|CONFORMED COPY



AGREEMENT


Dated 17th December,
2001




£500,000,000


SYNDICATED CREDIT
FACILITY




FOR


REUTERS GROUP plc




ARRANGED BY




HSBC INVESTMENT BANK plc




and


J.P. MORGAN PLC
ALLEN & OVERY


LondonBK:908176.6
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|INDEX
|-----

|Clause |  | Page                                
|------ |  | ------------------------------------
|      
|      
|1      |  | Interpretation                      
|2      |  | The Facility                        
|3      |  | Purpose                             
|4      |  | Conditions Precedent                
|5      |  | Advances                            
|6      |  | Repayment                           
|7      |  | Prepayment and Cancellation         
|8      |  | Interest                            
|9      |  | Payments                            
|10     |  | Taxes                               
|11     |  | Market Disruption                   
|12     |  | Increased Costs                     
|13     |  | Illegality and Mitigation           
|14     |  | Guarantee                           
|15     |  | Representations and Warranties      
|16     |  | Undertakings                        
|17     |  | Financial Covenant                  
|18     |  | Default                             
|19     |  | The Agent and the Mandated Arrangers
|20     |  | Fees                                
|21     |  | Expenses                            
|22     |  | Stamp Duties                        
|23     |  | Indemnities                         
|24     |  | Evidence and Calculations           
|25     |  | Amendments and Waivers              
|26     |  | Changes to the Parties              
|27     |  | Disclosure of Information           
|28     |  | Set-Off                             
|29     |  | Pro Rata Sharing                    
|30     |  | Severability                        
|31     |  | Counterparts                        
|32     |  | Notices                             
|33     |  | Language                            
|34     |  | Jurisdiction                        
|35     |  | Governing Law                       

|
|

|
|

|Schedule |  | Page                                                                                      
|-------- |  | ------------------------------------------------------------------------------------------
|
|
|1        |  | Banks and Commitments                                                                     
|2        |  | Conditions Precedent Documents                                                            
|         |  | Part I - To be delivered before the First Advance                                         
|         |  | Part II - To be delivered by an Additional Borrower                                       
|         |  | Part III - To be delivered by an Additional Guarantor                                     
|3        |  | Calculation of the Mandatory Cost                                                         
|         |  | Part I - Prior to Notification of Revised Charges by the Board of The Financial Services  
|         |  | Authority                                                                                 
|         |  | Part II - Following Notification of Revised Charges by The Board of the Financial Services
|         |  | Authority                                                                                 
|4        |  | Form of Request                                                                           
|5        |  | Forms of Accession Documents                                                              
|         |  | Part I - Novation Certificate                                                             
|         |  | Part II - Borrower Accession Agreement                                                    
|         |  | Part III - Guarantor Accession Agreement                                                  
|         |  | Part IV - Form of Borrower Novation Agreement                                             
|6        |  | Form of Compliance Certificate                                                            
|7        |  | Form of Confidentiality Undertaking                                                       

|            | 
|----------- | 
|Signatories | 

|
|

|
|

THIS AGREEMENT is dated
17th December, 2001 BETWEEN:

|(1) |  | REUTERS
GROUP plc (Company No. 3296375) (the Parent);
|--- |  | -------------------------------------------------------

|(2) |  | HSBC
INVESTMENT BANK plc and J.P. MORGAN plc as mandated arrangers (the Mandated Arrangers);
|--- |  | ----------------------------------------------------------------------------------------------

|(3) |  | THE
FINANCIAL INSTITUTIONS listed in Schedule 1 as lenders; and
|--- |  | ---------------------------------------------------------------

|(4) |  | HSBC
INVESTMENT BANK plc as agent (the Agent).
|--- |  | ------------------------------------------------

|IT IS AGREED as follows:
|------------------------

|1. |  | INTERPRETATION
|-- |  | --------------

|1.1 |  | Definitions
|--- |  | -----------

| | In
this Agreement:
| | ------------------

| | Additional Borrower
| | ---------------------

| | means
a wholly owned Subsidiary of the Parent approved in writing by all the Lenders which
becomes a Borrower in accordance with Clause 26.4 (Additional Borrowers).
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Additional Guarantor
| | ----------------------

| | means
an Affiliate of the Parent which becomes a Guarantor in accordance with Clause 26.5
(Additional Guarantors).
| | ------------------------------------------------------------------------------------------------------------------

| | Advance
| | ---------

| | means
an advance made to a Borrower under the Facility.
| | -------------------------------------------------------

| | Affiliate
| | -----------

| | for
the purposes of this Agreement means a Subsidiary or a holding company (as defined in
Section 736 of the Companies Act 1985) of a person and any other Subsidiary of that
holding company.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Agents Spot Rate of Exchange
| | -------------------------------

| | means
the spot rate of exchange as determined by the Agent for the purchase of the relevant
Optional Currency in the London foreign exchange market with Sterling at the relevant
time on a particular day.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Anniversary
| | -------------

| | means
an anniversary of the Signing Date.
| | -----------------------------------------

| | Availability Period
| | ---------------------

| | means
the period from and including the Signing Date up to and including the date falling one
month before the Final Maturity Date.
| | -----------------------------------------------------------------------------------------------------------------------------------

|
|

|2
|-

| | Back
to Back Loan
| | -------------------

| | means
any Indebtedness made available to a member of the Group to the extent that the creditor
has recourse directly or indirectly to a deposit of cash or cash equivalent investments
beneficially owned by any member of the Group placed, as part of a related transaction,
with that creditor (or an affiliate of that creditor) or a financial institution approved
by that creditor on the basis that the deposit be available, directly or indirectly, so
as to reduce the economic exposure of the creditor to the Group, when looking at the
related transactions together, to a net amount.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Borrower
| | ----------

| | means
the Parent or an Additional Borrower.
| | -------------------------------------------

| | Borrower
Accession Agreement
| | ------------------------------

| | means
a letter substantially in the form of Part II of Schedule 5 with such amendments as the
Agent may approve or reasonably require.
| | --------------------------------------------------------------------------------------------------------------------------------------

| | Borrowings
| | ------------

| | means
any Indebtedness in respect of the following:
| | ---------------------------------------------------

| |  | (a) |  | money
borrowed or raised and debit balances at banks;
| |  | --- |  | -----------------------------------------------------

| |  | (b) |  | any
bond, note, loan stock, debenture or similar debt instrument;
| |  | --- |  | -----------------------------------------------------------------

| |  | (c) |  | acceptance
credit facilities and documentary credit facilities;
| |  | --- |  | ---------------------------------------------------------------

| |  | (d) |  | receivables
sold or discounted (otherwise than on a non-recourse basis);
| |  | --- |  | ------------------------------------------------------------------------

| |  | (e) |  | finance
leases and hire purchase contracts which are required to be capitalised under generally
accepted accounting principles in the UK in force as at the Signing Date;
| |  | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (f) |  | any
other transaction (including without limitation forward sale or purchase agreements)
having the commercial effect of a borrowing or raising of money or of any of paragraphs
(b) to (e) (both inclusive) above;
| |  | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (g) |  | for
the purposes of Clause 18.8 (Cross Default) only, the net amount of any liability under
any swap, hedging or similar treasury instrument; and
| |  | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (h) |  | guarantees
in respect of Indebtedness of any person falling within any of paragraphs (a) to (g)
(both inclusive) above,
| |  | --- |  | -----------------------------------------------------------------------------------------------------------------------

| | provided
that Indebtedness owing by one member of the Group to another member of the Group shall
not be taken into account as Borrowings.
| | -----------------------------------------------------------------------------------------------------------------------------------------

| | Business
Day
| | --------------

| | means
a day (other than a Saturday or Sunday) on which banks and the interbank and foreign
exchange markets are open for business in London and:
| | ------------------------------------------------------------------------------------------------------------------------------------------------

|
|

|3
|-

| |  | (a) |  | (in
respect of a day on which a payment in, or purchase of, an Optional Currency (other than
euro) is required hereunder) the principal financial centre of the country of such
Optional Currency; or
| |  | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (b) |  | (in
respect of a day on which a payment in or purchase of euro is required hereunder) which
is also a TARGET Day.
| |  | --- |  | -----------------------------------------------------------------------------------------------------------------

| | Commitment
| | ------------

| | means,
in respect of a Lender, the amount in Sterling set opposite the name of that Lender in
Schedule 1, to the extent not cancelled or reduced under this Agreement.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Consolidated
Net Finance Charges
| | ----------------------------------

| | means,
in respect of any financial period of the Group, the aggregate amount of the interest
(including, without limitation, the interest element of finance leases and hire purchase
payments but, for the avoidance of doubt, excluding any deemed interest on operating
leases), commission and other finance charges payable by the Group in respect of that
financial period less the amount of interest receivable by the Group during such
financial period, as determined from the consolidated financial statements of the Group
for that financial period delivered pursuant to Clause 16.2(a) and/or (b) (Financial
Information).
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Consolidated
Profits before Interest, Tax and Amortisation
| | ------------------------------------------------------------

| | means,
in respect of any financial period of the Group, consolidated trading profit of the Group
from continuing operations, acquisitions (as a component of continuing operations) and
discontinued operations as set out in FRS 3 (excluding exceptional profits or losses and
extraordinary items for such financial year as set out in FRS 3) prior to deduction of:
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (a) |  | Consolidated
Net Finance Charges for that financial period;
| |  | --- |  | -----------------------------------------------------------

| |  | (b) |  | tax
on the overall income of the Group payable in respect of that financial period; and
| |  | --- |  | ---------------------------------------------------------------------------------------

| |  | (c) |  | amortisation
of goodwill and intangible assets for that financial period,
| |  | --- |  | -------------------------------------------------------------------------

| | all
as determined from the consolidated financial statements of the Group for that financial
period delivered pursuant to Clause 16.2(a) and/or (b) (Financial Information).
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Default
| | ---------

| | means
an Event of Default or an event which, with the giving of notice, determination of
materiality or expiry of any grace period, each as referred to in Clause 18 (Default),
(or any combination of the foregoing), would constitute an Event of Default.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Encumbrance
| | -------------

| | means
a mortgage, charge, pledge, lien or other security interest.
| | ------------------------------------------------------------------

| | euro
| | ------

| | means
the single currency of the Participating Member States.
| | -------------------------------------------------------------

|
|

|4
|-

| | EURIBOR
| | ---------

| | means
in relation to any Advance or unpaid sum denominated in euros:
| | --------------------------------------------------------------------

| |  | (a) |  | the
applicable Screen Rate; or
| |  | --- |  | ------------------------------

| |  | (b) |  | if
no Screen Rate is available for that Term of that Advance or unpaid sum, the arithmetic
mean (rounded upwards, if necessary, to the nearest four decimal places) of the
respective rates, as supplied to the Agent at its request, quoted by the Reference Banks
to leading banks in the European interbank market,
| |  | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | as
of 11.00 a.m. (Brussels time) on the Rate Fixing Day for the offering of deposits in euro
for a period comparable to that Term.
| | ----------------------------------------------------------------------------------------------------------------------------------

| | Event
of Default
| | ------------------

| | means
an event specified as such in Clause 18 (Default).
| | --------------------------------------------------------

| | Facility
| | ----------

| | means
the facility referred to in Clause 2.1 (Facility).
| | --------------------------------------------------------

| | Facility
Office
| | -----------------

| | means
the office(s) notified by a Lender to the Agent:
| | ------------------------------------------------------

| |  | (a) |  | on
or before the date it becomes a Lender; or
| |  | --- |  | ---------------------------------------------

| |  | (b) |  | by
not less than five Business Days notice,
| |  | --- |  | --------------------------------------------

| | as
the office(s) through which it will perform all or any of its obligations under this
Agreement.
| | --------------------------------------------------------------------------------------------------

| | Fee
Letters
| | -------------

| | means
:
| | -------

| |  | (a) |  | the
letter between the Agent and the Parent dated 19th November, 2001; and
| |  | --- |  | --------------------------------------------------------------------------

| |  | (b) |  | the
letters between, inter alia, the Mandated Arrangers, and the Parent and the respective
Mandated Arrangers dated 19th November, 2001,
| |  | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------

| | in
each case setting out the amount of various fees referred to in Clause 20 (Fees).
| | ------------------------------------------------------------------------------------

| | Final
Maturity Date
| | ---------------------

| | means
the fifth Anniversary.
| | ----------------------------

| | Finance
Document
| | ------------------

| | means
this Agreement, each Fee Letter, a Novation Certificate, a Borrower Accession Agreement,
each Novation Agreement entered into as contemplated by Clause 7.6(b)(iii) (Changes to
Borrowers), a Guarantor Accession Agreement or any other document designated in writing
as such by the Agent and the Parent.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|
|

|5
|-

| | Finance
Party
| | ---------------

| | means
a Mandated Arranger, a Lender or the Agent.
| | -------------------------------------------------

| | Group
| | -------

| | means
the Parent and its Subsidiaries.
| | --------------------------------------

| | Guarantor
| | -----------

| | means
each of:
| | --------------

| |  | (a) |  | the
Parent; and
| |  | --- |  | ---------------

| |  | (b) |  | each
Additional Guarantor.
| |  | --- |  | --------------------------

| | Guarantor
Accession Agreement
| | -------------------------------

| | means
a deed substantially in the form of Part III of Schedule 5 with such amendments as the
Agent may approve or reasonably require.
| | -------------------------------------------------------------------------------------------------------------------------------------

| | Indebtedness
| | --------------

| | means
any obligation (whether incurred as principal or as surety) for the payment or repayment
of moneys, whether present or future, actual or contingent.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------

| | Information
Memorandum
| | ------------------------

| | means
the Information Memorandum dated November, 2001 prepared in connection with this
Agreement and approved by the Parent.
| | ----------------------------------------------------------------------------------------------------------------------------

| | Instinet
Group
| | ----------------

| | means
Instinet Group Inc. and its Subsidiaries.
| | -----------------------------------------------

| | Lenders
| | ---------

| | means
those financial institutions listed in Schedule 1 and their respective successors and
assigns which are for the time being participating in the Facility.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------

| | LIBOR
| | -------

| | means
in relation to any Advance or unpaid sum in sterling or in Optional Currency (other than
euro):
| | -----------------------------------------------------------------------------------------------------

|
|

|6
|-

| |  | (a) |  | the
applicable Screen Rate; or
| |  | --- |  | ------------------------------

| |  | (b) |  | if
no Screen Rate is available for the relevant currency or Term of that Advance or unpaid
sum, the arithmetic mean (rounded upwards, if necessary, to the nearest four decimal
places) of the respective rates, as supplied to the Agent at its request, quoted by the
Reference Banks to leading banks in the London interbank market,
| |  | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | as
of 11.00 a.m. on the Rate Fixing Day for the offering of deposits in the currency of that
Advance or unpaid sum for a period comparable to that Term.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------

| | Majority
Lenders
| | ------------------

| | means,
at any time:
| | -------------------

| |  | (a) |  | if
any Advances are outstanding, Lenders with an aggregate Original Sterling Amount of
participations in Advances at that time of more than 66 2/3 per cent. of the aggregate
Original Sterling Amount of all Advances then outstanding; or
| |  | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (b) |  | if
no Advances are outstanding, Lenders whose Commitments then aggregate more than 66 2/3
per cent. of the Total Commitments (or if the Total Commitments have been reduced to
zero, aggregated more than 66 2/3 per cent. of the Total Commitments immediately before
the reduction).
| |  | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Mandatory
Cost
| | ----------------

| | means
the cost of complying with certain regulatory requirements expressed as a percentage rate
per annum and calculated by the Agent under:
| | --------------------------------------------------------------------------------------------------------------------------------------------

