which he may benefit in amanner similar to the benefits awarded to other employees to whom thescheme relates or which has been approved by or is subject to andconditional upon approval for taxation purposes by the appropriateRevenue authorities; |

32

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|  |            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|--|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (vi)  | anyproposal relating to any scheme for enabling employees (including fulltime executive Directors) of the Company and/or any subsidiary orassociated company thereof to acquire shares in the Company or any ofits subsidiary or associated companies under which he benefits or maybenefit in a manner similar to the benefits awarded to other employeesto whom the scheme relates or which has been approved by or is subjectto and is conditional upon approval for taxation purposes by theappropriate Revenue authorities; or |

|  |             |                                                                                                                                                                   |
|--|-------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (vii)  | any proposal concerninginsurance which the Company proposes to maintain or purchase for thebenefit of Directors or for the benefit of persons includingDirectors. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|--|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (c)  | Whereproposals are under consideration concerning the appointment (includingfixing or varying the terms of appointment) of two or more Directors tooffices or employments with the Company or any company in which theCompany is interested, such proposals may be divided and considered inrelation to each Director separately and in such case each of theDirectors concerned (if not debarred from voting under sub-paragraph(b) (iv)) shall be entitled to vote (and be counted in the quorum) inrespect of each resolution except that concerning his ownappointment. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|--|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (d)  | If aquestion arises at a meeting of Directors or of a committee ofDirectors as to the materiality of a Director's interest or as tothe right of any Director to vote and such question is not resolved byhis voluntarily agreeing to abstain from voting, such question may,before the conclusion of the meeting, be referred to the chairman ofthe meeting and his ruling in relation to any Director other thanhimself shall be final and conclusive. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|--|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (e)  | For the purposes ofthis Article, an interest of a person who is connected with a Director,within the meaning of Section 26 of the 1990 Act, shall be treated asan interest of the Director and, in relation to an alternate Director,an interest of his appointor shall be treated as an interest of thealternate Director. A shareholding in, or any interest in debentures orother securities of, the Company of a Director, or of a person who isconnected with a Director within the meaning of Section 26 of the 1990Act, shall not be deemed to be a material interest for the purposes ofthis Article. |

|           |                               |
|-----------|-------------------------------|
| 92.  | Entitlement to GrantPensions. |

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | The Directors may providebenefits, whether by way of pensions, gratuities or otherwise, for anyDirector, former Director or other officer or former officer of theCompany or to any person who holds or has held any employment with theCompany or with any body corporate which is or has been a subsidiary orassociated company of the Company or a predecessor in business of theCompany or of any such subsidiary or associated company and to anymember of his family or any person who is or was dependent on him andmay set up, establish, support, alter, maintain and continue any schemefor providing all or any of such benefits and for such purposes anyDirector may accordingly be, become or remain a member of, or rejoinany scheme and receive or retain for his own benefit all benefits towhich he may be or become entitled thereunder. The Directors may payout of the funds of the Company any premiums, contributions or sumspayable by the Company under the provisions of any such scheme inrespect of any of the persons or class of persons above referred to whoare or may be or become members thereof. |

PART XV - PROCEEDINGSOF DIRECTORS

|           |                                                 |
|-----------|-------------------------------------------------|
| 93.  | Regulation and Conveningof Directors' Meetings. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|--|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (a)  | Subject to theprovisions of these Articles, the Directors may regulate theirproceedings as they think fit. A Director may, and the Secretary at therequest of a Director shall, call a meeting of the Directors. AnyDirector may waive notice of any meeting and any such waiver may beretrospective. If the Directors so resolve, it shall not be necessaryto give notice of a meeting of Directors to any Director or alternateDirector who, being a resident of the State, is for the time beingabsent from the State. |

33

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|  |           |                                                                                                                                                                                                                                                                                                                                                                                             |
|--|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (b)  | Noticeof a meeting of the Directors shall be deemed to be duly given to aDirector if it is given to him personally or by word of mouth or sentin writing by delivery, post, cable, telegram, telex, telefax,electronic mail or any other means of communication approved by theDirectors to him at his last known address or any other address givenby him to the Company for this purpose. |

|           |                                 |
|-----------|---------------------------------|
| 94.  | Quorum for Directors' Meetings. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|--|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (a)  | The quorum for thetransaction of the business of the Directors or of any duly appointedcommittee of the Directors may be fixed by the Directors and unless sofixed at any other number shall be two. A person who holds office onlyas an alternate Director shall, if his appointor is not present, becounted in the quorum but, notwithstanding that such person may act asalternate Director for more than one Director, he shall not count asmore than one for the purposes of determining whether a quorum ispresent. |

|  |           |                                                                                                                                                                                                                                                                    |
|--|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (b)  | Thecontinuing Directors or a sole Director may act notwithstanding anyvacancies in their number but, if the number of Directors is less thanthe number fixed as the quorum, they may act only for the purpose offilling vacancies or of calling a general meeting. |

|           |                                |
|-----------|--------------------------------|
| 95.  | Voting at Directors' Meetings. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|--|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (a)  | Questions arising atany meeting of Directors shall be decided by a majority of votes. EachDirector present and voting shall have one vote. Where there is anequality of votes, the chairman of the meeting shall have a second orcasting vote. A Director who is also an alternate Director for one ormore Directors shall be entitled, in the absence of any such appointorfrom a meeting, to a separate vote at such meeting on behalf of eachsuch appointor in addition to his own vote. |

|  |           |                                                                                                                                                                                                                                                                                                                                               |
|--|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (b)  | Each Director presentat a meeting of Directors shall, in addition to his own vote, beentitled to one vote in respect of each other Director not present atthe meeting who shall have authorised him (the "AuthorisedDirector") in respect of such meeting to vote for suchother Director in the absence of such other Director, providedthat: |

|  |           |                                                                                                                                                                                                                                                                                                                                                  |
|--|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (i)  | no AuthorisedDirector shall be entitled to any vote at a meeting on behalf ofanother Director pursuant to any such authority if the other Directorshall have appointed an alternate Director and that alternate Directoris present at the meeting at which the Authorised Director proposes tovote pursuant to the provisions of such authority; |

|  |            |                                                                                                                                                                                                                                                                                                                                                                            |
|--|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (ii)  | any such authority mayspecifically provide that, in the absence of the Authorised Directorfrom any meeting, his alternate, if present at the meeting, mayexercise the authority instead of the Authorised Director and unlesssuch provision is so made, no alternate Director of the AuthorisedDirector shall be entitled to exercise any such authority on hisbehalf; and |

|  |             |                                                                                                                                                                                                                     |
|--|-------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (iii)  | if,pursuant to any of the provisions of this paragraph, an alternateDirector shall become authorised to exercise any vote, he shall not beentitled to authorise any person other than himself to exercise suchvote. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|--|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (c)  | Any suchauthority may relate generally to all meetings of the Directors or toany specified meeting or meetings and must be in writing and may besent by delivery, post, cable, telegram, telex, telefax, electronicmail or any other means of communication approved by the Directors. Theauthority must be delivered to the Secretary for filing prior to ormust be produced at the first meeting at which a vote is to be castpursuant thereto. |

|           |                            |
|-----------|----------------------------|
| 96.  | TelecommunicationMeetings. |

