|No. 3296375






THE COMPANIES ACTS 1985
AND 1989

A PUBLIC COMPANY
LIMITED BY SHARES

Memorandum


AND


Articles of Association


OF


Reuters Group PLC
|-----------------------------------------------------------------------------------------------------------------------------------------------------------

|THE COMPANIES ACTS 1985
AND 1989

A PUBLIC COMPANY
LIMITED BY SHARES

Memorandum of
Association


OF


Reuters Group PLC(as
altered by special resolution passed on 12 December 1997)
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|1. |  | The
name of the Company is: REUTERS GROUP PLC(1)
|-- |  | ------------------------------------------------

|2. |  | The
Company is to be a public company(1)
|-- |  | ----------------------------------------

|3. |  | The
Registered Office of the Company will be situated in England and Wales.
|-- |  | ---------------------------------------------------------------------------

|4. |  | The
objects for which the Company is established are:-
|-- |  | ------------------------------------------------------

| |  | (1) |  | To
acquire and hold, directly or indirectly, all or any part of the issued share capital of
Reuters Holdings PLC and generally to carry on business as an investment holding company
and for that purpose to acquire and hold, either in the name of the Company or in that of
any nominee, shares, stocks, debentures, debenture stock, bonds, notes, options,
obligations and securities issued or guaranteed by any company wherever incorporated or
carrying on business and debentures, debenture stock, bonds, notes, obligations and
securities issued or guaranteed by any government, sovereign ruler, commissioners, public
body or authority, supreme, dependent, municipal, local or otherwise in any part of the
world and to exercise and enforce all rights and powers conferred by or incident to the
ownership of any such shares, stock, obligations or other securities including without
prejudice to the generality of the foregoing all such powers of veto or control as may be
conferred or capable of exercise whether by virtue of the holding by the Company of some
special proportion of the issued or nominal amount thereof or otherwise and to provide
managerial and other executive, supervisory and consultant services for or in relation to
any company in which the Company is interested upon such terms as may be thought fit
| |  | --- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (2) |  | To
carry on, acquire, obtain and supply wireless, telegraphic, telephonic, telex or other
news and intelligence, and to issue, publish and circulate, and otherwise utilise, with a
view to the profit or advantage of the Company, the same news and intelligence
| |  | --- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|
|

|(1) |  | By
virtue of a special resolution passed on 12 December 1997 the name was changed to Reuters
Group PLC with effect from 12 December 1997, Clause 2 was added and Clause 4 was
inserted in place of the existing Clause 4.
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|
|

| |  |  |  | 
| |  |  |  | 

| |  | (3) |  | To
construct, purchase, hire or otherwise acquire or work, wireless installations,
satellites and other electronic equipment, telegraphs, telex, telephones and other means
of communications and telecommunications
| |  | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (4) |  | To
undertake and facilitate the collection and remittance of money, securities and other
valuables, merchandise and property in, to and between any part or parts of the world, to
grant and issue letters of credit and circular notes, to receive deposits of money and
securities, to open credits and generally to utilise the means of inter-communication
possessed by the Company, for the purpose of granting pecuniary, financial and commercial
facilities, in and between any part or parts of the world
| |  | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (5) |  | To
carry on any other business of any nature whatsoever which may seem to the Directors to
be capable of being conveniently carried on in connection or conjunction with any
business of the Company herein authorised or to be expedient with a view to rendering
profitable or more profitable any of the Companys assets or utilising its know-how
or expertise
| |  | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (6) |  | To
subscribe, underwrite, purchase or otherwise acquire, and to hold, dispose of, and deal
with, any shares or other securities or investments of any nature whatsoever, and any
options or rights in respect thereof, and to buy and sell foreign exchange
| |  | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (7) |  | To
draw, make, accept, endorse, discount, negotiate, execute, and issue, and to buy, sell
and deal with bills of exchange, promissory notes, and other negotiable or transferable
instruments or securities
| |  | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (8) |  | To
purchase, or otherwise acquire for any estate or interest any property or assets or any
concessions, licences, grants, patents, trade marks, copyrights or other exclusive or
non-exclusive rights of any kind and to develop and turn to account and deal with the
same in such manner as may be thought fit and to make experiments and tests and to carry
on all kinds of research work
| |  | --- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (9) |  | To
build, construct, equip, execute, carry out, improve, work, develop, administer,
maintain, manage or control works, plants, factories, wharves, jetties, roads, railways,
warehouses, depots, offices and other buildings, structures or facilities of all kinds,
whether for the purposes of the Company or for sale, letting or hire to or in return for
any consideration from any company, firm or person, and to contribute to or assist in or
carry out any part of any such operation
| |  | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (10) |  | To
amalgamate or enter into partnership or any joint venture or profit sharing arrangement
or other association with any company, firm or person
| |  | ---- |  | ------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (11) |  | To
purchase or otherwise acquire and undertake all or any part of the business, property and
liabilities of any company, firm or person carrying on any business which the Company is
authorised to carry on or possessed of any property suitable for the purposes of the
Company
| |  | ---- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 2 -
|-----

|
|

| |  | (12) |  | To
promote, or join in the promotion of, any company, whether or not having objects similar
to those of the Company
| |  | ---- |  | -------------------------------------------------------------------------------------------------------------------

| |  | (13) |  | To
borrow and raise money and to secure or discharge any debts or obligations of or binding
on the Company or on any company which in relation to the Company is a subsidiary or a
holding company or subsidiary of such holding company in such manner as may be thought
fit and in particular by mortgages and charges upon all or any part of the undertaking,
property and assets (present and future) and the uncalled capital of the Company, or by
the creation and issue of debentures, debenture stock or other securities of any
description
| |  | ---- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (14) |  | To
advance, lend or deposit money or give credit to or with any company, firm or person on
such terms as may be thought fit and with or without security
| |  | ---- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (15) |  | To
guarantee or give indemnities or provide security, whether by personal covenant or by
mortgage or charge upon all or any part of the undertaking, property and assets (present
and future) and the uncalled capital of the Company, or by all or any such methods, and
for the performance of any contracts or obligations, and the payment of capital or
principal (together with any premium) and dividends or interest on any shares, debentures
or other securities, of any person, firm or company including (without limiting the
generality of the foregoing) any company which is for the time being a subsidiary or a
holding company of the Company or another subsidiary of any such holding company or is
associated with the Company in business
| |  | ---- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (16) |  | To
enter into a Deed of Mutual Covenant with Reuters Founders Share Company Limited and
others, and thereafter to agree to and become a party to such alterations of and
additions to such Deed of Mutual Covenant as may be made in accordance with its terms or
as the Company may thereafter think fit to approve, and to exercise and enforce such
powers and rights and to perform and to discharge such obligations as shall be conferred
or (as the case may be) imposed upon the Company by such Deed of Mutual Covenant, whether
in its original form or with and subject to any such alterations and additions as
aforesaid
| |  | ---- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (17) |  | To
give guarantees and indemnities of all kinds, and to make payments of all kinds, to or in
favour of Reuters Founders Share Company Limited and/or all or any one or more of its
directors and members for the time being
| |  | ---- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (18) |  | To
issue any securities which the Company has power to issue for any other purpose by way of
security or indemnity or in satisfaction of any liability undertaken or agreed to be
undertaken by the Company and in relation to any issue by the Company or offer by the
Company or any other company, person or firm of securities of the Company to enter into
such arrangements for the underwriting thereof and in connection therewith to give any
undertaking, warranty or indemnity
| |  | ---- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 3 -
|-----

|
|

| |  | (19) |  | To
sell, lease, grant licences, easements and other rights over, and in any manner deal with
or dispose of, the undertaking, property, assets, rights and effects of the Company or
any part thereof for such consideration as may be thought fit, and in particular for
shares or other securities, whether fully or partly paid up
| |  | ---- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (20) |  | To
procure the registration or incorporation of the Company in or under the laws of any
territory outside England
| |  | ---- |  | -----------------------------------------------------------------------------------------------------------------

| |  | (21) |  | To
subscribe or guarantee money for any national, charitable, benevolent, public, general or
useful object, or for any purpose which may be considered likely directly or indirectly
to further the interests of the Company or of its members
| |  | ---- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (22) |  | To
establish and maintain or contribute to any pension or superannuation funds for the
benefit or, and to give or procure the giving of donations, gratuities, pensions,
allowances or emoluments to, any individuals who are or were at any time in the
employment or service of the Company or of any company which is its holding company or is
a subsidiary of the Company or any such holding company or otherwise is allied to or
associated with the Company, or who are or were at any time directors or officers of the
Company or of any such other company, and the spouses, widows, widowers, families and
dependants of any such individuals; to establish and subsidise or subscribe to any
institutions, associations, clubs or funds which may be considered likely to benefit any
such other company; and to make payments for or towards the insurance of any such persons
| |  | ---- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (23) |  | To
establish and maintain, and to contribute to, any scheme for encouraging or facilitating
the holding of shares or debentures in the Company by or for the benefit of its employees
or former employees, of those of its subsidiary or holding company or any subsidiary of
its holding company, or by or for the benefit of such other persons as may for the time
being be permitted by law, or any scheme for sharing profits with its employees or those
of its subsidiary and/or associated companies, and (so far as for the time being
permitted by law) to lend money to the Companys employees (other than directors)
with a view to enabling them to acquire shares in the Company or its holding company
| |  | ---- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (24) |  | To
distribute among members of the Company in specie or otherwise, by way of dividend or
bonus or by way of reduction of capital, all or any of the property or assets of the
Company, or any proceeds of sale or other disposal of any property or assets of the
Company, with and subject to any incident authorised and consent required by law
| |  | ---- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (25) |  | (i)
To purchase and maintain insurance for or for the benefit of any persons who are or were
at any time directors, officers or employees or auditors of the Company, or of any other
company which is its holding company or in which the Company or such holding company or
any of the predecessors of the Company or of such holding company has any interest
whether direct or indirect or which is in any way allied to or associated with the
Company, or of any subsidiary undertaking of the Company or of any such other company, or
who are or were at any time trustees of any pension fund in which any employees of the
Company or of any such other company or subsidiary undertaking are interested, including
(without prejudice to the generality of the foregoing) insurance against any liability
incurred by such persons in respect of any act or omission in the actual or purported
execution and/or discharge of their duties and/or in the exercise or purported exercise
of their powers and/or otherwise in relation to their duties, powers or offices in
relation to the Company or any such other company, subsidiary undertaking or pension fund
and (ii) to such extent as may be permitted by law otherwise to indemnify or to exempt
any such person against or from any such liability; for the purposes of this clause holding
companyand subsidiary undertakingshall have the same meanings as in the
Companies Act 1989
| |  | ---- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 4 -
|-----

|
|

| |  | (26) |  | To
do all or any of the things and matters aforesaid anywhere and either as principals,
agents, contractors, trustees or otherwise, and by or through trustees, agents,
subsidiary companies or otherwise, and either alone or in conjunction with others
| |  | ---- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (27) |  | To
do all such other things as may be considered to be incidental or conducive to any of the
above objects
| |  | ---- |  | ----------------------------------------------------------------------------------------------------------

| | And
it is hereby declared that the objects of the Company as specified in each of the
foregoing paragraphs of this Clause (except only if and so far as otherwise expressly
provided in any paragraph) shall be separate and distinct objects of the Company and
shall not be in any way limited by reference to any other paragraph or the order in which
the same occur or the name of the Company.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|5. |  | The
liability of the members is limited.
|-- |  | ----------------------------------------

|6. |  | The
share capital of the Company is £100 divided into 100 shares of £1 each with
power to increase or to divide the shares in the capital of the Company for the time
being into different classes having such rights, privileges and restrictions as to voting
or otherwise as the Articles of Association may from time to time prescribe.2
|-- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|
|

|(2) |  | By
virtue of an ordinary resolution passed on 2 December 1997 the 2 issued shares of £1
each were subdivided into 8 ordinary shares of 25p each, the 98 unissued but authorised
shares of £1 each were converted into redeemable preference shares of £1 each
and the authorised share capital of the Company was increased to £50,000 by the
creation of 49,900 redeemable preference shares of £1 each.
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | By
virtue of a special resolution passed on 16 December 1997 (approved by the shareholders
of Reuters Holdings PLC on 19 January 1998) the authorised capital of the Company was
increased to £525,000,001 by the creation of 2,099,800,000 ordinary shares of 25
pence each and one Founders Share of £1.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 5 -
|-----

|We, the persons whose names and
addresses are subscribed hereafter are desirous of being formed into a company in
pursuance of this Memorandum and we respectively agree to take the number of shares in
the capital of the Company set opposite our respective names.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|                                     | 
|------------------------------------ | 
|Names, Addresses and Descriptions    | 
|of the Subscribers                   | 
|                                     | 
|Chettleburghs Limited               | 
|By Robert Stephen Kelford            | 
|a duly authorised Officer            | 
|Temple House                         | 
|20 Holywell Row                      | 
|London EC2A 4JB                      | 
|                                     | 
|Company Registration Agents          | 
|                                     | 
|Chettleburgh International Limited   | 
|By Robert Stephen Kelford            | 
|a duly authorised Officer            | 
|Temple House                         | 
|20 Holywell Row                      | 
|London EC2A 4JB                      | 
|                                     | 
|Anglo-Japanese Consultants           | 
|                                     | 
|Total Shares Taken                   | 
|                                     | 
|Dated this 2nd day of December, 1996 | 
|                                     | 
|Witness to the above signatures:     | 
|                                     | 
|Roland John Chettleburgh             | 
|17 Downhall Close                    | 
|Rayleigh                             | 
|Essex                                | 
|SS6 9LU                              | 
|                                     | 
|Company Registration Agent           | 

|The 49,998 redeemable preference
shares of £1 each were redeemed on 26 February 1998 and by operation of the
articles of association of the Company were converted into 199,992 ordinary shares of 25
pence.



- 6 -
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|No. 3296375



THE COMPANIES ACTS 1985
AND 1989


A PUBLIC COMPANY
LIMITED BY SHARES

Articles of Association


OF


Reuters Group PLC
(adopted pursuant to a Special Resolution passed on 16 December 1997 
and amended pursuant to special resolutions passed on 21 April 1998 and 24 April 2001)
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|TABLE OF CONTENTS
|-----------------

|PRELIMINARY                
|---------------------------
|                           
|1.                         
|                           
|F.2                        
|                           
|SHARE CAPITAL              
|                           
|3.                         
|                           
|                           
|                           
|VARIATION OF RIGHTS        
|                           
|F.4                        
|                           
|                           
|                           
|F.5                        
|                           
|                           
|ALTERATION OF SHARE CAPITAL
|                           
|F.6                        
|                           
|F.7                        
|                           
|                           
|                           
|F.8                        
|                           
|F.9                        
|                           
|SHARES                     
|                           
|F.10                       

|- i -
|-----

|
|

|                            |  | (B) |  | Directors may issue shares, but Founders Share Company
          consent required for issue of shares not identical to Ordinary Shares |  | 10 | 
|--------------------------- |  | --- |  | -------------------------------------------------------------------------------------------------------------------------------------- |  | -- | 
|                           
|11.                         |  | (A) |  | Section 80 authority for allotments of relevant securities                                                                             |  | 10 | 
|                           
|                            |  | (B) |  | Disapplication of Section 89(1) (pre-emption) to allotments under Section 80 authority                                                 |  | 11 | 
|                           
|12.                         |  |     |  | Company may pay commissions and brokerages                                                                                             |  | 12 | 
|                           
|13.                         |  |     |  | Company may recognise renunciations of allotments                                                                                      |  | 12 | 
|                           
|14.                         |  |     |  | Company not bound to recognise trusts of shares                                                                                        |  | 12 | 
|                           
|LIMITATION OF SHAREHOLDINGS | 
|                           
|F.15                        |  | (A) |  | Definitions and interpretation                                                                                                         |  | 12 | 
|                           
|                            |  | (B) |  | Part VI of the Act to apply, save as provided                                                                                          |  | 13 | 
|                           
|                            |  | (C) |  | Service of Restriction Notice on Relevant Person                                                                                       |  | 14 | 
|                           
|                            |  | (D) |  | Disenfranchisement of shares under Restriction Notice                                                                                  |  | 15 | 
|                           
|                            |  | (E) |  | Directors power to make Required Disposal                                                                                             |  | 15 | 
|                           
|                            |  | (F) |  | Manner of making Directors Disposal                                                                                                   |  | 15 | 
|                           
|                            |  | (G) |  | Relevant shares of multiple holders or of certificated and Uncertificated Shares to be sold pro rata in Directors Disposal            |  | 15 | 
|                           
|                            |  | (H) |  | Transfers, certificates and disposal of sale proceeds in Directors Disposal                                                           |  | 16 | 
|                           
|                            |  | (I) |  | Cesser of voting restrictions                                                                                                          |  | 16 | 
|                           
|                            |  | (J) |  | Directors resolution as to a person being Relevant Person conclusive                                                                  |  | 16 | 
|                           
|                            |  | (K) |  | Directors resolution as to shares being shares of a Relevant Person conclusive                                                        |  | 17 | 
|                           
|                            |  | (L) |  | Notices under Regulation F.15 to be in writing                                                                                         |  | 17 | 
|                           
|                            |  | (M) |  | No obligation to serve notice if address unknown                                                                                       |  | 17 | 
|                           
|                            |  | (N) |  | Regulations on notices to apply                                                                                                        |  | 17 | 
|                           
|                            |  | (O) |  | Service of notices on non-members                                                                                                      |  | 17 | 
|                           
|                            |  | (P) |  | Directors decisions conclusive                                                                                                        |  | 18 | 
|                           
|                            |  | (Q) |  | Company register of share interests                                                                                                    |  | 18 | 

|- ii -
|------

|
|

|                                       |  | (R) |  | Directors to inform other Directors regarding Relevant Persons                                                   |  | 18 | 
|-------------------------------------- |  | --- |  | ---------------------------------------------------------------------------------------------------------------- |  | -- | 
|                                      
|                                       |  | (S) |  | ADR Custodians and ADS holders                                                                                   |  | 18 | 
|                                      
|                                       |  | (T) |  | Rights issues and limitation of shareholdings                                                                    |  | 18 | 
|                                      
|                                       |  | (U) |  | Underwriting of share issues and limitation of shareholdings                                                     |  | 19 | 
|                                      
|UNCERTIFICATED SHARES                  | 
|                                      
|16.                                    |  | (A) |  | Directors may permit shares to be a Participating Security                                                       |  | 19 | 
|                                      
|                                       |  | (B) |  | Shares may be changed from uncertificated to certificated form and vice versa                                    |  | 19 | 
|                                      
|                                       |  | (C) |  | Uncertificated Shares are not a separate class                                                                   |  | 20 | 
|                                      
|                                       |  | (D) |  | Disapplication of inconsistent Regulations                                                                       |  | 20 | 
|                                      
|POWER OF SALE OF UNCERTIFICATED SHARES | 
|                                      
|F.17                                   |  |     |  | Powers of Company in respect of procuring sales of Uncertificated Shares                                         |  | 20 | 
|                                      
|THE FOUNDERS SHARE                     | 
|                                      
|F.18                                   |  | (A) |  | Founders Share may defeat resolution to vary or abrogate its rights                                              |  | 21 | 
|                                      
|                                       |  | (B) |  | Deemed variations or abrogations of Founders Share rights                                                        |  | 21 | 
|                                      
|                                       |  | (C) |  | Action without consent of Founders Share Company a deemed variation or abrogation                                |  | 22 | 
|                                      
|F.19                                   |  | (A) |  | Definition and interpretation as regards Control of Company                                                    |  | 22 | 
|                                      
|                                       |  | (B) |  | Directors to inform other Directors (and Directors to inform Founders Share Company) of attempts to gain Control |  | 22 | 
|                                      
|                                       |  | (C) |  | Founders Share Control Notices                                                                                   |  | 23 | 
|                                      
|                                       |  | (D) |  | Rescission of Founders Share Control Notice                                                                      |  | 23 | 
|                                      
|                                       |  | (E) |  | Voting rights of Founders Share whilst Founder Share Control Notice in force                                     |  | 23 | 
|                                      
|                                       |  | (F) |  | Founders Share Company decisions conclusive                                                                      |  | 23 | 
|                                      
|F.20                                   |  | (A) |  | Founders Share Company may requisition Extraordinary General Meetings                                            |  | 24 | 

|- iii -
|-------

|
|

|                   |  | (B) |  | Directors to convene requisitioned meeting and circulate any statement of the Founders Share Company           |  | 24 | 
|------------------ |  | --- |  | -------------------------------------------------------------------------------------------------------------- |  | -- | 
|                  
|                   |  | (C) |  | Founders Share Company may convene meeting if Directors in default                                             |  | 24 | 
|                  
|                   |  | (D) |  | Founders Share Company may convene Extraordinary General Meetings while Founders Share Control Notice in force |  | 25 | 
|                  
|F.21               |  |     |  | Founders Share Company may receive notice of and attend and speak at General Meetings                          |  | 26 | 
|                  
|F.22               |  | (A) |  | Consultation between Directors and Reuter Trustees                                                             |  | 26 | 
|                  
|                   |  | (B) |  | Reuter Trustees entitled to receive reports from and make representations to the Directors                     |  | 26 | 
|                  
|F.23               |  | (A) |  | Company to reimburse Founders Share Company for expenses of Reuter Trustees                                    |  | 26 | 
|                  
|                   |  | (B) |  | Company to fund or procure company secretarial and administrative services for Founders Share Company          |  | 27 | 
|                  
|SHARE CERTIFICATES | 
|                  
|24.                |  |     |  | Contents of share certificates                                                                                 |  | 27 | 
|                  
|25.                |  |     |  | Certificates for joint holders                                                                                 |  | 27 | 
|                  
|26.                |  |     |  | Entitlement of members holding Certificated Shares to share certificates                                       |  | 28 | 
|                  
|27.                |  |     |  | Entitlement to balancing certificates                                                                          |  | 28 | 
|                  
|28.                |  | (A) |  | Entitlement to consolidating certificates                                                                      |  | 28 | 
|                  
|                   |  | (B) |  | Directors may issue split certificates                                                                         |  | 28 | 
|                  
|                   |  | (C) |  | Replacement of damaged, lost or stolen certificates                                                            |  | 28 | 
|                  
|                   |  | (D) |  | Requests for replacement certificates for joint holders                                                        |  | 28 | 
|                  
|29.                |  | (A) |  | Entitlement to certificate for shares changed to Certificated Shares                                           |  | 29 | 
|                  
|                   |  | (B) |  | No entitlement to certificate in respect of Uncertificated Shares                                              |  | 29 | 
|                  
|CALLS ON SHARES    | 
|                  
|30.                |  |     |  | Directors may make calls for amounts unpaid on shares                                                          |  | 29 | 
|                  
|31.                |  |     |  | Obligation to pay calls                                                                                        |  | 29 | 

|- iv -
|------

|
|

|32.                 |  |     |  | Interest on unpaid calls                                                                                                                                                         |  | 29 | 
|------------------- |  | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -- | 
|                   
|33.                 |  |     |  | Calls deemed to be made when so provided by terms of issue of shares                                                                                                             |  | 29 | 
|                   
|34.                 |  |     |  | Directors discretion as to amounts and times of calls on issue of shares                                                                                                        |  | 30 | 
|                   
|35.                 |  |     |  | Directors may accept and pay interest on moneys in advance of calls                                                                                                              |  | 30 | 
|                   
|FORFEITURE AND LIEN | 
|                   
|36.                 |  |     |  | Directors may serve payment notice in respect of unpaid calls                                                                                                                    |  | 30 | 
|                   
|37.                 |  |     |  | Notice to provide for forfeiture of shares                                                                                                                                       |  | 30 | 
|                   
|38.                 |  |     |  | Forfeiture of shares                                                                                                                                                             |  | 30 | 
|                   
|39.                 |  |     |  | Forfeited or surrendered share the property of the Company                                                                                                                       |  | 31 | 
|                   
|40.                 |  |     |  | Ex-member to remain liable for moneys unpaid on forfeited shares                                                                                                                 |  | 31 | 
|                   
|41.                 |  |     |  | Company to have lien on shares not fully paid                                                                                                                                    |  | 31 | 
|                   
|42.                 |  |     |  | Companys power of sale under lien                                                                                                                                               |  | 31 | 
|                   
|43.                 |  |     |  | Application of sale proceeds                                                                                                                                                     |  | 31 | 
|                   
|44.                 |  |     |  | Title to shares sold under lien or after forfeiture                                                                                                                              |  | 32 | 
|                   
|TRANSFER OF SHARES  | 
|                   
|45.                 |  | (A) |  | Requirements as to form of transfers of Certificated Shares                                                                                                                      |  | 32 | 
|                   
|                    |  | (B) |  | Requirements as to transfers of Uncertificated Shares                                                                                                                            |  | 32 | 
|                   
|                    |  | (C) |  | Transferor to remain holder until transfer actually registered                                                                                                                   |  | 32 | 
|                   
|46.                 |  |     |  | Directors may suspend registration of transfers                                                                                                                                  |  | 32 | 
|                   
|47.                 |  | (A) |  | Directors may refuse to register certain renunciations and transfers of Certificated Shares                                                                                      |  | 33 | 
|                   
|                    |  | (B) |  | Directors may refuse to register transfers of Certificated Shares of more than one class of share, unstamped transfers or transfers unaccompanied by proof of transferors title |  | 33 | 
|                   
|48.                 |  | (A) |  | Registration of transfers of Uncertificated Shares                                                                                                                               |  | 33 | 
|                   
|                    |  | (B) |  | Directors to notify refusals to register transfers of Uncertificated Shares                                                                                                      |  | 33 | 

|- v -
|-----

|
|

|49.                        |  |     |  | Company may retain registered transfers                                                                                                              |  | 34 | 
|-------------------------- |  | --- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------- |  | -- | 
|                          
|50.                        |  |     |  | No fee for registration of transfers or related documents                                                                                            |  | 34 | 
|                          
|51.                        |  |     |  | Company may destroy documents after certain periods                                                                                                  |  | 34 | 
|                          
|TRANSMISSION OF SHARES     | 
|                          
|52.                        |  |     |  | Personal representatives of deceased holders entitled to shares but liabilities of estate continue                                                   |  | 34 | 
|                          
|53.                        |  | (A) |  | Registration of persons entitled to shares by operation of law                                                                                       |  | 35 | 
|                          
|                           |  | (B) |  | Registration of other persons                                                                                                                        |  | 35 | 
|                          
|                           |  | (C) |  | Limitations apply to such transfers                                                                                                                  |  | 35 | 
|                          
|54.                        |  |     |  | Entitlement to share rights pending registration of persons entitled to shares by operation of law                                                   |  | 35 | 
|                          
|UNTRACED SHAREHOLDERS      | 
|                          
|55.                        |  | (A) |  | Company may sell shares of untraced holders after certain periods                                                                                    |  | 36 | 
|                          
|                           |  | (B) |  | Power of sale to extend to additional shares                                                                                                         |  | 36 | 
|                          
|                           |  | (C) |  | Procedures for exercise of power of sale                                                                                                             |  | 37 | 
|                          
|GENERAL MEETINGS           | 
|                          
|56.                        |  |     |  | Annual General Meetings to be held                                                                                                                   |  | 37 | 
|                          
|57.                        |  |     |  | Directors to convene Extraordinary General Meetings                                                                                                  |  | 37 | 
|                          
|NOTICE OF GENERAL MEETINGS | 
|                          
|F.58                       |  | (A) |  | Periods of notice for General Meetings                                                                                                               |  | 37 | 
|                          
|                           |  | (B) |  | Determination of record date for serving notices of meetings                                                                                         |  | 38 | 
|                          
|                           |  | (C) |  | Accidental non-delivery of notice to or non-receipt of notice by any person (except Founders Share Company) not to invalidate proceedings at meeting |  | 38 | 

|- vi -
|------

|
|

|                               
|-------------------------------
|59.                            
|                               
|                               
|                               
|                               
|                               
|                               
|                               
|60.                            
|                               
|PROCEEDINGS AT GENERAL MEETINGS
|                               
|61.                            
|                               
|                               
|                               
|F.62                           
|                               
|                               
|                               
|                               
|                               
|                               
|                               
|                               
|                               
|F.63                           
|                               
|                               
|                               
|F.64                           
|                               
|                               
|                               
|                               
|                               
|65.                            
|                               
|66.                            
|                               
|F.67                           
|                               
|68.                            
|                               
|                               
|                               
|69.                            