| |  | (a) |  | Part
I of Schedule 3, prior to 17th January, 2002 or such later date as the board of the
Financial Services Authority confirms the amount of any charges payable under the fees
rules (as defined in Part II of Schedule 3) (the Relevant Date); or
| |  | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (b) |  | Part
II of Schedule 3, on or after the Relevant Date.
| |  | --- |  | -----------------------------------------------------

| | Mandatory
Prepayment Event
| | ----------------------------

| | means
an event specified in paragraph (a), (b) or (c) of Clause 7.4 (Mandatory Prepayment
Events).
| | --------------------------------------------------------------------------------------------------

| | Margin
| | --------

| | means
0.25 per cent. per annum from the Signing Date until the third Anniversary and 0.275 per
cent. per annum thereafter.
| | --------------------------------------------------------------------------------------------------------------------------

| | Material
Adverse Effect
| | -------------------------

| | means
a material adverse effect on the Group taken as a whole which would affect the ability of
any Obligor to perform or observe any of its obligations under any of the Finance
Documents.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Material
Subsidiary
| | ---------------------

| | means
at any particular time, a member of the Restricted Group (other than an Obligor) whose
gross assets or pre-taxation profits, as at the end of or (as the case may be) of the
latest financial year of the Group and as taken into account for the purpose of the
audited consolidated financial statements of the Group for such financial year, represent
at least ten per cent. of the consolidated gross assets or pre-taxation profits of the
Group as determined from those audited consolidated financial statements of the Group.
For this purpose:
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|
|

|7
|-

| |  | (a) |  | in
the case of a member of the Group which itself has Subsidiaries, the calculation shall be
made by comparing the consolidated gross assets or pre-taxation profits of it and its
Subsidiaries to those of the Group;
| |  | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (b) |  | assets
which arise from transactions between members of the Group and which would be eliminated
in the consolidated financial statements of the Group shall be excluded; and
| |  | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (c) |  | if
a Subsidiary which is not a Material Subsidiary on the basis of the most recent such
accounts receives a transfer of assets or the right to receive any trading profits which
taken together with the existing assets or trading profits of that Subsidiary, as the
case may be, would satisfy any of the tests above, then that Subsidiary shall also be a
Material Subsidiary on and from the date it receives such transfer. If a Material
Subsidiary disposes of any assets or the right to receive any trading profits such that
it would on the basis of the most recent such accounts cease to be a Material Subsidiary,
then it shall be excluded as a Material Subsidiary on and from the date the Parent next
notifies the Agent of the identity of the Material Subsidiaries under Clause 16.2(f)
(Financial Information).
| |  | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Maturity
Date
| | ---------------

| | means
the last day of the Term of an Advance.
| | ---------------------------------------------

| | Novation
Certificate
| | ----------------------

| | has
the meaning given to it in Clause 26.3(a)(i) (Procedure for novations).
| | ---------------------------------------------------------------------------

| | Obligor
| | ---------

| | means
the Parent, each Borrower and each Guarantor.
| | ---------------------------------------------------

| | Optional
Currency
| | -------------------

| | means,
in relation to any Advance or proposed Advance, U.S. Dollars, euro or any other currency
other than Sterling which all the Lenders have confirmed in relation to the proposed
Advance is readily available and freely transferable in the London foreign exchange
market in sufficient amounts to fund that Advance.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Original
Group Accounts
| | -------------------------

| | means
the audited consolidated financial statements of the Parent and its Subsidiaries for the
year ended 31st December, 2000.
| | ------------------------------------------------------------------------------------------------------------------------------

| | Original
Sterling Amount
| | --------------------------

| | means:
| | ------

| |  | (a) |  | the
principal amount of an Advance denominated in Sterling; or
| |  | --- |  | --------------------------------------------------------------

|
|

|8
|-

| |  | (b) |  | the
principal amount of an Advance denominated in any other currency, translated into
Sterling on the basis of the Agents Spot Rate of Exchange at or about 11.00 a.m. on
the date of receipt by the Agent of the Request for that Advance.
| |  | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Participating
Member State
| | ----------------------------

| | means
a member state of the European Communities that adopts or has adopted the euro as its
lawful currency under the legislation of the European Union for European Monetary Union.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Party
| | -------

| | means
a party to this Agreement.
| | --------------------------------

| | Permitted
Encumbrance
| | -----------------------

| | means:
| | ------

| |  | (a) |  | a
lien or right of set-off arising solely by operation of law or by agreement and in the
ordinary course of business;
| |  | --- |  | ---------------------------------------------------------------------------------------------------------------------

| |  | (b) |  | an
Encumbrance in existence as at the Signing Date and disclosed in writing prior to the
Signing Date to the Agent;
| |  | --- |  | -------------------------------------------------------------------------------------------------------------------

| |  | (c) |  | an
Encumbrance granted over any real property of a member of the Restricted Group at the
time of purchase thereof for any loan or other obligation raised or undertaken for the
sole purpose of financing the purchase of that real property;
| |  | --- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (d) |  | any
Encumbrance securing any Indebtedness of any company which becomes a member of the
Restricted Group after the date hereof and which was in existence when such company
became a member of the Restricted Group provided that each such Encumbrance is discharged
in full within 180 days after such company becomes a member of the Restricted Group;
| |  | --- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (e) |  | an
Encumbrance over an asset purchased by a member of the Restricted Group (otherwise than
from another member of the Restricted Group) after the date hereof and to which such
asset was subject at the time of such purchase provided that such Encumbrance is
discharged in full within 180 days after the date of purchase of such asset by such
member of the Restricted Group;
| |  | --- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (f) |  | any
retention of title reserved by any seller of goods in the normal course of business, or
any Encumbrance imposed, reserved or granted over goods supplied by such seller in
respect of the unpaid price of goods supplied in the ordinary course of business;
| |  | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (g) |  | an
Encumbrance granted by any member of the Restricted Group which carries on a broking or
similar business, in each case in the ordinary course of that broking or similar business
over any asset deposited with either a bank in connection with the clearance of traded
securities, landlord, securities exchange or clearing system as security for the relevant
companys obligations to such bank, landlord, securities exchange or clearing
system;
| |  | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|
|

|9
|-

| |  | (h) |  | an
Encumbrance which the Majority Lenders have at any time agreed in writing shall be a
Permitted Encumbrance;
| |  | --- |  | --------------------------------------------------------------------------------------------------------------

| |  | (i) |  | an
Encumbrance granted in respect of a Back to Back Loan over the cash or cash equivalent
deposits concerned;
| |  | --- |  | -------------------------------------------------------------------------------------------------------------

| |  | (j) |  | any
Encumbrance granted by any member of the Restricted Group in the ordinary course of
business in respect of any assets deposited with a central bank or other regulatory body
in compliance with the requirements of that central bank or regulatory body; and
| |  | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (k) |  | Encumbrances
(other than Encumbrances permitted by paragraphs (a) to (j) above) which secure, in
aggregate, Indebtedness in an amount not exceeding £100,000,000 or its equivalent
in other currencies.
| |  | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Qualifying
Lender
| | -------------------

| | means:
| | ------

| |  | (a) |  | a
bank as defined in Section 840A of the Income and Corporation Taxes Act 1988 which is
within the charge to corporation tax as regards any interest received by it under this
Agreement; or
| |  | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (b) |  | a
UK Non-Bank Lender; or
| |  | --- |  | ------------------------

| |  | (c) |  | a
person which is resident (as such term is defined in the appropriate double taxation
treaty) in a country with which the United Kingdom has an appropriate double taxation
treaty under which that person is entitled, having regard to its own circumstances but
not to the circumstances of any Obligor, to exemption from United Kingdom tax on interest
and is entitled to apply under the Double Taxation Relief (Taxes on Income) (General)
Regulations 1970 to have interest paid to its Facility Office without withholding or
deduction for or on account of United Kingdom tax (and does not carry on business in the
United Kingdom through a permanent establishment with which the investments under this
Agreement in respect of which the interest is paid is effectively connected) and for this
purpose double taxation treaty means any convention or agreement between the
government of the United Kingdom and any other government for the avoidance of double
taxation and the prevention of fiscal evasion with respect to taxes on income and capital
gains.
| |  | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Rate
Fixing Day
| | -----------------

| | means:
| | ------

| |  | (a) |  | the
Utilisation Date for an Advance denominated in Sterling; or
| |  | --- |  | ---------------------------------------------------------------

| |  | (b) |  | the
second Business Day before the Utilisation Date for an Advance denominated in any
Optional Currency (other than euro); or
| |  | --- |  | -----------------------------------------------------------------------------------------------------------------------------

| |  | (c) |  | the
second TARGET Day before the Utilisation Date for an Advance denominated in euro,
| |  | --- |  | -------------------------------------------------------------------------------------

|
|

|10
|--

| | or
such other day as the Agent determines is generally treated as the rate fixing day by
market practice in the relevant interbank market.
| | ------------------------------------------------------------------------------------------------------------------------------------------

| | Reference
Banks
| | -----------------

| | means,
subject to Clause 26.6 (Reference Banks), HSBC Bank plc, JPMorgan Chase Bank and Barclays
Bank PLC.
| | ----------------------------------------------------------------------------------------------------------

| | Request
| | ---------

| | means
a request made by a Borrower to utilise the Facility, substantially in the form of
Schedule 4.
| | ----------------------------------------------------------------------------------------------------

| | Requested
Amount
| | ------------------

| | means
the amount requested in a Request.
| | ----------------------------------------

| | Restricted
Group
| | ------------------

| | means
the Group excluding members of the Instinet Group.
| | --------------------------------------------------------

| | Rollover
| | ----------

| | means,
in relation to a particular date, one or more Advances:
| | --------------------------------------------------------------

| |  | (a) |  | whose
proposed Utilisation Date is the same as the Maturity Date of one or more existing
Advances;
| |  | --- |  | --------------------------------------------------------------------------------------------------

| |  | (b) |  | whose
aggregate principal amount is the same as or less than the aggregate outstanding
principal amount of all existing Advances whose Maturity Date is the same as that
Utilisation Date; and
| |  | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (c) |  | which
are to be denominated in the same currency as the existing Advance(s) whose Maturity Date
is the same as that Utilisation Date (or, if there is more than one such existing Advance
and such Advances are denominated in different currencies, in the same or lesser
respective amounts of the same currencies as for such existing Advances).
| |  | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Screen
Rate
| | -------------

| | means:
| | ------

| |  | (a) |  | for
LIBOR, the British Bankers Association Interest Settlement Rate (if any); and
| |  | --- |  | ---------------------------------------------------------------------------------

| |  | (b) |  | for
EURIBOR, the percentage rate per annum determined by the Banking Federation of the
European Union,
| |  | --- |  | ------------------------------------------------------------------------------------------------------

| | for
the relevant currency and Term displayed on the appropriate page of the Reuters screen
selected by the Agent. If the relevant page is replaced or the service ceases to be
available, the Agent (after consultation with the Parent and the Lenders) may specify
another page or service displaying the appropriate rate.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|
|

|11
|--

| | Signing
Date
| | --------------

| | means
the date of this Agreement.
| | ---------------------------------

| | Subsidiary
| | ------------

| | means:
| | ------

| |  | (a) |  | a
subsidiary within the meaning of Section 736 of the Companies Act 1985, as amended by
Section 144 of the Companies Act 1989; and
| |  | --- |  | ----------------------------------------------------------------------------------------------------------------------------------

| |  | (b) |  | unless
the context otherwise requires, a subsidiary undertaking within the meaning of Section 258
of the Companies Act 1985 (as inserted by Section 21 of the Companies Act 1989).
| |  | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | TARGET
Day
| | ------------

| | means
a day on which the Trans European Automated Real-time Gross Settlement Express Transfer
payment system is open for the settlement of payments in euro.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Term
| | ------

| | means
the period selected by a Borrower in a Request for which the relevant Advance is to be
outstanding.
| | ---------------------------------------------------------------------------------------------------------

| | Total
Commitments
| | -------------------

| | means
the aggregate for the time being of the Commitments, being £500,000,000 at the date
of this Agreement.
| | ------------------------------------------------------------------------------------------------------------

| | UK
or United Kingdom
| | ------------------------

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

| | UK
Non-Bank Lender
| | --------------------

| | means:
| | ------

| |  | (a) |  | a
company resident in the UK for tax purposes; or
| |  | --- |  | -------------------------------------------------

| |  | (b) |  | a
partnership each member of which is a company resident in the UK for tax purposes; or
| |  | --- |  | ---------------------------------------------------------------------------------------

| |  | (c) |  | a
company not resident in the UK for tax purposes which carries on a trade in the U.K.
through a branch or agency and brings into account payments made to it under this
Agreement in computing its chargeable profits for the purpose of section 11(2) of the
Income and Corporation Taxes Act 1988,
| |  | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | which,
in each case, is beneficially entitled to payments made to it under this Agreement and
which has provided to the Parent, and not retracted, confirmation of the above.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|
|

|12
|--

| | Utilisation
Date
| | ------------------

| | means
the date for the making of an Advance.
| | --------------------------------------------

|1.2 |  | Construction
|--- |  | ------------

|(a) |  | In
this Agreement, unless the contrary intention appears, a reference to:
|--- |  | -------------------------------------------------------------------------

| |  | (i) |  | assets
includes properties, revenues and rights of every description;
| |  | --- |  | -----------------------------------------------------------------------

| | an
authorisation includes an authorisation, consent, approval, resolution, licence,
exemption, filing, registration and notarisation;
| | ---------------------------------------------------------------------------------------------------------------------------------------

| | a
month is a reference to a period starting on one day in a calendar month and ending on
the numerically corresponding day in the next calendar month, except that, if there is no
numerically corresponding day in the month in which that period ends, that period shall
end on the last Business Day in that calendar month;
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | a
regulation includes any regulation, rule, official directive, request or guideline
(whether or not having the force of law) of any governmental body, agency, department or
regulatory, self-regulatory or other authority or organisation; and
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | a
reference to the currency of a country is to the lawful currency of that country for the
time being, £ and Sterling is a reference to the lawful currency of the United
Kingdom for the time being and U.S. $ and U.S. Dollars is a reference to the lawful
currency of the United States of America for the time being;
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (ii) |  | a
provision of a law is a reference to that provision as amended or re-enacted;
| |  | ---- |  | -------------------------------------------------------------------------------

| |  | (iii) |  | a
Clause or a Schedule is a reference to a clause of or a schedule to this Agreement;
| |  | ----- |  | -------------------------------------------------------------------------------------

| |  | (iv) |  | a
person includes its successors and assigns;
| |  | ---- |  | ---------------------------------------------

| |  | (v) |  | a
Finance Document or another document is a reference to that Finance Document or that
other document as amended, novated or supplemented; and
| |  | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------------

| |  | (vi) |  | a
time of day is a reference to London time.
| |  | ---- |  | --------------------------------------------

|(b) |  | Unless expressly provided to the contrary in a Finance Document, a person who is
not a party to a Finance Document may not enforce any of its terms under the
Contracts (Rights of Third Parties) Act 1999 and, notwithstanding any term of
any Finance Document, the consent of any third party is not required for any
variations (including any release or compromise of any liability) or termination
of that Finance Document.
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(c) |  | Unless the contrary intention appears, a term used in any other Finance Document
or in any notice given under or in connection with any Finance Document has the
same meaning in that Finance Document or notice as in this Agreement.
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(d) |  | The
index to and the headings in this Agreement are for convenience only and are to be
ignored in construing this Agreement.
|--- |  | ----------------------------------------------------------------------------------------------------------------------------