Any Director or alternateDirector may participate in a meeting of the Directors or any committeeof the Directors and the Secretary and/or Assistant Secretary mayattend any such meeting by 

34

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means of conference telephone or othertelecommunications equipment by means of which all personsparticipating in the meeting can hear each other speak and suchparticipation in a meeting shall constitute presence in person at themeeting.

|           |                                   |
|-----------|-----------------------------------|
| 97.  | Chairman of Meetings ofDirectors. |

Subject to any appointment tothe office of chairman and/or deputy chairman made pursuant to theseArticles, the Directors may elect a chairman of their meetings anddetermine the period for which he is to hold office, but if no suchchairman or deputy chairman is elected, or, if at any meeting thechairman or deputy chairman is unwilling to act or is not presentwithin five minutes after the time appointed for holding the same, theDirectors present may choose one of their number to be chairman of themeeting.

|           |                               |
|-----------|-------------------------------|
| 98.  | Validity of Acts ofDirectors. |

All acts done by any meeting ofthe Directors or of a committee of Directors or by any person acting asa Director shall, notwithstanding that it be afterwards discovered thatthere was some defect in the appointment of any such Director or personacting as aforesaid, or that they or any of them were disqualified fromholding office or had vacated office, be as valid as if every suchperson had been duly appointed and was qualified and had continued tobe a Director and had been entitled to vote.

|           |                                   |
|-----------|-----------------------------------|
| 99.  | Directors' Resolutions inWriting. |

A resolution or other document inwriting signed by all the Directors entitled to receive notice of ameeting of Directors or of a committee of Directors shall be as validas if it had been passed at a meeting of Directors or (as the case maybe) a committee of Directors duly convened and held and may consist ofseveral documents in the like form each signed by one or more Directorsbut a resolution signed by an alternate Director need not also besigned by his appointor and, if it is signed by a Director who hasappointed an alternate Director, it need not be signed by the alternateDirector in that capacity. A document signed by a Director of which afacsimile copy is transmitted to the Company at its offices shall beregarded as being signed by the Director concerned.

PART XVI -THE SECRETARY

|            |                          |
|------------|--------------------------|
| 100.  | Appointment ofSecretary. |

The Secretary shall be appointedby the Directors for such term, at such remuneration, and upon suchconditions as they may think fit and any Secretary so appointed may beremoved by them and a new Secretary appointed in his place.

|            |                      |
|------------|----------------------|
| 101.  | Assistant Secretary. |

The Directors, at any time and from time totime, may appoint one or more assistant or deputy secretaries and anyprovision in these Articles requiring or authorising a thing to be doneor determination to be made by or to the Secretary shall be satisfiedby it being done by or to or made by any such assistant or deputysecretary.

PART XVII - SEALS OF THE COMPANY

|            |               |
|------------|---------------|
| 102.  | Use of Seals. |

The Directors shall ensure that the common sealof the Company and any official securities seal kept pursuant to theActs shall only be used by the authority of the Directors or of acommittee authorised by the Directors.

35

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|            |                                 |
|------------|---------------------------------|
| 103.  | Signature ofSealed Instruments. |

Every instrument towhich either the common seal of the Company or any official securitiesseal kept pursuant to the Acts shall be affixed shall be signed by aDirector and shall also be signed by the Secretary or by a secondDirector or by some other person appointed by the Directors for thepurpose save that as regards any certificates for shares or debenturesor other securities of the Company the Directors may by resolutiondetermine that such signatures or either of them shall be dispensedwith, printed thereon or affixed thereto by some method or system ofmechanical signature provided that in any such case the certificate tobe sealed shall have been approved for sealing by the Secretary or bythe registrar of the Company or by the Auditors or by some other personappointed by the Directors for this purpose in writing (and, for theavoidance of doubt, it is hereby declared that it shall be sufficientfor approval to be given and/or evidenced either in such manner (ifany) as may be approved by or on behalf of the Directors or by havingcertificates initialled before sealing or by having certificatespresented for sealing accompanied by a list thereof which has beeninitialled).

|            |                     |
|------------|---------------------|
| 104.  | Seal for UseAbroad. |

The Company may exercise the powersconferred by the Acts with regard to having an official seal for useabroad, and such powers shall be vested in the Directors.

|            |                              |
|------------|------------------------------|
| 105.  | Authentication of Documents. |

Any Director or the Secretary or any personappointed by the Directors for the purpose shall have power toauthenticate any documents affecting the constitution of the Companyand any Resolutions passed by the Company or the Directors or anycommittee, and any books, records, documents and accounts relating tothe business of the Company, and to certify copies thereof or extractstherefrom as true copies or extracts; and where any books, records,documents or accounts are elsewhere than at the Registered Office thelocal manager or other officer of the Company having the custodythereof shall be deemed to be a person appointed by the Directors asaforesaid. A document purporting to be a copy of a resolution, or anextract from the minutes of a meeting of the Company or of theDirectors or any committee, which is certified as aforesaid shall beconclusive evidence in favour of all persons dealing with the Companyupon the faith thereof that such resolution has been duly passed or, asthe case may be, that any minute so extracted is a true and accuraterecord of proceedings at a duly constituted meeting.