|- vii -
|-------

|
|

|F.70                                   |  |     |  | Arrangements for security of General Meetings                                                                                       |  | 46 | 
|-------------------------------------- |  | --- |  | ----------------------------------------------------------------------------------------------------------------------------------- |  | -- | 
|                                      
|VOTES OF MEMBERS                       | 
|                                      
|71.                                    |  |     |  | Votes on show of hands and on polls                                                                                                 |  | 46 | 
|                                      
|72.                                    |  |     |  | Votes of joint holders                                                                                                              |  | 46 | 
|                                      
|73.                                    |  |     |  | Votes by receivers and others on behalf of members suffering from mental disorder                                                   |  | 46 | 
|                                      
|F.74                                   |  | (A) |  | No members to vote if sums unpaid on shares                                                                                         |  | 47 | 
|                                      
|                                       |  | (B) |  | Direction Notices to members and others not entitled to vote because
          in default under Section 212                         |  | 47 | 
|                                      
|                                       |  | (C) |  | Cesser of effect of Direction Notices                                                                                               |  | 48 | 
|                                      
|                                       |  | (D) |  | Direction Notices and depositaries                                                                                                  |  | 48 | 
|                                      
|                                       |  | (E) |  | Obligations of depositary under Direction Notice                                                                                    |  | 48 | 
|                                      
|                                       |  | (F) |  | Interpretation of Regulation F.74                                                                                                   |  | 49 | 
|                                      
|                                       |  | (G) |  | Saving for Directors powers under Section 216                                                                                       |  | 49 | 
|                                      
|F.75                                   |  |     |  | Founders Share Company may require Directors to serve Section 212 notice or Direction Notice or to apply to Court under Section 216 |  | 50 | 
|                                      
|F.76                                   |  |     |  | Objections to admissibility of votes to be raised only at the relevant meeting - saving for votes of Founders Share                 |  | 50 | 
|                                      
|F.77                                   |  |     |  | Votes on a poll may be given personally or by proxy                                                                                 |  | 50 | 
|                                      
|F.78                                   |  |     |  | Proxy need not be a member                                                                                                          |  | 50 | 
|                                      
|F.79                                   |  |     |  | Requirements as to form of appointment of proxy                                                                                     |  | 50 | 
|                                      
|80.                                    |  |     |  | Procedure for appointment of proxy                                                                                                  |  | 51 | 
|                                      
|81.                                    |  |     |  | Proxy may join in demand for poll but not otherwise speak at meeting                                                                |  | 52 | 
|                                      
|82.                                    |  |     |  | Validity of votes by proxies                                                                                                        |  | 52 | 
|                                      
|CORPORATIONS ACTING BY REPRESENTATIVES | 
|                                      
|F.83                                   |  | (A) |  | Requirements for appointment of representative by corporation                                                                       |  | 52 | 
|                                      
|                                       |  | (B) |  | Representatives of Founders Share Company                                                                                           |  | 52 | 
|                                      
|                                       |  | (C) |  | Powers of representatives of corporations                                                                                           |  | 52 | 

|- viii -
|--------

|
|

|DIRECTORS                                        | 
|------------------------------------------------ | 
|                                                
|84.                                              | 
|                                                
|85.                                              | 
|                                                
|86.                                              | 
|                                                
|87.                                              | 
|                                                
|88.                                              | 
|                                                
|89.                                              | 
|                                                
|                                                 | 
|                                                
|90.                                              | 
|                                                
|91.                                              | 
|                                                
|                                                 | 
|                                                
|                                                 | 
|                                                
|92.                                              | 
|                                                
|APPOINTMENT, RETIREMENT AND REMOVAL OF DIRECTORS | 
|                                                
|93.                                              | 
|                                                
|94.                                              | 
|                                                
|95.                                              | 
|                                                
|96.                                              | 
|                                                
|97.                                              | 
|                                                
|98.                                              | 
|                                                
|99.                                              | 
|                                                
|100.                                             | 

|- ix -
|------

|
|

|101.                                  |  |     |  | Company and Directors may fill casual vacancies and appoint additional Directors           |  | 58 | 
|------------------------------------- |  | --- |  | ------------------------------------------------------------------------------------------ |  | -- | 
|                                     
|ALTERNATE DIRECTORS                   | 
|                                     
|102.                                  |  | (A) |  | Directors may appoint alternates                                                           |  | 58 | 
|                                     
|                                      |  | (B) |  | Alternateships to determine with Directorship of appointor                                 |  | 59 | 
|                                     
|                                      |  | (C) |  | Rights and powers of alternates                                                            |  | 59 | 
|                                     
|                                      |  | (D) |  | Alternates may be interested in contracts, be paid expenses and be indemnified             |  | 59 | 
|                                     
|MEETINGS AND PROCEEDINGS OF DIRECTORS | 
|                                     
|103.                                  |  | (A) |  | Directors may meet and regulate proceedings - determining resolutions                      |  | 59 | 
|                                     
|                                      |  | (B) |  | Directors may summon meetings of Directors                                                 |  | 60 | 
|                                     
|104.                                  |  |     |  | Quorum for Directors meetings                                                             |  | 60 | 
|                                     
|105.                                  |  |     |  | Questions to be determined by majority voting                                              |  | 60 | 
|                                     
|106.                                  |  | (A) |  | Directors interests in contracts - general prohibition on voting                          |  | 60 | 
|                                     
|                                      |  | (B) |  | Exceptions to prohibition on voting                                                        |  | 60 | 
|                                     
|                                      |  | (C) |  | Directors voting on executive appointments                                                 |  | 61 | 
|                                     
|                                      |  | (D) |  | Chairman to rule on materiality of a Directors interest                                   |  | 61 | 
|                                     
|                                      |  | (E) |  | Directors to resolve as to the materiality of a Chairmans interest                        |  | 62 | 
|                                     
|                                      |  | (F) |  | Interests of the appointor of an alternate to be treated as the interests of the alternate |  | 62 | 
|                                     
|107.                                  |  |     |  | Directors may act notwithstanding vacancies - limited powers if below minimum number       |  | 62 | 
|                                     
|108.                                  |  | (A) |  | Chairmanship of Directors                                                                  |  | 62 | 
|                                     
|                                      |  | (B) |  | Rights of Deputy Chairmen to act                                                           |  | 63 | 
|                                     
|109.                                  |  | (A) |  | Resolutions of Directors in writing                                                        |  | 63 | 
|                                     
|                                      |  | (B) |  | Form of written resolutions                                                                |  | 63 | 
|                                     
|                                      |  | (C) |  | Powers of alternates as to written resolutions                                             |  | 64 | 

|- x -
|-----

|
|

|                               |  | (D) |  | Resolutions in writing by committees                                             |  | 64 | 
|------------------------------ |  | --- |  | -------------------------------------------------------------------------------- |  | -- | 
|                              
|                               |  | (E) |  | Service on Directors of resolutions to be passed in writing                      |  | 64 | 
|                              
|F.110                          |  |     |  | Directors may delegate to committees                                             |  | 65 | 
|                              
|111.                           |  |     |  | Meetings and proceedings of committees                                           |  | 65 | 
|                              
|112.                           |  | (A) |  | Validity of acts of Directors or committees                                      |  | 65 | 
|                              
|                               |  | (B) |  | Participation in meetings by audio-visual means                                  |  | 65 | 
|                              
|BORROWING POWERS               | 
|                              
|113.                           |  | (A) |  | Directors may exercise borrowing powers of Company                               |  | 66 | 
|                              
|                               |  | (B) |  | Limit on exercise of borrowing powers                                            |  | 66 | 
|                              
|                               |  | (C) |  | Definition of Adjusted Capital and Reserves                                    |  | 66 | 
|                              
|                               |  | (D) |  | Interpretation of Regulation 113                                                 |  | 68 | 
|                              
|POWERS AND DUTIES OF DIRECTORS | 
|                              
|F.114                          |  |     |  | Directors to observe Reuter Trust Principles                                     |  | 70 | 
|                              
|115.                           |  |     |  | Business and powers of Company to be managed and exercised by Directors          |  | 70 | 
|                              
|116.                           |  |     |  | Non-limitation of Regulation 115 powers by other authorities or powers           |  | 70 | 
|                              
|117.                           |  |     |  | Directors may establish local boards or agencies                                 |  | 71 | 
|                              
|118.                           |  |     |  | Directors may appoint attorneys                                                  |  | 71 | 
|                              
|119.                           |  |     |  | Directors may elect a President of the Company                                   |  | 71 | 
|                              
|120.                           |  |     |  | Mode of signing cheques and other instruments                                    |  | 71 | 
|                              
|REGISTERS                      | 
|                              
|121.                           |  | (A) |  | Entries on Registers of numbers of Uncertificated Shares and Certificated Shares |  | 72 | 
|                              
|                               |  | (B) |  | Directors may keep branch Registers                                              |  | 72 | 

|- xi -
|------

|
|

|SECRETARY                   | 
|--------------------------- | 
|                           
|122.                        | 
|                           
|THE SEAL                    | 
|                           
|123.                        | 
|                           
|                            | 
|                           
|                            | 
|                           
|                            | 
|                           
|                            | 
|                           
|                            | 
|                           
|124.                        | 
|                           
|AUTHENTICATION OF DOCUMENTS | 
|                           
|125.                        | 
|                           
|RESERVES                    | 
|                           
|126.                        | 
|                           
|DIVIDENDS                   | 
|                           
|127.                        | 
|                           
|128.                        | 
|                           
|F.129                       | 
|                           
|                            | 
|                           
|130.                        | 
|                           
|131.                        | 
|                           
|132.                        | 

|- xii -
|-------

|
|

|133.                                   |  | (A) |  | Directors may make deductions from dividends                                                          |  | 75 | 
|-------------------------------------- |  | --- |  | ----------------------------------------------------------------------------------------------------- |  | -- | 
|                                      
|                                       |  | (B) |  | Directors may retain dividends on shares of persons entitled by operation of law pending registration |  | 75 | 
|                                      
|134.                                   |  |     |  | Waivers of Dividends                                                                                  |  | 76 | 
|                                      
|135.                                   |  | (A) |  | Returned or uncashed dividends                                                                        |  | 76 | 
|                                      
|                                       |  | (B) |  | Directors not trustees of unclaimed dividends                                                         |  | 76 | 
|                                      
|F.136                                  |  |     |  | Directors may pay dividends in kind                                                                   |  | 76 | 
|                                      
|137.                                   |  | (A) |  | Delivery of dividends and other payments                                                              |  | 77 | 
|                                      
|                                       |  | (B) |  | Payments in respect of shares                                                                         |  | 77 | 
|                                      
|                                       |  | (C) |  | Payment of foreign currency dividends to ADR Custodians                                               |  | 78 | 
|                                      
|138.                                   |  |     |  | Receipts for dividends to joint holders                                                               |  | 78 | 
|                                      
|F.139                                  |  |     |  | Dividend resolution may specify record date at any time                                               |  | 78 | 
|                                      
|CAPITALISATION OF PROFITS AND RESERVES | 
|                                      
|140.                                   |  |     |  | Directors may make capitalisation issues of shares                                                    |  | 78 | 
|                                      
|SCRIP DIVIDENDS                        | 
|                                      
|141.                                   |  | (A) |  | Directors may offer shares in lieu of dividends with authority
          of Ordinary Resolution       |  | 79 | 
|                                      
|                                       |  | (B) |  | Period and other terms of authority for scrip dividends                                               |  | 79 | 
|                                      
|                                       |  | (C) |  | Offer to be communicated to shareholders                                                              |  | 79 | 
|                                      
|                                       |  | (D) |  | Number of shares to which shareholders entitled                                                       |  | 79 | 
|                                      
|                                       |  | (E) |  | No fractional entitlements                                                                            |  | 80 | 
|                                      
|                                       |  | (F) |  | Directors may capitalise profits and reserves for issue of
          scrip dividends                  |  | 80 | 
|                                      
|                                       |  | (G) |  | Scrip dividend shares to rank pari passu with existing shares                                         |  | 81 | 
|                                      
|                                       |  | (H) |  | Directors may determine terms and conditions of offers of scrip
          dividends                   |  | 81 | 

|- xiii -
|--------

|
|

|ACCOUNTS                  | 
|------------------------- | 
|                         
|142.                      | 
|                         
|143.                      | 
|                         
|AUDITORS                  | 
|                         
|144.                      | 
|                         
|145.                      | 
|                         
|NOTICES                   | 
|                         
|F.146                     | 
|                         
|147.                      | 
|                         
|148.                      | 
|                         
|149.                      | 
|                         
|150.                      | 
|                         
|151.                      | 
|                         
|152.                      | 
|                         
|WINDING UP                | 
|                         
|F.153                     | 
|                         
|154.                      | 
|                         
|INDEMNITY                 | 
|                         
|155.                      | 
|                         
|THE REUTERS NEWS SERVICES | 
|                         
|F.156                     | 

|- xiv -
|-------

|No. 3296375


THE COMPANIES ACTS 1985
AND 1989

A PUBLIC COMPANY
LIMITED BY SHARES

Articles of Association


OF


Reuters Group PLC(adopted
pursuant to a Special Resolution passed on 16 December 1997)


PRELIMINARY
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|1. |  | Table
A not to apply
|-- |  | --------------------

| | The
regulations in Table A in the Companies (Tables A to F) Regulations 1985 shall not apply
to the Company.
| | ------------------------------------------------------------------------------------------------------------

|F.2 |  | Definitions
and Interpretation
|--- |  | ------------------------------

| |  | (I) |  | In
these Regulations (if not inconsistent with the subject or context) the words and
expressions set out in the first column below shall bear the meanings set opposite to
them respectively:-
| |  | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | address |  | in
relation to electronic communications, includes any number or address used for the
purpose of such communications;
| |  |  |  | ------- |  | ---------------------------------------------------------------------------------------------------------------------

| |  |  |  | the Act |  | The
Companies Act 1985.
| |  |  |  | ------- |  | -----------------------

| |  |  |  | ADR Custodian |  | a
custodian (or depositary), approved by the Company, under arrangements whereby such
custodian (or depositary) holds shares in the Company and either itself or some other
person issues American Depositary Receipts evidencing American Depositary Shares which
represent such shares in the Company (or evidence of a right to receive the same).
| |  |  |  | ------------- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | Certificated Share |  | a
share which is recorded in the Register as being held in certificated form.
| |  |  |  | ------------------ |  | -----------------------------------------------------------------------------

|- 1 -
|-----

|
|

| |  |  |  | the Company |  | Reuters
Group PLC
| |  |  |  | ----------- |  | -----------------

| |  |  |  | the Deed of Mutual Covenant |  | the
Deed of Mutual Covenant referred to in Clause 4(16) of the Memorandum of Association as
amended from time to time.
| |  |  |  | --------------------------- |  | ----------------------------------------------------------------------------------------------------------------------

| |  |  |  | Director |  | a
Director for the time being of the Company.
| |  |  |  | -------- |  | ---------------------------------------------

| |  |  |  | electronic signature |  | anything
in electronic form which the Directors require to be incorporated into or otherwise
associated with an electronic communication for the purpose of establishing the
authenticity or integrity of the communication;
| |  |  |  | -------------------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | F Regulation |  | any
of these Regulations to the number of which the letter F is prefixed.
| |  |  |  | ------------ |  | ---------------------------------------------------------------------------

| |  |  |  | the Founders Share |  | the
Founders Share of £1 of the Company.
| |  |  |  | ------------------ |  | ----------------------------------------

| |  |  |  | the Founders Share Company |  | Reuters
Founders Share Company Limited in its capacity as the holder of the Founders Share.
| |  |  |  | -------------------------- |  | -------------------------------------------------------------------------------------------

| |  |  |  | month |  | calendar
month.
| |  |  |  | ----- |  | ---------------

| |  |  |  | the Office |  | the
registered office of the Company from time to time.
| |  |  |  | ---------- |  | -------------------------------------------------------

| |  |  |  | Operator |  | has
the meaning given to that expression in the Uncertificated Securities Regulations.
| |  |  |  | -------- |  | --------------------------------------------------------------------------------------

| |  |  |  | OrdinaryShares |  | the
ordinary shares of 25p each of the Company.
| |  |  |  | -------------- |  | -----------------------------------------------

| |  |  |  | Paid |  | paid
or credited as paid.
| |  |  |  | ---- |  | -------------------------

| |  |  |  | Participating Issuer |  | participating
issuer, as defined in the Uncertificated Securities Regulations.
| |  |  |  | -------------------- |  | ------------------------------------------------------------------------------

| |  |  |  | Participating Security |  | a
share or class of shares or a renounceable right of allotment of a share, title to which
is permitted to be transferred by means of a Relevant System in accordance with the
Uncertificated Securities Regulations.
| |  |  |  | ---------------------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | Register |  | Unless
the context otherwise requires, the register of members kept pursuant to section 352 of
the Act and any register maintained by the Company of persons holding any renounceable
right of allotment of a share
| |  |  |  | -------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 2 -
|-----

|
|

| |  |  |  | Relevant System |  | relevant
system, as defined in the Uncertificated Securities Regulations.
| |  |  |  | --------------- |  | -------------------------------------------------------------------------

| |  |  |  | Reuters News Services |  | any
news services which may from time to time be supplied by Reuters.
| |  |  |  | --------------------- |  | ---------------------------------------------------------------------

| |  |  |  | Reuters |  | the
Company and every subsidiary undertaking of the Company from time to time supplying news
services.
| |  |  |  | ------- |  | ------------------------------------------------------------------------------------------------------

| |  |  |  | the Reuters Group |  | the
Company and its subsidiary undertakings from time to time.
| |  |  |  | ----------------- |  | --------------------------------------------------------------

| |  |  |  | the Reuter Trustees |  | the
members and directors from time to time of the Founders Share Company.
| |  |  |  | ------------------- |  | --------------------------------------------------------------------------

| |  |  |  | Seal |  | the
Common Seal of the Company.
| |  |  |  | ---- |  | -------------------------------

| |  |  |  | Securities Seal |  | an
official seal kept by the Company by virtue of section 40 of the Act.
| |  |  |  | --------------- |  | ------------------------------------------------------------------------

| |  |  |  | the Statutes |  | the
Act and every act and subordinate legislation (including, but not limited to, the
Uncertificated Securities Regulations) from time to time in force concerning companies
(whether or not a company within the meaning of the Act) and affecting the Company.
| |  |  |  | ------------ |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | these Regulations |  | these
articles of association as amended from time to time.
| |  |  |  | ----------------- |  | -----------------------------------------------------------

| |  |  |  | the London Stock Exchange |  | London
Stock Exchange Limited.
| |  |  |  | ------------------------- |  | ------------------------------

| |  |  |  | the Transfer Office |  | the
place where the Register is situate from time to time.
| |  |  |  | ------------------- |  | ----------------------------------------------------------

| |  |  |  | the Uncertificated
Securities Regulations |  | the Uncertificated Securities Regulations 1995 (S.I. 1995 no.
3272) including any modification thereof or any regulations in substitution therefor made
under section 207 of the Companies Act 1989 and for the time being in force.
| |  |  |  | ----------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | Uncertificated Share |  | a
share title to which is recorded in the Register as being held in uncertificated form and
title to which may, by virtue of the Uncertificated Securities Regulations, be
transferred by means of a Relevant System.
| |  |  |  | -------------------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | the United Kingdom |  | Great
Britain and Northern Ireland.
| |  |  |  | ------------------ |  | -----------------------------------

| |  |  |  | year |  | calendar
year.
| |  |  |  | ---- |  | --------------

|- 3 -
|-----

|
|

| |  | (II) |  | In
these Regulations (if not inconsistent with the subject or context):-
| |  | ---- |  | ------------------------------------------------------------------------

| |  |  |  | (A) |  | The
expression Employees Share Scheme shall have the meaning given to it by section 743 of
the Act;
| |  |  |  | --- |  | ------------------------------------------------------------------------------------------------------

| |  |  |  | (B) |  | The
word Secretary shall include any person appointed by the Directors to perform
any of the duties of the Secretary, and where two or more persons are appointed to act as
Joint Secretaries shall include any one or more of those persons;
| |  |  |  | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (C) |  | The
expression debenture shall include debenture stock;
| |  |  |  | --- |  | ---------------------------------------------------------

| |  |  |  | (D) |  | The
expressions recognised clearing house and recognised investment exchange shall
mean any clearing house or investment exchange (as the case may be) granted recognition
under the Financial Services Act 1986;
| |  |  |  | --- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (E) |  | The
word company shall include any body corporate incorporated or registered in
any part of the world and the expressions subsidiary undertaking and parent
undertaking shall have the respective meanings given to them by section 258 of the
Act;
| |  |  |  | --- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (F) |  | References
to a document being signed or to signature include references to it
being executed under hand or under seal or by any other method and, in the case of an
electronic communication, are to its bearing an electronic signature;
| |  |  |  | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (G) |  | References
to writing and to any form of written communication include
references to any method of representing or reproducing words in a legible and
non-transitory form including by way of electronic communications where specifically
provided in a particular Regulation or where permitted by the Directors in their absolute
discretion but exclude such method in respect of consent or notices given to or by the
Founders Share Company;
| |  |  |  | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (H) |  | If
the Founders Share Company is to give or to be given any notice pursuant to these
Regulations then, even if that notice is given electronically or otherwise in accordance
with the Act or the Electronic Communications Act 2000, such notice must also be given in
writing and be delivered personally and will be deemed delivered when the written notice
would be deemed to be delivered to the Founders Share Company in accordance with
Regulation F.146;
| |  |  |  | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (I) |  | Such
of the provisions of these Regulations as apply to paid-up shares shall apply to stock,
and the words share and shareholder shall be construed accordingly;
| |  |  |  | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 4 -
|-----

|
|

| |  |  |  | (J) |  | Words
denoting the singular shall include the plural and vice-versa; words denoting the
masculine gender shall include the feminine gender; and words denoting persons shall
include bodies corporate; and
| |  |  |  | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (K) |  | Any
reference to any statute or statutory provision shall be construed as including a
reference to any statutory modification or re-enactment thereof from time to time in
force.
| |  |  |  | --- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (L) |  | For
the purposes of these Regulations, references to a Relevant System shall be deemed to
relate to the Relevant System on which the particular share or class of shares or
renounceable right of allotment of a share concerned in the capital of the Company is a
Participating Security for the time being and any references in these Regulations to the
giving of an instruction by means of a Relevant System shall be deemed to relate to a
properly authenticated dematerialised instruction given in accordance with the
Uncertificated Securities Regulations. Such instructions shall only be given to the
extent:
| |  |  |  | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  |  |  | (i) |  | permitted
by the Uncertificated Securities Regulations;
| |  |  |  |  |  | --- |  | -------------------------------------------------------

| |  |  |  |  |  | (ii) |  | permitted
by and practicable under the rules and practices from time to time of the Operator of the
Relevant System; and
| |  |  |  |  |  | ---- |  | ------------------------------------------------------------------------------------------------------------------------

| |  |  |  |  |  | (iii) |  | practicable
under and in accordance with the facilities and requirements of the Relevant System.
| |  |  |  |  |  | ----- |  | ------------------------------------------------------------------------------------------------

| |  |  |  | (M) |  | The
headings in these Regulations do not affect the interpretation of these Regulations.
| |  |  |  | --- |  | ----------------------------------------------------------------------------------------

| |  | (III) |  | Subject
as aforesaid or as otherwise expressly provided by these Regulations any words or
expressions defined in the Act or in the Uncertificated Securities Regulations shall (if
not inconsistent with the subject or context) bear the same meanings in these
Regulations.
| |  | ----- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (IV) |  | The
written consent of the Founders Share Company shall be deemed to have been given for any
of the purposes of these Regulations if, and only if, a certificate signed on behalf of
the Founders Share Company by not less than two of the Reuter Trustees shall have been
received at the Office confirming that a resolution giving the consent in question has
been duly passed at a meeting of the Reuter Trustees (in their capacity as directors of
the Founders Share Company).
| |  | ---- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (V) |  | A
Special or Extraordinary Resolution shall be effective for any purpose for which an
Ordinary Resolution is expressed to be required under any provision of these Regulations.
| |  | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 5 -
|-----

|SHARE CAPITAL


3.
|------------------

| |  | (A) |  | Amount
of capital
| |  | --- |  | -----------------

| | The
share capital of the Company is £525,000,001 divided into 2,100,000,000 Ordinary
Shares of 25p each and one Founders Share of £1.
| | -------------------------------------------------------------------------------------------------------------------------------------

| |  | (B) |  | Rights
attaching to shares
| |  | --- |  | --------------------------

| | The
rights, as regards participation in the profits and assets of the Company, respectively
attaching to the above-mentioned shares, shall be as follows:-
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (1) |  | Subject
to any special rights which may be attached to any other class of shares and to the
provisions of the Statutes, the profits of the Company available for distribution and
resolved to be distributed shall be distributed by way of dividend among the holders of
the Ordinary Shares rateably according to the number of shares held by them respectively;
| |  |  |  | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (2) |  | On
a return of assets on a winding-up, the assets of the Company available for distribution
among the members shall be applied, subject to any provision made under section 719 of
the Act and any special rights which may be attached to any other class of shares, in
repaying to the holders of the Founders Share and the Ordinary Shares rateably according
to the number of shares held by them respectively (save that the Founders Share shall for
this purpose count as four shares) the amounts paid up on such shares, and subject
thereto shall belong to and be distributed among the holders of the Ordinary Shares
rateably according to the number of such shares held by them respectively; and
| |  |  |  | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (3) |  | The
Founders Share shall carry no right to receive any of the profits of the Company
available for distribution by way of dividend or otherwise.
| |  |  |  | --- |  | ------------------------------------------------------------------------------------------------------------------------------------------------

# VARIATION OF RIGHTS

F.4

| |  | (A) |  | Consents
required for variation
| |  | --- |  | -------------------------------

| | Whenever
the share capital of the Company is divided into different classes of shares, the special
rights attached to any class may, subject to the provisions of the Statutes, be varied or
abrogated either with the consent in writing of the holders of three-quarters in nominal
value of the issued shares of the class or with the sanction of an Extraordinary
Resolution passed at a separate General Meeting of the holders of the shares of the class
(but not otherwise) and may be so varied or abrogated either whilst the Company is a
going concern or during or in contemplation of a winding-up but so that the rights
attached to the Founders Share shall not be capable of being varied or abrogated in any
respect whatsoever without the prior written consent of the Founders Share Company. To
every such separate General Meeting all the provisions of these Regulations relating to
General Meetings of the Company and to the proceedings thereat shall apply, except that
the necessary quorum shall be two persons at least holding or representing by proxy at
least one-third in nominal value of the issued shares of the class (but that at any
adjourned meeting any holder of shares of the class present in person or by proxy shall
be a quorum) and that any holder of shares of the class present in person or by proxy may
demand a poll and that every such holder shall, subject as otherwise provided by these
Regulations, on a poll have one vote for every share of the class held by him. The
foregoing provisions of this Regulation shall, subject to paragraph (B) below, apply to
the variation or abrogation of the special rights attached to some only of the shares of
any class as if each group of shares of the class differently treated formed a separate
class the special rights whereof are to be varied.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 6 -
|-----

|
|

| |  | (B) |  | When
shares not a separate class
| |  | --- |  | --------------------------------

| | Shares
of a class shall not be treated as forming a separate class from other shares of that
class merely because any of the following apply to them:-
| | ------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (1) |  | the
restrictions set out in section 454 of the Act;
| |  |  |  | --- |  | ---------------------------------------------------

| |  |  |  | (2) |  | suspension
of voting rights or rights to receive dividends or other distributions pursuant to these
Regulations;
| |  |  |  | --- |  | ----------------------------------------------------------------------------------------------------------------

| |  |  |  | (3) |  | any
requirement pursuant to these Regulations that a person dispose of such shares or any
interest in them;
| |  |  |  | --- |  | -----------------------------------------------------------------------------------------------------------

| |  |  |  | (4) |  | any
provisions of these Regulations enabling the Directors to dispose of such shares or
requiring the Directors not to register transfers of such shares;
| |  |  |  | --- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (5) |  | they
are enabled or permitted in accordance with the Uncertificated Securities Regulations to
become a Participating Security, or cease to be a Participating Security; or
| |  |  |  | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (6) |  | any
shares of that class are from time to time held in uncertificated form.
| |  |  |  | --- |  | ---------------------------------------------------------------------------

|F.5 |  | Rights
not varied by issue of further shares or permission of transfer of Uncertificated Shares;
exception for Founders Share
|--- |  | -----------------------------------------------------------------------------------------------------------------------------

| | The
special rights attached to any class of shares having preferential rights shall not
unless otherwise expressly provided by the terms of issue thereof be deemed to be varied
by the creation or issue of further shares ranking as regards participation in the
profits or assets of the Company in some or all respects pari passu therewith but in no
respect in priority thereto, or by the Company permitting, in accordance with the
Uncertificated Securities Regulations, the holding and transfer of shares of any class in
uncertificated form by means of a Relevant System. The special rights attached to the
Founders Share shall be deemed to be varied by the creation or issue of any further
Founders Share.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 7 -
|-----

|ALTERATION OF SHARE
CAPITAL
|---------------------------

|F.6 |  | Company
may increase capital; Founders Share Company consent required for creation of shares with
votingrights not identical to those of Ordinary Shares
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
Company may from time to time by Ordinary Resolution increase its capital by such sum to
be divided into shares of such amounts as the resolution shall prescribe. All new shares
created on any such increase of capital shall be subject to the provisions of the
Statutes and of these Regulations with reference to allotment, payment of calls, lien,
transfer, transmission, forfeiture and otherwise. No such new share shall, without the
prior written consent of the Founders Share Company, have attached thereto (either at the
time of the creation thereof or at any subsequent time) any rights in respect of voting
which are not identical in all respects with those attached to the Ordinary Shares.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

F.7

| |  | (A) |  | Company
may consolidate, cancel (other than the Founders Share) and subdivide shares
| |  | --- |  | ------------------------------------------------------------------------------------

| | The
Company may by Extraordinary Resolution:-
| | ---------------------------------------------

| |  |  |  | (1) |  | Consolidate
and divide all or any of its capital (other than the Founders Share) into shares of
larger amounts than its existing shares;
| |  |  |  | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (2) |  | Cancel
any shares (other than the Founders Share) which, at the date of the passing of the
resolution, have not been taken, or agreed to be taken, by any person and diminish the
amount of its capital by the amount of the shares so cancelled;
| |  |  |  | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (3) |  | Sub-divide
its shares, or any of them (other than the Founders Share), into shares of smaller amount
than is fixed by the Memorandum of Association (subject nevertheless to the provisions of
the Statutes), and so that the resolution whereby any share is sub-divided may determine
that, as between the holders of the shares resulting from such sub-division, one or more
of the shares may, as compared with the others, have any such preferred, deferred or
other special rights, or be subject to any such restrictions, as the Company has power to
attach to unissued or new shares.
| |  |  |  | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (B) |  | Fractional
entitlements to shares
| |  | --- |  | ---------------------------------

| | If,
as the result of consolidation and division or sub-division of shares, members become
entitled to fractions of a share, the Directors may on behalf of the members deal with
the fractions as they think fit. In particular, the Directors (treating holdings of the
same member or members of Certificated Shares and Uncertificated Shares of the same class
as if they were separate holdings, unless the Directors otherwise determine) may:
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 8 -
|-----

|
|

| |  |  |  | (i) |  | sell
fractions of a share to a person (including, subject to the Statutes, to the Company) for
the best price reasonably obtainable and distribute the net proceeds of sale in due
proportion amongst the persons entitled (except that if the amount due to a person is
less than £3, or such other sum as the board may decide, the sum may be retained
for the benefit of the Company). To give effect to a sale the Directors may authorise a
person to execute an instrument of transfer of Certificated Shares or, in respect of
Uncertificated Shares, the Directors may exercise any of the powers conferred on the
Company by Regulation F.17 to effect transfer of the shares to the purchaser or his
nominee, and may cause the name of the purchaser or his nominee to be entered in the
Register as the holder of the shares. The purchaser is not bound to see to the
application of the purchase money and the title of the transferee to the shares is not
affected by an irregularity or invalidity in the proceedings connected with the sale; or
| |  |  |  | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (ii) |  | subject
to the Statutes, issue to a member credited as fully paid by way of capitalisation the
minimum number of shares required to round up his holding of shares to a number which,
following consolidation and division or sub-division, leaves a whole number of shares
(such issue being deemed to have been effected immediately before consolidation or
sub-division, as the case may be). The amount required to pay up those shares may be
capitalised as the Directors think fit out of amounts standing to the credit of reserves
(including a share premium account, capital redemption reserve and profit and loss
account), whether or not available for distribution, and applied in paying up in full the
appropriate number of shares. A resolution of the Directors capitalising part of the
reserves has the same effect as if the capitalisation had been declared by ordinary
resolution of the Company pursuant to Regulation 140. In relation to the
capitalisation the board may exercise all the powers conferred on it by Regulation 140
without an ordinary resolution of the Company.
| |  |  |  | ---- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|F.8 |  | Company
may purchase its own shares (other than the Founders Share)
|--- |  | -------------------------------------------------------------------

| | Subject
to the provisions of the Statutes the Company may purchase, or enter into a contract
under which it may become entitled or obliged to purchase, any of its own shares
(including any redeemable shares) other than the Founders Share. Every contract for the
purchase by the Company of, or under which it may become entitled or obliged to purchase,
its own shares shall, in addition to such authorisation as may be required by the
Statutes, be sanctioned by an Extraordinary Resolution passed at a separate General
Meeting of the holders of each class of shares in issue convertible into equity share
capital of the Company.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 9 -
|-----

|
|

|F.9 |  | Company
may reduce its capital - exception regarding the Founders Share
|--- |  | -----------------------------------------------------------------------

| | The
Company may reduce its share capital or any capital redemption reserve, share premium
account or other undistributable reserve in any manner and with and subject to any
incident authorised and consent required by law but this Regulation shall not apply in
any way whatsoever to the Founders Share.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|SHARES