|
|

|13
|--

|(e) |  | The definitions of Consolidated Net Finance Charges and
Consolidated Profits before Interest Tax and
Amortisation and any calculations made for the purposes of Clause 17
(Financial Covenant) shall be construed or, as the case may be, made in
accordance with generally accepted accounting principles in the UK in force as
at the Signing Date. If there is any change to those accounting principles after
the Signing Date the financial statements referred to in paragraphs (a) and (b)
of Clause 16.2 (Financial Information) shall be accompanied by a reconciliation
of the differences between the accounting principles in force as at the Signing
Date and the accounting principles applied in the preparation of those financial
statements in sufficient detail to calculate those definitions as though there
had been no such change.
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|2. |  | THE FACILITY
|-- |  | ------------

|2.1 |  | Facility
|--- |  | --------

| | The
Lenders grant to the Borrowers a committed multicurrency revolving credit facility, under
which the Lenders will, when requested by a Borrower, make cash advances in Sterling or
Optional Currencies to that Borrower on a revolving basis, subject to the terms of this
Agreement.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|2.2 |  | Overall
facility limit
|--- |  | ----------------------

| |  | (a) |  | The
aggregate Original Sterling Amount of all outstanding Advances shall not at any time
exceed the Total Commitments at that time.
| |  | --- |  | -----------------------------------------------------------------------------------------------------------------------------------

| |  | (b) |  | The
aggregate Original Sterling Amount of participations of a Lender in Advances shall not at
any time exceed its Commitment at that time.
| |  | --- |  | ------------------------------------------------------------------------------------------------------------------------------------------

|2.3 |  | Number
of Requests and Advances
|--- |  | -------------------------------

| | No
more than one Request may be delivered on any one day and not more than 10 Advances may
be outstanding at any time but, subject to the foregoing, that Request may specify any
number of Advances.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|2.4 |  | Nature of
a Finance Partys rights and obligations
|--- |  | --------------------------------------------------

|(a) |  | The
obligations of a Finance Party under the Finance Documents are several. Failure of a
Finance Party to carry out those obligations does not relieve any other Party of its
obligations under the Finance Documents. No Finance Party is responsible for the
obligations of any other Finance Party under the Finance Documents.
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(b) |  | The
rights of a Finance Party under the Finance Documents are divided rights. A Finance Party
may, except as otherwise stated in the Finance Documents, separately enforce those
rights.
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|2.5 |  | Obligors Agent
|--- |  | --------------

| | Each
Obligor irrevocably authorises and instructs the Parent to give and receive as agent on
its behalf all notices (including Requests) and sign all documents in connection with the
Finance Documents on its behalf (including Novation Agreements under Clause 7.6(b)
(Changes to Borrowers)) and take such other action as may be necessary or desirable under
or in connection with the Finance Documents and confirms that it will be bound by any
action taken by the Parent under or in connection with the Finance Documents.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|
|

|14
|--

|2.6 |  | Actions
of Parent
|--- |  | -----------------

| | The
respective liabilities of each of the Obligors under the Finance Documents shall not be
in any way affected by:
| | -------------------------------------------------------------------------------------------------------------------

| |  | (a) |  | any
irregularity (or purported irregularity) in any act done by or any failure (or purported
failure) by the Parent; or
| |  | --- |  | -----------------------------------------------------------------------------------------------------------------------

| |  | (b) |  | the
Parent acting (or purporting to act) in any respect outside any authority conferred upon
it by any Obligor; or
| |  | --- |  | ------------------------------------------------------------------------------------------------------------------

| |  | (c) |  | the
failure (or purported failure) by, or inability (or purported inability) of, the Parent
to inform any Obligor of receipt by it of any notification under a Finance Document.
| |  | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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

|(a) |  | Each Advance will be applied in or towards the general corporate purposes of the
Group including, without limitation, capital expenditure, working capital
financing and providing standby liquidity for commercial paper.
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(b) |  | Without affecting the obligations of any Borrower in any way, no Finance Party
is bound to monitor or verify the application of the proceeds of any Advance.
|--- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------

|4. |  | CONDITIONS PRECEDENT
|-- |  | --------------------

|4.1 |  | Documentary conditions precedent
|--- |  | --------------------------------

| | The
obligations of each Finance Party to any Borrower under this Agreement are subject to the
condition precedent that the Agent has notified the Parent and the Lenders that it has
received all of the documents set out in Part I of Schedule 2 in form and substance
satisfactory to the Agent. The Agent will promptly notify the Parent upon such receipt.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|4.2 |  | Further
conditions precedent
|--- |  | ----------------------------

| | The
obligations of each Lender to participate in an Advance are subject to the further
conditions precedent that on the date of the Request for the Advance and on its
Utilisation Date:
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (a) |  | except in the case of a Rollover, the representations and warranties in
Clause 15 (Representations and Warranties) to be repeated in accordance
with Clause 15.13(c) (Times for making representations and warranties) on those
dates are correct and will be correct immediately after the disbursement of the
Advance;
| |  | --- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (b) |  | except
in the case of a Rollover, no Default or Mandatory Prepayment Event is outstanding or
would result from the disbursement of the Advance; and
| |  | --- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (c) |  | the
Advance would not cause Clause 2.2 (Overall facility limit) to be contravened.
| |  | --- |  | ----------------------------------------------------------------------------------

|
|

|15
|--

|5. |  | ADVANCES
|-- |  | --------

|5.1 |  | Receipt
of Requests
|--- |  | -------------------

| | A
Borrower may borrow Advances if the Agent receives, not later than 5.00 p.m. on the third
Business Day before the proposed Utilisation Date, or, in the case of an Advance in
Sterling, not later than 8.00 a.m. on the proposed Utilisation Date, a duly completed
Request.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|5.2 |  | Completion of Requests
|--- |  | ----------------------

| | A
Request will not be regarded as having been duly completed unless:
| | --------------------------------------------------------------------

| |  | (a) |  | the
Utilisation Date is a Business Day during the Availability Period;
| |  | --- |  | ----------------------------------------------------------------------

| |  | (b) |  | only one currency is specified for each separate Advance and the Requested
Amount for each separate Advance is in a minimum Original Sterling Amount of
£50,000,000 (rounded to the nearest convenient 100,000 units in the case
of currencies other than Sterling);
| |  | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (c) |  | only
one Term for each separate Advance is specified which:
| |  | --- |  | -----------------------------------------------------------

| |  |  |  | (i) |  | does
not overrun the Final Maturity Date; and
| |  |  |  | --- |  | ---------------------------------------------

| |  |  |  | (ii) |  | is
a period of one month, two, three or six months (or, in any case, such other period as
all the Lenders may previously have agreed for the purposes of such Advance);
| |  |  |  | ---- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (d) |  | the
currency specified is either Sterling or an Optional Currency; and
| |  | --- |  | ----------------------------------------------------------------------

| |  | (e) |  | the
payment instructions comply with Clause 9.1 (Place of Payment).
| |  | --- |  | -------------------------------------------------------------------

|5.3 |  | Amount
of each Lenders participation
|--- |  | -------------------------------------

| | The
amount of a Lenders participation in an Advance will be the proportion of the
Requested Amount which its Commitment bears to the Total Commitments, on the date of
receipt of the relevant Request.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|5.4 |  | Notification
of the Lenders
|--- |  | ---------------------------

| | The
Agent shall promptly notify each Lender of the details of the requested Advance(s) and
the amount of its participation(s) in Advance(s).
| | --------------------------------------------------------------------------------------------------------------------------------------------

|5.5 |  | Payment
of Proceeds
|--- |  | -------------------

| | Subject
to the terms of this Agreement, each Lender shall make its participation in an Advance
available to the Agent for the Borrower for value on the relevant Utilisation Date.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|6. |  | REPAYMENT
|-- |  | ---------

| | Each
Borrower shall repay each Advance made to it in full on its Maturity Date to the Agent
for the relevant Lenders, but, since the Facility is available on a revolving basis,
amounts repaid may be reborrowed subject to the terms of this Agreement. No Advance may
be outstanding after the Final Maturity Date.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|
|

|16
|--

|7. |  | PREPAYMENT
AND CANCELLATION
|-- |  | ---------------------------

|7.1 |  | Automatic
Cancellation of the Total Commitments
|--- |  | -----------------------------------------------

| | The
undrawn Commitment of each Lender shall be automatically cancelled at the close of
business in London on the last day of the Availability Period and the balance (if any) of
a Lenders Commitment shall be cancelled on the Final Maturity Date.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|7.2 |  | Voluntary
Cancellation
|--- |  | ----------------------

| | The
Parent may, by giving not less than 15 days prior written notice to the Agents
cancel the unutilised portion of the Total Commitments in whole or in part (but, if in
part, in a minimum amount of £50,000,000). Any cancellation in part of the Total
Commitments shall be applied against the Commitment of each Lender pro rata.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|7.3 |  | Voluntary
prepayment
|--- |  | --------------------

|(a) |  | Any Borrower may, by giving not less than 10 Business Days prior notice to
the Agent, prepay without premium or penalty the whole or any part of the
Advances made to it (but, if in part, in an aggregate minimum Original Sterling
Amount, taking all prepayments made by all the Borrowers on the same day
together, of £50,000,000).
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(b) |  | Any voluntary prepayment under paragraph (a) above will be applied against the
Advances pro rata (or against such Advances as the relevant Borrower shall
designate in the notice of prepayment) and pro rata between the participations
of the Lenders in such Advances.
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|7.4 |  | Mandatory
Prepayment Events
|--- |  | ---------------------------

| | If
at any time:
| | ---------------

| |  | (a) |  | it
is or becomes unlawful for any Obligor to perform any of its obligations under the
Finance Documents in any material respect; or
| |  | --- |  | -----------------------------------------------------------------------------------------------------------------------------------

| |  | (b) |  | the
guarantee of any Guarantor under Clause 14 (Guarantee) is not effective or is alleged by
that Guarantor to be ineffective for any reason; or
| |  | --- |  | ------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (c) |  | any
single person, or group of persons acting in concert (as defined in the City Code on
Takeovers and Mergers), acquires control (as defined in Section 416 of the Income and
Corporation Taxes Act 1988) of the Parent,
| |  | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | then
the Agent shall, if instructed to do so by the Majority Lenders, by notice to the Parent:
| | ----------------------------------------------------------------------------------------------

| |  | (i) |  | call for prepayment of all the Advances on such date as it may specify in such
notice whereupon all the Advances shall become due and payable on such date
together with accrued interest and any other sums then owed by the Obligors
under the Finance Documents; and
| |  | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (ii) |  | declare that the Total Commitments shall be cancelled, whereupon the Total
Commitments shall be cancelled and the Commitments of each Lender shall be
cancelled and reduced to zero.
| |  | ---- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|
|

|17
|--

|7.5 |  | Mandatory
Prepayment by Borrowers
|--- |  | ---------------------------------

| | If
any Borrower (other than the Parent) ceases to be a wholly-owned Subsidiary of the Parent
it shall forthwith prepay all Advances made to it together with all amounts payable by it
under this Agreement and thereupon cease to be a Borrower.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|7.6 |  | Changes
to Borrowers
|--- |  | --------------------

|(a) |  | Any Borrower (other than the Parent) in respect of which no Advance is
outstanding hereunder (including any other amounts outstanding in relation
thereto) may, at the request of the Parent, cease to be a Borrower by entering
into a supplemental agreement to this Agreement in such form as the Agent may
reasonably require which shall discharge that Borrowers obligations
hereunder.
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(b) |  | Any Borrower (other than the Parent) (the Existing Borrower)
may be released from its obligations under this Agreement as a Borrower provided
that another Borrower (the Substitute Borrower) assumes the
obligations in respect thereof of the Existing Borrower and provided further
that:
|--- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (i) |  | any such substitution shall take effect on and from the later of the day upon
which the Agent notifies the Parent in writing that it is satisfied with the
compliance with the matters set out in paragraph (b)(iii) below and the date for
substitution specified in the relevant notice under paragraph (b)(ii) below;
| |  | --- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (ii) |  | notice
of the proposed substitution has been delivered by the Parent to the Agent not less than
14 days prior to the proposed substitution; and
| |  | ---- |  | -----------------------------------------------------------------------------------------------------------------------------------------------

| |  | (iii) |  | the Substitute Borrower enters into a Novation Agreement with the Existing
Borrower, the Parent and the Agent on behalf of the Lenders in the form of Part
IV of Schedule 5 together with such amendments as the Agent may reasonably
require.
| |  | ----- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Each
Lender authorises the Agent to sign on its behalf any Novation Agreement entered into in
accordance with this paragraph (b).
| | ---------------------------------------------------------------------------------------------------------------------------------

|7.7 |  | Right
of prepayment and cancellation
|--- |  | ------------------------------------

| | If
any Borrower is required to pay or is notified by any Lender in writing that it will be
required to pay any amount to a Lender under Clause 10 (Taxes) or Clause 12 (Increased
Costs), or if circumstances exist such that a Borrower will be required to pay any amount
to a Lender under Clause 10 (Taxes), the Parent may, whilst the circumstances giving rise
or which will give rise to the requirement continue, serve a notice of prepayment and
cancellation on that Lender through the Agent. On the date falling five Business Days
after the date of service of the notice:
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (a) |  | each
Borrower shall prepay all of that Lenders participations in outstanding Advances;
and
| |  | --- |  | -------------------------------------------------------------------------------------------

| |  | (b) |  | the
Lenders Commitment shall be permanently cancelled on the date of service of the
notice.
| |  | --- |  | --------------------------------------------------------------------------------------------

|
|

|18
|--

|7.8 |  | Miscellaneous
provisions
|--- |  | ------------------------

|(a) |  | Any notice of prepayment and/or cancellation under this Agreement is
irrevocable. The Agent shall notify the Lenders promptly of receipt of any such
notice.
|--- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------

|(b) |  | All prepayments under this Agreement shall be made together with accrued
interest on the amount prepaid and any other amounts due under this Agreement in
respect of that prepayment (including, but not limited to, any amounts payable
under Clause 23.2(c) (Other indemnities) if not made on a Maturity Date for the
Advance ).
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(c) |  | No
prepayment or cancellation is permitted except in accordance with the express terms of
this Agreement.
|--- |  | ---------------------------------------------------------------------------------------------------------

|(d) |  | Subject to the terms of this Agreement, any amount prepaid under Clause 7.3
(Voluntary Prepayment) may be reborrowed. No amount of the Total Commitments
cancelled under this Agreement may subsequently be reinstated.
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|8. |  | INTEREST
|-- |  | --------

|8.1 |  | Interest
rate for all Advances
|--- |  | ------------------------------

| | The
rate of interest on each Advance for its Term is the rate per annum determined by the
Agent to be the aggregate of:
| | -----------------------------------------------------------------------------------------------------------------------

| |  | (a) |  | the
relevant Margin;
| |  | --- |  | --------------------

| |  | (b) |  | LIBOR
or, in the case of an Advance denominated in euros, EURIBOR; and
| |  | --- |  | ----------------------------------------------------------------------

| |  | (c) |  | the
applicable Mandatory Cost.
| |  | --- |  | ------------------------------

|8.2 |  | Due dates
|--- |  | ---------

| | Except
as otherwise provided in this Agreement, accrued interest on each Advance is payable by
the relevant Borrower on its Maturity Date and also, in the case of any Advance with a
Term longer than six months, at six-monthly intervals after its Utilisation Date for so
long as the Term is outstanding.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|8.3 |  | Non-Business Days
|--- |  | -----------------

| | If
a Term would otherwise end on a day which is not a Business Day, that Term shall instead
end on the next Business Day in that calendar month (if there is one) or the preceding
Business Day (if there is not).
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|8.4 |  | Default interest
|--- |  | ----------------