PART XVIII- DIVIDENDS AND RESERVES

|            |                          |
|------------|--------------------------|
| 106.  | Declarationof Dividends. |

Subject to the provisions ofthe Acts, the Company may by ordinary resolution declare dividends inaccordance with the respective rights of the members, but no dividendshall exceed the amount recommended by the Directors.

|            |                              |
|------------|------------------------------|
| 107.  | Interim and Fixed Dividends. |

Subject to the provisions of the Acts, theDirectors may from time to time pay to the members interim dividends ifit appears to them that they are justified by the profits of theCompany available for distribution. If the share capital is dividedinto different classes, the Directors may pay interim dividends onshares which confer deferred or non-preferred rights with regard todividend as well as on shares which confer preferential rights withregard to dividend, but subject always to any restrictions for the timebeing in force (whether under these Articles, under the terms of issueof any shares or under any agreement to which the Company is a party,or otherwise howsoever), relating to the application, or the priorityof application, of the Company's profits available fordistribution or to the declaration, or as the case may be the paymentof dividends by the Company and no interim dividend shall be paid onshares carrying deferred or non-preferred rights if, at the

36

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time of payment, any preferential dividend isin arrears. Subject as aforesaid, the Directors may also pay atintervals settled by them any dividend payable at a fixed rate if itappears to them that the profits available for distribution justify thepayment. Provided the Directors act in good faith they shall not incurany liability to the Holders of shares conferring preferred rights forany loss they may suffer by the lawful payment of an interim dividendon any shares having deferred or non-preferred rights.

|            |           |
|------------|-----------|
| 108.  | Reserves. |

TheDirectors may before recommending any dividend, whether preferential orotherwise, carry to reserve out of the profits of the Company such sumsas they think proper. All sums standing to a reserve may be appliedfrom time to time, at the discretion of the Directors for any purposeto which the profits of the Company may be properly applied and pendingsuch application may, at the like discretion, either be employed in thebusiness of the Company or invested in such investments as theDirectors may lawfully determine. The Directors may divide the reserveinto such special funds as they think fit and may consolidate into onefund any special funds or any parts of any special funds into which thereserve may have been divided as they may lawfully determine. TheDirectors may also, without placing the same to reserve, carry forwardany profits which they may think it prudent not to divide.

|            |                                |
|------------|--------------------------------|
| 109.  | Dividend Payment and Election. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|--|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (a)  | Except as otherwiseprovided by the rights attached to shares, all dividends shall bedeclared and paid according to the amounts paid up on the shares onwhich the dividend is paid. Subject as aforesaid, all dividends shallbe apportioned and paid proportionately to the amounts paid or creditedas paid on the shares during any portion or portions of the period inrespect of which the dividend is paid but, if any share is issued onterms providing that it shall rank for dividend as from a particulardate, such share shall rank for dividend accordingly. For the purposesof this Article, no amount paid on a share in advance of calls shall betreated as paid on a share. |

|  |           |                                                                                                                                                                                                                                                                       |
|--|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (b)  | Dividends shallordinarily be payable in cash provided however the Directors mayexercise the power to make distributions in specie in accordance withArticle 114 and the power to allot further Ordinary Shares in lieu ofany dividend in accordance with Article 111. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|--|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (c)  | The Directors shallgive notice in writing to the Holders of Ordinary Shares of any rightof election afforded to them under this Article or Articles 110, 111 or114 and shall send with or following such notice forms of election andspecify the procedure to be followed (including, if so permitted,procedures for the revocation of an election), the place or places atwhich and the latest dates and times by which duly completed forms ofelection must be lodged in order to be effective (such dates or timesto be different only to the extent that it is necessary to allow forthe transmission of information to Dublin or for time differencesbetween different places at which such forms may be lodged). Any suchnotice may be given prior to the general meeting at which approval of adividend is sought, and any right of election which may be given shallbe subject to such approval of a dividend being obtained. The Directorsmay also issue forms under which Holders of Ordinary Shares may makeelections both in respect of future dividends not yet declared orresolved and dividends already declared and resolved. |

|            |                        |
|------------|------------------------|
| 110.  | Income Share Election. |

(a)

(i)

|  |          |                                                                                                                                                                                                                             |
|--|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | A.  | AHolder of an Ordinary Share who also holds an Income Share with whichsuch Ordinary Share is linked as part of a Stock Unit may, by servingnotice in writing on the Company in the form for the time beingprescribed by the |

37

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|  |        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  |   | Directors, elect to forego dividends payablein respect of such Ordinary Share (a "Specified OrdinaryShare") on the basis that such amount of dividend(exclusive of tax credits, if any) will be payable instead in respectof such Income Share. An election so made (hereinafter referred to asan "Income Share Election") shall take effectand shall remain in force, subject to sub-paragraphs (ii) and (iii), inrelation to all dividends and other distributions declared on, or inrespect of, the Specified Ordinary Share by reference to a record datewhich is on or after the date of receipt of the Income Share Electionby the Company. Provided that a Holder of an Ordinary Share shall notmake an Income Share Election in respect of a Specified Ordinary Shareif there is in force at the same time a valid election pursuant toArticle 111 to receive further Ordinary Shares in lieu of a dividendwhich applies to such Specified Ordinary Share, unless the Holdervalidly revokes such election made under Article 111 immediately priorto making an Income Share Election. |

|  |          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|--|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | B.  | Where a Holder of anOrdinary Share comprised in a Stock Unit has made an effective IncomeShare Election which remains in force in relation to that OrdinaryShare, any dividend declared on that Ordinary Share shall be reduced byan amount equal to the amount of any dividend (exclusive of anyassociated tax credit) declared to be payable on the same day on theIncome Share comprised in such Stock Unit. For the avoidance of doubtdividends may be payable on some Ordinary Shares but not on otherOrdinary Shares and at different rates in the event of and by reason ofelections being in force. |

|  |            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|--|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (ii)  | A Holder of any SpecifiedOrdinary Share in respect of which an Income Share Election is in forcepursuant to this Article may, by serving notice in writing on theCompany in the form for the time being prescribed by the Directors,revoke that election, which revocation shall take effect in relation toall dividends or other distributions declared on, or in respect of, theSpecified Ordinary Share by reference to a record date which is morethan one day after the date of receipt of the revocation by theCompany. |

|  |             |                                                                                                                                                                                                                                                                                                                                |
|--|-------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (iii)  | An IncomeShare Election shall be personal to the member concerned and shall, inrespect of an Ordinary Share transferred or transmitted by him,automatically cease to have effect upon registration of such transferor transmission but shall continue in effect in respect of any OrdinaryShares which may be retained by him. |

|  |            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|--|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (iv)  | Any election or revocationof election made by a Holder of an Ordinary Share shall be deemed tohave been made in respect of all Ordinary Shares registered in the nameof such Holder (subject to the rights of a Holder to make a partialelection to take an additional allotment of Ordinary Shares in lieu ofa cash dividend in accordance with Article 111 on some of the OrdinaryShares of such Holder). Provided that a Holder of Ordinary Shares maymake separate elections and revocations of elections in respect ofOrdinary Shares held in separate accounts in his name on the basis thatany election or revocation of election made in respect of any OrdinaryShare held in such account shall be deemed to apply to all OrdinaryShares held in such account. No elections or revocation of election maybe made in respect of part only of the dividend payable in respect ofany Ordinary Share. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                          |
|--|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (v)  | AHolder of Ordinary Shares who has made an Income Share Election or hasrevoked such an election pursuant to paragraph (a)(ii) in respect ofall or some Ordinary Shares registered in his name, shall be deemed tohave made a further Income Share Election or revocation (as the casemay be) in respect of any further Ordinary Shares which may, on orafter the date of such revocation or election, be |