F.10
|-------------

| |  | (A) |  | Company
may issue shares with whatever rights or restrictions, but Founders Share Company consentrequired for issue of shares not identical to Ordinary Shares
| |  | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Subject
as otherwise provided by these Regulations and without prejudice to the rights attached
to any shares or class of shares from time to time issued, any share in the Company may
be issued with or have attached thereto such preferred, deferred or other special rights,
or be issued subject to or have attached such restrictions, whether as regards dividend,
return of capital or otherwise, as the Company may from time to time by Ordinary
Resolution determine (or, in the absence of any such determination, as the Directors may
determine) and subject to the provisions of the Statutes the Company may issue any shares
which are, or at the option of the Company or the holders are liable, to be redeemed
Provided always that, without the prior written consent of the Founders Share Company, no
share shall be capable of being issued having attached thereto any rights which are not
identical in all respects with those attached to the Ordinary Shares.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (B) |  | Directors
may issue shares, but Founders Share Company consent required for issue of shares not
identical to Ordinary Shares
| |  | --- |  | ----------------------------------------------------------------------------------------------------------------------------

| | Subject
to the provisions of the Statutes, of these Regulations and of any resolution of the
Company in general meeting passed pursuant thereto, all unissued shares shall be at the
disposal of the Directors and they may allot (with or without conferring a right of
renunciation), grant options over or otherwise dispose of them to such persons, at such
times and on such terms as they think proper. Provided always that, without the prior
written consent of the Founders Share Company, the Directors shall not allot, grant any
option over or otherwise dispose of any share having attached thereto any rights in
respect of voting which are not identical in all respects with those attached to the
Ordinary Shares.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

11.

| |  | (A) |  | Section
80 authority for allotments of relevant securities
| |  | --- |  | ----------------------------------------------------------

| | The
Directors have general and unconditional authority, pursuant to section 80 of the Act, to
exercise all powers of the Company to allot relevant securities up to an aggregate
nominal amount equal to the section 80 amount, for each prescribed period.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 10 -
|------

|
|

| |  | (B) |  | Disapplication
of Section 89(1) (pre-emption) to allotments under Section 80 authority
| |  | --- |  | --------------------------------------------------------------------------------------

| | The
Directors have general power for each prescribed period to allot equity securities
pursuant to the authority conferred by paragraph (A) above:
| | --------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (1) |  | in
connection with a rights issue; and
| |  |  |  | --- |  | --------------------------------------

| |  |  |  | (2) |  | up
to an aggregate nominal amount equal to the section 89 amount otherwise than in
connection with a rights issue;
| |  |  |  | --- |  | ------------------------------------------------------------------------------------------------------------------

| | as
if section 89(1) of the Act does not apply to any such allotment.
| | --------------------------------------------------------------------

| |  | (C) |  | By
the authority and power conferred by paragraphs (A) and (B) above, the board may during a
prescribed period make an offer or agreement which would or might require equity
securities or other relevant securities to be allotted after the prescribed period and
may allot securities in pursuance of that offer or agreement.
| |  | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (D) |  | In
this Regulation:
| |  | --- |  | -------------------

| |  |  |  | (1) |  | prescribed
period means any period for which the authority conferred by paragraph (A) above
is given by ordinary or special resolution stating the section 80 amount and/or the power
conferred by paragraph (B) above is given by special resolution stating the section 89
amount;
| |  |  |  | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (2) |  | rights
issue means an offer of equity securities open for acceptance for a period fixed by
the Directors to holders of equity securities on the Register on a fixed record date in
proportion to their respective holdings of such securities or in accordance with the
rights attached thereto (but subject to such exclusions or other arrangements as the
Directors may deem necessary or expedient in relation to fractional entitlements or legal
or practical problems under the laws of, or the requirements of any recognised regulatory
body or any stock exchange in, any territory);
| |  |  |  | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (3) |  | section
80 amount means for any prescribed period, the amount stated in the relevant
ordinary or special resolution or, in either case, another amount fixed by resolution of
the Company;
| |  |  |  | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (4) |  | section
89 amount means for any prescribed period, the amount stated in the relevant special
resolution;
| |  |  |  | --- |  | ----------------------------------------------------------------------------------------------------------

|- 11 -
|------

|
|

| |  |  |  | (5) |  | the
nominal amount of securities is, in the case of rights to subscribe for or convert any
securities into shares of the Company, the nominal amount of shares which may be allotted
pursuant to those rights.
| |  |  |  | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|12. |  | Company
may pay commissions and brokerages
|--- |  | ------------------------------------------

| | The
Company may exercise the powers of paying commissions conferred by the Statutes to the
full extent thereby permitted. The Company may also on any issue of shares pay such
brokerage as may be lawful.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|13. |  | Company
may recognise renunciations of allotments
|--- |  | -------------------------------------------------

| | The
Directors may at any time after the allotment of any share but before any person has been
entered in the Register as the holder recognise a renunciation thereof by the allottee in
favour of some other person and may accord to any allottee of a share a right to effect
such renunciation upon and subject to such terms and conditions as the Directors may
think fit to impose.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|14. |  | Company
not bound to recognise trusts of shares
|--- |  | -----------------------------------------------

| | Except
as required by law, or pursuant to any of the provisions of these Regulations, no person
shall be recognised by the Company as holding any share upon any trust, and the Company
shall not be bound by or compelled in any way to recognise any equitable, contingent,
future or partial interest in any shares, or any interest in any fractional part of a
share, or (except only as by these Regulations or by law otherwise provided) any other
right in respect of any share, except an absolute right to the entirety thereof in the
registered holder.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|LIMITATION OF
SHAREHOLDINGS


F.15
|----------------------------------

| |  | (A) |  | Definitions
and interpretation
| |  | --- |  | ------------------------------

| | In
this Regulation and subject as hereinafter provided:-
| | --------------------------------------------------------

| |  |  |  | (1) |  | except
in paragraphs (J), (K) and (Q) below, references to Part VI of and to sections of the Act
are references to the same as in force at 11 April 1995 notwithstanding any later repeal,
amendment or re-enactment thereof;
| |  |  |  | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (2) |  | an
Included Interest means an interest referred to in section 209(1)(a) of
the Act except that of a bare trustee under the law of England or of a simple trustee
under the law of Scotland or any analogous interest arising under the law of any other
jurisdiction;
| |  |  |  | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (3) |  | a
person shall be treated as having an interest in shares and as being interested in them
whenever in accordance with Part VI of the Act he would be taken either to have an
interest or to be interested in them for the purposes of sections 198 to 202 of the Act
save that any Included Interest shall be taken into account for all purposes instead of
being disregarded and save that section 203(3) of the Act shall be taken to read as
follows:-
| |  |  |  | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  |  |  | Where
a person is entitled to exercise or control the exercise of or is deemed by this
subsection to be able to exercise (in aggregate) one half or more of the voting power at
general meetings of a body corporate and that body corporate is entitled to exercise or
control the exercise of any of the voting power at general meetings of another body
corporate (the effective voting power), then, for the purposes of subsection
(2)(b) above and this subsection, the effective voting power shall be deemed to be
exercisable by that person.;
| |  |  |  |  |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 12 -
|------

|
|

| |  |  |  | (4) |  | Relevant
Person means any person who is interested in 15 per cent. or more of the issued
shares of any class of the Company, other than the Founders Share, provided that, for the
purpose of calculating whether or not any person is interested in 15 per cent. or more of
the issued shares of any class of the Company, holdings of Certificated Shares and
Uncertificated Shares of such class in which such person is interested shall be
aggregated;
| |  |  |  | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (5) |  | Relevant
Shares means shares of the Company in which a Relevant Person is interested; and
| |  |  |  | --- |  | -------------------------------------------------------------------------------------------

| |  |  |  | (6) |  | Required
Disposal means a disposal of such number and class of Relevant Shares as will cause
a Relevant Person to cease to be a Relevant Person.
| |  |  |  | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (B) |  | Part
VI of the Act to apply, save as provided
| |  | --- |  | ---------------------------------------------

| | Without
prejudice to the Statutes, the Company, its members and all persons interested in issued
shares of the Company shall have the rights and obligations provided for in Part VI of
the Act save that:-
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (1) |  | Included
Interests shall not be disregarded;
| |  |  |  | --- |  | --------------------------------------------

| |  |  |  | (2) |  | a
person shall be subject to such obligations notwithstanding that he is outside the United
Kingdom and that the event giving rise to an obligation occurs outside the United
Kingdom;
| |  |  |  | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (3) |  | such
rights and obligations shall apply as if section 203(3) of the Act read as set out in
paragraph (A) (3) above;
| |  |  |  | --- |  | -------------------------------------------------------------------------------------------------------------------

| |  |  |  | (4) |  | this
paragraph (B) shall not apply to an ADR Custodian in its capacity as such;
| |  |  |  | --- |  | -------------------------------------------------------------------------------

|- 13 -
|------

|
|

| |  |  |  | (5) |  | notwithstanding
any Regulations made under section 210(A)(1)(b) of the Act, if the percentage giving rise
to a notifiable interest referred to in section 199(2)(a) of the Act shall exceed 3 per
cent. or in section 199(2)(b) of the Act shall exceed 10 per cent., such rights and
obligations shall apply as though such percentages were 3 per cent. and 10 per cent.
respectively;
| |  |  |  | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (6) |  | notwithstanding
section 199(2A) of the Act, the following interests shall be deemed to be material
interests:
| |  |  |  | --- |  | -------------------------------------------------------------------------------------------------------------

| |  |  |  |  |  | (a) |  | interests
mentioned in sections 199(2A)(a) and 199(2A)(b) of the Act;
| |  |  |  |  |  | --- |  | ---------------------------------------------------------------------

| |  |  |  |  |  | (b) |  | interest
falling within section 199(2A)(c) of the Act which would fall to be disregarded by virtue
of section 209(10)(c) of the Act; and
| |  |  |  |  |  | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  |  |  | (c) |  | any
interest of another person which a person is taken to have by virtue of the application
of section 203 or 205 of the Act where the interest of that other person falls within
sub-paragraphs (a) or (b) above;
| |  |  |  |  |  | --- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (7) |  | if
a notification is given in compliance with such rights and obligations and some or all of
the shares in the Company to which it relates are the subject of such a notification only
because of the provisions of sub-paragraph (1) and/or (3) above, then such notification
shall state that some or all (as the case may be) of the shares to which it relates are
the subject of such a notification only because of such provisions and, if it states that
some of the said shares are so subject only because of such provisions, shall specify the
class and number of such shares (or if they are of more than one class, the classes and
numbers of shares of each class); and
| |  |  |  | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (8) |  | Included
Interests and other interests which would not require to be notified to the Company under
statute shall when notified to the Company be entered by the Company in a separate
Register to be kept by it for that purpose and to which the provisions of sections 217(1)
to (6) and 218(1) and (2) of the Act shall apply.
| |  |  |  | --- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (C) |  | Service
of Restriction Notice on Relevant Person
| |  | --- |  | ------------------------------------------------

| | If
after 18 February 1998 any person has become or becomes a Relevant Person, the Directors
shall cause the Company to serve a notice (hereinafter called a Restriction Notice)
on that Relevant Person and on all those (so far as known to them) having interests in,
and, if different, on the registered holders of, his Relevant Shares. A Restriction
Notice shall (subject as hereinafter provided):-
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (1) |  | set
out the restrictions provided for by paragraph (D) below; and
| |  |  |  | --- |  | -----------------------------------------------------------------

|- 14 -
|------

|
|

| |  |  |  | (2) |  | subject
to paragraphs (T) and (U) below, call for a Required Disposal to be made and for
reasonable evidence of it to be supplied to the Company within twenty one days or such
longer period as the Directors consider reasonable.
| |  |  |  | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
Directors may in their absolute discretion extend such twenty one days or longer period.
| | --------------------------------------------------------------------------------------------

| |  | (D) |  | Disenfranchisement
of shares under Restriction Notice
| |  | --- |  | -----------------------------------------------------

| | Subject
to paragraph (T) below, from the serving of a Restriction Notice in respect of Relevant
Shares until any such time as the restrictions specified in this paragraph (D)
(hereinafter called the Voting Restrictions) cease to apply in accordance
with the later provisions of this Regulation, a registered holder of such Relevant Shares
shall not be entitled in respect of such shares to receive notice of or to attend or vote
(in person or by proxy) at any General Meeting of the Company or any meeting of the
holders of any class of shares of the Company.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (E) |  | Directors
power to make Required Disposal
| |  | --- |  | ------------------------------------------

| | If
a notice calling for a Required Disposal is not complied with to the satisfaction of the
Directors within the time appointed the Directors shall, so far as they are able, make a
Required Disposal (hereinafter called a Directors Disposal) and shall
give notice in writing of it to the registered holders of the shares sold.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (F) |  | Manner
of making Directors Disposal
| |  | --- |  | ------------------------------------

| | The
manner, timing and terms of any Directors Disposal (including, but not limited to,
the price or prices at which the same is made and the extent to which assurance is
obtained that no transferee thereunder is or would thereby become a Relevant Person)
shall be such as the Directors determine. The Directors may take advice from bankers,
brokers or other persons considered by them to be appropriate as to such manner, timing
and terms and shall not be liable to any person for the consequences of reliance on such
advice. The Directors shall be entitled to make such disposal without delay.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (G) |  | Relevant
shares of multiple holders or of certificated and Uncertificated Shares to be sold pro
rata in Directors Disposal
| |  | --- |  | ---------------------------------------------------------------------------------------------------------------------------

| | If
on a Directors Disposal Relevant Shares are held:
| | -----------------------------------------------------

| |  |  |  | (1) |  | by
more than one registered holder (treating joint holders of any Relevant Shares as a
single holder) the Directors shall, so far as is practicable, cause the same proportion
of each holding as is known to them to be sold; or
| |  |  |  | --- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 15 -
|------

|
|

| |  |  |  | (2) |  | as
Certificated Shares and Uncertificated Shares, the Directors may in their absolute
discretion vis àvis any Relevant Person, but in consultation with the Founders
Share Company, treat such holdings of Certificated Shares and Uncertificated Shares as if
they were separate holdings and, in such event, shall cause to be sold such proportion of
either or both holdings of Certificated Shares and Uncertificated Shares as the Directors
may, in exercise of their discretion as aforesaid, direct.
| |  |  |  | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (H) |  | Transfers,
certificates and disposal of sale proceeds in Directors Disposal
| |  | --- |  | ----------------------------------------------------------------------------

| | For
the purpose of effecting any Directors Disposal, the Directors may authorise in
writing any officer or employee of the Company to execute any necessary transfer on
behalf of any registered holder of Certificated Shares and may notwithstanding that no
share certificate has been lodged enter the name of the transferee in the Register and
issue a new certificate to the purchaser for the Certificated Shares so transferred or,
in respect of Uncertificated Shares, the Directors may exercise any of the powers
conferred on the Company by Regulation F.17 to effect valid transfer of such shares. The
net proceeds of such disposal shall be received by the Company, whose receipt shall be a
good discharge for the purchase money, and shall be paid (without any interest being
payable thereon) to the former registered holder, in the case of Uncertificated Shares,
as soon as practicable, and, otherwise, on surrender by him of the certificate for the
Certificated Shares formerly held by him and so sold.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (I) |  | Cesser
of voting restrictions
| |  | --- |  | -----------------------------

| | The
Voting Restrictions shall cease to apply:-
| | ----------------------------------------------

| |  |  |  | (1) |  | to
any shares sold by a Directors Disposal;
| |  |  |  | --- |  | --------------------------------------------

| |  |  |  | (2) |  | to
any Relevant Shares if the Directors resolve that they are satisfied that the Relevant
Person concerned has ceased to be interested in them; and
| |  |  |  | --- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (3) |  | if
the Directors resolve that they are satisfied that a Required Disposal has been made, to
the shares comprised in such disposal and to any other shares in which the former
Relevant Person concerned continues to be interested;
| |  |  |  | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | from
the date of such sale or resolution, as the case may be, but without prejudice to their
imposition again if the Directors serve a new Restriction Notice in respect of them.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (J) |  | Directors
resolution as to a person being Relevant Person conclusive
| |  | --- |  | ---------------------------------------------------------------------

| | If
the Directors resolve that they have reasonable cause to believe that a person is or may
be a Relevant Person and that they have made reasonable enquiries (whether by way of
notices under section 212 of the Act or otherwise) to establish whether he is or not but
that such enquiries have not been answered or fail to establish whether he is or not, he
shall for all the purposes of this Regulation be deemed to be a Relevant Person from the
date of such resolution until any such time as the Directors resolve that they are
satisfied that he is not a Relevant Person.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 16 -
|------

|
|

| |  | (K) |  | Directors
resolution as to shares being shares of a Relevant Person conclusive
| |  | --- |  | -------------------------------------------------------------------------------

| | If
the Directors resolve that they have reasonable cause to believe that any shares of the
Company are or may be shares in which a Relevant Person (whether he is such by virtue of
paragraph (J) above or otherwise) is interested and that they have made reasonable
enquiries (whether by way of notices under section 212 of the Act or otherwise) to
establish whether they are or not but that such enquiries have not been answered or fail
to establish whether they are or not, such shares shall for all the purposes of this
Regulation be deemed to be shares in which such Relevant Person is interested from the
date of such resolution until any such time as the Directors resolve that they are
satisfied that such shares are not shares in which such Relevant Person is interested.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (L) |  | Notices
under Regulation F.15 to be in writing
| |  | --- |  | ----------------------------------------------

| | All
notices provided for by this Regulation shall be in writing.
| | ----------------------------------------------------------------

| |  | (M) |  | No
obligation to serve notice if address unknown
| |  | --- |  | ------------------------------------------------

| | Neither
the Company nor the Directors shall be obliged to serve any notice provided for by this
Regulation on any person if they do not know either his identity or his address. Subject
as aforesaid, the Directors shall give notice of any resolutions referred to in
paragraphs (I), (J) and (K) above to the Relevant Person concerned.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (N) |  | Regulations
on notices to apply
| |  | --- |  | -------------------------------

| | Regulations
F.146, 148 and 149 shall apply to the service of any notice required by this Regulation
to be served by the Company on any member of the Company.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (O) |  | Service
of notices on non-members
| |  | --- |  | ---------------------------------

| | Any
notice required by this Regulation to be served by the Company on any person who is not a
member of the Company may be served on or delivered to him either personally or by
placing it in the post in the United Kingdom in a pre-paid cover addressed to him at such
address as the Directors believe to be his address or by delivering it to such address.
Where such notice is served or sent by post as aforesaid, service or delivery shall be
deemed to be effected at the time when the same would be received in the ordinary course
of post and in proving such service or delivery it shall be sufficient to prove that such
cover was properly addressed, stamped and posted.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 17 -
|------

|
|

| |  | (P) |  | Directors
decisions conclusive
| |  | --- |  | -------------------------------

| | Any
belief, resolution or decision of the Directors which is held or made in pursuance or
purported pursuance of any of the provisions of this Regulation shall be conclusive,
final and binding on all persons concerned, and the validity of any act or thing which is
done or caused to be done by the Directors in pursuance or purported pursuance of any of
such provisions shall not be capable of being impeached by anyone on the ground that
there was not any basis or reasonable basis on which the Directors could have arrived at
any such belief or made any such resolution or decision, or on the ground that any
conclusion of fact on which the Directors relied or might have relied for the purposes of
arriving at any such belief or making any such resolution or decision was incorrect, or
on any other ground whatsoever.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (Q) |  | Company
register of share interests
| |  | --- |  | -----------------------------------

| | Without
prejudice to the provisions of the Statutes, the Directors may assume without enquiry
that a person is not a Relevant Person unless the information contained in the Registers
kept by the Company under section 211 of the Act and under paragraph (B) (8) above
indicates to the contrary or they have reason to believe otherwise. In the latter case
the Directors shall make reasonable enquiries to discover whether anyone is a Relevant
Person.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (R) |  | Directors
to inform other Directors regarding Relevant Persons
| |  | --- |  | --------------------------------------------------------------

| | If
a Director has reason to believe that anyone is a Relevant Person he shall without delay
inform the other Directors of that fact.
| | ------------------------------------------------------------------------------------------------------------------------------------

| |  | (S) |  | ADR
Custodians and ADS holders
| |  | --- |  | ------------------------------

| | An
ADR Custodian in its capacity as such shall not be a Relevant Person. A person who has an
interest in American Depositary Shares evidenced by an American Depositary Receipt
representing shares held by an ADR Custodian shall be treated for all the purposes of
this Regulation as having an interest in the number and class of shares in the Company
represented by such American Depositary Shares and evidenced by such American Depositary
Receipt and not (in the absence of any other reason why he should be so treated) in the
remainder of the shares in the Company held by the ADR Custodian.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (T) |  | Rights
issues and limitation of shareholdings
| |  | --- |  | ---------------------------------------------

| | In
this paragraph (T):-
| | -----------------------

| |  |  |  | (1) |  | rights
issue means an offer by or on behalf of the Company of shares in the Company to
persons who already hold shares in the Company (other than the Founders Share) under
which (subject to any exclusion from the offer of persons which the Directors may deem
necessary to deal with fractional entitlements or problems with such offer arising in any
overseas territory) the number of shares offered to each offeree is as nearly as
practicable proportionate to the number of shares already held by him; and
| |  |  |  | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 18 -
|------

|
|

| |  |  |  | (2) |  | basic
entitlement means the number of shares so offered to an offeree and does not
include any shares for which he makes an excess application, that is, an application for
shares so offered to other shareholders but not taken up by them.
| |  |  |  | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | If
a person (hereinafter in this paragraph (T) called the said person)
becomes interested in 15 per cent. or more of the issued shares of any class of the
Company solely because on a rights issue a holder of shares in the Company (whether he is
the said person or not) accepts up to his basic entitlement of the shares comprised in
such issue and the said person does not thereafter become interested in any further
shares of that class (except solely because of the same occurring on a further rights
issue), a Required Disposal shall not be required, the Voting Restrictions shall apply
only to shares in excess of such 15 per cent. and any Restriction Notice given to him
shall be modified accordingly.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (U) |  | Underwriting
of share issues and limitation of shareholdings
| |  | --- |  | ------------------------------------------------------------

| | If
a person becomes interested in 15 per cent. or more of the issued shares of any class of
the Company solely by underwriting an offer of shares in the Company in the ordinary
course of a business which includes underwriting offers of securities, then so long as he
does not become interested in any further such shares (except solely by so underwriting
any further such offer) he shall be allowed one year or such longer period as the
Directors consider reasonable (either of which the Directors may in their absolute
discretion extend) in which to make the Required Disposal and supply reasonable evidence
of it to the Company, and any Restriction Notice shall be modified accordingly.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|UNCERTIFICATED SHARES


16.
|---------------------------

| |  | (A) |  | Directors
may permit shares to be a Participating Security
| |  | --- |  | ----------------------------------------------------------

| | Subject
to the Statutes and the rules of any Relevant System, the Directors may permit the
holding and transfer of any class of shares in uncertificated form by means of a Relevant
System and, subject as aforesaid, the Directors may at any time determine that any class
of shares shall cease to be a Participating Security.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (B) |  | Shares
may be changed from uncertificated to certificated form and vice versa
| |  | --- |  | -----------------------------------------------------------------------------

| | Where
any class of shares in the capital of the Company is a Participating Security, any share
in such class may be changed from an Uncertificated Share to a Certificated Share and
from a Certificated Share to an Uncertificated Share in accordance with and subject to
the provisions of the Uncertificated Securities Regulations and the rules and procedures
of the Relevant System.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 19 -
|------

|
|

| |  | (C) |  | Uncertificated
Shares are not a separate class
| |  | --- |  | ----------------------------------------------

| | Subject
to the Statutes, Uncertificated Shares shall not be regarded as forming a separate class
of shares from Certificated Shares of the same class.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (D) |  | Disapplication
of inconsistent Regulations
| |  | --- |  | ------------------------------------------

| | In
relation to any class of shares which is a Participating Security, and for so long as
that class of shares or any part of that class of shares remains a Participating
Security, these Regulations shall (notwithstanding anything contained in these
Regulations) only apply to Uncertificated Shares to the extent that they are consistent
with:-
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (1) |  | the
holding of shares in that class in uncertificated form;
| |  |  |  | --- |  | -----------------------------------------------------------

| |  |  |  | (2) |  | the
transfer of title to shares in that class by means of a Relevant System; and
| |  |  |  | --- |  | --------------------------------------------------------------------------------

| |  |  |  | (3) |  | the
Uncertificated Securities Regulations.
| |  |  |  | --- |  | ------------------------------------------

|POWER OF
SALE OF UNCERTIFICATED SHARES
|--------------------------------------

|F.17 |  | Powers
of Company in respect of procuring sales of Uncertificated Shares
|---- |  | ------------------------------------------------------------------------

| | Where
any class of shares in the capital of the Company is a Participating Security and the
Company is entitled under any provisions of the Statutes or the rules of any Relevant
System or under these Regulations to dispose of, forfeit, enforce a lien over or sell or
procure the sale of any shares of such class which are held in uncertificated form, the
Directors shall have the power (to the extent permitted by and subject to the provisions
of the Uncertificated Securities Regulations and the rules and procedures of the Relevant
System) to take such steps as may be required, by instruction given by means of a
Relevant System or otherwise, to effect such disposal, forfeiture, enforcement or sale
and such powers shall (subject as aforesaid) include, but shall not be limited to, the
power to:
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (1) |  | request
or require the deletion of any computer-based entries in the Relevant System relating to
such shares;
| |  | --- |  | -------------------------------------------------------------------------------------------------------------

| |  | (2) |  | alter
such computer-based entries so as to divest the registered holder of such shares of the
power to transfer them to any person other than a transferee identified by the Company;
| |  | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (3) |  | require
by notice in writing any holder of such shares:
| |  | --- |  | -------------------------------------------------------

| |  |  |  | (a) |  | to
change his holding of such shares into certificated form within such period as may be
specified in the notice; or
| |  |  |  | --- |  | --------------------------------------------------------------------------------------------------------------------

|- 20 -
|------

|
|

| |  |  |  | (b) |  | direct
the holder to take such steps as may be necessary to sell or transfer such shares;
| |  |  |  | --- |  | -----------------------------------------------------------------------------------------

| |  | (4) |  | appoint
any person to take such steps in the name of the holder of such shares as may be required
to effect transfer of such shares and such steps shall be as effective as if they had
been taken by the registered holder of the shares concerned.
| |  | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | In
this Regulation references to notice and to in writing include the use of electronic
communications subject to any terms and conditions decided on by the Directors.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------

|THE FOUNDERS SHARE


F.18
|-------------------------

| |  | (A) |  | Founders
Share may defeat resolution to vary or abrogate its rights
| |  | --- |  | -------------------------------------------------------------------

| | Without
prejudice to paragraph (A) of Regulation F.4, on any poll on any resolution of the
Company in General Meeting, being a resolution the passing of which by the requisite
majority of votes would be, or be deemed to be, a variation or abrogation of the rights
attached to the Founders Share, the Founders Share Company, if it opposes such
resolution, shall have the right to cast such number of votes as shall be necessary to
ensure the defeat of such resolution, and such right may be exercisable either by a
representative appointed by the Founders Share Company in accordance with section
375(1)(a) of the Act, or by a proxy for the Founders Share Company.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (B) |  | Deemed
variations or abrogations of Founders Share rights
| |  | --- |  | ---------------------------------------------------------

| | For
all of the purposes of these Regulations the passing by the requisite majority of any of
the following kinds of resolution by the Company in General Meeting shall be deemed to be
a variation or abrogation of the rights attached to the Founders Share:-
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (1) |  | any
Special Resolution the effect of which, if duly passed, would be to alter, or to delete,
or in any way to derogate from the effect of, any F Regulation or to remove the prefix
F from any F Regulation;
| |  |  |  | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (2) |  | any
resolution to wind up the Company voluntarily or pursuant to paragraph (a) of section 122
of the Insolvency Act 1986;
| |  |  |  | --- |  | -------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (3) |  | any
resolution for, or approving or sanctioning, any reconstruction of the Company;
| |  |  |  | --- |  | -----------------------------------------------------------------------------------

| |  |  |  | (4) |  | any
resolution the effect of which, if duly passed, would be to attach or to authorise the
attachment to any share (whether issued or unissued) of any voting rights which are not
identical in all respects with those attached to the Ordinary Shares;
| |  |  |  | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 21 -
|------

|
|

| |  |  |  | (5) |  | any
resolution to amend any such resolution as is described in any of the preceding
sub-paragraphs of this paragraph (B).
| |  |  |  | --- |  | -------------------------------------------------------------------------------------------------------------------------

| |  | (C) |  | Action
without consent of Founders Share Company a deemed variation or abrogation
| |  | --- |  | ---------------------------------------------------------------------------------

| | For
all of the purposes of these Regulations the doing of any act or thing which, in
accordance with any provision of these Regulations requires the prior written consent of
the Founders Share Company shall be deemed to be a variation or abrogation of the rights
attached to the Founders Share.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