|(a) |  | If a Borrower fails to pay any amount payable by it under this Agreement, it
shall forthwith on demand by the Agent pay interest on the overdue amount from
the due date up to the date of actual payment, both before and after judgment,
at a rate (the default rate) determined by the Agent to be
one per cent. per annum above the higher of:
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (i) |  | the
rate on the overdue amount under Clause 8.1 (Interest rate for all Advances) immediately
before the due date (in the case of principal); and
| |  | --- |  | ------------------------------------------------------------------------------------------------------------------------------------------------

|
|

|19
|--

| |  | (ii) |  | the rate which would have been payable if the overdue amount had, during the
period of non-payment, constituted an Advance in the currency of the overdue
amount for such successive Terms of such duration as the Agent may determine
(each a Designated Term).
| |  | ---- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(b) |  | The default rate will be determined on each Business Day or the first day of, or
two Business Days before the first day of, the relevant Designated Term, as
appropriate.
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(c) |  | If the Agent determines that deposits in the currency of the overdue amount are
not at the relevant time being made available by the Reference Banks to leading
banks in the London interbank market, the default rate will be determined by
reference to the cost of funds to the Agent from whatever sources it selects
after consultation with the Reference Banks.
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(d) |  | Default
interest will be compounded at the end of each Designated Term.
|--- |  | -----------------------------------------------------------------------

|8.5 |  | Notification
of rates of interest
|--- |  | ---------------------------------

| | The
Agent will promptly notify each relevant Party of the determination of a rate of interest
under this Agreement.
| | -------------------------------------------------------------------------------------------------------------------

|9. |  | PAYMENTS
|-- |  | --------

|9.1 |  | Place
of Payment
|--- |  | ----------------

| | All
payments by an Obligor or a Lender under this Agreement shall be made to the Agent to its
account at such office or bank in the principal financial centre of the country of the
currency concerned (or, in the case of euro, the financial centre of such of the
Participating Member States or London) as it may notify to the Obligor or Lender for this
purpose.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|9.2 |  | Funds
|--- |  | -----

| | Payments
under this Agreement to the Agent shall be made for value on the due date at such times
and in such funds as the Agent may specify to the Party concerned as being customary at
the time for the settlement of transactions in the relevant currency in the place for
payment.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|9.3 |  | Distribution
|--- |  | ------------

|(a) |  | Each payment received by the Agent under this Agreement for another Party shall,
subject to paragraphs (b) and (c) below, be made available by the Agent to
that Party by payment (on the date and in the currency and funds of receipt) to
its account with such bank in the principal financial centre of the country of
the relevant currency (or, in the case of euro, the financial centre of such of
the Participating Member States or London) as it may notify to the Agent for
this purpose by not less than five Business Days prior notice.
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(b) |  | The Agent may apply any amount received by it for an Obligor in or towards
payment (on the date and in the currency and funds of receipt) of any amount due
from an Obligor under this Agreement or in or towards the purchase of any amount
of any currency to be so applied.
|--- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(c) |  | Where a sum is to be paid under this Agreement to the Agent for the account of
another Party, the Agent is not obliged to pay that sum to that Party until it
has established that it has actually received that sum. The Agent may, however,
assume that the sum has been paid to it in accordance with this Agreement and,
in reliance on that assumption, make available to that Party a corresponding
amount. If the sum has not been made available but the Agent has paid a
corresponding amount to another Party, that Party shall forthwith on demand
refund the corresponding amount to the Agent together with interest on that
amount from the date of payment to the date of receipt, calculated at a rate
reasonably determined by the Agent to reflect its cost of funds.
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|
|

|20
|--

|9.4 |  | Currency
|--- |  | --------

|(a) |  | A
repayment or prepayment of an Advance is payable in the currency in which the Advance is
denominated.
|--- |  | -------------------------------------------------------------------------------------------------------

|(b) |  | Interest
is payable in the currency in which the relevant amount in respect of which it is payable
is denominated.
|--- |  | ------------------------------------------------------------------------------------------------------------------

|(c) |  | Amounts
payable in respect of costs, expenses, taxes and the like are payable in the currency in
which they are incurred.
|--- |  | -------------------------------------------------------------------------------------------------------------------------

|(d) |  | Any other amount payable under this Agreement is, except as otherwise provided
in this Agreement, payable in Sterling.
|--- |  | ----------------------------------------------------------------------------------------------------------------------

|9.5 |  | Set-off
and counterclaim
|--- |  | ------------------------

| | All
payments made by an Obligor under this Agreement shall be made without set-off or
counterclaim.
| | ---------------------------------------------------------------------------------------------------

|9.6 |  | Non-Business
Days
|--- |  | -----------------

|(a) |  | If a payment under this Agreement is due on a day which is not a Business Day,
the due date for that payment shall instead be the next Business Day in the same
calendar month (if there is one) or the preceding Business Day (if there is
not).
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(b) |  | During any extension of the due date for payment of any principal under this
Agreement interest is payable on the principal at the rate payable on the
original due date.
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|9.7 |  | Partial payments
|--- |  | ----------------

|(a) |  | If the Agent receives a payment insufficient to discharge all the amounts then
due and payable by an Obligor under this Agreement, the Agent shall apply that
payment towards the obligations of the Obligors under this Agreement in the
following order:
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (i) |  | first,
in or towards payment pro rata of any unpaid costs, fees and expenses of the Agent under
this Agreement;
| |  | --- |  | ---------------------------------------------------------------------------------------------------------------

| |  | (ii) |  | secondly,
in or towards payment pro rata of any accrued fees due but unpaid under Clause 20 (Fees);
| |  | ---- |  | ---------------------------------------------------------------------------------------------------

| |  | (iii) |  | thirdly,
in or towards payment pro rata of any interest due but unpaid under this Agreement;
| |  | ----- |  | --------------------------------------------------------------------------------------------

| |  | (iv) |  | fourthly,
in or towards payment pro rata of any principal due but unpaid under this Agreement; and
| |  | ---- |  | --------------------------------------------------------------------------------------------------

|
|

|21
|--

| |  | (v) |  | fifthly,
in or towards payment pro rata of any other sum due but unpaid under this Agreement.
| |  | --- |  | ---------------------------------------------------------------------------------------------

|(b) |  | The
Agent shall, if so directed by all the Lenders, vary the order set out in sub-paragraphs
(a)(ii) to (v) above.
|--- |  | ------------------------------------------------------------------------------------------------------------------

|(c) |  | Paragraphs
(a) and (b) above shall override any appropriation made by any Obligor.
|--- |  | ----------------------------------------------------------------------------------

|10. |  | TAXES
|--- |  | -----

|10.1 |  | Gross-up
|---- |  | --------

|(a) |  | All payments by an Obligor under the Finance Documents shall be made free and
clear of and without deduction for or on account of any taxes, except to the
extent that the Obligor is required by law to make payment subject to any taxes.
Subject to paragraph (b) below, if any tax or amounts in respect of tax must be
deducted from any amounts payable or paid by an Obligor, or paid or payable by
the Agent to a Finance Party, under the Finance Documents, the Obligor shall pay
such additional amounts as may be necessary to ensure that the relevant Finance
Party receives a net amount equal to the full amount which it would have
received had payment not been made subject to tax.
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(b) |  | An Obligor is not obliged to pay any additional amount pursuant to paragraph (a)
above in respect of any deduction which would not have been required if the
relevant Finance Party had completed a declaration, claim or exemption or other
form which it is able to complete.
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|10.2 |  | Tax
receipts
|---- |  | ------------

| | All
taxes required by law to be deducted or withheld by an Obligor from any amounts paid or
payable under the Finance Documents shall be paid by the relevant Obligor when due and
the Obligor shall, within 15 days of the payment being made, deliver to the Agent for the
relevant Lender evidence satisfactory to that Lender (including any relevant tax
receipts) that the payment has been duly remitted to the appropriate authority.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|10.3 |  | Qualifying
Lender
|---- |  | -----------------

|(a) |  | If:
|--- |  | ---

| |  | (i) |  | on
the Signing Date, any Lender which is a Party on the Signing Date is not a Qualifying
Lender; or
| |  | --- |  | ---------------------------------------------------------------------------------------------------

| |  | (ii) |  | after the first Utilisation Date, a Lender ceases to be a Qualifying Lender
other than as a result of the introduction of, suspension, withdrawal or
cancellation of, or change in, or change in the interpretation, administration
or application by the UK Inland Revenue or any other relevant taxing or fiscal
authority in any jurisdiction with which the relevant Lender has a connection
of, any law, regulation having the force of law, tax treaty or any published
practice or published concession of the UK Inland Revenue or any other relevant
taxing or fiscal authority in any jurisdiction with which the relevant Lender
has a connection, occurring after the Signing Date; or
| |  | ---- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (iii) |  | on the date of any novation under Clause 26 (Changes to the Parties), a New
Lender (as such term is defined in that Clause) is not a Qualifying Lender,
| |  | ----- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------

|
|

|22
|--

| | then
no Obligor shall be liable to pay to that Lender under Clause 10.1 (Gross-up) any amount
in respect of taxes levied or imposed by the UK or any taxing authority of or in the UK
in excess of the amount it would have been obliged to pay if that Lender had been a
Qualifying Lender on such date.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(b) |  | Any confirmation by a UK Non-Bank Lender of its status as described in the
definition of UK Non-Bank Lender in Clause 1.1 (Definitions) must be given to
the Agent on or promptly after the date that the UK Non-Bank Lender becomes a
Lender. The Agent must promptly forward any confirmation received by it to the
Parent. A UK Non-Bank Lender must promptly notify the Parent through the Agent
of any change to its status that may affect any confirmation made by it.
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|10.4 |  | Tax
Credit
|---- |  | ----------

|(a) |  | If an Obligor makes a payment pursuant to Clause 10.1 (Gross up) for the account
of any Finance Party and such Finance Party has received or been granted a
credit against, or relief or remission or repayment of, any tax paid or payable
by it (a Tax Credit) which is attributable to that payment or
the corresponding payment under the Finance Document such Finance Party shall,
to the extent that it can do so without prejudice to the retention of the amount
of such credit, relief, remission or repayment, pay to the Obligor concerned
such amount as the Finance Party shall have reasonably determined to be
attributable to such payments and which will leave the Finance Party (after such
payment) in no better or worse position than it would have been if the Obligor
concerned had not been required to make any deduction or withholding identified
under Clause 10.1 (Gross-up).
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(b) |  | Nothing in this Clause 10.4 shall interfere with the right of a Finance
Party to arrange its tax affairs in whatever manner it thinks fit and without
limiting the foregoing no Finance Party shall be under any obligation to claim a
Tax Credit or to claim a Tax Credit in priority to any other claims, relief,
credit or deduction available to it. No Finance Party shall be obliged to
disclose any information relating to its tax affairs or any computations in
respect thereof. Unless it would in a Lenders reasonable judgement be
prejudicial to its interests, such Lender shall seek any Tax Credit available to
it consequent upon any deductions for tax being made from any payment to it
under Clause 10.1 (Gross up).
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|11. |  | MARKET DISRUPTION
|--- |  | -----------------

|11.1 |  | Market disturbance
|---- |  | ------------------

| | Notwithstanding
anything to the contrary herein contained, if and each time that prior to or on a
Utilisation Date relative to an Advance to be made:
| | -----------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (a) |  | only
one or no Reference Bank supplies a rate for the purposes of determining LIBOR (if that
Advance is denominated in a currency other than euros) or EURIBOR (if that Advance is
denominated in euros); or
| |  | --- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (b) |  | the
Agent is notified by Lenders whose Commitments represent 35 per cent. or more of the
Total Commitments that deposits in the currency of that Advance are not in the ordinary
course of business available in the London Interbank Market (or if the Advance is
denominated in euros the European Interbank Market) for a period equal to the Term
concerned in amounts sufficient to fund their participations in that Advance; or
| |  | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|
|

|23
|--

| |  | (c) |  | the
Agent (after consultation with the Reference Banks) shall have determined (which
determination shall be conclusive and binding upon all Parties) that by reason of
circumstances affecting the London Interbank Market (or if the Advance is denominated in
euros the European Interbank Market) generally, adequate and fair means do not exist for
ascertaining the LIBOR or EURIBOR applicable to such Advance during its Term or LIBOR or
EURIBOR (as applicable) does not adequately represent the cost of funding to the Lenders,
| |  | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | the
Agent shall promptly give written notice of such determination or notification to the
Parent and to each of the Lenders.
| | ----------------------------------------------------------------------------------------------------------------------------

|11.2 |  | Alternative Rates
|---- |  | -----------------

| | If
the Agent gives a notice under Clause 11.1 (Market disturbance):
| | -------------------------------------------------------------------

| |  | (a) |  | the
Parent and the Lenders may (through the Agent) agree that the Advance concerned shall not
be borrowed; or
| |  | --- |  | -------------------------------------------------------------------------------------------------------------

| |  | (b) |  | in
the absence of such agreement:
| |  | --- |  | ---------------------------------

| |  |  |  | (i) |  | the
Term of the Advance concerned shall be one month;
| |  |  |  | --- |  | -----------------------------------------------------

| |  |  |  | (ii) |  | in
the case of Clause 11.1(b) (Market disturbance), the Advance shall be made in Sterling in
an amount equal to the Original Sterling Amount of the Advance concerned; and
| |  |  |  | ---- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (iii) |  | during
the Term of each Advance the rate of interest applicable to the participation of each
Lender in such Advance shall be the applicable Margin plus applicable Mandatory Cost plus
the rate per annum notified by the Lender concerned to the Agent before the last day of
such Term to be that which expresses as a percentage rate per annum the cost to such
Lender of funding its participation in such Advance from whatever sources it may
reasonably select.
| |  |  |  | ----- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|11.3 |  | Non-availability
of currency
|---- |  | ----------------------------

| | If
any Lender notifies the Agent before 10.00 a.m. two Business Days prior to the proposed
Utilisation Date of an Advance to be denominated in an Optional Currency (other than U.S.
Dollars) that it is unable for any reason to fund its participation in such Advance in
the Optional Currency concerned, the Agent shall notify the Parent and such Lender shall
make its participation in the Advance available in Sterling for the period in question.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|11.4 |  | Change
in circumstances
|---- |  | -----------------------

| | If
before 9.00 a.m. on the proposed Utilisation Date of an Advance which is to be
denominated in an Optional Currency (other than U.S. Dollars) there occurs any change in
national or international financial, political or economic conditions, currency
availability, currency exchange rates or exchange controls, which in the opinion of the
Agent renders the making of the Advance in such currency impracticable:
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|
|

|24
|--

| |  | (a) |  | the
Agent shall give notice to each of the Lenders and the Parent to that effect as soon as
practicable but in any event before 11.00 a.m. on the proposed Utilisation Date;
| |  | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (b) |  | unless
the Parent and the Lenders agree otherwise, the Advance shall be made in Sterling and the
Rate Fixing Date for the Term of the Advance shall be the Utilisation Date; and
| |  | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (c) |  | the
relevant Borrower shall pay to the Agent on behalf of the Lenders any amount claimed in
accordance with Clause 23.2 (Other Indemnities).
| |  | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------

|11.5 |  | Change
in currency
|---- |  | ------------------

|(a) |  | If more than one currency or currency unit are at the same time recognised by
the central bank of any country as the lawful currency of that country, then:
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (i) |  | any reference in the Finance Documents to, and any obligations arising under the
Finance Documents in, the currency of that country shall be translated into, or
paid in, the currency or currency unit of that country designated by the Agent;
and
| |  | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (ii) |  | any translation from one currency or currency unit to another shall be at the
official rate of exchange recognised by the central bank for the conversion of
that currency or currency unit into the other, rounded up or down by the Agent
acting reasonably.
| |  | ---- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(b) |  | If any change in any currency of a country occurs, this Agreement will be
amended to the extent the Agent specifies to be necessary to reflect the change
in the currency and to put the Finance Parties in the same position, so far as
possible, that they would have been in if no change in currency has occurred.
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|12. |  | INCREASED COSTS
|--- |  | ---------------