38

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|  |        |                                                                                                                                                                                                                                                                                                           |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  |   | registered in his name (or, as the case maybe, in such account) and in relation to all dividends and otherdistributions declared on or in respect of such further Ordinary Sharesby reference to a record date occurring more than one day after thedate of which he is registered as the Holder thereof. |

|  |            |                                                                                                                                                                                                                                                                                                                                                                                             |
|--|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (vi)  | For the purposes ofcalculating the amounts of the relative dividends to be paid on theOrdinary Shares and Income Shares comprised in Stock Units, the rate ofexchange for Irish Pounds and Pounds Sterling shall be the rate orrates determined by the Directors on a date not being more thanfourteen days prior to the date of payment of the dividends to be paidon the Ordinary shares. |

|  |             |                                                                                                                                                                                                                                                                                                                                                                                                               |
|--|-------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (vii)  | Notwithstanding theprovisions of paragraphs (i) and (ii) of this Article, a Holder ofOrdinary Shares who also holds an equal number of Income Shares mayelect to forego dividends on some of those Ordinary shares and a Holderof Ordinary Shares comprised in Stock Units in respect of which anelection is in force may revoke that election in respect of some onlyof those Ordinary Shares provided that: |

|  |          |                                                                                                                                                                                                  |
|--|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | A.  | such Holder of OrdinaryShares is a Stock Exchange Nominee or has unconditionally agreed tosell the relevant number of Ordinary Shares and an equal number ofIncome Shares to another person; and |

|  |          |                                                                                                                                                                                                                                             |
|--|----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | B.  | the form of election orrevocation as the case may be, in the case of a holder of OrdinaryShares other than a Stock Exchange Nominee, is accompanied by evidencesatisfactory to the Directors of the aforesaid agreement to sell suchshares. |

Save as aforesaid any such election orrevocation shall be made and take effect in the manner set out inparagraphs (i) and (ii) provided that paragraph (iv) shall not apply toany election made pursuant to this paragraph (vii).

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|--|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (b)  | Any Income ShareElection shall be deemed to be made on the basis that if the aggregateamount of the dividends which Holders of the Ordinary Shares haveelected to receive on Income Shares in respect of any financial yearshall exceed the amount the Directors of WW (UK) have determined to beavailable for distribution in respect of such financial year, WW (UK)shall be entitled to declare and pay on the Income Shares comprised inthe relevant Stock Units dividends in an aggregate amount equal to theamount so determined to be available and such dividends shall bedistributed among all Unitholders who have in force a valid IncomeShare Election in respect of such dividend payment in proportion to theStock Units in respect of which such elections have been made. In anysuch event, the balance of the dividend which has not been paid by WW(UK) to any Unitholders shall be paid by the Company on the OrdinaryShares forming part of the relevant Stock Units. |

|            |                  |
|------------|------------------|
| 111.  | Scrip Dividends. |

The Directors may, subject to approval by theCompany by ordinary resolution (and provided that an adequate number ofunissued Ordinary Shares is available for the purpose), prior to orcontemporaneously with the announcement of the dividend in question,offer Holders of Ordinary Shares the right to elect to receive in lieuof such dividend (or part thereof) an allotment of additional OrdinaryShares credited as fully paid. In any such case, the followingprovisions shall apply:

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|--|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (a)  | Any such resolution ofthe Company may specify that the said right of election shall apply toa particular dividend or dividends or to all or any dividends fallingto be declared or paid during a specified period, provided that suchperiod shall expire no later than five years after the date on whichsuch resolution is passed or on the date of the holding of the nextfollowing annual general meeting, whichever is the first to occur,unless previously renewed, varied or revoked by the Company in generalmeeting. |

39

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|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|--|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (b)  | Thebasis of allotment shall be determined by the Directors so that, asnearly as may be considered convenient but subject always to Section 27of the 1983 Act, the value of the additional Ordinary Shares to beallotted in lieu of any amount of cash dividend shall equal the cashamount of the dividend foregone together with, if and to the extentthat the Directors shall so determine in respect of any particulardividend payment or payments, all or part of the amount of the taxcredit attaching to such dividend. The said basis of allotment may, atthe absolute discretion of the Directors, be exclusive of anyfractional entitlements or, alternatively, may provide for a roundingup to the nearest number of Ordinary Shares, notwithstanding that thevalue thereof (as determined in accordance with paragraph (c)) may begreater than the cash amount of the dividend (and, if relevant, the taxcredit). |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|--|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (c)  | The valueof the Ordinary Shares shall be determined by the Directors byreference to the average of the Relevant Prices of Ordinary Shares forthe five business days commencing on the date on which the OrdinaryShares are quoted "ex" the relevant dividendor, in the event that this shall, in the opinion of the Directors, beimpracticable, in such manner as the Directors may determine, takinginto account, if appropriate, the price at which any recent dealing inthe shares of the Company took place. For the purposes of thisparagraph, the expression "Relevant Price"shall mean, in respect of any business day on which there shall be adealing on the Irish Exchange in respect of Ordinary Shares, theclosing quotation price in respect of such shares for such business dayas published in the Irish Exchange Daily Official List (or anysuccessor publication thereto) and, in respect of any business day onwhich there shall be no such dealing, the price which is equal to (x)the mid-point between the high and low market guide prices in respectof such shares for such business day as published in the Irish ExchangeDaily Official List (or any successor publication thereto), or (y) ifthere shall be only one such market guide price so published, themarket guide price so published. |