F.19

| |  | (A) |  | Definition
and interpretation as regards Control of Company
| |  | --- |  | -------------------------------------------------------------

| | For
the purposes of this Regulation:-
| | -------------------------------------

| |  |  |  | (1) |  | where
a person would in accordance with Part VI of the Act (as in force at 11 April 1995
notwithstanding any later repeal, amendment or re-enactment thereof) and/or Regulation
F.15 be taken to be interested in shares in which another person is interested or would
in accordance therewith be taken to be interested, such other person shall be deemed to
be his associate;
| |  |  |  | --- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (2) |  | in
addition, two or more persons shall be deemed to be associates if there are, in the
opinion of the Founders Share Company, reasonable grounds for believing that they have or
are attempting to obtain Control pursuant (either wholly or in part) to some arrangement
between them;
| |  |  |  | --- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (3) |  | arrangement
means any agreement, understanding or arrangement of any kind, whether formal or tacit,
and whether or not legally binding, other than the Deed of Mutual Covenant;
| |  |  |  | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (4) |  | Control means
the ability to control the exercise of 30 per cent. or more of the votes which can be
cast on a poll at a General Meeting of the Company (disregarding the rights of the
Founders Share Company and disregarding any suspension of the voting rights of any shares
pursuant to the Statutes or these Regulations).
| |  |  |  | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (B) |  | Directors
to inform other Directors (and Directors to inform Founders Share Company) of attempts to
gain Control
| |  | --- |  | ----------------------------------------------------------------------------------------------------------------

| | If
any Director becomes aware of any facts which might lead to the Directors and/or the
Founders Share Company taking the view that a person and his associates (if any) has or
have obtained or is or are attempting to obtain, directly or indirectly, Control, he
shall without delay inform the other Directors of such facts and the Directors shall
forthwith give written notice of such facts to the Founders Share Company.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 22 -
|------

|
|

| |  | (C) |  | Founders
Share Control Notices
| |  | --- |  | ------------------------------

| | If
there are, in the opinion of the Founders Share Company, reasonable grounds for believing
that any person and his associates (if any) has or have obtained or is or are attempting
to obtain, directly or indirectly, Control, the Founders Share Company, whether it has
received any notice pursuant to paragraph (B) above or not, shall be entitled in its
absolute discretion to serve or cause to be served at the Office a notice in writing
(hereinafter called a Founders Share Control Notice), signed by any one or
more of the Reuter Trustees, to the effect that the Founders Share Company is of that
opinion.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (D) |  | Rescission
of Founders Share Control Notice
| |  | --- |  | -------------------------------------------

| | If
at any time after the service of a Founders Share Control Notice, the Founders Share
Company becomes of the opinion that no person or no person and his associates has or have
obtained or is or are attempting to obtain, directly or indirectly, Control, then the
Founders Share Company shall as soon as practicable thereafter (provided that it is still
of that opinion) serve or cause to be served at the Office a notice in writing, signed by
any one or more of the Reuter Trustees, rescinding such Founders Share Control Notice,
but the service of any such notice in writing pursuant to and in accordance with this
paragraph (D) (in this Regulation called a Rescission Notice) shall be
without prejudice to the entitlement of the Founders Share Company subsequently to serve
or cause to be served at the Office another Founders Share Control Notice pursuant to and
in accordance with paragraph (C) above.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (E) |  | Voting
rights of Founders Share whilst Founder Share Control Notice in force
| |  | --- |  | ----------------------------------------------------------------------------

| | At
all times after the service at the Office of any Founders Share Control Notice, until any
Rescission Notice rescinding that Founders Share Control Notice is served, the Founders
Share shall confer upon the Founders Share Company the right to cast, on any poll which
shall be taken on any Ordinary, Special, Extraordinary or other Resolution which is
proposed at any General Meeting of the Company, such number of votes as shall be
necessary to ensure the effective passing of such Resolution if those votes are cast in
favour thereof or (as may be appropriate) to ensure the defeat of such resolution if
those votes are cast against such Resolution, and such right may be exercisable either by
a representative appointed by the Founders Share Company in accordance with section
375(1)(a) of the Act, or by any proxy for the Founders Share Company.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (F) |  | Founders
Share Company decisions conclusive
| |  | --- |  | -------------------------------------------

| | Any
opinion of the Founders Share Company, which is expressed in and for the purposes of any
Founders Share Control Notice, or which is manifested by any Rescission Notice, shall be
conclusive, final and binding on all persons concerned, and the validity of any Founders
Share Control Notice or of any Rescission Notice shall not be impeached by any person on
the ground that there was not any basis or any reasonable basis upon which the Founders
Share Company could have arrived at any such opinion, or on the ground that any
conclusion of fact which the Founders Share Company relied on or might have relied on in
or for the purpose of arriving at any such opinion was incorrect, or on any other ground
whatsoever.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 23 -
|------

|
|

F.20

| |  | (A) |  | Founders
Share Company may requisition Extraordinary General Meetings
| |  | --- |  | ---------------------------------------------------------------------

| | The
Founders Share Company shall be entitled at any time and from time to time to serve upon
the Company at the Office, a requisition in writing, signed on behalf of the Founders
Share Company, requiring the Directors:-
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (1) |  | to
convene an Extraordinary General Meeting of the Company for the purposes specified in
such requisition; and
| |  |  |  | --- |  | --------------------------------------------------------------------------------------------------------------

| |  |  |  | (2) |  | to
ensure that every copy of any notice by which an Extraordinary General Meeting is
convened pursuant to such requisition shall be accompanied by a copy of such statement in
writing (if any) of not more than five thousand words as shall be attached to such
requisition.
| |  |  |  | --- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (B) |  | Directors
to convene requisitioned meeting and circulate any statement of the Founders Share
Company
| |  | --- |  | ----------------------------------------------------------------------------------------------------

| | In
the event of any such requisition being served as aforesaid at the Office the Directors
shall, not later than the expiration of the period of seven days next following such
service, duly convene an Extraordinary General Meeting of the Company for the purposes
specified in such requisition (and so that any Extraordinary General Meeting shall be
convened on such minimum period of notice as shall be sufficient, having regard to the
purposes so specified and to the provisions of the Statutes and of these Regulations
relative to notices of Extraordinary General Meetings), and shall ensure that every copy
of any notice by which such Extraordinary General Meeting is convened shall be
accompanied by a copy of such statement (if any) as shall have been attached to such
requisition in accordance with the provisions of sub-paragraph (2) of paragraph (A) of
this Regulation. In this Regulation references to notice include the use of electronic
communications and publications on a web site in accordance with the Act and the
Electronic Communications Act 2000.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (C) |  | Founders
Share Company may convene meeting if Directors in default
| |  | --- |  | ------------------------------------------------------------------

| | If
the Directors do not, before the expiration of the period of seven days next following
the service at the Office of any such requisition as aforesaid, duly convene an
Extraordinary General Meeting in accordance with the provisions of paragraph (B) of this
Regulation and otherwise comply in all respects with those provisions, the Founders Share
Company shall be entitled at any time after such expiration to convene an Extraordinary
General Meeting of the Company for the purposes specified in such requisition, and so
that:-
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 24 -
|------

|
|

| |  |  |  | (1) |  | any
Extraordinary General Meeting which is so convened by the Founders Share Company shall be
convened in the same manner, as nearly as possible, in which Extraordinary General
Meetings of the Company are to be convened by the Directors pursuant to paragraph (B) of
this Regulation, but so that the requirement as to minimum notice referred to in such
paragraph (B) shall not apply; and
| |  |  |  | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (2) |  | the
Founders Share Company shall be entitled to procure that each copy of the notice by which
any such Extraordinary General Meeting is convened by the Founders Share Company shall be
accompanied by a copy of such statement of not more than five thousand words as the
Founders Share Company shall in its absolute discretion think fit, and so that the
Founders Share Company shall have this entitlement whether or not such requisition had
attached thereto, in accordance with sub-paragraph (2) of paragraph (A) of this
Regulation, any copy of any statement.
| |  |  |  | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | In
this Regulation references to notice include the use of electronic communications and
publications on a web site in accordance with the Act and the Electronic Communications
Act 2000.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (D) |  | Founders
Share Company may convene Extraordinary General Meetings while Founders Share Control
Notice in force
| |  | --- |  | --------------------------------------------------------------------------------------------------------------

| | In
addition and without prejudice to the rights conferred upon the Founders Share Company by
the preceding paragraphs of this Regulation, so long as any Founders Share Control Notice
which has been served at the Office pursuant to and in accordance with the provisions of
paragraph (C) of Regulation F.19 shall not have been rescinded by a Rescission Notice
served at the Office pursuant to and in accordance with the provisions of paragraph (D)
of Regulation F.19, the Founders Share Company shall be entitled at any time and from
time to time to convene an Extraordinary General Meeting of the Company for such purposes
as the Founders Share Company shall in its absolute discretion think fit, and shall also
be entitled to cause every copy of any notice by which any Extraordinary General Meeting
is so convened to be accompanied by a copy of such statement in writing of not more than
five thousand words as the Founders Share Company shall in its absolute discretion think
fit. Any Extraordinary General Meeting which is convened by the Founders Share Company
pursuant to this paragraph (D) shall be convened in such manner, as nearly as possible,
in which Extraordinary General Meetings are to be convened by the Directors pursuant to
paragraph (B) of this Regulation, but so that the requirement as to minimum notice
referred to in paragraph (B) of this Regulation shall not apply.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 25 -
|------

|
|

|F.21 |  | Founders
Share Company may receive notice of and attend and speak at General Meetings
|---- |  | -------------------------------------------------------------------------------------

| | The
Founders Share Company shall be entitled:-
| | ----------------------------------------------

| |  | (A) |  | to
receive notice of every General Meeting of the Company, and of every separate General
Meeting of the holders of the shares of any class in the Companys issued share
capital; and
| |  | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (B) |  | to
attend, either by a representative appointed in accordance with section 375(1)(a) of the
Act, or by any proxy, at any such General Meeting or separate General Meeting; and
| |  | --- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (C) |  | through
any such representative or proxy, to speak at any such General Meeting or separate
General Meeting;
| |  | --- |  | -----------------------------------------------------------------------------------------------------------

| | but
the Founders Share Company shall not, save as provided in Regulations F.18 and F.19, be
entitled to vote at any General Meeting of the Company, and shall in no circumstances be
entitled to vote at any such separate General Meeting other than a separate General
Meeting of the Founders Share Company.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

F.22

| |  | (A) |  | Consultation
between Directors and Reuter Trustees
| |  | --- |  | --------------------------------------------------

| | The
Reuter Trustees shall be entitled, at the invitation of the Directors, to attend meetings
of the Directors and to confer with the Directors, and the Reuter Trustees shall
generally be available to act in a consultative capacity with the Directors.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (B) |  | Reuter
Trustees entitled to receive reports from and make representations to the Directors
| |  | --- |  | ------------------------------------------------------------------------------------------

| | The
Reuter Trustees shall be entitled to receive or be sent from the Directors periodical
reports of the activities of the Reuters Group, and shall be entitled to make such
representations (if any) to the Directors, on matters of general interest affecting the
Reuters Group, as the Reuter Trustees may from time to time think fit. For the purposes
of this Regulation references to a document being sent includes using electronic
communications and publication in a web site in accordance with the Act and the
Electronic Communications Act 2000.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|F.23 |  | 
|---- |  | 



| |  | (A) |  | Company
to reimburse Founders Share Company for expenses of Reuter Trustees
| |  | --- |  | ---------------------------------------------------------------------------

| | The
Company will pay to the Founders Share Company on demand all such sums of money as the
Founders Share Company shall from time to time certify are required by it:-
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 26 -
|------

|
|

| |  |  |  | (1) |  | to
indemnify the Reuter Trustees in respect of their travelling, hotel and other reasonable
expenses incurred in attending and returning from all meetings of the Reuter Trustees as
directors and members of the Founders Share Company and in carrying on the functions of
the Founders Share Company, including (but without limitation) the exercise of the
rights, powers and duties exercisable by the Founders Share Company and the Reuter
Trustees;
| |  |  |  | --- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (2) |  | to
indemnify the Founders Share Company in respect of all disbursements, fees and expenses
which have been incurred or paid or will or may become liable to be incurred by it
including in particular (but without limitation) all expenses incurred in enforcing the
Reuter Trust Principles as contained and defined in the Deed of Mutual Covenant and any
other provisions contained in the Deed of Mutual Covenant and in carrying out the objects
of the Founders Share Company, whether by judicial proceedings or otherwise; and
| |  |  |  | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (3) |  | to
comply with all statutory requirements in force (and whether arising under taxation
statutes or statutes relating to companies or otherwise) and applicable to the Founders
Share Company.
| |  |  |  | --- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (B) |  | Company
to fund or procure company secretarial and administrative services for Founders Share
Company
| |  | --- |  | -----------------------------------------------------------------------------------------------------

| | The
Company will pay to the Founders Share Company on demand the cost of (or at the option of
the Founders Share Company procure the provision without cost to the Founders Share
Company of) all company secretarial services and other ancillary administrative services
which the Founders Share Company may from time to time request.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|SHARE CERTIFICATES
|------------------

|24. |  | Contents
of share certificates
|--- |  | ------------------------------

| | Every
share certificate shall specify the number and class of shares to which it relates and
the amount paid up thereon. No certificate shall be issued representing shares of more
than one class. No certificate shall normally be issued in respect of shares held by a
recognised clearing house or a nominee of a recognised clearing house or of a recognised
investment exchange.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|25. |  | Certificates
for joint holders
|--- |  | ------------------------------

| | In
the case of a share held jointly by several persons the Company shall not be bound to
issue more than one certificate therefor and delivery of a certificate to one of joint
holders shall be sufficient delivery to all.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 27 -
|------

|
|

|26. |  | Entitlement
of members holding Certificated Shares to share certificates
|--- |  | ------------------------------------------------------------------------

| | Any
person (subject as aforesaid) whose name is entered in the Register as a holder of any
Certificated Shares of any one class upon the issue or transfer thereof shall be entitled
without payment to a certificate therefor (in the case of issue) within one month (or
such longer period as the terms of issue shall provide) after allotment of Certificated
Shares or (in the case of a transfer of fully paid shares) within fourteen days after
lodgment of a transfer or (in the case of a transfer of partly paid shares) within two
months after lodgment of a transfer of Certificated Shares.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|27. |  | Entitlement
to balancing certificates
|--- |  | -------------------------------------

| | Where
some only of the shares comprised in a share certificate are transferred the old
certificate shall be cancelled and a new certificate for the balance of such Certificated
Shares shall be issued in lieu without charge.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

28.

| |  | (A) |  | Entitlement
to consolidating certificates
| |  | --- |  | -----------------------------------------

| | Any
two or more certificates representing shares of any one class held by any member may at
his request be cancelled and a single new certificate for such Certificated Shares issued
in lieu without charge.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (B) |  | Directors
may issue split certificates
| |  | --- |  | --------------------------------------

| | If
any member shall surrender for cancellation a share certificate representing shares held
by him and shall request the Company to issue in lieu two or more share certificates
representing such Certificated Shares in such proportions as he may specify, the
Directors may, subject to the provisions of Regulation 29 below, if they think fit,
comply with such request.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (C) |  | Replacement
of damaged, lost or stolen certificates
| |  | --- |  | ---------------------------------------------------

| | If
a share certificate shall be damaged or defaced or alleged to have been lost, stolen or
destroyed, a new certificate representing the same shares must be issued without charge
(other than the exceptional out of pocket expenses (if any) referred to below) to the
holder upon request subject to delivery up of the old certificate or (if alleged to have
been lost, stolen or destroyed) upon compliance with such conditions as to evidence and
indemnity and the payment of any exceptional out-of-pocket expenses of the Company in
connection with the request as the Directors may think fit.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (D) |  | Requests
for replacement certificates for joint holders
| |  | --- |  | -------------------------------------------------------

| | In
the case of shares held jointly by several persons any such request may be made by any
one of the joint holders.
| | -------------------------------------------------------------------------------------------------------------------

|- 28 -
|------

|
|

29.

| |  | (A) |  | Entitlement
to certificate for shares changed to Certificated Shares
| |  | --- |  | --------------------------------------------------------------------

| | Subject
to the Statutes, these Regulations and the requirements of the London Stock Exchange,
where any Uncertificated Share is changed to certificated form, the holder (other than a
recognised clearing house or a nominee of a recognised clearing house or of a recognised
investment exchange referred to in Regulation 24) is entitled, unless the terms of issue
of the shares provide otherwise, without charge, to one certificate in respect of all the
Uncertificated Shares so changed to certificated form.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (B) |  | No
entitlement to certificate in respect of Uncertificated Shares
| |  | --- |  | -----------------------------------------------------------------

| | The
provisions of Regulations 24 to 29 (inclusive) shall not apply so as to require the
Company to issue to any person a certificate in respect of any share where such person
holds such share in uncertificated form.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|CALLS ON SHARES
|---------------

|30. |  | Directors
may make calls for amounts unpaid on shares
|--- |  | -----------------------------------------------------

| | The
Directors may from time to time make calls upon the members in respect of any moneys
unpaid on their shares (whether on account of the nominal value of the shares or, when
permitted, by way of premium) but subject always to the terms of issue of such shares. A
call shall be deemed to have been made at the time when the resolution of the Directors
authorising the call was passed and may be made payable by instalments.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|31. |  | Obligation
to pay calls
|--- |  | -----------------------

| | Each
member shall (subject to receiving at least fourteen days notice specifying the time
or times and place of payment) pay to the Company at the time or times and place so
specified the amount called on his shares. The joint holders of a share shall be jointly
and severally liable to pay all calls in respect thereof. A call may be revoked or
postponed as the Directors may determine.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|32. |  | Interest
on unpaid calls
|--- |  | ------------------------

| | If
a sum called in respect of a share is not paid before or on the day appointed for payment
thereof, the person from whom the sum is due shall pay interest on the sum from the day
appointed for payment thereof to the time of actual payment at such rate (not exceeding
15 per cent. per annum) as the Directors determine but the Directors shall be at liberty
in any case or cases to waive payment of such interest wholly or in part.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|33. |  | Calls
deemed to be made when so provided by terms of issue of shares
|--- |  | --------------------------------------------------------------------

| | Any
sum (whether on account of the nominal value of the share or by way of premium) which by
the terms of issue of a share becomes payable upon allotment or at any fixed date shall
for all the purposes of these Regulations be deemed to be a call duly made and payable on
the date on which by the terms of issue the same becomes payable. In case of non-payment
all the relevant provisions of these Regulations as to payment of interest and expenses,
forfeiture or otherwise shall apply as if such sum had become payable by virtue of a call
duly made and notified.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 29 -
|------

|
|

|34. |  | Directors
discretion as to amounts and times of calls on issue of shares
|--- |  | -------------------------------------------------------------------------

| | The
Directors may on the issue of shares differentiate between the holders as to the amount
of calls to be paid and the times of payment.
| | -----------------------------------------------------------------------------------------------------------------------------------------

|35. |  | Directors
may accept and pay interest on moneys in advance of calls
|--- |  | -------------------------------------------------------------------

| | The
Directors may if they think fit receive from any member willing to advance the same all
or any part of the moneys (whether on account of the nominal value of the share or by way
of premium) uncalled and unpaid upon the shares held by him and such payment in advance
of calls shall extinguish to the extent of the payment the liability upon the shares in
respect of which it is made and upon the money so received (until and to the extent that
the same would but for such advance become payable) the Company may pay interest at such
rate (not exceeding 15 per cent. per annum) as the member paying such sum and the
Directors may agree.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|FORFEITURE AND LIEN
|-------------------

|36. |  | Directors
may serve payment notice in respect of unpaid calls
|--- |  | -------------------------------------------------------------

| | If
a member fails to pay in full any call or instalment of a call on the due date for
payment thereof, the Directors may at any time thereafter serve a notice on him requiring
payment of so much of the call or instalment as is unpaid together with any interest
which may have accrued thereon and any expenses incurred by the Company by reason of such
non-payment.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|37. |  | Notice
to provide for forfeiture of shares
|--- |  | ------------------------------------------

| | The
notice shall name a further day (not being less than seven days from the date of service
of the notice) on or before which and the place where the payment required by the notice
is to be made, and shall state that in the event of non-payment in accordance therewith
the shares on which the call has been made will be liable to be forfeited.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|38. |  | Forfeiture
of shares
|--- |  | --------------------

| | If
the requirements of any such notice as aforesaid are not complied with, any share in
respect of which such notice has been given may at any time thereafter, before payment of
all calls and interest and expenses due in respect thereof has been made, be forfeited by
a resolution of the Directors to that effect. Such forfeiture shall include all dividends
declared in respect of the forfeited share and not actually paid before forfeiture. The
Directors may accept a surrender of any share liable to be forfeited hereunder.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 30 -
|------

|
|

|39. |  | Forfeited
or surrendered share the property of the Company
|--- |  | ----------------------------------------------------------

| | A
share so forfeited or surrendered shall become the property of the Company and may be
sold, re-allotted or otherwise disposed of either to the person who was before such
forfeiture or surrender the holder thereof or entitled thereto or to any other person
upon such terms and in such manner as the Directors shall think fit and at any time
before a sale, re-allotment or disposition the forfeiture or surrender may be cancelled
on such terms as the Directors think fit. The Directors may, if necessary, authorise some
person to transfer a forfeited or surrendered share to any such other person as
aforesaid.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|40. |  | Ex-member
to remain liable for moneys unpaid on forfeited shares
|--- |  | ----------------------------------------------------------------

| | A
member whose shares have been forfeited or surrendered shall cease to be a member in
respect of the shares but shall notwithstanding the forfeiture or surrender remain liable
to pay the Company all moneys which at the date of forfeiture or surrender were presently
payable by him to the Company in respect of the shares with interest thereon at 15 per
cent. per annum (or such lower rate as the Directors may determine) from the date of
forfeiture or surrender until such payment and the Directors may at their absolute
discretion enforce payment without allowance for the value of the shares at the time of
forfeiture or surrender or waive payment in whole or in part.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|41. |  | Company
to have lien on shares not fully paid
|--- |  | ---------------------------------------------

| | The
Company shall have a first and paramount lien on every share (not being a fully paid
share) for all moneys (whether presently payable or not) called or payable at a fixed
time in respect of such share. The Directors may waive any lien which has arisen and may
resolve that any shares for some limited period be exempt wholly or partially from the
provisions of this Regulation.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|42. |  | Companys
power of sale under lien
|--- |  | ----------------------------------

| | The
Company may sell in such manner as the Directors think fit any share on which the Company
has a lien, but no sale shall be made unless some sum in respect of which the lien exists
is presently payable nor until the expiration of fourteen days after a notice stating and
demanding payment of the sum presently payable and giving notice of intention to sell in
default shall have been given to the holder for the time being of the share or the person
entitled thereto by reason of his death or bankruptcy.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|43. |  | Application
of sale proceeds
|--- |  | ----------------------------

| | The
net proceeds of such sale after payment of the costs of such sale shall be applied in or
towards payment or satisfaction of the debts or liabilities in respect whereof the lien
exists so far as the same are then payable and any residue shall, upon surrender to the
Company for cancellation of the certificate for the share sold or the provision of any
indemnity (with or without security) required by the Directors as to any lost or
destroyed certificate and subject to a like lien for debts or liabilities not presently
payable as existed upon the share prior to the sale, be paid to the person entitled to
the share at the time of the sale. For the purpose of giving effect to any such sale the
Directors may authorise some person to transfer the share sold to, or in accordance with
the directions of, the purchaser.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 31 -
|------

|
|

|44. |  | Title
to shares sold under lien or after forfeiture
|--- |  | ---------------------------------------------------

| | A
statutory declaration in writing that the declarant is a Director or the Secretary of the
Company and that a share has been duly forfeited or surrendered or sold to satisfy a lien
of the Company on a date stated in the declaration shall be conclusive evidence of the
facts therein stated as against all persons claiming to be entitled to the share. Such
declaration and the receipt of the Company for the consideration (if any) given for the
share on the sale, re-allotment or disposal thereof together with the share certificate
delivered to a purchaser or allottee thereof shall (subject to the execution of a
transfer if the same be required) constitute a good title to the share and the person to
whom the share is sold, re-allotted or disposed of shall be registered as the holder of
the share and shall not be bound to see to the application of the purchase money (if any)
nor shall his title to the share be affected by any irregularity or invalidity in the
proceedings relating to the forfeiture, surrender, sale, re-allotment or disposal of the
share.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|TRANSFER OF SHARES
|------------------

45.

| |  | (A) |  | Requirements
as to form of transfers of Certificated Shares
| |  | --- |  | -----------------------------------------------------------

| | All
transfers of Certificated Shares may be effected by transfer in writing in any usual or
common form or in any other form acceptable to the Directors and may be under hand only.
The instrument of transfer shall be signed by or on behalf of the transferor and (except
in the case of fully paid shares) by or on behalf of the transferee.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (B) |  | Requirements
as to transfers of Uncertificated Shares
| |  | --- |  | -----------------------------------------------------

| | A
member may transfer all or any of his Uncertificated Shares in the manner provided for in
the rules and procedures of the Operator of the Relevant System and in accordance with
and subject to the Uncertificated Securities Regulations.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (C) |  | Transferor
to remain holder until transfer actually registered
| |  | --- |  | --------------------------------------------------------------

| | The
transferor of a share shall remain the holder of the share concerned until the name of
the transferee is entered in the Register in respect thereof.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------

|46. |  | Directors
may suspend registration of transfers
|--- |  | -----------------------------------------------

| | Subject
to the Statutes, the registration of transfers may be suspended at such times and for
such periods as the Directors may from time to time determine and either generally or in
respect of any class of shares, provided that the Company shall not close any Register
relating to a Participating Security without the consent of the Operator of the Relevant
System. The Register shall not be closed for more than thirty days in any year.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 32 -
|------

|
|

47.

| |  | (A) |  | Directors
may refuse to register certain renunciations and transfers of Certificated Shares
| |  | --- |  | -------------------------------------------------------------------------------------------

| | The
Directors may refuse to register an allotment or a transfer of Certificated Shares
(whether fully paid or not) in favour of more than four persons jointly. If the Directors
refuse to register a renounceable letter of allotment or a transfer of a Certificated
Share they shall within two months after the date on which the letter of allotment or
transfer was lodged with the Company send to the allottee or transferee notice of the
refusal.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (B) |  | Directors
may refuse to register transfers of Certificated Shares of more than one class of share,unstamped transfers or transfers unaccompanied by proof of transferors title
| |  | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
Directors may also decline to recognise any instrument of transfer in respect of
Certificated Shares (which for the purposes of these Regulations shall include a
renunciation of a renounceable letter of allotment) unless the instrument of transfer is
in respect of only one class of share, is duly stamped (if required) and is lodged at the
Transfer Office accompanied by the relevant share certificate(s) (except in the case of a
renunciation and as described below) and such other evidence as the Directors may
reasonably require to show the right of the transferor to make the transfer (and, if the
instrument of transfer is executed by some other person on his behalf, the authority of
that person so to do). In the case of a transfer by a recognised clearing house or a
nominee of a recognised clearing house or of a recognised investment exchange the
lodgment of share certificates will only be necessary if and to the extent that
certificates have been issued in respect of the shares in question.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

48.

| |  | (A) |  | Registration
of transfers of Uncertificated Shares
| |  | --- |  | --------------------------------------------------

| | The
Company shall register a transfer of title to any Uncertificated Share or any
renounceable right of allotment of a share which is a Participating Security held in
uncertificated form, but so that the Directors may refuse to register such a transfer in
favour of more than four persons jointly or in any other circumstance permitted by the
Uncertificated Securities Regulations.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (B) |  | Directors
to notify refusals to register transfers of Uncertificated Shares
| |  | --- |  | ---------------------------------------------------------------------------

| | If
the Directors refuse to register the transfer of an Uncertificated Share or of any
renounceable right of allotment of a share which is a Participating Security held in
uncertificated form the Company shall, within two months after the date on which the
transfer instruction relating to such transfer was received by the Company, send notice
of the refusal to the transferee.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 33 -
|------

|
|

|49. |  | Company
may retain registered transfers
|--- |  | ---------------------------------------

| | All
instruments of transfer which are registered may be retained by the Company.
| | --------------------------------------------------------------------------------

|50. |  | No
fee for registration of transfers or related documents
|--- |  | ---------------------------------------------------------

| | No
fee will be charged by the Company in respect of the registration of any instrument of
transfer or probate or letters of administration or certificate of marriage or death or
stop notice or power of attorney or other document or instruction relating to or
affecting the title to any shares or otherwise for making any entry in the Register
affecting the title to any shares.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|51. |  | Company
may destroy documents after certain periods
|--- |  | ---------------------------------------------------

| | The
Company shall be entitled to destroy all instruments of transfer or other documents which
have been registered or on the basis of which registration was made at any time after the
expiration of six years from the date of registration thereof and all dividend mandates
and notifications of change of address at any time after the expiration of two years from
the date of recording thereof and all share certificates which have been cancelled at any
time after the expiration of one year from the date of cancellation thereof and it shall
conclusively be presumed in favour of the Company that every entry in the Register
purporting to have been made on the basis of an instrument of transfer or other such
document so destroyed was duly and properly made and every instrument of transfer so
destroyed was a valid and effective instrument duly and properly registered and every
share certificate so destroyed was a valid and effective certificate duly and properly
cancelled and every other document hereinbefore mentioned so destroyed was a valid and
effective document in accordance with the recorded particulars thereof in the books or
records of the Company. Provided always that:-
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (1) |  | the
provisions aforesaid shall apply only to the destruction of a document in good faith and
without notice of any claim (regardless of the parties thereto) to which the document
might be relevant;
| |  |  |  | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (2) |  | nothing
herein contained shall be construed as imposing upon the Company any liability in respect
of the destruction of any such document earlier than as aforesaid or in any other
circumstances which would not attach to the Company in the absence of this Regulation;
| |  |  |  | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (3) |  | reference
herein to the destruction of any document include references to disposal thereof in any
manner.
| |  |  |  | --- |  | ---------------------------------------------------------------------------------------------------------

|TRANSMISSION OF SHARES
|----------------------

|52. |  | Personal
representatives of deceased holders entitled to shares but liabilities of estate continue
|--- |  | --------------------------------------------------------------------------------------------------

| | In
case of the death of a shareholder, the survivors or survivor where the deceased was a
joint holder, and the executors or administrators of the deceased where a sole or only
surviving holder, shall be the only persons recognised by the Company as having any title
to his interest in the shares, but nothing in this Regulation shall release the estate of
a deceased holder (whether sole or joint) from any liability in respect of any share held
by him.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 34 -
|------

|
|

53.