|12.1 |  | Increased
costs
|---- |  | ---------------

|(a) |  | Subject to Clause 12.2 (Exceptions), the Parent shall forthwith on demand by a
Finance Party pay that Finance Party the amount of any increased cost incurred
by it or any of its holding companies as a result of any change in or
introduction of any law or regulation (including any relating to taxation or
reserve asset, special deposit, cash ratio, liquidity or capital adequacy
requirements or any other form of banking or monetary control).
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(b) |  | In
this Agreement increased cost means:
|--- |  | -----------------------------------------

| |  | (i) |  | an
additional cost incurred by a Finance Party or any of its holding companies as a result
of it performing, maintaining or funding its obligations under, this Agreement; or
| |  | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (ii) |  | that portion of an additional cost incurred by a Finance Party or any of its
holding companies in making, funding or maintaining all or any advances
comprised in a class of advances formed by or including the participations in
Advances made or to be made by it under this Agreement as is attributable to it
making, funding or maintaining its participations in Advances; or
| |  | ---- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|
|

|25
|--

| |  | (iii) |  | a reduction in any amount payable to a Finance Party or the effective return to
a Finance Party under this Agreement or on its capital (or the capital of any of
its holding companies); or
| |  | ----- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (iv) |  | the amount of any payment made by a Finance Party, or the amount of interest or
other return foregone by a Finance Party, calculated by reference to any amount
received or receivable by a Finance Party from any other Party under this
Agreement.
| |  | ---- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|12.2 |  | Exceptions
|---- |  | ----------

| | Clause
12.1 (Increased costs) does not apply to any increased cost:
| | -------------------------------------------------------------------

| |  | (a) |  | compensated
for by the payment of the Mandatory Cost; or
| |  | --- |  | --------------------------------------------------------

| |  | (b) |  | attributable
to any tax or amounts in respect of tax which must be deducted from any amounts payable
or paid by a Borrower or paid or payable by the Agent to a Finance Party under the
Finance Documents; or
| |  | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (c) |  | which
is, or is attributable to, any tax on the overall net income, profits or gains of a
Lender or any of its holding companies (or the overall net income, profits or gains of a
division or branch of the Lender or any of its holding companies).
| |  | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|13. |  | ILLEGALITY AND MITIGATION
|--- |  | -------------------------

|13.1 |  | Illegality
|---- |  | ----------

| | If
it becomes unlawful in any jurisdiction for a Lender to give effect to any of its
obligations as contemplated by this Agreement or to fund or maintain its participation in
any Advance, then the Lender may notify the Parent through the Agent accordingly and
following notice from the Agent to the Parent:
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (a) |  | each
Borrower shall repay the participations of that Lender in any Advances made to it
together with all other amounts payable by it to that Lender under this Agreement on such
date as the Agent may specify in such notice, such date not to be earlier than:
| |  | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (i) |  | the
last day of the Term for each Advance occurring after the date of such notice; or
| |  |  |  | --- |  | -------------------------------------------------------------------------------------

| |  |  |  | (ii) |  | if
earlier, the date specified by the Lender in the notice delivered to the Agent (being no
earlier than the last day of any applicable grace period permitted by law); and
| |  |  |  | ---- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (b) |  | the
Lenders Commitment shall be immediately cancelled.
| |  | --- |  | -------------------------------------------------------

|13.2 |  | Mitigation
|---- |  | ----------

| | Notwithstanding
the provisions of Clauses 10 (Taxes), 12 (Increased Costs) and 13.1 (Illegality), if in
relation to a Lender or (as the case may be) the Agent circumstances arise which would
result in:
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (a) |  | any
deduction, withholding or payment of the nature referred to in Clause 10 (Taxes); or
| |  | --- |  | ----------------------------------------------------------------------------------------

|
|

|26
|--

| |  | (b) |  | any
increased cost of the nature referred to in Clause 12 (Increased Costs); or
| |  | --- |  | -------------------------------------------------------------------------------

| |  | (c) |  | a
notification pursuant to Clause 13.1 (Illegality),
| |  | --- |  | ----------------------------------------------------

| | then
without in any way limiting, reducing or otherwise qualifying the rights of such Lender
or the Agent, such Lender shall promptly upon becoming aware of the same notify the Agent
thereof (whereupon the Agent shall promptly notify the Parent) and such Lender shall use
reasonable endeavours to transfer its participation in the Facility and its rights
hereunder and under the Finance Documents to another financial institution or Facility
Office not affected by the circumstances having the results set out in (a), (b) or (c)
above and shall otherwise take such reasonable steps as may be open to it to mitigate the
effects of such circumstances provided that such Lender shall not be under any obligation
to take any such action if, in its opinion, to do so would or would be likely to have an
adverse effect upon its business, operations or financial condition or would involve it
in any unlawful activity or any activity that is contrary to its policies or any request,
guidance or directive of any competent authority (whether or not having the force of law)
or (unless indemnified to its satisfaction) would involve it in any significant expense
or tax disadvantage.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|14. |  | GUARANTEE
|--- |  | ---------

|14.1 |  | Guarantee
|---- |  | ---------

| | Each
Guarantor jointly and severally irrevocably and unconditionally:
| | ---------------------------------------------------------------------

| |  | (a) |  | as
principal obligor, guarantees to each Finance Party prompt performance by each Borrower
of all its obligations under the Finance Documents;
| |  | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------------

| |  | (b) |  | undertakes
with each Finance Party that whenever a Borrower does not pay any amount when due under
or in connection with any Finance Document, each Guarantor shall forthwith on demand by
the Agent pay that amount as if that Guarantor instead of the relevant Borrower were
expressed to be the principal obligor; and
| |  | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (c) |  | indemnifies
each Finance Party on demand against any loss or liability suffered by it if any
obligation guaranteed by any Guarantor is or becomes unenforceable, invalid or illegal.
| |  | --- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|14.2 |  | Continuing
guarantee
|---- |  | --------------------

| | This
guarantee is a continuing guarantee and will extend to the ultimate balance of all sums
payable by the Borrowers under the Finance Documents, regardless of any intermediate
payment or discharge in part.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|14.3 |  | Reinstatement
|---- |  | -------------

|(a) |  | Where any discharge (whether in respect of the obligations of any Borrower or
any security for those obligations or otherwise) is made in whole or in part or
any arrangement is made on the faith of any payment, security or other
disposition which is avoided or must be restored on insolvency, liquidation or
otherwise without limitation, the liability of the Guarantors under this Clause
14 shall continue as if the discharge or arrangement had not occurred (but only
to the extent that such payment, security or other disposition is avoided or
restored).
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|
|

|27
|--

|(b) |  | Each Finance Party may concede or compromise any claim that any payment,
security or other disposition is liable to avoidance or restoration.
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------

|14.4 |  | Waiver
of defences
|---- |  | ------------------

| | The
obligations of the Guarantors under this Clause 14 will not be affected by any act,
omission, matter or thing which, but for this provision, would reduce, release or
prejudice any of its obligations under this Clause 14 or prejudice or diminish those
obligations in whole or in part, including (whether or not known to it or any Finance
Party):
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (a) |  | any
time or waiver granted to, or composition with, any Borrower or other person;
| |  | --- |  | ---------------------------------------------------------------------------------

| |  | (b) |  | the
taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to
perfect, take up or enforce, any rights against, or security over assets of, any Borrower
or other person or any non-presentation or non-observance of any formality or other
requirement in respect of any instrument or any failure to realise the full value of any
security;
| |  | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (c) |  | any
incapacity or lack of powers, authority or legal personality of or dissolution or change
in the members or status of a Borrower or any other person;
| |  | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (d) |  | any
variation (however fundamental) or replacement of a Finance Document or any other
document or security so that references to that Finance Document in this Clause 14 shall
include each variation or replacement;
| |  | --- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (e) |  | any
unenforceability, illegality or invalidity of any obligation of any person under any
Finance Document or any other document or security, to the intent that the Guarantors obligations
under this Clause 14 shall remain in full force and their guarantee be construed
accordingly, as if there were no unenforceability, illegality or invalidity; and
| |  | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (f) |  | any
postponement, discharge, reduction, non-provability or other similar circumstance
affecting any obligation of any Borrower under a Finance Document resulting from any
insolvency, liquidation or dissolution proceedings or from any law, regulation or order
so that each such obligation shall for the purposes of the Guarantors obligations
under this Clause 14 shall be construed as if there were no such circumstance.
| |  | --- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|14.5 |  | Immediate
recourse
|---- |  | ------------------

| | Each
Guarantor waives any right it may have of first requiring any Finance Party (or any
trustee or agent on its behalf) to proceed against or enforce any other rights or
security or claim payment from any person before claiming from that Guarantor under this
Clause 14.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|14.6 |  | Appropriations
|---- |  | --------------

| | Until
all amounts which may be or become payable by the Borrowers under or in connection with
the Finance Documents have been irrevocably paid in full, each Finance Party (or any
trustee or agent on its behalf) may:
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (a) |  | refrain
from applying or enforcing any other moneys, security or rights held or received by that
Finance Party (or any trustee or agent on its behalf) in respect of those amounts, or
apply and enforce the same in such manner and order as it sees fit (whether against those
amounts or otherwise) and no Guarantor shall be entitled to the benefit of the same; and
| |  | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|
|

|28
|--

| |  | (b) |  | hold
in a suspense account any moneys received from any Guarantor or on account of that
Guarantors liability under this Clause 14, without liability to pay interest on
those moneys.
| |  | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|14.7 |  | Non-competition
|---- |  | ---------------

| | Until
all amounts which may be or become payable by the Borrowers under or in connection with
the Finance Documents have been paid in full, no Guarantor shall, after a claim has been
made or by virtue of any payment or performance by it under this Clause 14:
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (a) |  | be
subrogated to any rights, security or moneys held, received or receivable by any Finance
Party (or any trustee or agent on its behalf) or be entitled to any right of contribution
or indemnity in respect of any payment made or moneys received on account of that
Guarantors liability under this Clause 14; or
| |  | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (b) |  | claim,
rank, prove or vote as a creditor of any Borrower or its estate in competition with any
Finance Party (or any trustee or agent on its behalf); or
| |  | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (c) |  | receive,
claim or have the benefit of any payment, distribution or security from or on account of
any Borrower or exercise any right of set-off as against any Borrower.
| |  | --- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Each
Guarantor shall hold in trust for and forthwith pay or transfer to the Agent for the
Finance Parties any payment or distribution or benefit of security received by it
contrary to this Clause 14.7.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|14.8 |  | Additional
security
|---- |  | -------------------

| | This
guarantee is in addition to and is not in any way prejudiced by any other security now or
hereafter held by any Finance Party.
| | -----------------------------------------------------------------------------------------------------------------------------------

|14.9 |  | Removal
of Guarantors
|---- |  | ---------------------

| | Any
Guarantor (other than the Parent or any other Borrower) may, at the request of the Parent
and if no Default or Mandatory Prepayment Event is continuing, cease to be a Guarantor by
entering into a supplemental agreement to this Agreement at the cost of the Parent in
such form as the Agent may reasonably require which shall discharge that Guarantors
obligations as a Guarantor under this Agreement.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|15. |  | REPRESENTATIONS AND WARRANTIES
|--- |  | ------------------------------

|15.1 |  | Representations and warranties
|---- |  | ------------------------------

| | Each
Obligor makes the representations and warranties set out in this Clause 15
(Representations and Warranties) to each Finance Party (but in the case of an Obligor
other than the Parent only in respect of itself).
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|
|

|29
|--

|15.2 |  | Status,
Powers and authority
|---- |  | ----------------------------

| | It
is duly incorporated under the laws of the country in which it is incorporated and has
power and is able lawfully to execute and deliver the Finance Documents to which it is a
party and to exercise its rights and perform its obligations thereunder and all corporate
or other action required to be taken by it in order to authorise the execution and
delivery by it of the Finance Documents to which it is a party and the performance by it
of its obligations thereunder has been duly taken.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|15.3 |  | Legal
Validity
|---- |  | --------------

| | The
Finance Documents to which it is a party constitute (or will, when drawn in the manner
contemplated herein, constitute) its legal, valid, binding and enforceable obligations.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|15.4 |  | Non-Conflict
|---- |  | ------------

| | The
execution, delivery and performance by it of the Finance Documents to which it is a party
will not:
| | -------------------------------------------------------------------------------------------------------

| |  | (a) |  | contravene
any provision of any law, statute, decree, rule or regulation to which it or any of its
assets or revenues is subject, or of any order, judgment, injunction, decree, resolution,
determination or award of any court or any judicial, administrative or governmental
authority or organisation having applicability to it or any of its assets or revenues; or
| |  | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (b) |  | result
in any breach of any of the terms, covenants, conditions or provisions of, or constitute
default under, any indenture, mortgage, deed of trust, bond, agreement or other
instrument or obligation to which it is a party or by which it or any of its assets or
revenues may be bound or affected; or
| |  | --- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (c) |  | violate
any provision of its Memorandum and Articles of Association or other constitutive
documents.
| |  | --- |  | ----------------------------------------------------------------------------------------------------

|15.5 |  | No
Default
|---- |  | ----------

|(a) |  | No
Event of Default has occurred and is continuing which has not been remedied.
|--- |  | -------------------------------------------------------------------------------

|(b) |  | No
Default has occurred and is continuing which has not been remedied.
|--- |  | ----------------------------------------------------------------------

|15.6 |  | Authorisations
|---- |  | --------------

| | It
has obtained (and there are in full force and effect) any governmental and other consents
necessary to enable it to enter into and perform its obligations under each Finance
Document.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|15.7 |  | Accounts
|---- |  | --------

|(a) |  | The most recently published audited consolidated financial statements of the
Group give (in conjunction with the notes thereto) a true and fair view of the
financial condition of the Group as at the date as of which the same were
prepared.
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(b) |  | The Original Group Accounts were prepared in accordance with accounting
principles generally accepted in England and consistently applied and give (in
conjunction with the notes thereto) a true and fair view of the consolidated
financial condition of the Group as at the date as of which they were prepared
and the consolidated results of the operations of the Group during the financial
year then ended.
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|
|

|30
|--

|(c) |  | As at the date as of which the most recently published audited consolidated
financial statements of the Group were prepared no member of the Group had any
material liabilities which were not disclosed thereby (or by the notes thereto)
or provided for therein and which should at that date have been so disclosed or
provided for.
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(d) |  | The financial information supplied by it or on behalf of it by any other member
of the Group to the Lenders relating to any member of the Group in connection
with this Agreement is true and accurate in all material respects.
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|15.8 |  | Litigation
|---- |  | ----------

| | No
action or proceeding of or before any court or administrative tribunal has been
commenced, or (to its knowledge) is threatened:
| | ----------------------------------------------------------------------------------------------------------------------------------

| |  | (a) |  | to
restrain or affect the execution or delivery by it of any of the Finance Documents to
which it is a party or the performance and compliance by it of, and with, the obligations
expressed to be assumed by it therein or the legality, validity or enforceability
thereof; or
| |  | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (b) |  | which
would be reasonably expected to succeed and, if successful, to have a Material Adverse
Effect.
| |  | --- |  | ----------------------------------------------------------------------------------------------------

|15.9 |  | Pari
Passu
|---- |  | ----------

| | Its
Indebtedness under the Finance Documents to which it is a party will rank at least pari
passu with all its other unsecured Indebtedness with the exception of that which is
preferred by operation of law.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|15.10 |  | Encumbrances
|----- |  | ------------

| | Its
execution of the Finance Documents and its exercise of its rights and performance of its
obligations thereunder will not result in the existence of, nor oblige any member of the
Restricted Group to create, any Encumbrance over all or any of its present or future
revenues or assets.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|15.11 |  | Material
Adverse Change
|----- |  | -----------------------

| | There
has been no material adverse change in the business or financial condition of the Group
when compared with the business or financial condition of the Group (as shown in the
Original Group Accounts ) taken as a whole which could reasonably be expected to have a
Material Adverse Effect.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|15.12 |  | Information
|----- |  | -----------

|(a) |  | The factual information in relation to the Group in the Information Memorandum
was to the best of the Parents knowledge and belief true and accurate in
all material aspects as at the date of the Information Memorandum and any
opinion expressed about the Group in the Information Memorandum was honestly
held as at that date and all such factual information and opinions were provided
in good faith and after due enquiry as to their accuracy.
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|
|

|31
|--

|(b) |  | The
Information Memorandum did not omit at its date any information which made misleading any
information in the Information Memorandum.
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------

|15.13 |  | Times
for making representations and warranties
|----- |  | -----------------------------------------------

| | The
representations and warranties set out in this Clause 15:
| | -------------------------------------------------------------

| |  | (a) |  | are
made on the Signing Date;
| |  | --- |  | -----------------------------

| |  | (b) |  | (except
for Clause 15.5(b) (No Default), Clause 15.7 (Accounts), Clause 15.8 (Litigation), Clause
15.11 (Material Adverse Change) and Clause 15.12 (Information)) in the case of an Obligor
which becomes a Party after the date of this Agreement, will be deemed to be made by that
Obligor on the date it executes a Borrower Accession Agreement or, as the case may be, a
Guarantor Accession Agreement; and
| |  | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (c) |  | (except
for Clause 15.5(b) (No Default), Clause 15.7(b) (Accounts), Clause 15.8 (Litigation),
Clause 15.11 (Material Adverse Change) and Clause 15.12 (Information)) are deemed to be
repeated by each Obligor on:
| |  | --- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  |  | (i) |  | the
date of each Request; and
| |  |  |  | --- |  | -----------------------------

| |  |  |  | (ii) |  | each
Utilisation Date with reference to the facts and circumstances then existing.
| |  |  |  | ---- |  | ----------------------------------------------------------------------------------