|  |           |                                                                                                                                                                                                                                                                                                                                                               |
|--|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (d)  | Any Holder of anOrdinary Share comprised in a Stock Unit who has made an election toreceive cash dividends on the Income Share comprised in such Stock Unitin accordance with Article 110 and who wishes instead to elect toreceive additional Ordinary Shares in lieu of such cash dividend mustfirst revoke any election previously made under Article 110. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|--|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (e)  | The cash dividend (orthat part of the dividend in respect of which a right of electionpursuant to this Article has been accorded) shall not be payable on anyOrdinary Shares in respect of which the share election has been dulyexercised (the "Elected Ordinary Shares") andin lieu thereof additional Ordinary Shares (but not any fraction of anyOrdinary Share) shall be allotted to the Holders of the ElectedOrdinary Shares on the basis of allotment determined as aforesaid andfor such purpose the Directors shall capitalise, out of such of thesums standing to the credit of reserves (including any share premiumaccount or capital redemption reserve fund) or profit and loss account,as the Directors may determine, a sum equal to the aggregate nominalamount of additional Ordinary Shares to be allotted and premium (ifany) on such basis and apply the same in paying up in full theappropriate number of unissued Ordinary Shares for allotment anddistribution to and amongst the Holders of the Elected Ordinary Shareson such basis provided that for so long as Stock Units are inexistence, Ordinary Shares shall only be allotted pursuant to anelection made under this Article if the Directors are satisfied that atthe same time an identical number of Income Shares shall be likewiseallotted credited as fully paid up by a capitalisation of profits orreserves by WW (UK) or if the Directors otherwise arrange for thetransfer of an identical number of Income Shares to such Holders. Aresolution of the Directors capitalising any part of the reserves orprofits hereinbefore mentioned shall have the same effect as if suchcapitalisation had been declared by a resolution passed at a generalmeeting of the Company. |

|  |           |                                                                                                                                                                                                                                                               |
|--|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (f)  | The additional OrdinaryShares so allotted will rank pari passu in all respects with the fullypaid Ordinary Shares then in issue save only as regards any rightsattaching to such Ordinary Shares by reference to a record date priorto the date of allotment. |

40

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|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|--|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (g)  | TheDirectors may do all acts and things considered necessary or expedientto give effect to any such capitalisation with full power for theDirectors to make such provisions as they think fit in the case ofshares becoming distributable in fractions (including, withoutlimitation, provisions whereby, in whole or in part, the fractionalentitlements are disregarded and the benefit of fractional entitlementsaccrues to the Company rather than to the members concerned). TheDirectors may authorise any person to enter on behalf of all themembers interested into an agreement with the Company providing forsuch capitalisation and matters incidental thereto and any agreementmade under such authority shall be effective and binding on allconcerned. The Directors may, in their absolute discretion if it shallin their opinion seem expedient, suspend or terminate (whethertemporarily or otherwise) such right to elect and may do such acts andthings considered necessary or expedient with regard to, or in order toeffect, any such suspension or termination. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|--|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (h)  | Notwithstanding theforegoing, the Directors may at any time prior to payment of therelevant dividend determine, if it appears to them desirable to do sobecause of a change in circumstances, that the dividend shall bepayable wholly in cash and if they so determine, all elections madeshall be disregarded. The relevant dividend shall, in any event, bepayable wholly in cash if the Ordinary Shares cease to be listed ordealt in on the Stock Exchange at any time prior to the due date ofissue of the additional Ordinary Shares or if such listing is suspendedand not reinstated at least three business days prior to the dateimmediately preceding the due date of such issue. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|--|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (i)  | Notwithstandinganything to the contrary in this Article, the Directors may make suchexclusions from any offer of rights of election to Holders of OrdinaryShares as they may think fit in the light of any legal or practicalproblems under the law of, or the requirements of any regulatory orstock exchange authority in, any territory or jurisdiction and may inparticular, on any occasion, determine that rights of election shallnot be offered to any Holders of Ordinary Shares who are citizens orresidents of any territory where the making or publication of an offerof rights of election or any exercise of rights of election or anypurported acceptance of rights of election would or might be unlawfuland in such event the provisions aforesaid shall be read and construedsubject to such determination. |

|            |                                                 |
|------------|-------------------------------------------------|
| 112.  | Methodof Payment of Dividends and Other Monies. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|--|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (a)  | Any dividend or othermonies payable in respect of any share may be paid by cheque or warrantsent by post, at the risk of the Holder or Holders entitled thereto, tothe registered address of the Holder or, where there are joint Holders,to the registered address of that one of the joint Holders who is firstnamed on the Register or to such person and to such address as theHolder or joint Holders may in writing direct. Every such cheque orwarrant shall be made payable to the order of the person to whom it issent and payment of the cheque or warrant shall be a good discharge tothe Company. The Directors may also, in circumstances which theyconsider appropriate, arrange for payment of dividends or any otherpayments to any particular Holder or Holders by electronic fundstransfer, bank transfer or by any other method selected by theDirectors from time to time and in such event the debiting of theCompany's account in respect of the appropriate amount shall bedeemed a good discharge of the Company's obligations in respectof any payment made by any such methods. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                         |
|--|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (b)  | Any dividend or otherpayment to any particular Holder or Holders may be paid in suchcurrency or currencies as may from time to time be determined by theDirectors and any such payment shall be made in accordance with suchrules and regulations (including, without limitation, in relation tothe conversion rate or rates) as may be determined by the Directors inrelation thereto. |

|  |           |                                                                                                                                                             |
|--|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (c)  | Any joint Holder orother person jointly entitled to a share as aforesaid may give receiptsfor any dividend or other monies payable in respect of the share. |

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|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|--|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (d)  | Ifon at least three consecutive occasions, cheques, warrants, ortransfers in respect of payment of dividends or other monies payable onor in respect of any share have been despatched in accordance with theprovisions of this Article but have been returned undelivered or leftuncashed during the periods for which they were valid, the Company neednot thereafter despatch further cheques, warrants or transfers inpayment of dividends or other monies payable on or in respect of theshare in question until the member or other person entitled theretoshall have communicated with the Company and supplied in writing to theSecretary an address or account details as appropriate for thepurpose. |

|            |                           |
|------------|---------------------------|
| 113.  | Deductions fromDividends. |

The Directors may deduct fromany dividend or other monies payable to any member in respect of ashare any monies presently payable by him to the Company in respect ofthat share.

|            |                      |
|------------|----------------------|
| 114.  | Dividends in Specie. |

A general meeting declaring a dividend maydirect, upon the recommendation of the Directors, that it shall besatisfied wholly or partly by the distribution of assets (and, inparticular, of paid up shares, debentures or debenture stock of anyother company or in any one or more of such ways) and the Directorsshall give effect to such resolution. Where any difficulty arises inregard to the distribution, the Directors may settle the same as theythink expedient, and in particular may issue fractional certificatesand fix the value for distribution of such specific assets or any partthereof, in order to adjust the rights of all the parties, and maydetermine that cash payments shall be made to any members upon thefooting of the value so fixed and may vest any such specific assets intrustees.