| |  | (A) |  | Registration
of persons entitled to shares by operation of law
| |  | --- |  | --------------------------------------------------------------

| | Any
person becoming entitled to a share in consequence of the death or bankruptcy of a member
or otherwise by operation of law may (subject as hereinafter provided) upon supplying to
the Company such evidence as the Directors may reasonably require to show his title to
the share either be registered himself as holder of the share upon giving to the Company
notice in writing of such desire of his or transfer such share to some other person.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (B) |  | Registration
of other persons
| |  | --- |  | -----------------------------

| | If
he elects to have another person registered, he shall:
| | ---------------------------------------------------------

| |  |  |  | (1) |  | in
the case of a Certificated Share, execute an instrument of transfer of the Certificated
Share to that person; or
| |  |  |  | --- |  | -------------------------------------------------------------------------------------------------------------------

| |  |  |  | (2) |  | in
the case of an Uncertificated Share, either procure that instructions are given by means
of the Relevant System to effect the transfer of such Uncertificated Share to that person
in accordance with the Uncertificated Securities Regulations, or procure that the
Uncertificated Share is changed to certificated form and execute an instrument of
transfer of that Certificated Share to that person.
| |  |  |  | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (C) |  | Limitations
apply to such transfers
| |  | --- |  | -----------------------------------

| | All
the limitations, restrictions and provisions of these Regulations relating to the right
to transfer and the registration of transfers of shares shall be applicable to any such
notice or transfer as aforesaid as if the death or bankruptcy of the member had not
occurred and the notice or transfer were a transfer executed or instruction given by such
member.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|54. |  | Entitlement
to share rights pending registration of persons entitled to shares by operation of law
|--- |  | --------------------------------------------------------------------------------------------------

| | Save
as otherwise provided by or in accordance with these Regulations, a person becoming
entitled to a share in consequence of the death or bankruptcy of a member or otherwise by
operation of law (upon supplying to the Company such evidence as the Directors may
reasonably require to show his title to the share) shall be entitled to the same
dividends and other advantages as those to which he would be entitled if he were the
registered holder of the share except that he shall not be entitled in respect thereof
(except with the authority of the Directors) to exercise any right conferred by
membership in relation to meetings of the Company until he shall have been registered as
a member in respect of the share.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 35 -
|------

|UNTRACED SHAREHOLDERS


55.
|---------------------------

| |  | (A) |  | Company
may sell shares of untraced holders after certain periods
| |  | --- |  | -----------------------------------------------------------------

| | The
Company shall be entitled to sell the shares of a member or the shares to which a person
is entitled by virtue of transmission on death or bankruptcy or otherwise by operation of
law if and provided that:-
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (1) |  | during
the period of twelve years prior to the date of the publication of the advertisements
referred to in paragraph (2) below (or, if published on different dates, the first
thereof) no communication has been received by the Company from the member or the person
entitled by transmission and no cheque or warrant sent by the Company through the post in
a pre-paid letter addressed to the member or to the person entitled by transmission to
the shares at his postal address on the Register or otherwise the last known postal
address given by the member or the person entitled by transmission to which cheques and
warrants are to be sent has been cashed or no payment made by the Company by any other
means permitted by these Regulations has been claimed or accepted and at least three
dividends in respect of the shares in question have become payable and no dividend in
respect of those shares has been claimed; and
| |  |  |  | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (2) |  | the
Company shall on expiry of the said period of twelve years have inserted advertisements
in both a national daily newspaper and in a newspaper circulating in the area in which
the last known postal address of the member or the postal address at which service of
notices may be effected in the manner authorised by these Regulations is located giving
notice of its intention to sell the said shares; and
| |  |  |  | --- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (3) |  | during
the said period of twelve years and the period of three months following the publication
of the said advertisements the Company shall have received no communication from such
member or person; and
| |  |  |  | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (4) |  | notice
shall have been given to the London Stock Exchange in London of its intention to make
such sale.
| |  |  |  | --- |  | -------------------------------------------------------------------------------------------------------

| |  | (B) |  | Power
of sale to extend to additional shares
| |  | --- |  | --------------------------------------------

| | In
addition to the power of sale conferred by paragraph (A) above, if during the period of
12 years referred to in paragraph (A)(1) above or a further period ending on the date
when all the requirements of paragraphs (A)(1) to (4) above have been satisfied
additional shares have been issued in right of those shares held at the beginning of, or
previously so issued during, those periods and all the requirements of paragraphs (A)(1)
to (4) have been satisfied in respect of the additional shares, the Company shall be
entitled to sell the additional shares of the relevant member or the relevant person
entitled by transmission, as the case may be.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 36 -
|------

|
|

| |  | (C) |  | Procedures
for exercise of power of sale
| |  | --- |  | ----------------------------------------

| | To
give effect to any such sale the Company may appoint any person to execute as transferor
an instrument of transfer of Certificated Shares or, in respect of any Uncertificated
Shares, the Directors may exercise any of the powers conferred on the Company by
Regulation F.17 to effect transfer of the shares, and such instrument or exercise of such
powers (as the case may be) shall be as effective as if it had been executed or exercised
by the registered holder of or person entitled by transmission to such shares, and the
title of the transferee shall not be affected by any irregularity or invalidity in the
proceedings relating thereto. The net proceeds of sale shall belong to the Company which
shall be obliged to account to the former member or other person previously entitled as
aforesaid for an amount equal to such proceeds and shall enter the name of such former
member or other person in the books of the Company as a creditor for such amount which
shall be a permanent debt of the Company. No trust shall be created in respect of the
debt, no interest shall be payable in respect of the same and the Company shall not be
required to account for any money earned on the net proceeds, which may be employed in
the business of the Company or invested in such investments (other than shares of the
Company or its parent undertaking, if any) as the Directors may from time to time think
fit.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|GENERAL MEETINGS
|----------------

|56. |  | Annual
General Meetings to be held
|--- |  | ----------------------------------

| | An
Annual General Meeting shall be held once in every year, at such time (within a period of
not more than fifteen months after the holding of the last preceding Annual General
Meeting) and place as may be determined by the Directors. All other General Meetings
shall be called Extraordinary General Meetings.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|57. |  | Directors
to convene Extraordinary General Meetings
|--- |  | ---------------------------------------------------

| | The
Directors may whenever they think fit, and shall on any requisition made in accordance
with the Statutes, proceed with proper expedition to convene an Extraordinary General
Meeting.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|NOTICE OF GENERAL
MEETINGS


F.58
|---------------------------------

| |  | (A) |  | Periods
of notice for General Meetings
| |  | --- |  | --------------------------------------

| | An
Annual General Meeting and any Extraordinary General Meeting at which it is proposed to
pass a Special Resolution, or (save as provided by the Statutes) a resolution of which
special notice has been given to the Company, shall be called by twenty one days notice
in writing at the least, and any other Extraordinary General Meeting by fourteen days notice
in writing at the least. In this Regulation references to written notice include the use
of electronic communications and publication on a web site in accordance with the Act and
the Electronic Communications Act 2000. The period of notice shall in each case be
exclusive of the day on which it is served or in the case of an electronic communication,
the day it is received or deemed to be served or received and of the day on which the
meeting is to be held and shall, subject as provided in paragraph (B) of this Regulation
F.58, be given in the manner hereinafter mentioned to all members other than such as are
not under the provisions of these Regulations entitled to receive such notices from the
Company. Provided that a General Meeting notwithstanding that it has been called by a
shorter notice than that specified above shall be deemed to have been duly called if it
is so agreed:-
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 37 -
|------

|
|

| |  |  |  | (1) |  | in
the case of an Annual General Meeting by all the members entitled to attend and vote
thereat which for this purpose shall include the Founders Share Company; and
| |  |  |  | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (2) |  | in
the case of an Extraordinary General Meeting by a majority in number of the members
having a right to attend and vote thereat, being a majority together holding not less
than 95 per cent. in nominal value of the shares giving that right, and by the Founders
Share Company.;
| |  |  |  | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (1) |  | .
| |  |  |  | --- |  | -

| |  | (B) |  | Determination
of record date for serving notices of meetings
| |  | --- |  | ------------------------------------------------------------

| | For
the purposes of serving notices of meetings, whether under section 370(2) of the Act or
any other enactment or under these Regulations, the Directors may determine that persons
entitled to receive such notices are those persons entered on the Register at the close
of business on a day determined by the Directors, provided that, if the Company is a
participating issuer, the day determined by the Directors may not be more than 21 days
before the day that the relevant notice of meeting is sent.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (C) |  | Accidental
non-delivery of notice to or non-receipt of notice by any person (except Founders Share
Company) not to invalidate proceedings at meeting
| |  | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------

| | The
accidental omission to give notice to or the non-receipt of notice by any person entitled
thereto (other than in each case the Founders Share Company) shall not invalidate the
proceedings at any General Meeting.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 38 -
|------

|
|

59.

| |  | (A) |  | Contents
of notices of General Meetings
| |  | --- |  | ---------------------------------------

| | Every
notice of a General Meeting shall specify the principal meeting place and the satellite
meeting places (if any) and the day and hour of the meeting and there shall appear with
reasonable prominence in every such notice a statement that a member entitled to attend
and vote is entitled to appoint a proxy or proxies to attend and, on a poll, vote instead
of him and that a proxy need not be a member of the Company.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (B) |  | Notice
of Annual General Meeting
| |  | --- |  | --------------------------------

| | In
the case of an Annual General Meeting, the notice shall also specify the meeting as such.
| | --------------------------------------------------------------------------------------------

| |  | (C) |  | Notices
to identify special business
| |  | --- |  | ------------------------------------

| | In
the case of any General Meeting at which business other than routine business is to be
transacted, the notice shall specify the general nature of such business; and, if any
resolution is to be proposed as an Extraordinary Resolution or as a Special Resolution,
the notice shall contain a statement to that effect.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (D) |  | Determination
of record date for entitlement to attend and vote at general meetings
| |  | --- |  | -----------------------------------------------------------------------------------

| | For
the purposes of determining which persons are entitled to attend or vote at any General
Meeting, the notice may also specify a time (which shall not be more than 48 hours before
the time fixed for the meeting) by which a person must be entered on the Register in
order to have the right to attend or vote at the meeting. Changes to entries on the
Register after the time so specified in the notice shall be disregarded in determining
the rights of any person to so attend or vote.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|60. |  | Routine
business of Annual General Meetings
|--- |  | -------------------------------------------

| | Routine
business shall mean and include any business transacted at an Annual General Meeting of
the following classes:-
| | -----------------------------------------------------------------------------------------------------------------------

| |  | (1) |  | declaring
dividends;
| |  | --- |  | --------------------

| |  | (2) |  | receiving
and/or adopting the accounts, the reports of the Directors and Auditors and other
documents required to be attached or annexed to the accounts;
| |  | --- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (3) |  | appointing
or re-appointing Directors to fill vacancies arising at the meeting on retirement whether
by rotation or otherwise;
| |  | --- |  | ------------------------------------------------------------------------------------------------------------------------------

|- 39 -
|------

|
|

| |  | (4) |  | re-appointing
the retiring Auditors (unless they were last appointed otherwise than by the Company in
General Meeting);
| |  | --- |  | -----------------------------------------------------------------------------------------------------------------------

| |  | (5) |  | fixing
the remuneration of the Auditors or determining the manner in which such remuneration is
to be fixed; and
| |  | --- |  | ----------------------------------------------------------------------------------------------------------------

| |  | (6) |  | granting,
renewing or varying authority under section 80 of the Act or disapplying section 89 of
the Act.
| |  | --- |  | ---------------------------------------------------------------------------------------------------------

|PROCEEDINGS AT GENERAL
MEETINGS


61.
|-------------------------------------

| |  | (A) |  | Chairmanship
of General Meetings
| |  | --- |  | --------------------------------

| | The
Chairman of the Directors, failing whom one of the Deputy Chairmen, shall preside as
chairman at a General Meeting. If there be no such Chairman or Deputy Chairman, or if at
any meeting neither be present within five minutes after the time appointed for holding
the meeting and willing to act, the Directors present shall choose one of their number
(or, if no Director be present or if all the Directors present decline to take the chair,
the members present shall choose one of their number) to be chairman of the meeting.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (B) |  | Directors
may attend and speak at General Meetings
| |  | --- |  | --------------------------------------------------

| | A
Director is entitled to attend and speak at a General Meeting and at a separate General
Meeting of the holders of a class of shares or debentures whether or not he is a member.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

F.62

| |  | (A) |  | Directors
may make provision for persons (other than Founders Share Company) to attend General
Meetingsat satellite venues
| |  | --- |  | --------------------------------------------------------------------------------------------------------------------------

| | The
Directors may resolve to enable persons entitled to attend a General Meeting (other than
the representative or proxy of the Founders Share Company) to do so by attending at a
satellite meeting place anywhere in the world and the members present in person or by
proxy at satellite meeting places shall be counted in the quorum for and entitled to vote
at the meeting, and the meeting shall be duly constituted and its proceedings valid
provided that (a) in the case of any General Meeting falling within the proviso to
paragraph (A) of Regulation F.63, the Founders Share Company has given its prior written
consent, and (b) the chairman of the General Meeting is satisfied that adequate
facilities are available throughout the General Meeting to ensure that members attending
at all the meeting places are able to (i) participate in the business for which the
meeting has been convened, (ii) hear and see all persons present at and who speak
(whether by the use of microphones, loudspeakers, audio-visual communications equipment
or otherwise) in the principal meeting place, any satellite meeting place or elsewhere in
accordance with paragraph (D) below, and (iii) be heard and seen by all other persons so
present in the same way. The chairman of the General Meeting shall be present at, and the
meeting shall be deemed to take place at, the principal meeting place.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 40 -
|------

|
|

| |  | (B) |  | Discretion
of Chairman to interrupt or adjourn General Meetings
| |  | --- |  | ---------------------------------------------------------------

| | If
it appears to the chairman of the General Meeting that the facilities at the principal
meeting place or any satellite meeting place have become inadequate for the purposes
referred to in paragraph (A) above, then the chairman may, without the consent of the
meeting, interrupt or adjourn the General Meeting for such time and/or to such other
place as the chairman of the General Meeting may in his absolute discretion determine.
All business conducted at that General Meeting up to the time of such adjournment shall
be valid.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (C) |  | Directors
may arrange for persons to hear, see and speak at General Meetings by audio-visual means
| |  | --- |  | --------------------------------------------------------------------------------------------------

| | The
Directors may make arrangements for persons entitled to attend a General Meeting to be
able to view and/or hear the proceedings of any General Meeting and/or to speak at the
meeting (whether by the use of microphones, loudspeakers, audio-visual communications
equipment or otherwise), by attending a venue anywhere in the world not being a satellite
meeting place and those attending any such venue shall not be regarded as present and
shall not be entitled to vote at the meeting at or from that venue and the inability for
any reason of any member present in person or by proxy at such a venue to view and/or
hear all or any of the proceedings of the meeting and/or to speak at the meeting shall
not in any way affect the validity of such proceedings.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (D) |  | Validity
of meetings if accommodation inadequate
| |  | --- |  | ------------------------------------------------

| | If
it appears to the chairman of the General Meeting that any principal meeting place or
satellite meeting place specified in the notice convening the meeting is inadequate to
accommodate all members entitled and wishing to attend, the meeting shall be duly
constituted and its proceedings valid if (a) in the case of any General Meeting falling
within the proviso to paragraph (A) of Regulation F.63, any representative or proxy of
the Founders Share Company is allowed to be present at the principal meeting place, and
(b) the chairman is satisfied that adequate facilities are available to ensure that any
other member who is unable to be accommodated is able to (i) participate in the business
for which the meeting has been convened, and (ii) hear and see all persons present at and
who speak (whether by the use of microphones, loudspeakers, audio-visual communications
equipment or otherwise), in the principal meeting place, any satellite meeting place or
elsewhere in accordance with this paragraph (D), and (iii) be heard and seen by all
other persons so present in the same way.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 41 -
|------

|
|

| |  | (E) |  | Rights
of members to take part in General Meetings
| |  | --- |  | --------------------------------------------------

| | For
the purposes of this Regulation, the right for a member to participate in the business of
any General Meeting shall include, without limitation, the right to: speak; vote on any
show of hands; vote on any poll; be represented by a proxy; and the right to have access
to all documents which are required by the Statutes and these Regulations to be made
available at the meeting.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

F.63

| |  | (A) |  | Quorum
for General Meetings
| |  | --- |  | ---------------------------

| | No
business (other than the appointment of a chairman) shall be transacted at any General
Meeting unless a quorum is present at the time when the meeting proceeds to business. Any
two members present in person or by proxy and entitled to vote or the Founders Share
Company, present either by a representative appointed in accordance with section
375(1)(a) of the Act or by proxy, shall constitute a quorum for all purposes at any
General Meeting. Provided that at any General Meeting:-
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (1) |  | the
business of which includes the consideration of any such resolution as is mentioned in
Regulation F.18, or
| |  |  |  | --- |  | --------------------------------------------------------------------------------------------------------------

| |  |  |  | (2) |  | which
is held at a time when a Founders Share Control Notice, which has been served at the
Office pursuant to and in accordance with paragraph (C) of Regulation F.19, has not been
rescinded by any Rescission Notice served at the Office pursuant to and in accordance
with paragraph (D) of that Regulation, or
| |  |  |  | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (3) |  | which
is called by shorter notice than the twenty one days or fourteen days (as the case may
be) specified in Regulation F.58,
| |  |  |  | --- |  | ------------------------------------------------------------------------------------------------------------------------------

| | a
quorum shall not be present for any purpose unless the Founders Share Company is present
thereat, either by a representative appointed as aforesaid or by proxy.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (B) |  | Meetings
where no quorum present
| |  | --- |  | --------------------------------

| | If
within five minutes from the time appointed for a General Meeting (or such longer
interval as the chairman of the meeting may think fit to allow) a quorum is not present,
the General Meeting, if convened pursuant to any of the provisions of section 368 of the
Act or of Regulation F.20, shall be dissolved. In any other case it shall stand adjourned
to such other day and such time and such principal meeting place and satellite meeting
places as may have been specified for the purpose in the notice convening the General
Meeting or (if not so specified) as the chairman of the General Meeting may determine and
in the latter case not less than seven days notice of the adjourned meeting shall be
given, subject always to the provisions of paragraph (B) of Regulation F.58, in like
manner as in the case of the original meeting. At any such adjourned meeting all of the
provisions of paragraph (A) of this Regulation shall apply as though every reference in
that Regulation to a General Meeting included a reference to any such adjourned meeting.
In this Regulation references to notice include the use of electronic communications and
publications on a web site in accordance with the Act and the Electronic Communications
Act 2000.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 42 -
|------

|
|

F.64

| |  | (A) |  | Adjournment
of General Meetings
| |  | --- |  | -------------------------------

| | The
chairman of any General Meeting at which a quorum is present may with the consent of the
General Meeting (and shall if so directed by the General Meeting) adjourn the meeting
from time to time and from place to place or for an indefinite period, provided that in
the case of any General Meeting falling within the proviso to paragraph (A) of Regulation
F.63 any such adjournment will be subject to the consent of any representative or proxy
of the Founders Share Company.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (B) |  | Chairmans
power to adjourn in certain circumstances
| |  | --- |  | ----------------------------------------------------

| | Without
prejudice to any other power which he may have under the provisions of these Regulations
or at common law, the chairman of any General Meeting may (without the consent of the
meeting but, in the case of any General Meeting falling within the proviso to paragraph
(A) of Regulation F.63, subject to the consent of any representative or proxy of the
Founders Share Company) interrupt or adjourn a meeting if he is of the opinion that it
has become necessary to do so in order to (i) secure the proper and orderly conduct of
the meeting, or (ii) give all persons entitled to do so a reasonable opportunity of
speaking and voting at the meeting, or (iii) ensure the proper disposal of the business
of the meeting. Any such adjournment may be for such time as the chairman of the meeting
may in his absolute discretion determine, and the chairman of the meeting shall have
power to specify some other place for holding the meeting, notwithstanding that by reason
of such adjournment some members may be unable to be present at the adjourned meeting.
Any such person may nevertheless execute a form of proxy for the adjourned meeting and if
he shall do so and shall deliver the same to the chairman of the adjourned meeting or to
the Secretary of the Company, such proxy shall be valid notwithstanding that it is given
at less notice than would otherwise be required under these Regulations. In this
Regulation references to notice include the use of electronic communications and
publications on a web site in accordance with the Act and the Electronic Communications
Act 2000.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (C) |  | Business
at adjourned General Meetings
| |  | --- |  | --------------------------------------

| | No
business shall be transacted at any adjourned meeting except business which might
lawfully have been transacted at the meeting from which the adjournment took place.
Business transacted at any adjourned meeting shall be treated as business transacted at
the General Meeting which had been adjourned. Where a meeting is adjourned for an
indefinite period, the time and place for the adjourned meeting shall be fixed by the
Directors. When a meeting is adjourned for thirty days or more or for an indefinite
period, not less than seven days notice of the adjourned meeting shall be given,
subject always to the provisions of paragraph (B) of Regulation F.58, in like manner as
in the case of the original meeting. At any adjourned meeting held pursuant to any of the
provisions of this Regulation all of the provisions of Regulation 60 and Regulation F.63
shall apply as though every reference in those Regulations to a General Meeting included
a reference to any such adjourned meeting. In this Regulation references to notice
include the use of electronic communications and publications on a web site in accordance
with the Act and the Electronic Communications Act 2000.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 43 -
|------

|
|

|65. |  | Notice
of adjournment not required
|--- |  | ----------------------------------

| | Save
as hereinbefore expressly provided, it shall not be necessary to give any notice of an
adjournment or of the business to be transacted at any adjourned meeting.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------

|66. |  | Amendments
to resolutions
|--- |  | -------------------------

| | If
an amendment shall be proposed to any resolution under consideration but shall in good
faith be ruled out of order by the chairman of the meeting the proceedings on the
substantive resolution shall not be invalidated by any error in such ruling. In the case
of a resolution duly proposed as a Special or Extraordinary Resolution no amendment
thereto (other than a mere clerical amendment to correct a patent error) may in any event
be considered or voted upon.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|F.67 |  | Votes
by show of hands unless poll demanded and requisitionists required for poll
|---- |  | ---------------------------------------------------------------------------------

| | At
any General Meeting a resolution put to the vote of the meeting shall be decided on a
show of hands unless a poll is (before or on the declaration of the result of the show of
hands) demanded by:-
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (A) |  | the
chairman of the meeting; or
| |  | --- |  | -------------------------------

| |  | (B) |  | not
less than three members present in person or by proxy and entitled to vote; or
| |  | --- |  | ----------------------------------------------------------------------------------

| |  | (C) |  | a
member or members present in person or by proxy and representing not less than one-tenth
of the total voting rights of all the members having the right to vote at the meeting; or
| |  | --- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (D) |  | a
member or members present in person or by proxy and holding shares in the Company
conferring a right to vote at the meeting being shares on which an aggregate sum has been
paid up equal to not less than one-tenth of the total sum paid up on all the shares
conferring that right; or
| |  | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (E) |  | the
Founders Share Company, present either by a representative appointed in accordance with
section 375(1)(a) of the Act or by proxy.
| |  | --- |  | -------------------------------------------------------------------------------------------------------------------------------------

|- 44 -
|------

|
|

| | Provided
that:-
| | ---------------

| |  |  |  | (1) |  | any
such resolution as is mentioned in Regulation F.18, and
| |  |  |  | --- |  | -----------------------------------------------------------

| |  |  |  | (2) |  | any
resolution which is proposed at a General Meeting at a time when a Founders Share Control
Notice, which has been served at the Office pursuant to and in accordance with paragraph
(C) of Regulation F.19, has not been rescinded by any Rescission Notice served at the
Office pursuant to and in accordance with paragraph (D) of that Regulation,
| |  |  |  | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | shall,
in the absence of the written consent of the Founders Share Company to the contrary, be a
resolution on which a poll must be taken, and in the event that a poll shall not be taken
on any such resolution as aforesaid the result of any show of hands on that resolution
shall be deemed to be invalid for all purposes.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

68.

| |  | (A) |  | Withdrawal
of demand for poll
| |  | --- |  | -----------------------------

| | A
demand for a poll may be withdrawn only with the approval of the General Meeting. Unless
a poll is duly demanded, or is required to be taken, a declaration by the chairman of the
meeting that a resolution has been carried, or carried unanimously, or by a particular
majority, or lost, and an entry to that effect in the minute book, shall be conclusive
evidence of that fact without proof of the number or proportion of the votes recorded for
or against such resolution. If a poll is duly demanded, or is required to be taken, it
shall be taken in such manner (including the use of ballot or other voting papers or
tickets) as the chairman of the meeting may direct, and the result of the poll shall be
deemed to be the resolution of the meeting at which the poll was so demanded or required
to be taken. The chairman of the meeting may (and if so directed by the meeting shall)
appoint scrutineers and may adjourn the meeting to some place and time fixed by him for
the purpose of declaring the result of the poll.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (B) |  | Procedure
for polls
| |  | --- |  | -------------------

| | A
poll which is duly demanded (or which is required to be taken) on the choice of a
chairman or on a question of adjournment shall be taken forthwith. A poll which is duly
demanded (or which is required to be taken) on any other question shall be taken either
immediately or at such subsequent time (not being more than thirty days from the date of
the meeting) and place as the chairman may direct. No notice need be given of a poll not
taken immediately. The fact that a poll shall have been duly demanded (or shall be
required to be taken) on any question (other than on the choice of a chairman or an
adjournment) shall not prevent the continuance of the meeting for the transaction of any
business other than that question.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 45 -
|------

|
|

|69. |  | Chairman
to have casting vote
|--- |  | -----------------------------

| | In
the case of an equality of votes, whether on a show of hands or on a poll, the chairman
of the meeting at which the show of hands takes place or at which the poll is demanded
shall be entitled to a casting vote.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|F.70 |  | Arrangements
for security of General Meetings
|---- |  | ---------------------------------------------

| | The
Directors and, at any General Meeting, the chairman may make any arrangement and impose
any restriction they consider appropriate to ensure the security and orderly conduct of a
General Meeting including, without limitation, the searching of the personal property of
persons attending the meeting and the restriction of items that may be taken into the
meeting place. The Directors and, at any General Meeting, the chairman is entitled to
refuse entry to a meeting to a person (other than any representative or proxy of the
Founders Share Company) who refuses to comply with these arrangements or restrictions.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|VOTES OF MEMBERS
|----------------

|71. |  | Votes
on show of hands and on polls
|--- |  | -----------------------------------

| | Subject
as otherwise provided by these Regulations, at any General Meeting of the Company:-
| | -------------------------------------------------------------------------------------------

| |  | (1) |  | on
any show of hands every member entitled to vote at such General Meeting other than the
Founders Share Company who is present in person shall have one vote;
| |  | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (2) |  | on
any poll every holder of Ordinary Shares shall have one vote for every Ordinary Share of
which he is the holder.
| |  | --- |  | -------------------------------------------------------------------------------------------------------------------

|72. |  | Votes
of joint holders
|--- |  | ----------------------

| | In
the case of joint holders of a share the vote of the senior who tenders a vote, whether
in person or by proxy, shall be accepted to the exclusion of the votes of the other joint
holders and for this purpose seniority shall be determined by the order in which the
names stand in the Register in respect of the share.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|73. |  | Votes
by receivers and others on behalf of members suffering from mental disorder
|--- |  | ---------------------------------------------------------------------------------

| | Where
in England or elsewhere a receiver or other person (by whatever name called) has been
appointed by any court claiming jurisdiction in that behalf to exercise powers with
respect to the property or affairs of any member on the ground (however formulated) of
mental disorder, the Directors may in their absolute discretion, upon or subject to
production of such evidence of the appointment as the Directors may require, permit such
receiver or other person on behalf of such member to vote in person or by proxy at any
General Meeting or to exercise any other right conferred by membership in relation to
meetings of the Company.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 46 -
|------

|F.74
|----

| |  | (A) |  | No
members to vote if sums unpaid on shares
| |  | --- |  | -------------------------------------------

| | No
member shall, unless the Directors otherwise determine, be entitled in respect of shares
held by him to vote at a General Meeting or meeting of the holders of any class of shares
of the Company either personally or by proxy or to exercise any other right conferred by
membership in relation to meetings of the Company or of the holders of any class of
shares of the Company if any call or other sum presently payable by him to the Company in
respect of such shares remains unpaid.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (B) |  | Direction
Notices to members and others not entitled to vote because in default under Section 212
| |  | --- |  | -------------------------------------------------------------------------------------------------