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

|16.1 |  | Duration
|---- |  | --------

| | The
undertakings in this Clause 16 (Undertakings) will remain in force from the Signing Date
for so long as any amount is or may be outstanding under this Agreement or any Commitment
is in force.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|16.2 |  | Financial
Information
|---- |  | ---------------------

|(a) |  | In the case of the Parent, it will as soon as the same become available, but in
any event within 120 days after the end of each financial year, procure the
delivery to each of the Lenders through the Agent of one copy (or such other
number of copies as the Agent shall reasonably request) of the audited
consolidated financial statements (including balance sheet and profit and loss
account) of the Group together with the audited financial statements of the
Parent for such financial year.
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(b) |  | In the case of the Parent, it will as soon as the same become available, but in
any event within 60 days after the end of the first half of each financial year,
procure the delivery to each of the Lenders through the Agent of one copy (or
such other number of copies as the Agent shall reasonably request) of the
published interim consolidated financial statements of the Group for such
financial half-year.
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|
|

|32
|--

|(c) |  | In the case of each other Obligor, it will as soon as the same become available,
but in any event within 120 days after the end of each financial year, procure
the delivery to each of the Lenders through the Agent of one copy (or such other
number of copies as the Agent shall reasonably request) of its audited financial
statements (including balance sheet and profit and loss account) for such
financial year.
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(d) |  | It will ensure that each set of financial statements delivered by it pursuant to
paragraphs (a) and (b) above, in the case of the Parent, and paragraph (c)
above, in the case of each other Obligor, is prepared and audited in accordance
with United Kingdom accounting principles generally accepted and consistently
applied (save for changes in accounting principles disclosed in the relevant
financial statements) except (in the case of an Obligor incorporated outside the
United Kingdom) where the relevant Obligor is required to prepare its financial
statements in accordance with accounting principles generally accepted in a
jurisdiction other than the United Kingdom in which case its financial
statements will be prepared and audited in accordance with the accounting
principles of that jurisdiction generally accepted and consistently applied
(save for changes in accounting principles disclosed in the relevant financial
statements).
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(e) |  | In the case of the Parent, it will supply to the Lenders through the Agent one
copy (or such other number of copies as the Agent shall reasonably request) (as
and when the same are distributed to its shareholders) of all information and
circulars from time to time distributed by Parent to its shareholders.
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(f) |  | In the case of the Parent, together with the accounts specified in paragraphs
(a) and (b) above, a certificate signed by two officers of the Parent in the
form of Schedule 6:
|--- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (i) |  | setting
out in reasonable detail computations establishing compliance with Clause 17 (Financial
Covenant) as at the date to which those accounts were drawn-up; and
| |  | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (ii) |  | identifying
the Material Subsidiaries on the basis of those accounts.
| |  | ---- |  | ---------------------------------------------------------------------

|16.3 |  | Notification
of Default
|---- |  | -----------------------

| | Each
Obligor shall, promptly upon becoming aware of the same, inform the Lenders through the
Agent of the occurrence of any Default, and upon receipt of a notice to that effect from
the Agent, confirm to the Lenders that, save as previously notified to the Lenders or as
notified in such confirmation, and so far as it is aware having made reasonable enquiry,
no such event has occurred.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|16.4 |  | Negative
Pledge/Subsidiaries
|---- |  | ----------------------------

| | Each
Obligor will not, and will procure that no member of the Restricted Group shall, create
or permit to subsist any Encumbrance (other than Permitted Encumbrances) upon the whole
or any part of its present or future revenues or assets.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|16.5 |  | Upstream
Guarantees
|---- |  | -------------------

| | The
Parent shall procure that no member of the Group (other than a Guarantor) will give any
guarantee or undertake any similar liability in respect of any Borrowings of any Borrower.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|
|

|33
|--

|17. |  | FINANCIAL
COVENANT
|--- |  | ------------------

| | The
Parent shall ensure that the ratio of Consolidated Profits before Interest, Tax and
Amortisation in respect of each period of 12 months ending on 30th June and 31st December
in each year to Consolidated Net Finance Charges for such period shall exceed 2.75:1.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|18. |  | DEFAULT
|--- |  | -------

|18.1 |  | Events of Default
|---- |  | -----------------

| | Each
of the events set out in Clauses 18.2 (Non-Payment) to 18.11 (Execution or distress)
(inclusive) is an Event of Default (whether or not caused by any reason whatsoever
outside the control of any Obligor or any other person).
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|18.2 |  | Non-payment
|---- |  | -----------

| | An
Obligor fails to pay in the currency or in the manner specified therein any sum due from
it under any Finance Document within three Business Days, in the case of any principal
sum, or within five Business Days, in the case of any other sum, of the due date therefor.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|18.3 |  | Breach
of other obligations
|---- |  | ---------------------------

| | An
Obligor fails to perform or observe any other obligation binding on it under any of the
Finance Documents and such default is (if capable of remedy) not remedied within thirty
days after the Agent has given notice to that Obligor requiring remedy.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|18.4 |  | Misrepresentation
|---- |  | -----------------

| | Any
representation or statement made or deemed to be made by any Obligor herein or pursuant
hereto is or proves to be incorrect or misleading in any material respect when made or
deemed to be made and, if capable of remedy, is not remedied within 30 days after the
Agent has given notice to that Obligor requiring remedy.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|18.5 |  | Insolvency
|---- |  | ----------

| | Any
order(s) is or are made or effective resolution(s) is or are passed for the liquidation,
administration, winding-up or dissolution of any Obligor or any Material Subsidiary or
for the reorganisation of any Obligor or any Material Subsidiary except, in the case of
any Material Subsidiary, for:
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (a) |  | the
purpose of and followed by an amalgamation and reconstruction the terms of which have
first been approved by the Majority Lenders in writing such approval not to be
unreasonably withheld or delayed; or
| |  | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (b) |  | a
voluntary solvent liquidation, winding-up, dissolution or reorganisation in connection
with the transfer of the business, undertaking and assets of such Material Subsidiary to
another member of the Group; or
| |  | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (c) |  | where
such liquidation, administration, winding-up, dissolution or reorganisation could not
reasonably be expected to have a Material Adverse Effect.
| |  | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------

|
|

|34
|--

|18.6 |  | Insolvency
Proceedings
|---- |  | ----------------------

| | Any
Obligor or any Material Subsidiary takes any corporate action or other steps are taken or
legal proceedings are started for the appointment of a receiver, administrative receiver,
trustee or similar officer (other than an administrator) of it or of any or all of its
revenues and assets (or any order(s) is or are made or effective resolution(s) is or are
passed for the appointment of an administrator of it) which, in the case of any Material
Subsidiary, could reasonably be expected to have a Material Adverse Effect.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|18.7 |  | Creditors
Process
|---- |  | -----------------

| | Any
Obligor or any Material Subsidiary is unable or admits in writing its inability to pay
its debts as they fall due or commences negotiations with a view to, or takes any
proceedings under any law for, a readjustment, rescheduling or deferment of all or any of
its obligations (or proposes, makes or enters into a general assignment, arrangement or
composition with or for the benefit of its creditors) which, in the case of any Material
Subsidiary, could reasonably be expected to have a Material Adverse Effect.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|18.8 |  | Cross
Default
|---- |  | -------------

| | Any
other Borrowings of any Obligor or any Material Subsidiary:
| | ---------------------------------------------------------------

| |  | (a) |  | are
not paid when due nor within any applicable grace period in any agreement or instrument
relating to those Borrowings; or
| |  | --- |  | ----------------------------------------------------------------------------------------------------------------------------

| |  | (b) |  | becomes
due and payable before its normal or agreed maturity through the occurrence of an event
of default (howsoever described),
| |  | --- |  | ---------------------------------------------------------------------------------------------------------------------------------

| | and
such other Borrowings, when aggregated with any other Borrowings of any Obligor or
Material Subsidiary which falls within the terms of paragraph (a) or (b) above, is in
excess of £20,000,000 (or its equivalent in other currencies) except that this
Clause 18.8 does not apply during the period of 180 days beginning on the date any
company becomes a member of the Group to any Borrowings of that company outstanding as at
the date it becomes a member of the Group which, but for this proviso, would have caused
an Event of Default under this Clause 18.8 at that date.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|18.9 |  | Suspension
of Business
|---- |  | ----------------------

| | Save
as previously approved in writing by the Majority Lenders, any Obligor or any Material
Subsidiary shall suspend or threaten to suspend all or a substantial part of its
operations or ceases, or threatens to cease, to carry on its business which, in the case
of any such Material Subsidiary could reasonably be expected to have a Material Adverse
Effect and except, in the case of any such Material Subsidiary, for the purpose of and
followed by an amalgamation, the terms of which have first been approved by the Majority
Lenders in writing or in connection with the transfer of the business, undertaking and
assets of such Material Subsidiary to another member of the Group.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|18.10 |  | Invalidity
of any Finance Document
|----- |  | ----------------------------------

| | Any
Finance Document shall at any time for any reason cease to be in full force and effect
(other than in accordance with its terms or by agreement with the Lenders).
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------

|
|

|35
|--

|18.11 |  | Execution
or distress
|----- |  | ---------------------

| | Any
execution or distress is levied against, or an encumbrancer takes possession of the whole
or any part of, the property, undertaking or assets of any Obligor or any Material
Subsidiary and it is not satisfied, removed or discharged within seven days and which, in
the case of any Material Subsidiary could reasonably be expected to have a Material
Adverse Effect.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|18.12 |  | Acceleration
|----- |  | ------------

| | On
and at any time after the occurrence of an Event of Default while such event is
continuing the Agent may, and shall if so directed by the Majority Lenders, by notice to
the Parent, declare that an Event of Default has occurred and:
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (a) |  | cancel
the Total Commitments; and/or
| |  | --- |  | ------------------------------------

| |  | (b) |  | demand
that all the Advances, together with accrued interest, and all other amounts accrued
under this Agreement be immediately due and payable, whereupon they shall become
immediately due and payable; and/or
| |  | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (c) |  | demand
that all the Advances be payable on demand, whereupon they shall immediately become
payable on demand.
| |  | --- |  | -------------------------------------------------------------------------------------------------------------

|18.13 |  | Notice
|----- |  | ------

| | The
Agent will, if practicable to do so, notify the Parent prior to issuing a notice under
Clause 18.12 (Acceleration) in respect of a default by any Obligor other than the Parent
provided that the Agent shall not be liable to any Obligor if it fails to give such
notice and provided that any failure by the Agent to give such notice shall not
prejudice, in any way, the rights of each Finance Party under the Finance Documents
including, without limitation, the Agents right to deliver a notice under Clause
18.12 (Acceleration).
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|19. |  | THE AGENT AND
THE MANDATED ARRANGERS
|--- |  | ------------------------------------

|19.1 |  | Appointment
and duties of the Agent
|---- |  | -----------------------------------

| | Each
Finance Party (other than the Agent) irrevocably appoints the Agent to act as its agent
under and in connection with the Finance Documents, and irrevocably authorises the Agent
on its behalf to perform the duties and to exercise the rights, powers and discretions
that are specifically delegated to it under or in connection with the Finance Documents,
together with any other incidental rights, powers and discretions. The Agent shall have
only those duties which are expressly specified in this Agreement. Those duties are
solely of a mechanical and administrative nature.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|19.2 |  | Role
of the Mandated Arrangers
|---- |  | ------------------------------

| | Except
as otherwise provided in this Agreement, no Mandated Arranger has any obligations of any
kind to any other Party under or in connection with any Finance Document.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|19.3 |  | Relationship
|---- |  | ------------

| | The
relationship between the Agent and the other Finance Parties is that of agent and
principal only. Nothing in this Agreement constitutes the Agent as trustee or fiduciary
for any other Party or any other person and the Agent need not hold in trust any moneys
paid to it for a Party or be liable to account for interest on those moneys.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|
|

|36
|--

|19.4 |  | Majority Lenders directions
|---- |  | ----------------------------

| | The
Agent will be fully protected if it acts in accordance with the instructions of the
Majority Lenders in connection with the exercise of any right, power or discretion or any
matter not expressly provided for in the Finance Documents. Any such instructions given
by the Majority Lenders will be binding on all the Lenders. In the absence of such
instructions the Agent may act as it considers to be in the best interests of all the
Lenders.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|19.5 |  | Delegation
|---- |  | ----------

| | The
Agent may act under the Finance Documents through its personnel and agents.
| | -------------------------------------------------------------------------------

|19.6 |  | Responsibility
for documentation
|---- |  | --------------------------------

| | Neither
the Agent nor either Mandated Arranger is responsible to any other Party for:
| | -------------------------------------------------------------------------------------

| |  | (a) |  | the
execution, genuineness, validity, enforceability or sufficiency of any Finance Document
or any other document; or
| |  | --- |  | ---------------------------------------------------------------------------------------------------------------------

| |  | (b) |  | the
collectability of amounts payable under any Finance Document; or
| |  | --- |  | --------------------------------------------------------------------

| |  | (c) |  | the
accuracy of any statements (whether written or oral) made in or in connection with any
Finance Document.
| |  | --- |  | ------------------------------------------------------------------------------------------------------------