|            |                                |
|------------|--------------------------------|
| 115.  | Dividends Not to BearInterest. |

No dividend or other moniespayable in respect of a share shall bear interest against the Companyunless otherwise provided by the rights attaching to the share.

|            |                                         |
|------------|-----------------------------------------|
| 116.  | Payment to Holders on a ParticularDate. |

Any resolution declaring a dividendon shares of any class, whether a resolution of the Company in generalmeeting or a resolution of the Directors, may specify that the same maybe payable to the persons registered as the Holders of such shares atthe close of business on a particular date, notwithstanding that it maybe a date prior to that on which the resolution is passed, andthereupon the dividend shall be payable to them in accordance withtheir respective holdings so registered, but without prejudice to therights inter se in respect of such dividend of transferors andtransferees of any such shares. The provisions of this Article shallmutatis mutandis apply to capitalisations to be effected in pursuanceof these Articles (including, without limitation, pursuant to theprovisions of Article 111).

|            |                     |
|------------|---------------------|
| 117.  | UnclaimedDividends. |

Any dividend which has remainedunclaimed for twelve years from the date the dividend became due forpayment shall, if the Directors so resolve, be forfeited and cease toremain owing by the Company. The payment by the Directors of anyunclaimed dividend or other monies payable in respect of a share into aseparate account shall not constitute the Company a trustee in respectthereof.

PART XIX - CAPITALISATION OF PROFITS OR RESERVES

|            |                                                      |
|------------|------------------------------------------------------|
| 118.  | Capitalisation of Distributable Profitsand Reserves. |

The Company in generalmeeting may, upon the recommendation of the Directors, resolve that anysum for the time being standing to the credit of any of theCompany's reserves (including any capital redemption reserve fundor share premium account) or to the credit of the profit and loss

42

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account, be capitalised and applied onbehalf of the members who would have been entitled to receive that sumif it had been distributed by way of dividend and in the sameproportions either in or towards paying up amounts for the time beingunpaid on any shares held by them respectively, or in paying up in fullunissued shares or debentures of the Company of a nominal amount equalto the sum capitalised (such shares or debentures to be allotted anddistributed credited as fully paid up to and amongst such Holders inthe proportions aforesaid) or partly in one way and partly in anotherprovided that in the case of any such capitalisation issue of sharesand subject to the Acts, the amount to be applied on behalf of Holdersof partly paid shares may be applied in partly paying up unissuedshares to be allotted to such Holders, so however, that the onlypurposes for which sums standing to the credit of the capitalredemption reserve fund or the share premium account shall be appliedshall be those permitted by the Acts.

|            |                                                          |
|------------|----------------------------------------------------------|
| 119.  | Capitalisation of Non-DistributableProfits and Reserves. |

The Company ingeneral meeting may, on the recommendation of the Directors resolvethat it is desirable to capitalise any part of the amount for the timebeing standing to the credit of any of the Company's reserveaccounts or to the credit of the profit and loss account which is notavailable for distribution by applying such sum in paying up in fullunissued shares to be allotted as fully paid bonus shares to thosemembers of the Company who would have been entitled to that sum if itwere distributable and had been distributed by way of dividend (and inthe same proportions) and the Directors shall give effect to suchresolution.

|            |                                         |
|------------|-----------------------------------------|
| 120.  | Implementation ofCapitalisation Issues. |

Whenever such aresolution is passed in pursuance of either of the two immediatelypreceding Articles, the Directors shall make all appropriations andapplications of the undivided profits resolved to be capitalisedthereby and all allotments and issues of fully paid shares ordebentures, if any, and generally shall do all acts and things requiredto give effect thereto with full power to the Directors to make suchprovisions as they shall think fit for the case of shares or debenturesbecoming distributable in fractions (and, in particular, withoutlimitation, either to disregard such fractions or to sell the shares ordebentures represented by such fractions and distribute the netproceeds of such sale to and for the benefit of the Company and/or toor for the benefit of the members otherwise entitled to such fractionsin due proportions) and also to authorise any person to enter on behalfof all the members concerned into an agreement with the Companyproviding for the allotment to them respectively, credited as fullypaid up, of any further shares or debentures to which they may becomeentitled on such capitalisation or, as the case may require, for thepayment up by the application thereto of their respective proportionsof the profits resolved to be capitalised of the amounts remainingunpaid on their existing shares and any agreement made under suchauthority shall be binding on all such members.

|            |              |
|------------|--------------|
| 121.  | Stock Units. |

For so long as the Stock Units are in existence,on any capitalisation of profits or reserves pursuant to Articles 118,119 and 120, elections to forego dividends shall be ignored incalculating the entitlements of shareholders in respect thereof, andthere shall only be allotted Ordinary Shares credited as fully paid anda capitalisation of profits or reserves shall only take place when theDirectors are satisfied that at the same time or prior thereto, IncomeShares, the aggregate number of which shall be the same as theaggregate number of Ordinary Shares to be allotted to Holders ofOrdinary Shares, shall likewise be allotted, credited as fully paid byWW (UK) to the Holders of Income Shares by way of capitalisation ofreserves or if the Directors otherwise arrange for the transfer of anidentical number of Income Shares to such Holders.

PART XX -NOTICES

|            |                     |
|------------|---------------------|
| 122.  | Notices in Writing. |

Any notice to be given, served or deliveredpursuant to these Articles shall be in writing.