| | If
any member, or any other person appearing to be interested in shares held by such member,
has been duly served with a notice under section 212 of the Act and is in default for the
prescribed period in supplying to the Company the information thereby required, then the
Directors may in their absolute discretion at any time thereafter by notice (a Direction
Notice) to such member direct that:-
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (1) |  | in
respect of the shares in relation to which the default occurred (the Default Shares)
the member shall not be entitled to attend or vote (either in person or by proxy) at a
General Meeting or at a separate general meeting of the holders of a class of shares or
on a poll;
| |  |  |  | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (2) |  | where
the Default Shares represent at least 0.25 per cent. of the class of shares concerned,
then the Direction Notice may additionally direct that any of the following shall be
effected:-
| |  |  |  | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  |  |  | (a) |  | in
respect of the Default Shares any dividend or other money which would otherwise be
payable on such shares shall be retained by the Company without any liability to pay
interest thereon when such money is finally paid to the member and any shares issued in
lieu of dividend be withheld by the Company;
| |  |  |  |  |  | --- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  |  |  | (b) |  | no
transfer of any Default Shares which are held in certificated form shall be registered
unless the transfer is an approved transfer or:-
| |  |  |  |  |  | --- |  | ------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  |  |  | (i) |  | the
member is not himself in default as regards supplying the information requested; and
| |  |  |  |  |  | --- |  | ----------------------------------------------------------------------------------------

| |  |  |  |  |  | (ii) |  | the
transfer is of part only of the members holding and when presented for registration
is accompanied by a certificate by the member in a form satisfactory to the Directors to
the effect that after due and careful enquiry the member is satisfied that no person in
default as regards supplying such information is interested in any of the shares the
subject of the transfer;
| |  |  |  |  |  | ---- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 47 -
|------

|
|

| |  |  |  |  |  | (c) |  | if
the Directors so determine, the Company shall be entitled to require the holder of any
such Default Shares which are held in uncertificated form, by notice in writing to the
holder concerned, to change his holding of uncertificated Default Shares to certificated
form within such period as may be specified in the notice and require such holder to
continue to hold such Default Shares in certificated form for so long as the default
subsists. The Directors may also appoint any person to take such other steps, by
instruction by means of a Relevant System or otherwise, in the name of the holder of such
Default Shares, to effect conversion of such shares to certificated form and such steps
shall be as effective as if they had been taken by the registered holder of the
uncertificated Default Shares.
| |  |  |  |  |  | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
Company shall send to each other person appearing to be interested in the shares the
subject of any Direction Notice a copy of the notice, but the failure or omission by the
Company to do so shall not invalidate such notice.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (C) |  | Cesser
of effect of Direction Notices
| |  | --- |  | -------------------------------------

| | Any
Direction Notice shall cease to have effect seven days after the earlier of:
| | --------------------------------------------------------------------------------

| |  |  |  | (1) |  | receipt
by the Company of notice of an approved transfer, but only in relation to the shares
transferred; and
| |  |  |  | --- |  | -------------------------------------------------------------------------------------------------------------

| |  |  |  | (2) |  | receipt
by the Company, in a form satisfactory to the Directors, of all the information required
by the section 212 notice.
| |  |  |  | --- |  | ---------------------------------------------------------------------------------------------------------------------------

| |  | (D) |  | Direction
Notices and depositaries
| |  | --- |  | ----------------------------------

| | Where
any person appearing to be interested in any shares has been served with a notice under
section 212 of the Act and such shares are held by a recognised depositary, the
provisions of this Regulation shall be deemed to apply only to those shares held by the
recognised depositary in which such person appears to be interested and references to
default shares shall be construed accordingly.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (E) |  | Obligations
of depositary under Direction Notice
| |  | --- |  | ------------------------------------------------

| | Where
the member on whom a notice under section 212 of the Act has been served is a recognised
depositary, the obligations of the recognised depositary acting in its capacity as such
shall be limited to disclosing to the Company such information relating to any person
appearing to be interested in the shares held by it as has been recorded by the
recognised depositary pursuant to the arrangements entered into by the Company or
approved by the Directors pursuant to which it was appointed as a recognised depositary.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 48 -
|------

|
|

| |  | (F) |  | Interpretation
of Regulation F.74
| |  | --- |  | ---------------------------------

| | For
the purposes of this Regulation:-
| | -------------------------------------

| |  |  |  | (1) |  | a
person shall be treated as appearing to be interested in any shares if the member holding
such shares has given to the Company a notification under the said section 212 which
either (a) names such person as being so interested or (b) fails to establish the
identities of those interested in the shares and (after taking into account the said
notification and any other relevant section 212 notification) the Company knows or has
reasonable cause to believe that the person in question is or may be interested in the
shares;
| |  |  |  | --- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (2) |  | the
prescribed period in respect of any particular member is 14 days from the date of service
of the said notice under the said section 212;
| |  |  |  | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (3) |  | a
transfer of shares is an approved transfer if but only if:-
| |  |  |  | --- |  | -------------------------------------------------------------

| |  |  |  |  |  | (a) |  | it
is a transfer of shares to an offeror by way or in pursuance of acceptance of a takeover
offer (as defined in section 428(1) of the Act); or
| |  |  |  |  |  | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  |  |  | (b) |  | the
Directors are satisfied that the transfer is made pursuant to a sale of the whole of the
beneficial ownership of the shares to a party unconnected with the member and with other
persons appearing to be interested in such shares; or
| |  |  |  |  |  | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  |  |  | (c) |  | the
transfer results from a sale made through a recognised investment exchange as defined in
the Financial Services Act 1986 or any other stock exchange outside the United Kingdom on
which the Companys shares are normally traded.
| |  |  |  |  |  | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (4) |  | a
recognised depositary is an ADR Custodian or a trustee (acting in his capacity as such)
of any Employees Share Scheme established by the Company where such scheme has been
approved by the Directors for the purposes of this Regulation.
| |  |  |  | --- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (G) |  | Saving
for Directors powers under Section 216
| |  | --- |  | ---------------------------------------------

| | Nothing
contained in this Regulation shall limit the power of the Directors under section 216 of
the Act.
| | ---------------------------------------------------------------------------------------------------------

|- 49 -
|------

|
|

|F.75 |  | Founders
Share Company may require Directors to serve Section 212 notice or Direction Notice or to
applyto Court under Section 216
|---- |  | ----------------------------------------------------------------------------------------------------------------------------------

| | The
Founders Share Company shall be entitled in its absolute discretion at any time and from
time to time to serve or cause to be served upon the Company at the Office a requisition
in writing requiring the Directors:
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (1) |  | to
serve in accordance with section 212 of the Act such notice or notices upon such person
or respective persons as shall be specified in such requisition; and/or
| |  | --- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (2) |  | to
serve in accordance with paragraph (B) of Regulation F.74 a Direction Notice or Notices
upon such person or respective persons and applying such of the provisions of paragraph
(B) of Regulation F.74 as shall be specified in such requisition; and/or
| |  | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (3) |  | to
apply to the Court under section 216 of the Act for such order against such person or
respective persons as shall be specified in such requisition,
| |  | --- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------

| | and
the Directors shall be bound to comply with any such requisition as soon as practicable
after service thereof as aforesaid.
| | -------------------------------------------------------------------------------------------------------------------------------

|F.76 |  | Objections
to admissibility of votes to be raised only at the relevant meeting - saving for votes of
Founders Share
|---- |  | -------------------------------------------------------------------------------------------------------------------

| | No
objection shall be raised as to the admissibility of any vote except at the meeting or
adjourned meeting at which the vote objected to is or may be given or tendered and every
vote not disallowed at such meeting shall be valid for all purposes. Any such objection
shall be referred to the chairman of the meeting whose decision shall be final and
conclusive save that no such decision shall be capable of prejudicing the effect of any
valid exercise of any of the voting rights attached by these Regulations to the Founders
Share.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|F.77 |  | Votes
on a poll may be given personally or by proxy
|---- |  | ---------------------------------------------------

| | On
a poll votes may be given either personally or by proxy and a person entitled to more
than one vote need not use all his votes or cast all the votes he uses in the same way.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|F.78 |  | Proxy
need not be a member
|---- |  | --------------------------

| | A
proxy need not be a member of the Company.
| | --------------------------------------------

|F.79 |  | Requirements
as to form of appointment of proxy
|---- |  | -----------------------------------------------

| | The
appointment of a proxy shall be in writing in any usual or common form or in any other
form which the Directors may approve:-
| | ---------------------------------------------------------------------------------------------------------------------------------

|- 50 -
|------

|
|

| |  | (A) |  | in
the case of an individual shall be signed by the appointor or his attorney; and
| |  | --- |  | ----------------------------------------------------------------------------------

| |  | (B) |  | in
the case of a corporation shall be either executed under its common seal or signed on its
behalf by an attorney or a duly authorised officer of the corporation, or in the case of
the Founders Share Company may be signed by any one of the Reuter Trustees.
| |  | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
signature on such appointment need not be witnessed. Where an appointment of a proxy is
signed on behalf of the appointor by an attorney, the letter or power of attorney or a
duly certified copy thereof must (failing previous registration with the Company) be
lodged with the appointment of the proxy pursuant to the next following Regulation,
failing which the chairman of the meeting may treat the instrument as invalid. In this
Regulation references to in writing include the use of electronic communications subject
to any terms and conditions decided on by the Directors.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|80. |  | Procedure
for appointment of proxy
|--- |  | ----------------------------------

| | An
appointment of a proxy which is not contained in an electronic communication must be left
at such place or one of such places (if any) as may be specified for that purpose in or
by way of note to or in any document accompanying the notice convening the meeting (or,
if no place is so specified, at the Transfer Office) not less than forty eight hours
before the time appointed for the holding of the meeting or adjourned meeting or (in the
case of a poll taken otherwise than at or on the same day as the meeting or adjourned
meeting) for the taking of the poll at which it is to be used, and in default shall not
be treated as valid. An instrument of proxy which is contained in an electronic
communication must be received at an address specified for the purpose of receiving
electronic communications in the notice of the meeting or in the appointment of a proxy
itself not less than forty eight hours before the time appointed for the holding of the
meeting or adjourned meeting (or in the case of a poll taken otherwise than at or on the
same day as the meeting or adjourned meeting) for the taking of the poll at which it is
to be used, and in default shall not be treated as valid. The appointment shall, unless
the contrary is stated thereon, be valid as well for any adjournment of the meeting as
for the meeting to which it relates. Provided that an appointment of a proxy relating to
more than one meeting (including any adjournment thereof) having once been so delivered
or, in the case of an electronic communication, when it is received for the purposes of
any meeting shall not require again to be delivered or received for the purposes of any
subsequent meeting to which it relates. When two or more valid but differing instruments
of proxy are delivered or received for the same share for use at the same meeting, the
one which is last validly delivered or received (regardless of its date or the date of
its execution) shall be treated as replacing and revoking the other or others as regards
that share. The appointment of a proxy does not prevent a member attending and voting in
person at the meeting or an adjournment of the meeting or on a poll in which case no
proxy shall be entitled to attend or vote in place of that member.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 51 -
|------

|
|

|81. |  | Proxy
may join in demand for poll but not otherwise speak at meeting
|--- |  | --------------------------------------------------------------------

| | The
appointment of a proxy shall be deemed to include the right to demand or join in
demanding a poll but shall not confer any further right to speak at the meeting, except
with the permission of the chairman of the meeting.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|82. |  | Validity
of votes by proxies
|--- |  | ----------------------------

| | A
vote cast by proxy shall not be invalidated by the previous death or insanity of the
principal or by the revocation of the appointment of the proxy or of the authority under
which the appointment was made provided that no intimation in writing of such death,
insanity or revocation shall have been received by the Company at the Transfer Office at
least one hour before the commencement of the meeting or (in the case of a poll taken
other than at or on the same day as the meeting or adjourned meeting) the time appointed
for the taking of a poll at which the vote is cast. In this Regulation references to in
writing include the use of electronic communications subject to any terms and conditions
decided on by the Directors.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|CORPORATIONS ACTING BY
REPRESENTATIVES



F.83
|----------------------------------------------

| |  | (A) |  | Requirements
for appointment of representative by corporation
| |  | --- |  | -------------------------------------------------------------

| | Any
corporation which is a member of the Company may, in accordance with the provisions of
section 375(1)(a) of the Act, by resolution of its directors or other governing body
authorise such person as it thinks fit to act as its representative at any meeting of the
Company or of any class of members of the Company. A Director, the Secretary or other
person authorised for the purpose by the Secretary may require the representative to
produce a certified copy of the resolution of authorisation before permitting him to
exercise his powers.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (B) |  | Representatives
of Founders Share Company
| |  | --- |  | -----------------------------------------

| | A
person who in accordance with the Articles of Association of the Founders Share Company
from time to time in force is deemed to be such a representative as aforesaid shall be
treated as such for the purposes of these Regulations.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (C) |  | Powers
of representatives of corporations
| |  | --- |  | -----------------------------------------

| | Any
person so authorised or treated as so authorised shall be entitled to exercise the same
powers on behalf of such corporation as the corporation could exercise if it were an
individual member of the Company and such corporation shall for the purposes of these
Regulations be deemed to be present in person at any such meeting if a person so
authorised or treated as so authorised is present thereat.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 52 -
|------

|DIRECTORS
|---------

|84. |  | Number
of Directors
|--- |  | -------------------

| | The
Directors shall not be less than five nor more than fifteen in number, but the Company in
General Meeting may at any time and from time to time by Ordinary Resolution alter the
minimum number and/or the maximum number of Directors.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|85. |  | No
share qualification  Directors may attend and speak at General Meetings
|--- |  | ---------------------------------------------------------------------------

| | A
Director shall not be required to hold any shares of the Company by way of qualification.
A Director who is not a member of the Company shall nevertheless be entitled to attend
and speak at General Meetings.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|86. |  | Remuneration
of nonexecutive Directors
|--- |  | ---------------------------------------

| | Directors
of the Company not holding executive office shall each be entitled to ordinary
remuneration of such sum as shall be determined either before or after the adoption of
these Regulations by an Ordinary Resolution of the Company in General Meeting.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|87. |  | Executive
Directors  numbers and remuneration
|--- |  | ----------------------------------------------

| | Any
Director who holds an executive office (including for this purpose the office of Chairman
or Deputy Chairman whether or not such office is held in an executive capacity) may be
paid such remuneration by way of salary, commission or otherwise as the Directors may
determine. Any other Director who serves on any committee of the Directors or otherwise
performs services which in the opinion of the Directors are outside the ordinary duties
of a non-executive Director may be paid such remuneration, in addition to his ordinary
remuneration, by way of salary, commission or otherwise as the Directors may determine.
The maximum number of the Directors who may hold an executive office shall be the maximum
number of Directors prescribed pursuant to Regulation 84 less five, provided that, if at
any time there are less than such maximum number of Directors, no Director may be
appointed who holds executive office or to an executive office unless there are at least
five Directors not holding any executive office.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|88. |  | Directors
expenses
|--- |  | -------------------

| | The
Directors may repay to any Director all such reasonable expenses as he may incur in
attending and returning from meetings of the Directors or of any committee of the
Directors or General Meetings or otherwise in or about the business of the Company.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

89.

| |  | (A) |  | Powers
to give pensions to Directors
| |  | --- |  | ------------------------------------

| | The
Directors shall have power to pay and agree to pay pensions or other retirement,
superannuation, death or disability benefits to (or to any person in respect of) any
Director or ex-Director and for the purpose of providing any such pensions or other
benefits to contribute to any scheme or fund or to pay premiums.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 53 -
|------

|
|

| |  | (B) |  | Power
to arrange Directors and Officers insurance
| |  | --- |  | -------------------------------------------------

| | Without
prejudice to the provisions of Regulation 155 the Directors shall have power to purchase
and maintain insurance for or for the benefit of any persons who are or were at any time
directors, officers or employees or auditors of the Company, or of any other company
which is its parent undertaking or in which the Company or such parent undertaking or any
of the predecessors of the Company or of such parent undertaking has any interest whether
direct or indirect or which is in any way allied to or associated with the Company, or of
any subsidiary undertaking of the Company or of any such other company, or who are or
were at any time trustees of any pension fund in which any employees of the Company or of
any such other company or subsidiary undertaking are interested, including (without
prejudice to the generality of the foregoing) insurance against any liability incurred by
such persons in respect of any act or omission in the actual or purported execution
and/or discharge of their duties and/or in the exercise or purported exercise of their
powers and/or otherwise in relation to their duties, powers or offices in relation to the
Company or any such other company, subsidiary undertaking or pension fund.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|90. |  | Directors
may be interested in contracts with the Company and in companies party to such contracts
|--- |  | --------------------------------------------------------------------------------------------------

| | A
Director may be party to or in any way interested in any contract or arrangement or
transaction to which the Company is a party or in which the Company is in any way
interested and he may hold and be remunerated in respect of any office or place of profit
(other than the office of Auditor of the Company or any subsidiary undertaking thereof)
under the Company or any other company in which the Company is in any way interested and
he (or any firm of which he is a member) may act in a professional capacity for the
Company or any such other company and be remunerated therefor and in any such case as
aforesaid (save as otherwise agreed) he may retain for his own absolute use and benefit
all profits and advantages accruing to him thereunder or in consequence thereof.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

91.

| |  | (A) |  | Directors
may appoint Managing Director
| |  | --- |  | ---------------------------------------

| | The
Directors may from time to time appoint (subject to the provisions of Regulation 87) one
or more of their body to be the holder of any executive office (including, where
considered appropriate, the office of Managing or Joint Managing or Deputy or Assistant
Managing Director or Chief Executive) on such terms and for such periods as they may
(subject to the provisions of the Statutes) determine and, without prejudice to the terms
of any contract entered into in any particular case, may at any time revoke any such
appointment.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 54 -
|------

|
|

| |  | (B) |  | Appointment
as Managing Director to cease with Directorship
| |  | --- |  | -----------------------------------------------------------

| | The
appointment of any Director to the office of Managing or Joint Managing or Deputy or
Assistant Managing Director or Chief Executive shall automatically determine if he ceases
to be a Director but without prejudice to any claim for damages for breach of any
contract of service between him and the Company.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (C) |  | Appointment
to any other executive office not to cease with Directorship unless contract so provides
| |  | --- |  | ----------------------------------------------------------------------------------------------------

| | The
appointment of any Director to any other executive office shall not automatically
determine if he ceases from any cause to be a Director, unless the contract or resolution
under which he holds office shall expressly state otherwise, in which event such
determination shall be without prejudice to any claim for damages for breach of any
contract of service between him and the Company.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|92. |  | Directors
may delegate powers to executive Directors
|--- |  | ----------------------------------------------------

| | The
Directors may entrust to and confer upon any Director holding any executive office any of
the powers exercisable by them as directors upon such terms and conditions and with such
restrictions as they think fit, and either collaterally with or to the exclusion of their
own powers, and may from time to time revoke, withdraw, alter or vary all or any of such
powers.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|APPOINTMENT,
RETIREMENT AND REMOVAL OF DIRECTORS
|------------------------------------------------

|93. |  | Section
293 to apply to the Company
|--- |  | -----------------------------------

| | The
provisions of section 293 of the Act shall apply to the Company.
| | --------------------------------------------------------------------

|94. |  | Vacation
of office as Director:
|--- |  | -------------------------------

| | The
office of a Director shall be vacated in any of the following events, namely:-
| | ----------------------------------------------------------------------------------

| |  | (A) |  | if
prohibited from acting by law:
| |  | --- |  | ---------------------------------

| | If
he shall become prohibited by law from acting as a Director;
| | ---------------------------------------------------------------

| |  | (B) |  | on
resignation:
| |  | --- |  | ---------------

| | If
he shall resign by writing under his hand left at the Office or if he shall in writing
offer to resign and the Directors shall resolve to accept such offer;
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (C) |  | on
insolvency:
| |  | --- |  | --------------

| | If
he shall have a receiving order made against him or shall compound with his creditors
generally or shall apply to the court for an interim order under section 253 of the
Insolvency Act 1986 in connection with a voluntary arrangement under that Act;
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 55 -
|------

|
|

| |  | (D) |  | as
a consequence of mental disorder:
| |  | --- |  | ------------------------------------

| | If
in England or elsewhere an order shall be made by any court claiming jurisdiction in that
behalf on the ground (however formulated) of mental disorder for his detention or for the
appointment of a guardian or for the appointment of a receiver or other person (by
whatever name called) to exercise powers with respect to his property or affairs; and/or
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (E) |  | on
removal by co-Directors:
| |  | --- |  | ---------------------------

| | If
he shall be removed from office by notice in writing served upon him signed by all his
co-Directors, but so that if he holds an appointment to an executive office which thereby
automatically determines such removal shall be deemed an act of the Company and shall
have effect without prejudice to any claim for damages for breach of any contract of
service between him and the Company.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | In
this Regulation references to notice and to in writing include the use of electronic
communications subject to any terms and conditions decided on by the Directors.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------

|95. |  | Directors
to retire by rotation
|--- |  | -------------------------------

| | At
each Annual General Meeting of the Company the greater of (i) one-third of the Directors
(or, if the number of Directors is not a multiple of three, the number nearest to but not
greater than one-third) and (ii) the number of Directors required to retire pursuant to
Article 96 shall retire from office by rotation.*
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|96. |  | Which
Directors to retire
|--- |  | -------------------------

| | The
Directors to retire by rotation at an Annual General Meeting shall comprise any Director
who: (i) is due to retire at the meeting by reason of age; (ii) wishes to retire and not
offer himself for re-election; or (iii) shall not have retired from office by rotation in
the period of three years ending on the date of the meeting.** Any further
Directors so to retire shall be those of the Directors who have been longest in office
since their last re-election or appointment and so that as between persons who become or
were last re-elected Directors on the same day those to retire shall (unless they
otherwise agree among themselves) be determined by lot. A retiring Director shall be
eligible for re-election.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|
|

|* |  | Amended
by Special Resolution passed on 21 April 1998.
|- |  | ------------------------------------------------------

|** |  | Amended
by Special Resolution passed on 21 April 1998.
|-- |  | ------------------------------------------------------

|- 56 -
|------

|
|

|97. |  | Appointment
of Directors by Company
|--- |  | -----------------------------------

| | The
Company at the meeting at which a Director retires under any provision of these
Regulations may by Ordinary Resolution fill the office being vacated by electing thereto
the retiring Director or some other person eligible for appointment. In default the
retiring Director shall be deemed to have been re-elected except in any of the following
cases:-
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (1) |  | Where
at such meeting it is expressly resolved not to fill such office or a resolution for the
re-election of such Director is put to the meeting and lost;
| |  | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (2) |  | Where
such Director has given notice in writing to the Company that he is unwilling to be
re-elected;
| |  | --- |  | -----------------------------------------------------------------------------------------------------

| |  | (3) |  | Where
the default is due to the moving of a resolution in contravention of the next following
Regulation;
| |  | --- |  | ---------------------------------------------------------------------------------------------------------

| |  | (4) |  | Where
such Director has attained any retiring age applicable to him as Director.
| |  | --- |  | --------------------------------------------------------------------------------

| | The
retirement shall not have effect until the conclusion of the meeting except where a
resolution is passed to elect some other person in the place of the retiring Director or
a resolution for his re-election is put to the meeting and lost and accordingly a
retiring Director who is re-elected or deemed to have been re-elected will continue in
office without a break.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | In
this Regulation references to notice and to in writing include the use of electronic
communications subject to any terms and conditions decided on by the Directors.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------

|98. |  | Resolutions
to appoint two or more Directors to be subject to consent of General Meeting
|--- |  | ----------------------------------------------------------------------------------------

| | A
resolution for the appointment of two or more persons as Directors by a single resolution
shall not be moved at any General Meeting unless a resolution that it shall be so moved
has first been agreed to by the meeting without any vote being given against it; and any
resolution moved in contravention of this Regulation shall be void.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|99. |  | Notice
of candidature for Directorship
|--- |  | --------------------------------------

| | No
person other than a Director retiring at the meeting shall, unless recommended by the
Directors for election, be eligible for appointment as a Director at any General Meeting
unless not less than seven nor more than forty two days (inclusive of the date on which
the notice is given) before the date appointed for the meeting there shall have been
lodged at the Office notice in writing signed by some member (other than the person to be
proposed) duly qualified to attend and vote in respect of the appointment of such person
at the meeting concerned or by the Founders Share Company of his or its intention to
propose such person for election and also notice in writing signed by the person to be
proposed of his willingness to be appointed or reappointed. In this Regulation references
to notice and to in writing include the use of electronic communications subject to any
terms and conditions decided on by the Directors.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 57 -
|------

|
|

|100. |  | Company
may remove and replace Directors by Ordinary Resolution
|---- |  | ---------------------------------------------------------------

| | The
Company may, in accordance with and subject to the provisions of the Statutes, by
Ordinary Resolution of which special notice has been given remove any Director from
office (notwithstanding any provision of these Regulations or of any agreement between
the Company and such Director, but without prejudice to any claim he may have for damages
for breach of any such agreement) and appoint another person to be a Director in place of
the Director so removed from office and any person so appointed shall be treated for the
purpose of determining the time at which he or any other Director is to retire by
rotation as if he had become a Director on the day on which the Director in whose place
he is appointed was last elected such a Director. In default of such appointment the
vacancy arising upon the removal of a Director from office may be filled as a casual
vacancy.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|101. |  | Company
and Directors may fill casual vacancies and appoint additional Directors
|---- |  | --------------------------------------------------------------------------------

| | Subject
to the maximum numbers of Directors and of Directors who may hold an executive office
fixed by or in accordance with these Regulations:-
| | ------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (1) |  | the
Company may by Ordinary Resolution appoint any person to be a Director either to fill a
casual vacancy or as an additional Director; and
| |  | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------

| |  | (2) |  | without
prejudice to paragraph (1) above the Directors may at any time appoint any person to be a
Director either to fill a casual vacancy or as an additional Director.
| |  | --- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Any
person so appointed by the Directors shall hold office only until the next Annual General
Meeting and shall then be eligible for re-election, but he shall not be taken into
account in determining the number of Directors who are to retire by rotation at such
meeting.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|ALTERNATE DIRECTORS
|-------------------

|102. |  | 
|---- |  | 

| |  | (A) |  | Directors
may appoint alternates
| |  | --- |  | --------------------------------

| | Any
Director may by signed notice in writing deposited at the Office, or delivered or
received at a meeting of the Directors, appoint any person (including another Director)
to be his alternate Director and may in like manner at any time terminate such
appointment. Such appointment, unless previously approved by the Directors, shall have
effect only upon and subject to being so approved. In this Regulation references to in
writing include the use of electronic communications subject to any terms and conditions
decided on by the Directors.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 58 -
|------

|
|

| |  | (B) |  | Alternateships
to determine with Directorship of appointor
| |  | --- |  | ----------------------------------------------------------

| | The
appointment of an alternate Director shall determine on the happening of any event which
if he were a Director would cause him to vacate such office or if his appointor ceases to
be a Director.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (C) |  | Rights
and powers of alternates
| |  | --- |  | -------------------------------

| | An
alternate Director shall be entitled to receive or be sent notices of meetings of the
Directors and shall be entitled to attend and vote as a Director at any such meeting at
which the Director appointing him is not personally present and generally at such meeting
to perform all functions of his appointor as a Director and for the purposes of the
proceedings at such meeting the provisions of these Regulations shall apply as if he
(instead of his appointor) were a Director. If he shall be himself a Director or shall
attend any such meeting as an alternate for more than one Director, his voting right
shall be cumulative. To such extent as the Directors may from time to time determine in
relation to any committees of the Directors the foregoing provisions of this paragraph
shall also apply to any meeting of any such committee of which his appointor is a member.
An alternate Director shall not (save as aforesaid) have power to act as a Director nor
shall he be deemed to be a Director for the purposes of these Regulations. In this
Regulation references to notices include the use of electronic communications and
publications on a web site in accordance with the Act and the Electronic Communications
Act 2000.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (D) |  | Alternates
may be interested in contracts, be paid expenses and be indemnified
| |  | --- |  | ------------------------------------------------------------------------------

| | An
alternate Director shall be entitled to contract and be interested in and benefit from
contracts or arrangements or transactions and to be repaid expenses and to be indemnified
to the same extent as if he were a Director but he shall not be entitled to receive from
the Company in respect of his appointment as alternate Director any remuneration except
only such part (if any) of the remuneration otherwise payable to his appointor as such
appointor may by notice in writing to the Company from time to time direct.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|MEETINGS AND
PROCEEDINGS OF DIRECTORS
|-------------------------------------

|103. |  | 
|---- |  | 

| |  | (A) |  | Directors
may meet and regulate proceedings  determining resolutions
| |  | --- |  | ---------------------------------------------------------------------

| | Subject
to the provisions of these Regulations the Directors may meet together for the despatch
of business, adjourn and otherwise regulate their proceedings as they think fit. Without
prejudice to the generality of the foregoing, the Directors may determine by resolution
(a determining resolution) that questions on certain matters may only
be determined by a special majority of votes. To be valid a resolution varying or
revoking a determining resolution will require the same special majority of votes as is
required to determine questions on matters which are the subject of the determining
resolution.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 59 -
|------

|
|

| |  | (B) |  | Directors
may summon meetings of Directors
| |  | --- |  | ------------------------------------------

| | At
any time any Director may, and the Secretary on the requisition of a Director shall,
summon a meeting of the Directors. Any Director may waive notice of any meeting and any
such waiver may be retroactive. In this Regulation references to notice include the use
of electronic communications and publications on a web site in accordance with the Act
and the Electronic Communications Act 2000.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|104. |  | Quorum
for Directors meetings
|---- |  | ------------------------------

| | The
quorum necessary for the transaction of the business of the Directors may be fixed from
time to time by the Directors and unless so fixed at any other number shall be five. A
meeting of the Directors at which a quorum is present shall be competent to exercise all
powers and discretions from time to time exercisable by the Directors.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|105. |  | Questions
to be determined by majority voting
|---- |  | ---------------------------------------------

| | Subject
to Regulations 103 and 109, questions arising at any meeting of the Directors shall be
determined by a majority of votes.
| | ---------------------------------------------------------------------------------------------------------------------------------

|106. |  | 
|---- |  | 

| |  | (A) |  | Directors interests
in contracts  general prohibition on voting
| |  | --- |  | -----------------------------------------------------------------

| | Save
as herein provided, a Director shall not vote in respect of any contract or arrangement
or any other proposal whatsoever in which he has an interest which (together with any
interest of any person connected with him within the meaning of section 346 of the
Act) is, to his knowledge, a material interest, otherwise than by virtue of his interests
in shares or debentures or other securities of or otherwise in or through the Company.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (B) |  | Exceptions
to prohibition on voting
| |  | --- |  | -----------------------------------