|19.7 |  | Default
|---- |  | -------

|(a) |  | The Agent is not obliged to monitor or enquire as to whether or not a Default or
a Mandatory Prepayment Event has occurred. The Agent will not be deemed to have
knowledge of the occurrence of a Default or a Mandatory Prepayment Event.
However, if the Agent receives notice from a Party referring to this Agreement,
describing the Default or Mandatory Prepayment Event and stating that the event
is a Default or a Mandatory Prepayment Event, it shall promptly notify the
Lenders.
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(b) |  | The Agent may require the receipt of security satisfactory to it, whether by way
of payment in advance or otherwise, against any liability or loss which it will
or may incur in taking any proceedings or action arising out of or in connection
with any Finance Document before it commences these proceedings or takes that
action.
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|19.8 |  | Exoneration
|---- |  | -----------

|(a) |  | Without limiting paragraph (b) below, the Agent will not be liable to any other
Party for any action taken or not taken by it under or in connection with any
Finance Document, unless directly caused by its negligence or wilful misconduct.
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(b) |  | No Party may take any proceedings against any officer, employee or agent of the
Agent in respect of any claim it might have against the Agent or in respect of
any act or omission of any kind (including negligence or wilful misconduct) by
that officer, employee or agent in relation to any Finance Document.
|--- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|
|

|37
|--

|19.9 |  | Reliance
|---- |  | --------

| | The
Agent may:
| | --------------

| |  | (a) |  | rely
on any notice or document believed by it to be genuine and correct and to have been
signed by, or with the authority of, the proper person;
| |  | --- |  | ------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (b) |  | rely
on any statement made by a director or employee of any person regarding any matters which
may reasonably be assumed to be within his knowledge or within his power to verify; and
| |  | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (c) |  | engage,
pay for and rely on legal or other professional advisers selected by it (including those
in the Agents employment and those representing a Party other than the Agent).
| |  | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|19.10 |  | Credit approval and appraisal
|----- |  | -----------------------------

| | Without
affecting the responsibility of any Obligor for information supplied by it or on its
behalf in connection with any Finance Document, each Lender confirms that it:
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (a) |  | has
made its own independent investigation and assessment of the financial condition and
affairs of each Obligor and its related entities in connection with its participation in
this Agreement and has not relied exclusively on any information provided to it by the
Agent or a Mandated Arranger in connection with any Finance Document; and
| |  | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (b) |  | will
continue to make its own independent appraisal of the creditworthiness of each Obligor
and its related entities while any amount is or may be outstanding under the Finance
Documents or any Commitment is in force.
| |  | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|19.11 |  | Information
|----- |  | -----------

|(a) |  | The Agent shall promptly forward to the person concerned the original or a copy
of any document which is delivered to the Agent by a Party for that person.
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------

|(b) |  | The Agent shall promptly supply a Lender with a copy of each document received
by the Agent under Clauses 4 (Conditions Precedent), 26.4 (Additional
Borrowers) or 26.5 (Additional Guarantors) upon the request and at the expense
of that Lender.
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(c) |  | Except where this Agreement specifically provides otherwise, the Agent is not
obliged to review or check the accuracy or completeness of any document it
forwards to another Party.
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(d) |  | Except
as provided above, the Agent has no duty:
|--- |  | ------------------------------------------------

| |  | (i) |  | either initially or on a continuing basis to provide any Lender with any credit
or other information concerning the financial condition or affairs of any
Obligor or any related entity of any Obligor whether coming into its possession
or that of any of its related entities before, on or after the date of this
Agreement; or
| |  | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (ii) |  | unless specifically requested to do so by a Lender in accordance with this
Agreement, to request any certificates or other documents from any Obligor.
| |  | ---- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------

|
|

|38
|--

|19.12 |  | The Agent and the Mandated
Arrangers individually
|----- |  | -------------------------------------------------

|(a) |  | If it is also a Lender, each of the Agent and each Mandated Arranger has the
same rights and powers under this Agreement as any other Lender and may exercise
those rights and powers as though it were not the Agent or a Mandated Arranger.
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(b) |  | Each
of the Agent and each Mandated Arranger may:
|--- |  | -------------------------------------------------

| |  | (i) |  | carry
on any business with an Obligor or its related entities;
| |  | --- |  | --------------------------------------------------------------

| |  | (ii) |  | act
as agent or trustee for, or in relation to any financing involving, an Obligor or its
related entities; and
| |  | ---- |  | ---------------------------------------------------------------------------------------------------------------

| |  | (iii) |  | retain any profits or remuneration in connection with its activities under this
Agreement or in relation to any of the foregoing.
| |  | ----- |  | ---------------------------------------------------------------------------------------------------------------------------------

|19.13 |  | Indemnities
|----- |  | -----------

|(a) |  | Without limiting the liability of any Obligor under the Finance Documents, each
Lender shall forthwith on demand indemnify the Agent for its proportion of any
liability or loss incurred by the Agent in any way relating to or arising out of
its acting as the Agent, except to the extent that the liability or loss arises
directly from the Agents negligence or wilful misconduct.
|--- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(b) |  | A Lenders proportion of the liability or loss set out in
paragraph (a) above is the proportion which the Original Sterling Amount of
its participation(s) in Advance(s) bears to the Original Sterling Amount of all
Advances outstanding on the date of the demand. If, however, no Advances are
outstanding on the date of demand, then the proportion will be the proportion
which its Commitment bears to the Total Commitments at the date of demand or, if
the Total Commitments have been cancelled, bore to the Total Commitments
immediately before being cancelled.
|--- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(c) |  | The Parent shall forthwith on demand reimburse each Lender for any payment made
by it under paragraph (a) above.
|--- |  | ----------------------------------------------------------------------------------------------------------------

|19.14 |  | Compliance
|----- |  | ----------

|(a) |  | The Agent may refrain from doing anything which might, in its opinion,
constitute a breach of any law or regulation or be otherwise actionable at the
suit of any person, and may do anything which, in its opinion, is necessary or
desirable to comply with any law or regulation of any jurisdiction.
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(b) |  | Without limiting paragraph (a) above, the Agent need not disclose any
information relating to any Obligor or any of its related entities if the
disclosure might, in the opinion of the Agent, constitute a breach of any law or
regulation or any duty of secrecy or confidentiality or be otherwise actionable
at the suit of any person.
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|19.15 |  | Resignation of Agent
|----- |  | --------------------

|(a) |  | Notwithstanding its irrevocable appointment, the Agent may resign by giving
notice to the Lenders and the Parent, in which case the Agent may forthwith
appoint one of its Affiliates as successor Agent or, failing that, the Majority
Lenders may, following consultation with the Parent, appoint a successor Agent.
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|
|

|39
|--

|(b) |  | If the appointment of a successor Agent is to be made by the Majority Lenders
but they have not, within 30 days after notice of resignation, appointed a
successor Agent which accepts the appointment, the retiring Agent may, following
consultation with the Parent, appoint a successor Agent.
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(c) |  | The resignation of the retiring Agent and the appointment of any successor Agent
will both become effective only upon the successor Agent notifying all the
Parties that it accepts the appointment and provided the successor Agent has, if
required under paragraph (a) above, been approved by the Parent. On giving the
notification and receiving such approval, the successor Agent will succeed to
the position of the retiring Agent and the term Agent will
mean the successor Agent.
|--- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(d) |  | The retiring Agent shall, at its own cost, make available to the successor Agent
such documents and records and provide such assistance as the successor Agent
may reasonably request for the purposes of performing its functions as the Agent
under this Agreement.
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(e) |  | Upon its resignation becoming effective, this Clause 19 shall continue to
benefit the retiring Agent in respect of any action taken or not taken by it
under or in connection with the Finance Documents while it was the Agent, and,
subject to paragraph (d) above, it shall have no further obligation under any
Finance Document.
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|19.16 |  | Lenders
|----- |  | -------

| | The
Agent may treat each Lender as a Lender, entitled to payments under this Agreement and as
acting through its Facility Office(s) until it has received notice from the Lender to the
contrary by not less than five Business Days prior to the relevant payment.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|19.17 |  | Chinese
Wall
|----- |  | ------------

| | In
acting as Agent or a Mandated Arranger, the agency and syndications division of each of
the Agent and each Mandated Arranger shall be treated as a separate entity from its other
divisions and departments. Any information acquired at any time by the Agent or a
Mandated Arranger otherwise than in the capacity of Agent or Mandated Arranger through
its agency and syndications division (whether as financial advisor to any member of the
Group or otherwise) may be treated as confidential by the Agent or that Mandated Arranger
and shall not be deemed to be information possessed by the Agent or Mandated Arranger in
its capacity as such. Each Finance Party acknowledges that the Agent and the Mandated
Arrangers may, now or in the future, be in possession of, or provided with, information
relating to the Obligors which has not or will not be provided to the other Finance
Parties. Each Finance Party agrees that, except as expressly provided in this Agreement,
neither the Agent nor either Mandated Arranger will be under any obligation to provide,
or under any liability for failure to provide, any such information.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|20. |  | FEES
|--- |  | ----

|20.1 |  | Commitment fee
|---- |  | --------------

|(a) |  | The Parent shall pay to the Agent for distribution to each Lender pro rata to
the proportion its Commitment bears to the Total Commitments from time to time a
commitment fee at the rate of 0.10 per cent. per annum from the Signing Date
until the third Anniversary and 0.11 per cent. per annum thereafter, on any
undrawn, uncancelled amount of the Total Commitments on each day.
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|
|

|40
|--

|(b) |  | The commitment fee is calculated and accrues on a daily basis from the Signing
Date and is payable quarterly in arrear with the first payment due three months
after the Signing Date. Accrued commitment fee is also payable to the Agent for
the relevant Lender(s) on the cancelled amount of its Commitment at the time the
cancellation takes effect.
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|20.2 |  | Agents fee
|---- |  | -----------

| | The
Parent shall pay to the Agent for its own account an agency fee in the amounts and on the
dates agreed in the relevant Fee Letter.
| | --------------------------------------------------------------------------------------------------------------------------------------

|20.3 |  | Participation
fee
|---- |  | -----------------

| | The
Parent shall pay to the Agent for the Mandated Arrangers a participation fee in the
amount and on the date specified in the relevant Fee Letter.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------

|20.4 |  | Management
Fee
|---- |  | --------------

| | The
Parent shall pay to the Mandated Arrangers management fees in amounts and on the dates
set out in the relevant Fee Letters.
| | -------------------------------------------------------------------------------------------------------------------------------

|20.5 |  | Utilisation
Fee
|---- |  | ---------------

|(a) |  | The Parent shall pay to the Agent for distribution to each Lender pro rata to
the proportion its outstanding participations in Advances bears to the aggregate
outstanding Advances on each day a utilisation fee at the rate of 0.05 per cent.
per annum on the aggregate outstanding Advances on that day, provided that the
fee will only accrue on any day on which the aggregate outstanding Advances on
such day exceeds 50 per cent. of the Total Commitments as at that day.
|--- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(b) |  | Utilisation fee is calculated and accrues on a daily basis and is payable
quarterly in arrear with the first such payment due three months after the
Signing Date. Accrued utilisation fee is also payable to the Agent for the
relevant Lenders on the Final Maturity Date.
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|20.6 |  | VAT
|---- |  | ---

| | Any
fee referred to in this Clause 20 is exclusive of any United Kingdom value added tax. If
any value added tax is so chargeable, it shall be paid by the Parent at the same time as
it pays the relevant fee.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|21. |  | EXPENSES
|--- |  | --------

|21.1 |  | Initial
and special costs
|---- |  | -------------------------

| | The
Parent shall forthwith on demand pay the Agent and the Mandated Arrangers the amount of
all out-of-pocket costs and expenses (including legal fees) reasonably incurred by any of
them in connection with:
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (a) |  | the
arranging, underwriting and primary syndication of the Facilities;
| |  | --- |  | ----------------------------------------------------------------------

|
|

|41
|--

| |  | (b) |  | the
negotiation, preparation, printing and execution of:
| |  | --- |  | --------------------------------------------------------

| |  |  |  | (i) |  | this
Agreement and any other documents referred to in this Agreement; and
| |  |  |  | --- |  | -------------------------------------------------------------------------

| |  |  |  | (ii) |  | any
other Finance Document (other than a Novation Certificate) executed after the date of
this Agreement;
| |  |  |  | ---- |  | ---------------------------------------------------------------------------------------------------------

| |  | (c) |  | any
amendment, waiver, consent or suspension of rights (or any proposal for any of the
foregoing) requested by or on behalf of an Obligor and relating to a Finance Document or
a document referred to in any Finance Document; and
| |  | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (d) |  | any
other matter, not of an ordinary administrative nature, arising out of or in connection
with a Finance Document.
| |  | --- |  | --------------------------------------------------------------------------------------------------------------------

|21.2 |  | Enforcement
costs
|---- |  | -----------------

| | The
Parent shall forthwith on demand pay to each Finance Party the amount of all costs and
expenses (including legal fees) incurred by it:
| | ------------------------------------------------------------------------------------------------------------------------------------------

| |  | (a) |  | in
connection with the enforcement of, or the preservation of any rights under, any Finance
Document; or
| |  | --- |  | --------------------------------------------------------------------------------------------------------

| |  | (b) |  | in
investigating any possible Default or Mandatory Prepayment Event.
| |  | --- |  | --------------------------------------------------------------------

|22. |  | STAMP DUTIES
|--- |  | ------------

| | The
Parent shall pay and forthwith on demand indemnify each Finance Party against any
liability it incurs in respect of any stamp, registration and similar tax which is or
becomes payable in connection with the entry into, performance or enforcement of any
Finance Document other than a Novation Certificate.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|23. |  | INDEMNITIES
|--- |  | -----------

|23.1 |  | Currency indemnity
|---- |  | ------------------

|(a) |  | If a Finance Party receives an amount in respect of an Obligors liability
under the Finance Documents or if that liability is converted into a claim,
proof, judgment or order in a currency other than the currency (the
contractual currency) in which the amount is expressed to be
payable under the relevant Finance Document:
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (i) |  | that
Obligor shall indemnify that Finance Party as an independent obligation against any loss
or liability arising out of or as a result of the conversion;
| |  | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (ii) |  | if the amount received by that Finance Party, when converted into the
contractual currency at a market rate in the usual course of its business, is
less than the amount owed in the contractual currency, the Obligor concerned
shall forthwith on demand pay to that Finance Party an amount in the contractual
currency equal to the deficit; and
| |  | ---- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (iii) |  | the Obligor shall pay to the Finance Party concerned on demand any exchange
costs and taxes payable in connection with any such conversion.
| |  | ----- |  | -------------------------------------------------------------------------------------------------------------------------------------------

|
|

|42
|--

|(b) |  | Each Obligor waives any right it may have in any jurisdiction to pay any amount
under the Finance Documents in a currency other than that in which it is
expressed to be payable.
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|23.2 |  | Other indemnities
|---- |  | -----------------

| | The
Parent shall forthwith on demand indemnify each Finance Party against any loss or
liability which that Finance Party incurs as a consequence of:
| | ----------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (a) |  | the
occurrence of any Event of Default or Mandatory Prepayment Event;
| |  | --- |  | ---------------------------------------------------------------------

| |  | (b) |  | the
operation of Clauses 18.12 (Acceleration), 7.4 (Mandatory Prepayment Events) or Clause 29
(Pro Rata Sharing);
| |  | --- |  | -----------------------------------------------------------------------------------------------------------------

| |  | (c) |  | any
payment of principal or an overdue amount being received from any source otherwise than
on its Maturity Date (and, for the purposes of this paragraph (c), the Maturity Date of
an overdue amount is the last day of each Designated Term (as defined in Clause 8.3
(Default interest)));
| |  | --- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (d) |  | the
occurrence of a change described in, and the operation of Clause 11.4 (Change in
circumstances) in relation to, an Optional Currency; or
| |  | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------