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|            |                    |
|------------|--------------------|
| 123.  | Service ofNotices. |

|  |           |                                                                                                                                                                                         |
|--|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (a)  | A noticeor document (including a share certificate) to be given, served ordelivered in pursuance of these Articles may be given to, served on ordelivered to any member by the Company: |

|  |           |                                              |
|--|-----------|----------------------------------------------|
|  | (i)  | by handing it to him or hisauthorised agent; |

|  |            |                                            |
|--|------------|--------------------------------------------|
|  | (ii)  | byleaving it at his registered address; or |

|  |             |                                                                                      |
|--|-------------|--------------------------------------------------------------------------------------|
|  | (iii)  | by sending it by post ina pre-paid cover addressed to him at his registered address. |

|  |           |                                                                                                                                                                                                                                                                                                       |
|--|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (b)  | Where a notice ordocument is given, served or delivered pursuant to sub-paragraph (a)(i) or (ii), the giving, service or delivery thereof shall be deemed tohave been effected at the time it was handed to the member or hisauthorised agent, or left at his registered address (as the case maybe). |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                        |
|--|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (c)  | Where a noticeor document is given, served or delivered pursuant to sub-paragraph (a)(iii), the giving, service or delivery thereof shall be deemed to havebeen effected at the expiration of forty-eight hours after the covercontaining it was posted. In proving such service or delivery it shallbe sufficient to prove that such cover was properly addressed, stampedand posted. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                              |
|--|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (d)  | Everylegal personal representative, committee, receiver, curator bonis orother legal curator, assignee in bankruptcy or liquidator of a membershall be bound by a notice given as aforesaid if sent to the lastregistered address of such member, notwithstanding that the Company mayhave notice of the death, lunacy, bankruptcy, liquidation or disabilityof such member. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|--|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (e)  | Without prejudice tothe provisions of sub-paragraphs (a) (i) and (ii), if at any time byreason of the suspension or curtailment of postal services within theState, the Company is unable effectively to convene a general meetingby notices sent through the post, a general meeting may be convened bya notice advertised on the same date in at least one leading nationaldaily newspaper in the State and one leading national daily newspaperin the United Kingdom and such notice shall be deemed to have been dulyserved on all members entitled thereto at noon on the day on which thesaid advertisements shall appear. In any such case, the Company shallsend confirmatory copies of the notice through the post to thosemembers whose registered addresses are outside the State (if or to theextent that in the opinion of the Directors it is practical so to do)or are in areas of the State unaffected by such suspension orcurtailment of postal services and if at least ninety-six hours priorto the time appointed for the holding of the meeting the posting ofnotices to members in the State, or any part thereof which waspreviously so affected, has again, in the opinion of the Directors,become practical, the Directors shall forthwith send confirmatorycopies of the notice by post to such members. The accidental omissionto give any such confirmatory copy of a notice of a meeting to, or thenon-receipt of any such confirmatory copy by, any person entitled toreceive the same shall not invalidate the proceedings at themeeting. |

|  |           |                                                                                                                                                                                                                         |
|--|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (f)  | At theoption of the Company, and where appropriate means are available,notice may also be served on any particular Holder or Holders by meansof telex, telefax, electronic mail or other such means as may beavailable. |

|  |           |                                                                                                                                                                                                                                                                                                        |
|--|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (g)  | Notwithstandinganything contained in this Article, the Company shall not be obliged totake account of or make any investigations as to the existence of anysuspension or curtailment of postal services within or in relation toall or any part of any jurisdiction or other area other than theState. |

|            |                           |
|------------|---------------------------|
| 124.  | Service on Joint Holders. |

A notice may be given by the Company to thejoint Holders of a share by giving the notice to the joint Holder whosename stands first in the Register in respect of the share and notice sogiven shall be sufficient notice to all the joint Holders.

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|            |                                               |
|------------|-----------------------------------------------|
| 125.  | Service onTransfer or Transmission of Shares. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|--|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (a)  | Every person whobecomes entitled to a share shall be bound by any notice in respect ofthat share which, before his name is entered in the Register in respectof the share, has been duly given to a person from whom he derives histitle provided that the provisions of this paragraph shall not apply toany notice served under Article 12 or to any notice served underArticle 13 unless, under the provisions of Article 13(b), it is anotice which continues to have effect notwithstanding the registrationof a transfer of the shares to which it relates. |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|--|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (b)  | Without prejudice tothe provisions of these Articles allowing a meeting to be convened bynewspaper advertisement, a notice may be given by the Company to thepersons entitled to a share in consequence of the death or bankruptcyof a member by sending or delivering it, in any manner authorised bythese Articles for the giving of notice to a member, addressed to themat the address, if any, supplied by them for that purpose. Until suchan address has been supplied, a notice may be given in any manner inwhich it might have been given if the death or bankruptcy had notoccurred. |

|            |                       |
|------------|-----------------------|
| 126.  | Signature to Notices. |

The signature to any notice to be given by theCompany may be written, printed or may be made to appear thereon infacsimile form by the use or means of any stamp, brand, printing,process, lithographic, photographic or electronic process or any otherdevice or process.

|            |                           |
|------------|---------------------------|
| 127.  | Deemed Receipt ofNotices. |

A member present, either in personor by proxy, at any meeting of the Company or the Holders of any classof shares in the Company, shall be deemed to have received due noticeof the meeting and, where requisite, of the purposes for which it wascalled.

PART XXI - WINDING UP

|            |                             |
|------------|-----------------------------|
| 128.  | Distribution on Winding Up. |

If the Company shall be wound up and the assetsavailable for distribution among the members as such shall beinsufficient to repay the whole of the paid up or credited as paid upshare capital, such assets shall be distributed so that, as nearly asmay be, the losses shall be borne by the members in proportion to thecapital paid up or credited as paid up at the commencement of thewinding up on the shares held by them respectively. If in a winding upthe assets available for distribution among the members shall be morethan sufficient to repay the whole of the share capital paid up orcredited as paid up at the commencement of the winding up, the excessshall be distributed among the members in proportion to the capital atthe commencement of the winding up paid up or credited as paid up onthe said shares held by them respectively; provided that this Articleshall not affect the rights of the Holders of shares issued uponspecial terms and conditions.

|            |                         |
|------------|-------------------------|
| 129.  | Distribution in Specie. |

If the Company is wound up, the liquidator may,with the sanction of a special resolution of the Company and any othersanction required by the Acts, divide among the members in specie orkind the whole or any part of the assets of the Company (whether theyshall consist of property of the same kind or not) and may, for suchpurpose, value any assets and determine how the division shall becarried out as between the members or different classes of members. Theliquidator may, with the like sanction, vest the whole or any part ofsuch assets in trustees upon such trusts for the benefit of thecontributories as he, with the like sanction determines, but so that nomember shall be compelled to accept any assets upon which there is aliability.