| | Subject
to the provisions of the Statutes a Director shall (in the absence of some other material
interest than is indicated below) be entitled to vote in respect of any resolution
concerning any of the following matters, namely:-
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (1) |  | The
giving of any guarantee, security or indemnity to him in respect of money lent or
obligations incurred by him or any other person at the request of or for the benefit of
the Company or any of its subsidiary undertakings;
| |  |  |  | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (2) |  | The
giving of any guarantee, security or indemnity to a third party in respect of a debt or
obligation of the Company or any of its subsidiary undertakings for which he himself has
assumed responsibility in whole or in part under a guarantee or indemnity or by the
giving of security;
| |  |  |  | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 60 -
|------

|
|

| |  |  |  | (3) |  | Any
proposal concerning an offer of shares or debentures or other securities of or by the
Company or any of its subsidiary undertakings for subscription or purchase in which offer
he is or may be entitled to participate as a holder of securities or is to be interested
as a participant in the underwriting or sub-underwriting thereof;
| |  |  |  | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (4) |  | Any
proposal concerning any other company in which he is interested, directly or indirectly
and whether as an officer or shareholder or otherwise howsoever, provided that he
(together with persons connected with him within the meaning of section 346 of the Act)
does not to his knowledge hold an interest in shares (as that term is used in sections
198 to 211 of the Act) representing one per cent. or more of the issued shares of any
class of such company (or of any third company through which his interest is derived) or
of the voting rights available to members of the relevant company (any such interest
being deemed for the purpose of this Regulation to be a material interest in all
circumstances); and/or
| |  |  |  | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (5) |  | Any
proposal concerning the adoption, modification or operation of any pension,
superannuation or similar scheme or retirement, death or disability benefits scheme or
EmployeesShare Scheme which has been approved by the Inland Revenue or is
conditional upon such approval or does not award him any privilege or benefit not awarded
to the employees to whom such scheme relates; and/or
| |  |  |  | --- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (6) |  | Any
proposal concerning any insurance which the Company is empowered to purchase and/or
maintain for or for the benefit of any Directors of the Company or for persons who
include Directors of the Company.
| |  |  |  | --- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (C) |  | Directors
voting on executive appointments
| |  | --- |  | ------------------------------------------

| | Where
proposals are under consideration concerning the appointment (including fixing or varying
the terms of the appointment) of two or more Directors to offices or employments with the
Company or any company in which the Company is interested, such proposals may be divided
and considered in relation to each Director separately and in such case each of the
Directors concerned (if not debarred from voting under paragraph (B)(4) of this
Regulation) shall be entitled to vote in respect of each resolution except that
concerning his own appointment.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (D) |  | Chairman
to rule on materiality of a Directors interest
| |  | --- |  | --------------------------------------------------------

| | If
any question shall arise at any time as to the materiality of a Directors interest
or as to the entitlement of any Director (other than the chairman of the meeting) to vote
and such question is not resolved by his voluntarily agreeing to abstain from voting,
such question shall be referred to the chairman of the meeting and his ruling in relation
to any other Director shall be final and conclusive except in a case where the nature or
extent of the interest of such Director has not been fairly disclosed.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 61 -
|------

|
|

| |  | (E) |  | Directors
to resolve as to the materiality of a Chairmans interest
| |  | --- |  | -------------------------------------------------------------------

| | If
any question shall arise at any time as to the materiality of the interest of the
chairman of the meeting or as to the entitlement of the chairman to vote and such
question is not resolved by his voluntarily agreeing to abstain from voting, such
question shall be decided by resolution of the Directors or committee members present at
the meeting (excluding the chairman) whose majority vote shall be final and conclusive,
except in a case where the nature or extent of the interest of the chairman has not been
fairly disclosed.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (F) |  | Interests
of the appointor of an alternate to be treated as the interests of the alternate
| |  | --- |  | ------------------------------------------------------------------------------------------

| | For
the purposes of this Regulation, in relation to an alternate Director, the interest of
his appointor shall be treated as the interest of the alternate Director in addition to
any interest which the alternate Director otherwise has. This Regulation applies to an
alternate Director as if he were a Director otherwise appointed.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|107. |  | Directors
may act notwithstanding vacancies  limited powers if below minimum number
|---- |  | ------------------------------------------------------------------------------------

| | The
continuing Directors may act notwithstanding any vacancies, but if and so long as the
number of Directors is reduced below the minimum number fixed by or in accordance with
these Regulations the continuing Directors or Director may act for the purpose of filling
such vacancies or of summoning General Meetings, but not for any other purpose. If there
be no Directors or Director able or willing to act, then any two members may summon a
General Meeting for the purpose of appointing Directors.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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

| |  | (A) |  | Chairmanship
of Directors
| |  | --- |  | -------------------------

| | The
Directors may elect from their number a Chairman and a Deputy Chairman (or two or more
Deputy Chairmen) and determine the period for which each is to hold office. If no
Chairman or Deputy Chairman shall have been appointed or if at any meeting of the
Directors no Chairman or Deputy Chairman shall be present within five minutes after the
time appointed for holding the meeting, the Directors present may choose one of their
number to be chairman of the meeting.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 62 -
|------

|
|

| |  | (B) |  | Rights
of Deputy Chairmen to act
| |  | --- |  | --------------------------------

| | If
at any time there is more than one Deputy Chairman the right in the absence of the
Chairman to preside at a meeting of the Directors or of the Company shall be determined
as between the Deputy Chairmen present (if more than one) by seniority in length of
appointment or otherwise as resolved by the Directors.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|109. |  | 
|---- |  | 

| |  | (A) |  | Resolutions
of Directors in writing
| |  | --- |  | -----------------------------------

| | A
resolution in writing of the Directors shall be as valid and effectual as if it had been
passed at a meeting of Directors duly convened and held where:
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (i) |  | the
resolution is signed or approved by all the Directors, in which case the resolution shall
have effect at the time and date when the resolution is last signed or approved by a
Director; or
| |  |  |  | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (ii) |  | 
| |  |  |  | ---- |  | 

| |  |  |  |  |  | (a) |  | the
resolution has been served on all the Directors and alternate Directors entitled to
receive notice of a meeting of Directors (being at least such number of Directors as
would constitute a quorum of a meeting of Directors);
| |  |  |  |  |  | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  |  |  | (b) |  | the
resolution is signed or approved in accordance with paragraph (B) below by three-quarters
of the Directors who would be entitled to vote on the resolution if it were considered at
a meeting of Directors (or, if their number is not a multiple of four, the number nearest
to but not less than three-quarters); and
| |  |  |  |  |  | --- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  |  |  | (c) |  | no
Director has within forty-eight hours of the time (the service time)
at which the resolution is served on him, or deemed to have been served on him in
accordance with paragraph (E) below, notified the Secretary that he requires the
resolution to be considered by a meeting of Directors,
| |  |  |  |  |  | --- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | in
which case the resolution shall, subject to the terms of the resolution, have effect at
the expiry of the later of (aa) the period of forty-eight hours following the service
time in respect of the Director or alternate Director on whom the resolution is served or
deemed to have been served last, (bb) the date and time when the resolution is signed or
approved by the last Director required to constitute the necessary majority.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (B) |  | Form
of written resolutions
| |  | --- |  | ---------------------------

| | Such
a written resolution may consist of several documents in like form, each signed by one or
more Directors, and/or may be approved by one or more Directors by one or more telex,
facsimile or electronic mail messages sent to the Secretary by them or at their request
and specifically identifying the resolution seen and approved by them.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|-63-
|----

|
|

| |  | (C) |  | Powers
of alternates as to written resolutions
| |  | --- |  | ----------------------------------------------

| | If
the appointor of an alternate Director is for the time being absent from the United
Kingdom or temporarily unable to act through ill-health or disability the signature or
approval of his alternate Director to any resolution in writing of the Directors or his
alternate Director notifying the Secretary pursuant to paragraph (A)(ii)(c) above that he
requires any such resolution to be considered by a meeting of Directors, shall be as
effective as the signature, approval or notification of his appointor for all purposes
under this Regulation.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (D) |  | Resolutions
in writing by committees
| |  | --- |  | ------------------------------------

| | This
Regulation shall also apply to resolutions in writing of a committee of the Directors in
which case each reference in this Regulation to a Director or Directors should be read as
a reference to a member or members of the committee, each reference in this Regulation to
an alternate Director or alternate Directors should be read as a reference to an
alternate Director or alternate Directors appointed by a Director or Directors who is or
are a member or members of the committee and each reference in this Regulation to a
meeting or meetings of the Directors should be read as a reference to a meeting or
meetings of the committee.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (E) |  | Service
on Directors of resolutions to be passed in writing
| |  | --- |  | -----------------------------------------------------------

| | Any
resolution required under paragraph (A)(ii) above to have been served on a Director or
alternate Director shall be delivered personally or sent by facsimile, telex, electronic
mail or pre-paid first class post (air mail if overseas) to the facsimile or telex number
or address to which notices of a meeting of Directors may be properly served on such
person in accordance with the Regulations prescribed by the Directors from time to time
pursuant to Regulation 103 or, if the Director or alternate Director has otherwise
notified the Secretary of another facsimile or telex number or address or electronic mail
address anywhere in the world for the service of such resolutions or notices during a
specified or indefinite period, during such period to such number or address and, in the
absence of evidence of earlier receipt, the resolution shall be deemed to have been duly
given (a) if delivered personally, when left with the Director or alternate Director or
at such address; (b) if sent by facsimile, on completion of its transmission; (c) if sent
by telex, when the proper answer-back is received; (d) if sent by electronic mail receipt
requested, when the receipt is received by the sender of the resolution; (e) if sent by
post other than air mail, twenty-four hours after posting it; and (f) if sent by air
mail, six days after posting it.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 64 -
|------

|
|

| |  | (F) |  | Electronic
Communications
| |  | --- |  | -------------------------

| | In
this Regulation references to in writing include the use of electronic communications
subject to any terms and conditions decided on by the Directors.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------

|F.110 |  | Directors
may delegate to committees
|----- |  | ------------------------------------

| | The
Directors may delegate any of their powers or discretions to committees consisting of one
or more members of their body and (if thought fit) one or more other persons co-opted as
hereinafter provided. Any committee so formed shall in the exercise of the powers so
delegated conform to any Regulations which may from time to time be imposed by the
Directors. Any such Regulations may provide for or authorise the co-option to the
committee of persons other than Directors and for such co-opted members to have voting
rights as members of the committee.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|111. |  | Meetings
and proceedings of committees
|---- |  | --------------------------------------

| | The
meetings and proceedings of any such committee consisting of two or more members shall be
governed by the provisions of these Regulations regulating the meetings and proceedings
of the Directors, so far as the same are not superseded by any Regulations made by the
Directors under Regulation F.110. To the extent that any such power or discretion is so
delegated any reference in these Regulations to the exercise by the Directors of such
power or discretion shall be read and construed as if it were a reference to such
committee.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|112. |  | 
|---- |  | 

| |  | (A) |  | Validity
of acts of Directors or committees
| |  | --- |  | -------------------------------------------

| | All
acts done by any meeting of Directors, or of any such committee, or by any person acting
as a Director or as a member of any such committee, shall as regards all persons dealing
in good faith with the Company, notwithstanding that there was some defect in the
appointment of any of the persons acting as aforesaid, or that any such persons were
disqualified or had vacated office, or were not entitled to vote, be as valid as if every
such person had been duly appointed and was qualified and had continued to be a Director
or member of the committee and had been entitled to vote.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (B) |  | Participation
in meetings by audio-visual means
| |  | --- |  | -----------------------------------------------

| | A
Director or his alternate Director may participate in a meeting of the board or a
committee of the board through the medium of conference telephone, video conferencing or
similar form of communication equipment if all persons participating in the meeting are
able to hear and speak to each other throughout the meeting. A person participating in
this way is deemed to be present in person at the meeting and is counted in a quorum and
entitled to vote. Subject to the Statutes, all business transacted in this way by the
board or a committee of the board is for the purposes of these Regulations deemed to be
validly and effectively transacted at a meeting of the board or a committee of the board
although fewer than two Directors or alternate Directors are physically present at the
same place. The meeting is deemed to take place where the largest group of those
participating is assembled or, if there is no such group, where the chairman of the
meeting then is.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 65 -
|------

|BORROWING POWERS
|----------------

|113 |  | 
|--- |  | 

| |  | (A) |  | Directors
may exercise borrowing powers of Company
| |  | --- |  | --------------------------------------------------

| | Subject
to the following provisions in this Regulation 113, the Directors may exercise all the
powers of the Company to borrow money and to mortgage or charge all or part of the
undertaking, property and assets (present or future) and uncalled capital of the Company
and, subject to the Statutes, to issue debentures and other securities, whether outright
or as collateral security for a debt, liability or obligation of the Company or of a
third party.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (B) |  | Limit
on exercise of borrowing powers
| |  | --- |  | -------------------------------------

| | The
Directors shall restrict the borrowings of the Company and shall exercise all voting and
other rights or powers of control exercisable by the Company in relation to its
subsidiary undertakings so as to ensure (as regards subsidiary undertakings, to the
extent possible) that the aggregate principal amount outstanding in respect of moneys
borrowed by the Reuters Group does not at any time without the previous sanction of an
Ordinary Resolution of the Company exceed a sum equal to the higher of two and a half
times the Adjusted Capital and Reserves and £5,000 million (or its equivalent from
time to time) or such greater amount as the Company in general meeting may decide.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (C) |  | Definition
of Adjusted Capital and Reserves
| |  | --- |  | ---------------------------------------------

| | In
this Regulation the expression Adjusted Capital and Reserves means at
any material time a sum equal to the aggregate of:-
| | ------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (1) |  | the
amount paid up (or credited as or deemed to be paid up) on the issued share capital of
the Company;
| |  |  |  | --- |  | -------------------------------------------------------------------------------------------------------

| |  |  |  | (2) |  | the
amount standing to the credit of the capital and revenue reserves of the Reuters Group
(including without limitation any share premium account or capital redemption reserve)
after adding thereto or deducting therefrom any balance outstanding to the credit or
debit of the profit and loss account or any reserve of the Reuters Group; and
| |  |  |  | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (3) |  | the
amount standing to the credit of the revaluation reserves of the Reuters Group (in
accordance with Schedule 4 of the Act);
| |  |  |  | --- |  | ------------------------------------------------------------------------------------------------------------------------------

|- 66 -
|------

|
|

| | based
on a consolidation of the then latest audited balance sheet of the Reuters Group, after
excluding reserves and any balances on profit and loss account of companies other than
members of the Reuters Group and after:-
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (a) |  | making
such adjustments as may be appropriate in respect of any variation in the amount of such
paid up share capital or any such capital reserves subsequent to the relevant balance
sheet date; and so that for the purpose of making such adjustments, if any issue or
proposed issue of shares by the Company for cash has been underwritten, then such shares
shall be deemed to have been issued and the amount (including any premium) of the
subscription moneys payable in respect thereof (not being moneys payable later than six
months after the date of allotment) shall, to the extent so underwritten be deemed to
have been paid up on the date when the issue of such shares was underwritten (or, if such
underwriting was conditional, on the date when it became unconditional);
| |  |  |  | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (b) |  | making
such adjustments as may be appropriate in respect of any distributions declared,
recommended or made by the Company or its subsidiary undertakings (otherwise than
attributable directly or indirectly to the Company) out of profits earned up to and
including the date of the latest audited balance sheet of the Company or its subsidiary
undertakings (as the case may be) to the extent that such distribution is not provided
for in such balance sheet;
| |  |  |  | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (c) |  | making
such adjustments as may be appropriate in respect of any variation in the interests of
the Company in its subsidiary undertakings since the date of the last audited balance
sheet of the Company;
| |  |  |  | --- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (d) |  | making
such adjustments, if the calculation is required for the purposes of or in connection
with a transaction under or in connection with which any company is to become or cease to
be a subsidiary undertaking, as would be appropriate if such transaction had been carried
into effect;
| |  |  |  | --- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (e) |  | adding
back an amount equal to the value of any goodwill arising on acquisitions made after 1
January 1990 and written off against reserves of the Reuters Group in such consolidation
provided that an amount equal to only such part of such goodwill shall be added back
which would have remained unamortised had such goodwill been written off in accordance
with United States generally accepted accounting principles; and
| |  |  |  | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (f) |  | excluding
minority interests in subsidiary undertakings.
| |  |  |  | --- |  | --------------------------------------------------------

| | The
determination of the Auditors as to the amount of the Adjusted Capital and Reserves at
any time shall be conclusive and binding on all concerned, and for the purposes of their
computation, the Auditors may at their discretion make such further adjustments (if any)
as they think fit. Nevertheless, for the purposes of this Regulation, the Directors may
act in reliance on a bona fide estimate of the amount of the Adjusted Capital Reserves at
any time and, if in consequence the limit hereinbefore contained is inadvertently
exceeded, an amount of borrowed moneys equal to the excess may be disregarded until the
expiration of three months after the date on which by reason of a determination of the
Auditors or otherwise the Directors become aware that such a situation has or may have
arisen.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 67 -
|------

|
|

| |  | (D) |  | Interpretation
of Regulation 113
| |  | --- |  | --------------------------------

| | For
the purpose of the foregoing limit the following provisions shall apply:-
| | -----------------------------------------------------------------------------

| |  |  |  | (1) |  | there
shall be deemed, subject as hereinafter provided, to have been borrowed and to be
outstanding as borrowed moneys of the relevant member of the Reuters Group (to the extent
that the same would not otherwise fall to be taken into account):-
| |  |  |  | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  |  |  | (a) |  | the
principal amount of all debentures of any member of the Reuters Group which are not for
the time being beneficially owned within the Reuters Group;
| |  |  |  |  |  | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  |  |  | (b) |  | the
outstanding amount of acceptances (not being acceptances of trade bills in respect of the
purchase or sale of goods in the ordinary course of trading) by any member of the Reuters
Group or by any bank or accepting house under any acceptance credit opened on behalf of
and in favour of any member of the Reuters Group;
| |  |  |  |  |  | --- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  |  |  | (c) |  | the
nominal amount of any issued and paid up share capital (other than equity share capital)
of any subsidiary undertaking of the Company not for the time being beneficially owned by
other members of the Reuters Group;
| |  |  |  |  |  | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  |  |  | (d) |  | the
nominal amount of any other issued and paid up share capital and the principal amount of
any other debentures or other borrowed moneys (not being shares or debentures which or
borrowed moneys the indebtedness in respect of which is for the time being beneficially
owned within the Reuters Group) the redemption or repayment whereof is guaranteed or
wholly or partly secured by any member of the Reuters Group;
| |  |  |  |  |  | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  |  |  | (e) |  | any
fixed or minimum premium payable on final redemption or repayment of any debentures,
share capital or other borrowed moneys falling to be taken into account;
| |  |  |  |  |  | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (2) |  | moneys
borrowed by any member of the Reuters Group for the purpose of repaying or redeeming
(with or without premium) in whole or in part any other borrowed moneys falling to be
taken into account and intended to be applied for such purpose within six months after
the borrowing thereof shall not during such period, except to the extent so applied,
themselves be taken into account;
| |  |  |  | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 68 -
|------

|
|

| |  |  |  | (3) |  | any
amounts borrowed by any member of the Reuters Group from bankers or others for the
purpose of financing any contract up to an amount not exceeding that part of the price
receivable under such contract which is guaranteed or insured by the Export Credits
Guarantee Department or other like institution carrying on a similar business shall be
deemed not to be borrowed moneys;
| |  |  |  | --- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (4) |  | moneys
borrowed by a partly owned subsidiary undertaking and not owing to another member of the
Reuters Group shall be taken into account subject to the exclusion of a proportion
thereof equal to the minority proportion and moneys borrowed and owing to a partly owned
subsidiary undertaking by another member of the Reuters Group shall be taken into account
to the extent of a proportion thereof equal to the minority proportion; for the purposes
aforesaid minority proportionshall mean the proportion of the issued equity
share capital of such partly owned subsidiary undertaking which is not attributable to
the Company;
| |  |  |  | --- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (5) |  | borrowed
moneys of any member of the Reuters Group expressed in or calculated by reference to a
currency other than sterling shall be translated into sterling by reference to the rate
of exchange used for the conversion of such currency in the latest audited balance sheet
of the relevant member of the Reuters Group or, if the relevant currency was not thereby
involved, by reference to the rate of exchange or approximate rate of exchange ruling on
such date and determined on such basis as the Auditors may determine or approve.
| |  |  |  | --- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (D) |  | In
establishing the amounts of all monies borrowed by the Reuters Group referred to in this
Regulation 113 there shall be set against the gross borrowings of the Reuters Group cash
deposits (including certificates of deposit and similar instruments having a maturity of
less than one year), and other marketable investments of the Reuters Group (other than
shares in the Company and investments held by a company in the Reuters Group in a
capacity other than for its own account or for that of any other undertaking in the
Reuters Group).
| |  | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (E) |  | No
person dealing with the Company or any of its subsidiary undertakings shall be concerned
to see or enquire whether the said limit is observed and no debt incurred or security
given in excess of such limit shall be invalid or ineffectual unless the lender or the
recipient of the security had, at the time when the debt was incurred or security given,
express notice that the said limit had been or would thereby be exceeded.
| |  | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (F) |  | If
a Director or other employee of the Company or any of its subsidiary undertakings so
authorised by the Directors confirms in writing that a particular borrowing or grant of
security will not cause the said limit to be exceeded, such certificate shall be
conclusive for all purposes and may be relied on by the recipient for all purposes.
| |  | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 69 -
|------

|POWERS AND DUTIES OF
DIRECTORS
|------------------------------

| |  | F.114 |  | Directors
to observe Reuter Trust Principles
| |  | ----- |  | --------------------------------------------

| | The
Directors shall in the performance of their functions have due regard to the principles
set out in sub-paragraphs (1) to (5) below in so far as by the proper exercise of their
powers as Directors (including the proper exercise of all such powers as they may have to
control the affairs of all undertakings which shall from time to time be subsidiary
undertakings of the Company) and in accordance with their other duties as Directors of
the Company those principles are capable of being observed by the Directors:-
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (1) |  | that
Reuters shall at no time pass into the hands of any one interest, group or faction;
| |  |  |  | --- |  | ----------------------------------------------------------------------------------------

| |  |  |  | (2) |  | that
the integrity, independence and freedom from bias of Reuters shall at all times be fully
preserved;
| |  |  |  | --- |  | --------------------------------------------------------------------------------------------------------

| |  |  |  | (3) |  | that
Reuters shall supply unbiased and reliable news services to newspapers, news agencies,
broadcasters and other media subscribers and to businesses, governments, institutions,
individuals, and others with whom Reuters has or may have contracts;
| |  |  |  | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (4) |  | that
Reuters shall pay due regard to the many interests which it serves in addition to those
of the media; and
| |  |  |  | --- |  | --------------------------------------------------------------------------------------------------------------

| |  |  |  | (5) |  | that
no effort shall be spared to expand, develop and adapt the news and other services and
products of Reuters so as to maintain its leading position in the international news and
information business.
| |  |  |  | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | 115. |  | Business
and powers of Company to be managed and exercised by Directors
| |  | ---- |  | -----------------------------------------------------------------------

| | The
business and affairs of the Company shall be managed by the Directors, who may exercise
all such powers of the Company as are not by the Statutes or by these Regulations
required to be exercised by the Company in General Meeting, subject nevertheless to any
of these Regulations, to the provisions of the Statutes and to such Regulations, being
not inconsistent with the aforesaid Regulations or provisions, as may be prescribed by
Special Resolution of the Company, but no Regulation so made by the Company shall
invalidate any prior act of the Directors which would have been valid if such Regulation
had not been made.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | 116. |  | Non-limitation
of Regulation 115 powers by other authorities or powers
| |  | ---- |  | ----------------------------------------------------------------------

| | The
general powers given by Regulation 115 shall not be limited or restricted by any special
authority or power given to the Directors by any other Regulation.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 70 -
|------

|
|

| |  | 117. |  | Directors
may establish local boards or agencies
| |  | ---- |  | ------------------------------------------------

| | The
Directors may establish any local boards or agencies for managing any of the affairs of
the Company, either in the United Kingdom or elsewhere, and may appoint any persons to be
members of such local boards, or any managers or agents, and may fix their remuneration,
and may delegate to any local board, manager or agent any of the powers, authorities and
discretions vested in the Directors, with power to sub-delegate, and may authorise the
members of any local boards, or any of them, to fill any vacancies therein, and to act
notwithstanding vacancies, and any such appointment or delegation may be made upon such
terms and subject to such conditions as the Directors may think fit and the Directors may
remove any person so appointed, and may annul or vary any such delegation, but no persons
dealing in good faith and without notice of any such annulment or variation shall be
affected thereby.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | 118. |  | Directors
may appoint attorneys
| |  | ---- |  | -------------------------------

| | The
Directors may from time to time and at any time by power of attorney or otherwise appoint
any person or any fluctuating body of persons, whether nominated directly or indirectly
by the Directors, to be the attorney or attorneys of the Company for such purposes and
with such powers, authorities and discretions (not exceeding those vested in or
exercisable by the Directors under these Regulations) and for such period and subject to
such conditions, as they may think fit, and any such power of attorney may contain such
provisions for the protection and convenience of persons dealing with any such attorney
as the Directors may think fit, and may also authorise any such attorney to sub-delegate
all or any of the powers, authorities and discretions vested in him.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | 119. |  | Directors
may elect a President of the Company
| |  | ---- |  | ----------------------------------------------

| | The
Directors may from time to time elect a President of the Company and may determine the
period for which he shall hold office. Such President may be either honorary or paid such
remuneration as the Directors in their discretion shall think fit, and need not be a
Director but shall, if not a Director, be entitled to receive notice of and attend and
speak, but not to vote, at all meetings of the Board of Directors.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | 120. |  | Mode
of signing cheques and other instruments
| |  | ---- |  | ---------------------------------------------

| | All
cheques, promissory notes, drafts, bills of exchange, and other negotiable or
transferable instruments, and all receipts for moneys paid to the Company, shall be
signed, drawn, accepted, endorsed, or otherwise executed, as the case may be, in such
manner as the Directors shall from time to time by resolution determine.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 71 -
|------

|REGISTERS
|---------

|121. |  | 
|---- |  | 

| |  | (A) |  | Entries
on Registers of numbers of Uncertificated Shares and Certificated Shares
| |  | --- |  | --------------------------------------------------------------------------------

| | Subject
to the Statutes, the Company shall enter on the Register how many Certificated Shares and
Uncertificated Shares each member holds.
| | ------------------------------------------------------------------------------------------------------------------------------------------

| |  | (B) |  | Directors
may keep branch Registers
| |  | --- |  | -----------------------------------

| | Subject
to and to the extent permitted by the Statutes, the Company, or the Directors on behalf
of the Company, may cause to be kept in any territory a branch Register of members
resident in such territory, and the Directors may make and vary such Regulations as they
think fit respecting the keeping of any such Register, provided however that those
members who hold Uncertificated Shares may not be entered as holders of those shares on
an overseas branch Register.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|SECRETARY
|---------

| |  | 122. |  | Directors
to appoint and may remove Secretary; Joint Secretaries and Assistant Secretaries
| |  | ---- |  | ------------------------------------------------------------------------------------------

| | The
Secretary shall be appointed by the Directors on such terms and for such period as they
may think fit. Any Secretary so appointed may at any time be removed from office by the
Directors, but without prejudice to any claim for damages for breach of any contract of
service between him and the Company. If thought fit two or more persons may be appointed
as Joint Secretaries. The Directors may also appoint from time to time on such terms as
they may think fit one or more Assistant Secretaries.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|THE SEAL
|--------

|123. |  | 
|---- |  | 

| |  | (A) |  | Directorsauthority
required for use of Seal and any Securities Seal
| |  | --- |  | --------------------------------------------------------------------

| | The
Directors shall provide for the safe custody of the Seal and any Securities Seal and
neither shall be used without the authority of the Directors or of a committee authorised
by the Directors in that behalf.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (B) |  | Mode
of affixing Seal and Securities Seal
| |  | --- |  | -----------------------------------------

| | Each
of the Seal and the Securities Seal may be properly affixed to any document by impressing
it by mechanical means or by printing it or a facsimile of it on such document, or by
applying it or a facsimile of it by any other means to such document.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 72 -
|------

|
|

| |  | (C) |  | Signing
of sealed documents
| |  | --- |  | ---------------------------

| | Every
instrument to which the Seal shall be affixed shall be signed autographically by one
Director and the Secretary or by two Directors save that as regards any certificates for
shares or debentures or other securities of the Company the Directors may by resolution
determine that such signatures or either of them shall be dispensed with or that
facsimiles of such signatures or either of them shall be printed or applied by any other
means to any such certificates.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (D) |  | Use
of Securities Seal
| |  | --- |  | ----------------------

| | The
Securities Seal shall be used only for sealing securities issued by the Company in
certificated form and documents creating and evidencing securities so issued. Any such
securities or documents sealed with the Securities Seal shall not require to be signed.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (E) |  | Execution
of Deeds not under Seal
| |  | --- |  | ---------------------------------

| | Where
the Statutes so permit any instrument signed by one Director and the Secretary or by two
Directors and expressed to be executed by the Company shall have the same effect as if
executed under the Seal.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (F) |  | Deeds
to be authorised by Directors
| |  | --- |  | -----------------------------------

| | No
instrument shall be signed pursuant to Regulation 123(E) which makes it clear on its face
that it is intended by the person or persons making it to have effect as a deed without
the authority of the Directors or of a committee authorised by the Directors in that
behalf.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | 124. |  | Company
may provide for an official seal for use abroad
| |  | ---- |  | -------------------------------------------------------

| | The
Company may exercise the powers conferred by the Statutes with regard to having an
official seal for use abroad and such powers shall be vested in the Directors.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------