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PART XXII - MISCELLANEOUS

|            |                      |
|------------|----------------------|
| 130.  | Minutes of Meetings. |

The Directors shall cause minutes to bemade of the following matters, namely:

|  |           |                                                                                                         |
|--|-----------|---------------------------------------------------------------------------------------------------------|
|  | (a)  | of allappointments of officers and committees made by the Directors and oftheir salary or remuneration; |

|  |           |                                                                                                                                                                                                               |
|--|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (b)  | of the names ofDirectors present at every meeting of the Directors and of the names ofany Directors and of all other members thereof present at every meetingof any committee appointed by the Directors; and |

|  |           |                                                                                                                                                                                            |
|--|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (c)  | of allresolutions and proceedings of all meetings of the Company and of theHolders of any class of shares in the Company and of the Directors andof committees appointed by the Directors. |

Any such minute as aforesaid, ifpurporting to be signed by the Chairman of the meeting at which theproceedings were had, or by the Chairman of the next succeedingmeeting, shall be receivable as prima facie evidence of the mattersstated in such minute without any further proof.

|            |                                 |
|------------|---------------------------------|
| 131.  | Inspection and Confidentiality. |

The Directors shall from time to timedetermine whether and to what extent and at what times and places andunder what conditions or regulations the accounts and books of theCompany or any of them shall be open to the inspection of members, notbeing Directors, and no member (not being a Director) shall have anyright of inspecting any account or book or document of the Companyexcept as conferred by the Acts or authorised by the Directors or bythe Company in general meeting and no member (not being a Director)shall be entitled to require discovery of or receive any informationconcerning any detail of the business, assets, property, employees,trading or customers of the Company or any subsidiary or associatedcompany thereof or any matter which is or may be in the nature of atrade secret, mystery of trade, secret process or confidentialcommercial material which may relate to the conduct of business by theCompany or any subsidiary or associated company thereof and which, inthe opinion of the Directors, it would be inexpedient in the interestsof the members of the Company to communicate to the public.

|            |                         |
|------------|-------------------------|
| 132.  | Destruction of Records. |

The Company shall be entitled to destroyall instruments of transfer which have been registered at any timeafter the expiration of six years from the date of registrationthereof, all notifications of change of address at any time after theexpiration of two years from the date of recording thereof and allshare certificates and dividend mandates which have been cancelled orceased to have effect at any time after the expiration of one year fromthe date of such cancellation or cessation. It shall be conclusivelypresumed in favour of the Company that every entry in the Registerpurporting to have been made on the basis of an instrument of transferor other document so destroyed was duly and properly made and everyinstrument duly and properly registered and every share certificate sodestroyed was a valid and effective document duly and properlycancelled and every other document hereinbefore mentioned so destroyedwas a valid and effective document in accordance with the recordedparticulars thereof in the books or records of the Company. Providedalways that:

|  |           |                                                                                                                                                                                                   |
|--|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (a)  | the provisionaforesaid shall apply only to the destruction of a document in goodfaith and without notice of any claim (regardless of the partiesthereto) to which the document might be relevant; |

|  |           |                                                                                                                                                                                                                                                                    |
|--|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (b)  | nothing hereincontained shall be construed as imposing upon the Company any liabilityin respect of the destruction of any document earlier than as aforesaidor in any other circumstances which would not attach to the Company inthe absence of this Article; and |

|  |           |                                                                                                              |
|--|-----------|--------------------------------------------------------------------------------------------------------------|
|  | (c)  | referencesherein to the destruction of any document include references to thedisposal thereof in any manner. |

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|            |                       |
|------------|-----------------------|
| 133.  | UntracedShareholders. |

The Company shall be entitledto sell at the best price reasonably obtainable any share of a Holder,or any share to which a person is entitled by transmission, if andprovided that:

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|--|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (i)  | for aperiod of twelve years no cheque or warrant sent by the Company throughthe post in a pre-paid letter addressed to the Holder, or to the personentitled by transmission to the share, at his address on the Registeror otherwise the last known address given by the Holder, or to theperson entitled by transmission, to which cheques and warrants are tobe sent has been validly cashed and no communication has been receivedby the Company from the Holder, or the person entitled by transmission,(provided that during such twelve year period at least three dividendsshall have become payable in respect of such share); |

|  |            |                                                                                                                                                                                                                                                                                                                                     |
|--|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (ii)  | the Company has, on orafter the expiration of the said period of twelve years, byadvertisement in a national newspaper both in the State and in theUnited Kingdom, and in a newspaper circulating in the area in which theaddress referred to in sub-paragraph (a) (i) is located, given noticeof its intention to sell such share; |

|  |             |                                                                                                                                                                                                                                 |
|--|-------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (iii)  | the Company has notduring the further period of three months after the date of theadvertisement and prior to the exercise of the power of sale receivedany communication from the Holder or person entitled by transmission;and |

|  |            |                                                                                                                               |
|--|------------|-------------------------------------------------------------------------------------------------------------------------------|
|  | (iv)  | the Company hasfirst given notice in writing to the Irish Exchange and The StockExchange of its intention to sell such share. |

To give effect to any such sale, the Company mayappoint any person to execute as transferor an instrument of transferof such share and such instrument of transfer shall be as effective asif it had been executed by the Holder or the person entitled bytransmission to such share. The transferee shall be entered in theRegister as the Holder of the shares comprised in any such transfer andhe shall not be bound to see to the application of the purchase moniesnor shall his title to the shares be affected by any irregularity in orinvalidity of the proceedings in reference to the sale.

The Company shall account to the Holder or otherperson entitled to such share for the net proceeds of such sale bycarrying all monies in respect thereof to a separate account whichshall be a debt of the Company and the Company shall be deemed to be adebtor and not a trustee in respect thereof for such Holder or otherperson. Monies carried to such separate account may either be employedin the business of the Company or invested in such investments as theDirectors may from time to time think fit.

|            |            |
|------------|------------|
| 134.  | Indemnity. |

Subject to the provisions of and so far as maybe admitted by the Acts, every Director, managing Director, Auditor,Secretary or other officer of the Company shall be entitled to beindemnified by the Company against all costs, charges, losses, expensesand liabilities incurred by him in the execution and discharge of hisduties or in relation thereto including any liability incurred by himin defending any proceedings, civil or criminal, which relate toanything done or omitted or alleged to have been done or omitted by himas an officer or employee or agent of the Company and in which judgmentis given in his favour (or the proceedings are otherwise disposed ofwithout any finding or admission of any material breach of duty on hispart) or in which he is acquitted or in connection with any applicationunder any statute for relief from liability in respect of any such actor omission in which relief is granted to him by the Court. Subject tothe provisions of and so far as may be admitted by the Acts, theDirectors may purchase and maintain insurance at the expense of theCompany for the benefit of any Director, Auditor, Secretary or otherofficer of the Company against any liability which may attach to him orloss or expenditure which he may incur in relation to anything done oralleged to have been done or omitted to be done by him as a Director,Auditor, Secretary or other officer of theCompany.

47

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