# AUTHENTICATION OF
DOCUMENTS

| |  | 125. |  | Procedure
for and manner of authentication of documents
| |  | ---- |  | -------------------------------------------------------

| | Any
Director or the Secretary or any person appointed by the Directors for the purpose shall
have power to authenticate any documents affecting the constitution of the Company and
any resolutions passed by the Company or the Directors or any committee, and any books,
records, documents and accounts relating to the business of the Company, and to certify
copies thereof or extracts therefrom as true copies or extracts; and where any books,
records, documents or accounts are elsewhere than at the Office the local manager or
other officer of the Company having the custody thereof shall be deemed to be a person
appointed by the Directors as aforesaid. A document purporting to be a copy of a
resolution, or an extract from the minutes of the meeting, of the Company or of the
Directors or any committee which is certified as aforesaid shall be conclusive evidence
in favour of all persons dealing with the Company upon the faith thereof that such
resolution has been duly passed or, as the case may be, that any minute so extracted is a
true and accurate record of proceedings at a duly constituted meeting.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 73 -
|------

|RESERVES
|--------

| |  | 126. |  | Directors
may create reserves
| |  | ---- |  | -----------------------------

| | The
Directors may from time to time set aside out of the profits of the Company and carry to
reserve such sums as they think proper which, at the discretion of the Directors, shall
be applicable for any purpose to which the profits of the Company may properly be applied
and pending such application may either be employed in the business of the Company or be
invested. The Directors may divide the reserve into such special funds as they think fit
and may consolidate into one fund any special funds or any parts of any special fund into
which the reserve may have been divided. The Directors may also without placing the same
to reserve carry forward any profits. In carrying sums to reserve and in applying the
same the Directors shall comply with the provisions of the Statutes.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# DIVIDENDS

| |  | 127. |  | Company
may declare dividends not exceeding Directorsrecommendation
| |  | ---- |  | --------------------------------------------------------------------

| | The
Company may by Ordinary Resolution declare dividends but no such dividend shall exceed
the amount recommended by the Directors.
| | -----------------------------------------------------------------------------------------------------------------------------------

| |  | 128. |  | Directors
may declare and pay fixed and interim dividends
| |  | ---- |  | ---------------------------------------------------------

| | If
and so far as in the opinion of the Directors the profits of the Company justify such
payments, the Directors may declare and pay fixed dividends on any class of shares
carrying a fixed dividend expressed to be payable on fixed dates on the half yearly or
other dates prescribed for the payment thereof and may also from time to time declare and
pay interim dividends on shares of any class of such amounts and on such dates and in
respect of such periods as they think fit.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|F.129 |  | 
|----- |  | 

| |  | (A) |  | Dividends
to be paid pro rata to amounts paid on shares
| |  | --- |  | -------------------------------------------------------

| | Unless
and to the extent that the rights attached to any shares or the terms of issue thereof
otherwise provide, all dividends shall (as regards any shares not fully paid throughout
the period in respect of which the dividend is paid) be apportioned and paid pro rata according
to the amounts paid on the shares during any portion or portions of the period in respect
of which the dividend is paid. For the purposes of this Regulation no amount paid on a
share in advance of calls shall be treated as paid on the share.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 74 -
|------

|
|

| |  | (B) |  | Directors
may pay dividends to ADR Custodians in currencies other than sterling
| |  | --- |  | -------------------------------------------------------------------------------

| | The
Directors may at their discretion make provision to enable such ADR Custodian and/or
member as they shall from time to time determine to receive dividends duly declared in a
currency or currencies other than sterling. For the purposes of the calculation of the
amount receivable in respect of any dividend, the rate of exchange to be used to
determine the foreign currency equivalent of any sum payable as a dividend shall be such
market rate selected by the Directors as they shall consider appropriate ruling at the
close of business (in London) on the date which is the business day last preceding (a) in
the case of a dividend to be declared by the Company in General Meeting, the date on
which the Directors publicly announce their intention to recommend that specific dividend
and (b) in the case of any other dividend, the date on which the Directors publicly
announce their intention to pay that specific dividend.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | 130. |  | Distributable
reserves
| |  | ---- |  | ----------------------

| | No
dividend shall be paid otherwise than out of profits available for distributions under
the provisions of the Statutes.
| | -------------------------------------------------------------------------------------------------------------------------

| |  | 131. |  | Pre-acquisition
profits distributable
| |  | ---- |  | -------------------------------------

| | Subject
to the provisions of the Statutes, where any asset, business or property is bought by the
Company as from a past date the profits and losses thereof as from such date may at the
discretion of the Directors in whole or in part be carried to revenue account and treated
for all purposes as profits or losses of the Company. Subject as aforesaid, if any shares
or securities are purchased cum dividend or interest, such dividend or interest may at
the discretion of the Directors be treated as revenue and it shall not be obligatory to
capitalise the same or any part thereof.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | 132. |  | No
dividends to bear interest against the Company
| |  | ---- |  | -------------------------------------------------

| | No
dividend or other moneys payable on or in respect of a share shall bear interest as
against the Company.
| | -----------------------------------------------------------------------------------------------------------

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

| |  | (A) |  | Directors
may make deductions from dividends
| |  | --- |  | --------------------------------------------

| | The
Directors may deduct from any dividend or other moneys payable on or in respect of a
share all sums of money (if any) presently due and payable by the holder thereof to the
Company on account of calls or otherwise.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (B) |  | Directors
may retain dividends on shares of persons entitled by operation of law pending
registration
| |  | --- |  | -----------------------------------------------------------------------------------------------------

| | The
Directors may retain the dividends payable upon shares in respect of which any person is
under the provisions as to the transmission of shares hereinbefore contained entitled to
become a member, or which any person is under those provisions entitled to transfer,
until such person shall become a member in respect of such shares or shall transfer the
same.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 75 -
|------

|
|

|134. |  | Waivers
of Dividends
|---- |  | --------------------

| | The
waiver in whole or in part of any dividend on any share by any document (whether or not
under seal) shall be effective only if such document is signed by the shareholder (or the
person entitled to the share in consequence of the death or bankruptcy of the holder) and
delivered to the Company and if or to the extent that the same is accepted as such or
acted upon by the Company.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|135. |  | 
|---- |  | 

| |  | (A) |  | Returned
or uncashed dividends
| |  | --- |  | ------------------------------

| | If,
in respect of a dividend or other amount payable in respect of a share on any one
occasion:-
| | ------------------------------------------------------------------------------------------------

| |  |  |  | (1) |  | a
cheque, warrant or order is returned undelivered or left uncashed, or
| |  |  |  | --- |  | -----------------------------------------------------------------------

| |  |  |  | (2) |  | a
transfer made by a bank or other funds transfer system is not accepted,
| |  |  |  | --- |  | -------------------------------------------------------------------------

| | and
reasonable enquiries have failed to establish another address or account of the person
entitled to the payment, the Company is not obliged to send or transfer a dividend or
other amount payable in respect of that share to that person until he notifies the
Company of an address or account to be used for that purpose. If the cheque, warrant or
order is returned undelivered or left uncashed or transfer not accepted on two
consecutive occasions, the Company may exercise this power without making any such
enquiries.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (B) |  | Directors
not trustees of unclaimed dividends
| |  | --- |  | ---------------------------------------------

| | The
payment by the Directors of any unclaimed dividend or other moneys payable on or in
respect of a share into a separate account shall not constitute the Company a trustee in
respect thereof and any dividend unclaimed after a period of twelve years from the date
such dividend became due for payment shall be forfeited and shall revert to the Company.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|F.136 |  | Directors
may pay dividends in kind
|----- |  | -----------------------------------

| | The
Company may with the prior written consent of the Founders Share Company and upon the
recommendation of the Directors by Ordinary Resolution direct payment of a dividend in
whole or in part by the distribution of specific assets (and in particular of paid-up
shares or debentures of any other company) and the Directors shall give effect to such
resolution. Where any difficulty arises in regard to such distribution, the Directors may
settle the same as they think expedient and in particular may issue fractional
certificates, may fix the value for distribution of such specific assets or any part
thereof, may determine that cash payments shall be made to any members upon the footing
of the value so fixed in order to adjust the rights of all parties and may vest any such
specific assets in trustees as may seem expedient to the Directors.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 76 -
|------

|
|

|137. |  | 
|---- |  | 

| |  | (A) |  | Delivery
of dividends and other payments
| |  | --- |  | ----------------------------------------

| | Any
dividend or other moneys payable in cash or in respect of a share may be paid (i) by
cheque or warrant sent through the post to the registered address of the member or person
entitled thereto (or, if two or more persons are registered as joint holders of the share
or are entitled thereto in consequence of the death or bankruptcy of the holder, to any
one of such persons) or to such person at such address as such member or person or
persons may by writing direct, or (ii) by a bank or other funds transfer system to an
account designated in writing by the person entitled to the payment or (iii) by such
other method as the Directors may in their absolute discretion think fit including but
not limited to payments in respect of Uncertificated Shares being made through the
Relevant System (subject always to the facilities and requirements of the Relevant
System, these Regulations and any other legal requirements). Every such cheque or warrant
shall be made payable to the order of the person to whom it is sent or to such person as
the holder or joint holders or person or persons entitled to the share in consequence of
the death or bankruptcy of the holder may direct and payment of the cheque or warrant by
the banker upon whom it is drawn shall be a good discharge to the Company. Every such
cheque or warrant shall be sent at the risk of the person entitled to the money
represented thereby. If payment is made by bank or other funds transfer, or by another
method at the direction of the person entitled to payment, the Company is not responsible
for amounts lost or delayed in the course of transfer or in carrying out those
directions.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (B) |  | Payments
in respect of shares
| |  | --- |  | -----------------------------

| | Notwithstanding
any other provision of these Regulations relating to payments in respect of shares,
where:
| | ----------------------------------------------------------------------------------------------------------

| |  |  |  | (i) |  | the
Directors determine to make payments in respect of Uncertificated Shares through the
Relevant System, they may also determine to enable any holder of Uncertificated Shares to
elect not to so receive payments through the Relevant System and, in such event,
establish procedures to enable such holder to make, vary or revoke any such election; and
| |  |  |  | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (ii) |  | the
Company receives an authority in respect of such payments in respect of shares in a form
satisfactory to it from a holder of any share (whether such authority is given in writing
or by means of the Relevant System or otherwise), the Company may make, or procure the
making of, such payments in accordance with such authority and any payment made in
accordance with such authority shall constitute a good discharge therefor.
| |  |  |  | ---- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 77 -
|------

|
|

| |  | (C) |  | Payment
of foreign currency dividends to ADR Custodians
| |  | --- |  | -------------------------------------------------------

| | Where
an ADR Custodian approved by the Directors for the purposes of this Regulation has
elected or agreed pursuant to provision made under these Regulations to receive dividends
in a foreign currency the Directors may in their discretion approve the entering into of
arrangements with such ADR Custodian to enable payment of the dividend to be made to such
ADR Custodian in such foreign currency for value on the date on which the relevant
dividend is paid, or such later date as the Directors may determine.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | 138. |  | Receipts
for dividends to joint holders
| |  | ---- |  | ---------------------------------------

| | If
two or more persons are registered as joint holders of any share, or are entitled jointly
to a share in consequence of the death or bankruptcy of the holder, any one of them may
give effectual receipts for any dividend or other moneys payable or property
distributable on or in respect of the share.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | F.139 |  | Dividend
resolution may specify record date at any time
| |  | ----- |  | -------------------------------------------------------

| | Any
resolution declaring a dividend on shares of any class, whether a resolution of the
Company in General Meeting or a resolution of the Directors, may specify that the same
shall be payable to the persons registered as the holders of such shares at the close of
business on a particular date, notwithstanding that it may be a date prior to that on
which the resolution is passed, and thereupon the dividend shall be payable to them in
accordance with their respective holdings so registered, but without prejudice to the
respective rights of transferors and transferees of any such shares in respect of such
dividend.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# CAPITALISATION OF
PROFITS AND RESERVES

| |  | 140. |  | Directors
may make capitalisation issues of shares
| |  | ---- |  | --------------------------------------------------

| | Subject
to the Statutes, the Directors may, with the sanction of an Ordinary Resolution of the
Company, capitalise any sum standing to the credit of any of the Companys reserve
accounts (including any share premium account, capital redemption reserve, revaluation
reserve pursuant to Schedule 4 to the Act or other undistributable reserve) or any sum
standing to the credit of any profit and loss account by appropriating such sum to the
holders of each class of shares on the Register at the close of business on the date of
the Resolution (or such other date as may be specified therein or determined as therein
provided) in proportion to their then holdings of shares of that class and applying such
sum on their behalf in paying up in full, subject to any special rights previously
conferred on any shares or class of share for the time being issued and subject to the
other provisions of these Regulations, unissued shares of that class for allotment and
distribution credited as fully paid up to and amongst them as bonus shares in the
proportion aforesaid but so that such provisions shall not apply in respect of the
Founders Share. The Directors may do all acts and things considered necessary or
expedient to give effect to any such capitalisation, with full power to the Directors to
make such provisions as they think fit for any fractional entitlements which would arise
on the basis aforesaid (including provisions whereby fractional entitlements are
disregarded or the benefit thereof accrues to the Company rather than to the members
concerned). The Directors may authorise any person to enter on behalf of the members
interested into an agreement with the Company providing for any such capitalisation and
matters incidental thereto and any agreement made under such authority shall be effective
and binding on all concerned.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 78 -
|------

|SCRIP DIVIDENDS
|---------------

|141. |  | 
|---- |  | 

| |  |  |  | (A) |  | Directors
may offer shares in lieu of dividends with authority of Ordinary Resolution
| |  |  |  | --- |  | -------------------------------------------------------------------------------------

| | The
Directors may, with the prior sanction of an Ordinary Resolution of the Company, offer
the holders of Ordinary Shares the right to elect to receive in respect of all or part of
their holding of Ordinary Shares, additional Ordinary Shares credited as fully paid (additional
Ordinary Shares) instead of cash in respect of all or part of such dividend or
dividends and (subject as hereinafter provided) upon such terms and conditions and in
such manner as may be specified in such Ordinary Resolution.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (B) |  | Period
and other terms of authority for scrip dividends
| |  | --- |  | -------------------------------------------------------

| | The
said Ordinary Resolution may specify that such right to elect shall apply in respect of
all or part of a particular dividend or in respect of all or any dividends (or any part
of such dividends) declared or paid within a specified period but such period may not end
later than the date of the fifth Annual General Meeting next following the date of the
general meeting at which such Ordinary Resolution is passed, subject nevertheless to the
provisions of the Statutes and provided nevertheless that the Directors may in their
absolute discretion if it shall in their opinion seem expedient suspend or terminate
(whether temporarily or otherwise) such right to elect and may do such acts and things
considered necessary or expedient with regard to, or in order to effect, any such
suspension or termination.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (C) |  | Offer
to be communicated to shareholders
| |  | --- |  | ----------------------------------------

| | When
such right to elect is to be offered to holders of Ordinary Shares pursuant to this
Regulation, the Directors shall notify such holders of the said right and shall make
available or provide to such holders forms or other method of election (in such form as
the Directors may approve) whereby such holders may exercise such right.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (D) |  | Number
of shares to which shareholders entitled
| |  | --- |  | -----------------------------------------------

| | Each
holder of Ordinary Shares who elects to receive additional Ordinary Shares shall be
entitled to receive such number of additional Ordinary Shares, calculated at the Relevant
Price for each such share, as is nearly as possible equal to (but not in excess of) the
cash amount of the relevant dividend which such holder would otherwise have received. For
the purposes of this Regulation, the Relevant Priceof an additional Ordinary
Share shall be such price as is equal to the average of the middle market prices for the
Ordinary Shares of the Company, ascertained by reference to the Daily Official List of
the London Stock Exchange during the period of three dealing days commencing on the day
when such Ordinary Shares are first quoted exthe relevant dividend or to the
par value of an Ordinary Share (whichever is the higher).
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 79 -
|------

|
|

| |  | (E) |  | No
fractional entitlements
| |  | --- |  | --------------------------

| | The
basis of allotment shall be such that no member may receive a fraction of an Ordinary
Share. The Directors may make such provisions as they may think fit for any fractional
entitlements which may or would arise (including provisions whereby fractional
entitlements are disregarded or the benefit thereof accrues to the Company rather than to
the members concerned).
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (F) |  | Directors
may capitalise profits and reserves for issue of scrip dividends
| |  | --- |  | --------------------------------------------------------------------------

| | Subject
to any right of the Directors to retain any dividend or other moneys payable on or in
respect of shares pursuant to these Regulations, the cash amount of a dividend on or in
respect of an Ordinary Share in respect whereof the holder thereof has made an election
pursuant to this Regulation shall not be payable and in lieu thereof additional Ordinary
Shares shall be allotted to such holders on the basis of allotment hereinbefore
specified. For such purpose, the Directors may (without prejudice to their powers under
Regulation 140) capitalise out of such of the sums standing to the credit of any of the
Companys reserve accounts (including any share premium account, capital redemption
reserve or any other undistributable reserve) or any of the profits available for
distribution under the provisions of the Statutes which would otherwise have been applied
in paying dividends in cash as the Directors may determine a sum equal to the aggregate
nominal amount of the additional Ordinary Shares to be so allotted and shall apply the
same in paying up in full the appropriate number of unissued Ordinary Shares for
allotment and distribution credited as fully paid to and amongst the relevant holders of
Ordinary Shares. The Directors may do all acts and things considered necessary or
expedient to give effect to any such capitalisation with full power to the Directors to
make such provisions as they think fit for any fractional entitlements which would or
might arise (including provisions whereby fractional entitlements are disregarded or the
benefit thereof accrues to the Company rather than to the members concerned). The
Directors may authorise any person to enter on behalf of all the members interested into
an agreement with the Company providing for any such capitalisation and matters
incidental thereto and any agreement made under such authority shall be effective and
binding on all concerned.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 80 -
|------

|
|

| |  | (G) |  | Scrip
dividend shares to rank pari passu with existing shares
| |  | --- |  | -------------------------------------------------------------

| | The
additional Ordinary Shares so allotted shall rank pari passuin all respects with
the fully paid Ordinary Shares then in issue save only as regards participation in the
relevant dividend (or share election in lieu).
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (H) |  | Directors
may determine terms and conditions of offers of scrip dividends
| |  | --- |  | -------------------------------------------------------------------------

| | Without
prejudice to (but notwithstanding) the foregoing provisions of this Regulation, the
Directors may on any occasion determine that such rights of election shall be subject to
such exclusions or other arrangements as the Directors may deem necessary or expedient in
relation to any legal or practical problems under the laws of, or the requirements of any
recognised regulatory body or any stock exchange in, any territory.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# ACCOUNTS

|142. |  | Accounting
records to be kept at Office; membersright of inspection
|---- |  | --------------------------------------------------------------------

| | Accounting
records sufficient to show and explain the Companys transactions and otherwise
complying with the Statutes shall be kept at the Office, or at such other place as the
Directors think fit, and shall always be open to inspection by the officers of the
Company. Subject as aforesaid no member of the Company or other person shall have any
right of inspecting any account or book or document of the Company except as conferred by
statute or ordered by a court of competent jurisdiction or authorised by the Directors.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|143. |  | Balance
sheets and profit and loss accounts to be sent to members and others
|---- |  | ----------------------------------------------------------------------------

| | A
copy of every balance sheet and profit and loss account which is to be laid before a
General Meeting of the Company (including every document required by law to be comprised
therein or attached or annexed thereto) shall not less than twenty one days before the
date of the meeting be sent to every member of, and every holder of debentures of, the
Company and to every other person who is entitled to receive notices of meetings from the
Company under the provisions of the Statutes or of these Regulations. Provided that this
Regulation shall not require a copy of these documents to be sent to more than one of
joint holders or to any person of whose address the Company is not aware, but any member
or holder of debentures to whom a copy of these documents has not been sent shall be
entitled to receive a copy free of charge on application at the Office and provided
further that if the Statutes so permit the Company need not send copies of such documents
to members who do not wish to receive them but may send them such summary financial
statement or other documents as may be authorised by the Statutes. If all or any of the
shares or debentures of the Company shall for the time being be listed or dealt in on the
London Stock Exchange there shall be forwarded to the appropriate officer of the London
Stock Exchange such number of copies of such documents as may from time to time be
required under its Regulations or practice. For the purposes of this Regulation
references to a document being sent includes using electronic communications and
publication in a web site in accordance with the Act and the Electronic Communications
Act 2000.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 81 -
|------

|AUDITORS
|--------

|144. |  | Validity
of acts of Auditors
|---- |  | ----------------------------

| | Subject
to the provisions of the Statutes, all acts done by any person acting as an Auditor
shall, as regards all persons dealing in good faith with the Company, be valid,
notwithstanding that there was some defect in his appointment or that he was at the time
of his appointment not qualified for appointment or subsequently disqualified.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|145. |  | Auditors
entitled to notice of and to attend and be heard at General Meetings
|---- |  | -----------------------------------------------------------------------------

| | An
Auditor shall be entitled to attend any General Meeting and to receive all notices of and
other communications relating to any General Meeting which any member is entitled to
receive and to be heard at any General Meeting on any part of the business of the meeting
which concerns him as Auditor.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|NOTICES
|-------

|F.146 |  | Mode
of delivery of notices; when notices deemed delivered
|----- |  | ----------------------------------------------------------

| | Any
notice or document (including a share certificate) may be served on or delivered to any
member by the Company either personally or by sending it through the post in a prepaid
cover addressed to such member at his registered address, if any, within the United
Kingdom supplied by him to the Company as his address for service of notices, or by
delivering it to such address addressed as aforesaid. In the case of a member holding
Certificated Shares registered on a branch Register any such notice or document may be
posted either in the United Kingdom or in the territory in which such branch Register is
maintained. Where a notice or other document is served or sent by post, service or
delivery shall be deemed to be effected at the expiration of twenty four hours (or, where
second class mail is employed, forty eight hours) after the time when the cover
containing the same is posted and in proving such service or delivery it shall be
sufficient to prove that such cover was properly addressed, stamped and posted. Provided
always that every notice or other document which is required to be served or delivered,
or capable of being delivered to the Founders Share Company shall, so long as the
Founders Share Company has a registered address within fifteen miles of Charing Cross, be
personally delivered to the Founders Share Company at that address. The accidental
failure to send, or the non receipt by any person entitled to any notice of or other
document relating to any meeting or other proceeding shall not invalidate the relevant
meeting or other proceeding, unless the person so entitled is the Founders Share Company.
A notice or document (other than a notice or document to be served on or delivered to the
Founders Share Company) not sent by post but left at a registered address or address for
service in the United Kingdom is deemed to be given on the day it is left. Where
appropriate the Company can also send any notice or other document by using electronic
communications and by publication on a web site in accordance with the Act and the
Electronic Communications Act 2000. If a notice or document is sent by the Company using
a form of electronic communication it is treated as being received twenty four hours
after the time it was sent. Proof that a notice contained in an electronic communication
was sent in accordance with guidance issued by the Institute of Chartered Secretaries and
Administrators shall be conclusive evidence that the notice was given. Any notice given
electronically or otherwise in accordance with the Act or the Electronic Communications
Act 2000 to or by the Founders Share Company pursuant to these Regulations must also be
given in writing and be delivered personally and will only be deemed delivered to the
Founders Share Company for the purposes of this Regulation F.146 when written notice
would be deemed to be delivered in accordance with this Regulation.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 82 -
|------

|
|

|147. |  | Transferees
and persons entitled by operation of law bound by notices in respect of shares pending
registration
|---- |  | ---------------------------------------------------------------------------------------------------------------

| | A
person who becomes entitled to a share by transmission, transfer or otherwise is bound by
a notice in respect of that share (other than a notice served by the Company under
section 212 of the Act) which, before his name is entered in the Register, has been
properly served on a person from whom he derives his title. A person who is entitled by
transmission to a share, upon supplying the company with an address for the purposes of
electronic communications for the service of notices may, at the absolute discretion of
the board, have sent to him at such address any notice or document to which he would have
been entitled if he were the holder of that share.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|148. |  | Notices
to joint holders
|---- |  | ------------------------

| | Any
notice given to that one of the joint holders of a share whose name stands first in the
Register in respect of the share shall be sufficient notice to all the joint holders in
their capacity as such. For such purpose a joint holder having no registered address in
the United Kingdom and not having supplied an address within the United Kingdom for the
service of notice shall be disregarded.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|149. |  | Persons
entitled following death or bankruptcy entitled to delivery of notices pending
registration
|---- |  | ---------------------------------------------------------------------------------------------------

| | A
person entitled to a share in consequence of the death or bankruptcy of a member upon
supplying to the Company such evidence as the Directors may reasonably require to show
his title to the share, and upon supplying also an address within the United Kingdom for
the service of notices, shall be entitled to have served upon or delivered to him at such
address any notice or document to which the member but for his death or bankruptcy would
have been entitled, and such service or delivery shall for all purposes be deemed a
sufficient service or delivery of such notice or document on all persons interested
(whether jointly with or as claiming through or under him) in the share. Alternatively, a
person who is entitled to that members shares by law and who proves this to the
reasonable satisfaction of the Directors, can give the Company an address for the
purposes of electronic communication. If this is done, notices or documents may be sent
to him at that address, but, this will be at the absolute discretion of the Directors.
Save as aforesaid any notice or document delivered or sent by post to or left at the
address of any member in pursuance of these Regulations, shall, notwithstanding that such
member be then dead or bankrupt or in liquidation, and whether or not the Company has
notice of his death or bankruptcy or liquidation, be deemed to have been duly served or
delivered in respect of any share registered in the name of such member as sole or first
named joint holder.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 83 -
|------

|
|

|150. |  | No
entitlement to receipt of notices outside the United Kingdom
|---- |  | ---------------------------------------------------------------

| | A
member who has no registered address within the United Kingdom and has not supplied to
the Company an address within the United Kingdom for the service of notices shall not be
entitled to receive notices from the Company.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|151. |  | Notices
of General Meetings by advertisement
|---- |  | --------------------------------------------

| | If
at any time by reason of the suspension or curtailment of postal services within the
United Kingdom the Company is unable effectively to convene a General Meeting by notices
sent through the post, a General Meeting may be convened by a notice advertised on the
same date in at least one national daily newspaper and such notice shall be deemed to
have been duly served on all members entitled thereto at noon on the day when the
advertisement appears. In any such case the Company shall send confirmatory copies of the
notice by post if at least seven days prior to the meeting the posting of notices to
addresses throughout the United Kingdom again becomes practicable.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|152. |  | Serving
for statutory requirements
|---- |  | ----------------------------------

| | Nothing
in any of the preceding six Regulations shall affect any requirement of the Statutes or
of any other provision of these Regulations that any particular offer, notice or other
document be served in any particular manner.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|WINDING UP
|----------

|F.153 |  | Directors
may petition court for winding up with consent of Founders Share Company
|----- |  | ----------------------------------------------------------------------------------

| | The
Directors shall have power, with the prior consent in writing of the Founders Share
Company (but not otherwise), to present to the Court a petition, in the name of and on
behalf of the Company, for the Company to be wound up.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|154. |  | Directors
may distribute assets in kind on a winding up
|---- |  | -------------------------------------------------------

| | If
the Company shall be wound up (whether the liquidation is voluntary, under supervision,
or by the court) the Liquidator may, with the authority of an Extraordinary Resolution,
divide among the members in specie or in kind the whole or any part of the assets of the
Company and whether or not the assets shall consist of property of one kind or shall
consist of properties of different kinds, and may for such purpose set such value as he
deems fair upon any one or more class or classes of property and may determine how such
division shall be carried out as between the members or different classes of members. The
Liquidator may, with the like authority, vest any part of the assets in trustees upon
such trusts for the benefit of members as the Liquidator with the like authority shall
think fit, and the liquidation of the Company may be closed and the Company dissolved. No
contributory shall be compelled to accept any shares or other property in respect of
which there is a liability.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 84 -
|------

|INDEMNITY
|---------

|155. |  | Directors
and Officers entitled to indemnity
|---- |  | --------------------------------------------

| | Subject
to the provisions of and so far as may be consistent with the Statutes, every Director,
Auditor, Secretary or other officer of the Company shall be entitled to be indemnified by
the Company out of its own funds against all costs, charges, losses, expenses and
liabilities incurred by him in the actual or purported execution and/or discharge of his
duties and/or the exercise or purported exercise of his powers and/or otherwise in
relation to or in connection with his duties, powers or office including (without
prejudice to the generality of the foregoing) any liability incurred by him in defending
any proceedings, civil or criminal, which relate to anything done or omitted or alleged
to have been done or omitted by him as an officer or employee of the Company and in which
judgment is given in his favour (or the proceedings are otherwise disposed of without any
finding or admission of any material breach of duty on his part) or in which he is
acquitted or in connection with any application under any statute for relief from
liability in respect of any such act or omission in which relief is granted to him by the
Court.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|THE REUTERS
NEWS SERVICES
|-------------------------

|F.156 |  | Entitlement
of certain members to receive Reuters News Services
|----- |  | ---------------------------------------------------------------

| | The
Press Association Limited, the Newspaper Publishers Association Limited, AAP Information
Services Proprietary Limited and New Zealand Press Association Limited shall be entitled
to receive the Reuters News Services upon payment of such consideration as may be agreed
from time to time. Upon and subject to the terms of any such agreement:-
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | 
| |  |  |  | 

| |  | (i) |  | The
Press Association Limited shall be entitled to receive Reuters News Services for the use
of its members, such use to be limited to the incorporation thereof in newspapers owned
by such members or any subsidiary undertaking of such members respectively
| |  | --- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (ii) |  | The
Newspaper Publishers Association Limited shall be entitled to receive Reuters News
Services for the use of its members, such use to be limited to the incorporation thereof
in newspapers owned by such members or any subsidiary undertaking of such members
respectively.
| |  | ---- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (iii) |  | AAP
Information Services Proprietary Limited shall be entitled to receive Reuters News
Services for the use of its members, such use to be limited to the incorporation thereof
in newspapers owned by such members or any subsidiary undertaking of such members
respectively.
| |  | ----- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 85 -
|------

|
|

| |  | (iv) |  | New
Zealand Press Association Limited shall be entitled to receive Reuters News Services for
the use of its members, such use to be limited to the incorporation thereof in newspapers
owned by such members or any subsidiary undertaking of such members respectively.
| |  | ---- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|- 86 -
|------