| |  | (e) |  | (other
than by reason of negligence or default by a Finance Party) an Advance not being
disbursed after a Borrower has delivered a Request for that Advance.
| |  | --- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
Parents liability in each case includes any loss or expense on account of funds
borrowed, contracted for or utilised to fund any amount payable under any Finance
Document, any amount repaid or prepaid or any Advance.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|24. |  | EVIDENCE
AND CALCULATIONS
|--- |  | -------------------------

|24.1 |  | Accounts
|---- |  | --------

| | Accounts
maintained by a Finance Party in connection with this Agreement are prima facie evidence
of the matters to which they relate.
| | --------------------------------------------------------------------------------------------------------------------------------------

|24.2 |  | Certificates and determinations
|---- |  | -------------------------------

| | Any
certification or determination by a Finance Party of a rate or amount under this
Agreement is, in the absence of manifest error, conclusive evidence of the matters to
which it relates.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|24.3 |  | Calculations
|---- |  | ------------

| | Interest
(and any Mandatory Cost) and the fees payable under Clause 20.1 (Commitment fee) and
Clause 20.5 (Utilisation fee) accrue from day to day and are calculated on the basis of
the actual number of days elapsed and a year of 365 days, or, in the case of interest
payable on an amount denominated in a currency other than Sterling (including any
applicable Mandatory Cost), 360 days.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|
|

|43
|--

|25. |  | AMENDMENTS AND WAIVERS
|--- |  | ----------------------

|25.1 |  | Procedure
|---- |  | ---------

|(a) |  | Subject to Clause 25.2 (Exceptions), any provision of the Finance Documents
may be amended or waived with the agreement of the Parent, the Majority Lenders
and the Agent. The Agent may effect, on behalf of the Majority Lenders, an
amendment or waiver to which they have agreed.
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(b) |  | The Agent shall promptly notify the other Parties of any amendment or waiver
effected under paragraph (a) above, and any such amendment or waiver shall be
binding on all the Parties.
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|25.2 |  | Exceptions
|---- |  | ----------

| | An
amendment or waiver which relates to:
| | ----------------------------------------

| |  | (a) |  | the
definition of Majority Lenders in Clause 1.1 (Definitions); or
| |  | --- |  | --------------------------------------------------------------------

| |  | (b) |  | an
extension of the date for, or a decrease in an amount or a change in the currency of, any
payment under the Finance Documents; or
| |  | --- |  | ------------------------------------------------------------------------------------------------------------------------------------

| |  | (c) |  | an
increase in a Lenders Commitment; or
| |  | --- |  | ----------------------------------------

| |  | (d) |  | a
change in the guarantee under Clause 14 (Guarantee) otherwise than in accordance with
Clause 26.5 (Additional Guarantors) or Clause 14.9 (Removal of Guarantors); or
| |  | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (e) |  | a
term of a Finance Document which expressly requires the consent of each Lender; or
| |  | --- |  | ------------------------------------------------------------------------------------

| |  | (f) |  | Clause
29 (Pro Rata Sharing) or this Clause 25 (Amendments and Waivers),
| |  | --- |  | ------------------------------------------------------------------------

| | may
not be effected without the consent of each Lender.
| | -------------------------------------------------------

|25.3 |  | Waivers
and remedies cumulative
|---- |  | -------------------------------

| | The
rights of each Finance Party under the Finance Documents:
| | -------------------------------------------------------------

| |  | (a) |  | may
be exercised as often as necessary;
| |  | --- |  | ---------------------------------------

| |  | (b) |  | are
cumulative and not exclusive of its rights under the general law; and
| |  | --- |  | -------------------------------------------------------------------------

| |  | (c) |  | may
be waived only in writing and specifically.
| |  | --- |  | -----------------------------------------------

| | Delay
in exercising or non-exercise of any such right is not a waiver of that right.
| | ------------------------------------------------------------------------------------

|26. |  | CHANGES
TO THE PARTIES
|--- |  | ----------------------

|26.1 |  | Transfers
by Obligors
|---- |  | ---------------------

| | No
Obligor may assign, transfer, novate or dispose of any of, or any interest in, its rights
and/or obligations under this Agreement.
| | -------------------------------------------------------------------------------------------------------------------------------------

|
|

|44
|--

|26.2 |  | Transfers
by Lenders
|---- |  | --------------------

|(a) |  | A Lender (the Existing Lender) may at any time assign,
transfer or novate any of its rights and/or obligations under this Agreement to
another bank or financial institution (the New Lender) with
the prior consent of the Parent unless:
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (i) |  | the
New Lender is another Lender or an Affiliate of a Lender; or
| |  | --- |  | ----------------------------------------------------------------

| |  | (ii) |  | a
Default is outstanding,
| |  | ---- |  | -------------------------

| | in
which case no such consent is required. The prior written consent of the Parent must not
be unreasonably withheld or delayed and will be deemed to be given if, within 14 days of
receipt by the Parent of an application for consent, it has not been expressly refused.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(b) |  | A
transfer of obligations will be effective only if either:
|--- |  | -----------------------------------------------------------

| |  | (i) |  | the
obligations are novated in accordance with Clause 26.3 (Procedure for novations); or
| |  | --- |  | ----------------------------------------------------------------------------------------

| |  | (ii) |  | the New Lender confirms to the Agent and the Parent that it undertakes to be
bound by the terms of this Agreement as a Lender in form and substance
satisfactory to the Agent and the Parent. On the transfer becoming effective in
this manner the Existing Lender shall be relieved of its obligations under this
Agreement to the extent that they are transferred to the New Lender.
| |  | ---- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(c) |  | Nothing in this Agreement restricts the ability of a Lender to sub-contract an
obligation if that Lender remains liable under this Agreement for that
obligation.
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------

|(d) |  | On each occasion an Existing Lender assigns, transfers or novates any of its
rights and/or obligations under this Agreement (other than to an Affiliate), the
New Lender shall, on the date the assignment, transfer and/or novation takes
effect, pay to the Agent for its own account a fee of £1,000.
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(e) |  | An
Existing Lender is not responsible to a New Lender for:
|--- |  | ----------------------------------------------------------

| |  | (i) |  | the
execution, genuineness, validity, enforceability or sufficiency of any Finance Document
or any other document; or
| |  | --- |  | ---------------------------------------------------------------------------------------------------------------------

| |  | (ii) |  | the
collectability of amounts payable under any Finance Document; or
| |  | ---- |  | --------------------------------------------------------------------

| |  | (iii) |  | the accuracy of any statements (whether written or oral) made in or in
connection with any Finance Document.
| |  | ----- |  | ------------------------------------------------------------------------------------------------------------

|(f) |  | Each
New Lender confirms to the Existing Lender and the other Finance Parties that it:
|--- |  | --------------------------------------------------------------------------------------

| |  | (i) |  | has made its own independent investigation and assessment of the financial
condition and affairs of each Obligor and its related entities in connection
with its participation in this Agreement and has not relied exclusively on any
information provided to it by the Existing Lender in connection with any Finance
Document; and
| |  | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|
|

|45
|--

| |  | (ii) |  | will continue to make its own independent appraisal of the creditworthiness of
each Obligor and its related entities while any amount is or may be outstanding
under this Agreement or any Commitment is in force.
| |  | ---- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(g) |  | Nothing
in any Finance Document obliges an Existing Lender to:
|--- |  | --------------------------------------------------------------

| |  | (i) |  | accept
a re-transfer from a New Lender of any of the rights and/or obligations assigned,
transferred or novated under this Clause; or
| |  | --- |  | -------------------------------------------------------------------------------------------------------------------------------------

| |  | (ii) |  | support any losses incurred by the New Lender by reason of the non-performance
by any Obligor of its obligations under this Agreement or otherwise.
| |  | ---- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------

|(h) |  | Any reference in this Agreement to a Lender includes a New Lender but excludes a
Lender if no amount is or may be owed to or by it under this Agreement and its
Commitment has been cancelled or reduced to nil.
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|26.3 |  | Procedure
for novations
|---- |  | -----------------------

|(a) |  | A
novation is effected if:
|--- |  | --------------------------

| |  | (i) |  | the Existing Lender and the New Lender deliver to the Agent a duly completed
certificate (a Novation Certificate), substantially in the
form of Part I of Schedule 5 or such other form as the Agent may require or
approve (which may be delivered by fax and confirmed by delivery of a hard copy
original but the fax will be effective irrespective of whether confirmation is
received); and
| |  | --- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (ii) |  | the
Agent executes it.
| |  | ---- |  | ----------------------

|(b) |  | Each Party (other than the Existing Lender and the New Lender) irrevocably
authorises the Agent to execute any duly completed Novation Certificate on its
behalf.
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------

|(c) |  | To
the extent that they are expressed to be the subject of the novation in the Novation
Certificate:
|--- |  | ----------------------------------------------------------------------------------------------------

| |  | (i) |  | the Existing Lender and the other Parties (the existing
Parties) will be released from their obligations to each other (the
discharged obligations);
| |  | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (ii) |  | the New Lender and the existing Parties will assume obligations towards each
other which differ from the discharged obligations only insofar as they are owed
to or assumed by the New Lender instead of the Existing Lender;
| |  | ---- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (iii) |  | the rights of the Existing Lender against the existing Parties and vice versa
(the discharged rights) will be cancelled; and
| |  | ----- |  | ------------------------------------------------------------------------------------------------------------------------------

| |  | (iv) |  | the New Lender and the existing Parties will acquire rights against each other
which differ from the discharged rights only insofar as they are exercisable by
or against the New Lender instead of the Existing Lender,
| |  | ---- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | all
on the date of execution of the Novation Certificate by the Agent or, if later, the date
specified in the Novation Certificate.
| | -----------------------------------------------------------------------------------------------------------------------------------

|
|

|46
|--

|26.4 |  | Additional
Borrowers
|---- |  | --------------------

|(a) |  | If the Parent wishes one of its wholly-owned Subsidiaries to become an
Additional Borrower, then it may (if all the Lenders have approved the identity
of the Additional Borrower in writing) deliver to the Agent the documents listed
in Part II of Schedule 2 in each case in form and substance
satisfactory to the Agent.
|--- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(b) |  | On delivery of a Borrower Accession Agreement, executed by the relevant
Subsidiary and the Parent, the Subsidiary concerned will become an Additional
Borrower. However, it may not submit a Request until the Agent confirms to the
other Finance Parties and the Parent that it has received all the documents
referred to in paragraph (a) above in form and substance satisfactory to it.
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(c) |  | Delivery of a Borrower Accession Agreement, executed by the relevant Subsidiary
and the Parent, constitutes confirmation by that Subsidiary and the Parent that
the representations and warranties set out in Clause 15.13(b) (Representations
and Warranties) to be made by them on the date of the Borrower Accession
Agreement are correct, as if made by them with reference to the facts and
circumstances then existing.
|--- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|26.5 |  | Additional
Guarantors
|---- |  | ---------------------

|(a) | (i) | Subject to paragraph (b) below, a Subsidiary of the Parent may become an Additional
Guarantor by delivering to the Agent a Guarantor Accession Agreement, duly executed by
that company.
|--- | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (ii) |  | Upon execution and delivery of a Guarantor Accession Agreement, the relevant
company will become an Additional Guarantor even if the Guarantor Accession
Agreement is amended or the liability of the proposed Additional Guarantor is
limited or qualified provided the Agent is satisfied (acting on the advice of
the legal advisers giving the opinion referred to in sub-paragraph (iii) below)
that the limit or qualification arises by reason of a legal limitation on the
ability of that Additional Guarantor to enter into, or its directors
ability to authorise the giving of, that guarantee.
| |  | ---- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (iii) |  | The Parent shall procure that, at the same time as a Guarantor Accession
Agreement is delivered to the Agent, there is also delivered to the Agent all
those other documents listed in Part III of Schedule 2, in each case
in form and substance satisfactory to the Agent.
| |  | ----- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(b) |  | The execution of a Guarantor Accession Agreement constitutes confirmation by the
Additional Guarantor concerned that the representations and warranties set out
in Clause 15.13(b) (Representations and Warranties) to be made by it on the date
of the Guarantor Accession Agreement are correct, as if made with reference to
the facts and circumstances then existing.
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|26.6 |  | Reference
Banks
|---- |  | ---------------

| | If
a Reference Bank (or, if a Reference Bank is not a Lender, the Lender of which it is an
Affiliate) ceases to be a Lender, the Agent shall (in consultation with the Parent)
appoint another Lender or an Affiliate of a Lender which is not a Reference Bank to
replace that Reference Bank.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|
|

|47
|--

|26.7 |  | Register
|---- |  | --------

| | The
Agent shall keep a register of all the Parties (including in the case of Lenders the
details of their Facility Office notified to the Agent from time to time) and shall
supply any other Party (at that Partys expense) with a copy of the register on
request.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|27. |  | DISCLOSURE OF INFORMATION
|--- |  | -------------------------

| | A
Lender may disclose to one of its Affiliates or any person with whom it is proposing to
enter, or has entered into, any kind of transfer, participation or other agreement in
relation to this Agreement:
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (a) |  | a
copy of any Finance Document; and
| |  | --- |  | -----------------------------------

| |  | (b) |  | any
information which that Lender has acquired under or in connection with any Finance
Document,
| |  | --- |  | ------------------------------------------------------------------------------------------------

| | provided
that a Lender shall not disclose any such information to a person other than one of its
Affiliates unless that person has provided to that Lender a confidentiality undertaking
addressed to that Lender and the Parent substantially in the form of Schedule 7 or such
other form as the Parent may approve.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|28. |  | SET-OFF
|--- |  | -------

| | After
a Default which is continuing, a Finance Party may set off any matured obligation owed by
an Obligor under this Agreement (to the extent beneficially owned by that Finance Party)
against any obligation (whether or not matured) owed by that Finance Party to that
Obligor, regardless of the place of payment, booking branch or currency of either
obligation. If the obligations are in different currencies, the Finance Party may convert
either obligation at a market rate of exchange in its usual course of business for the
purpose of the set-off. If either obligation is unliquidated or unascertained, the
Finance Party may set off in an amount estimated by it in good faith to be the amount of
that obligation.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|29. |  | PRO
RATA SHARING
|--- |  | ----------------

|29.1 |  | Redistribution
|---- |  | --------------

| | If
any amount owing by an Obligor under this Agreement to a Finance Party (the recovering
Finance Party) is discharged by payment, set-off or any other manner other than
through the Agent in accordance with Clause 9 (Payments) (a recovery), then:
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (a) |  | the
recovering Finance Party shall, within three Business Days, notify details of the
recovery to the Agent;
| |  | --- |  | ------------------------------------------------------------------------------------------------------------

| |  | (b) |  | the
Agent shall determine whether the recovery is in excess of the amount which the
recovering Finance Party would have received had the recovery been received by the Agent
and distributed in accordance with Clause 9 (Payments);
| |  | --- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (c) |  | subject
to Clause 29.3 (Exception), the recovering Finance Party shall, within three Business
Days of demand by the Agent, pay to the Agent an amount (the redistribution)
equal to the excess;
| |  | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|
|

|48
|--

| |  | (d) |  | the
Agent shall treat the redistribution as if it were a payment by the Obligor concerned
under Clause 9 (Payments) and shall pay the redistribution to the Finance Parties (other
than the recovering Finance Party) in accordance with Clause 9.7 (Partial payments); and
| |  | --- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (e) |  | after
payment of the full redistribution, the recovering Finance Party will be subrogated to
the portion of the claims paid under paragraph (d) above and that Obligor will owe the
recovering Finance Party a debt which is equal to the redistribution, immediately payable
and of the type originally discharged.
| |  | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|29.2 |  | Reversal
of redistribution
|---- |  | --------------------------

| | If
under Clause 29.1 (Redistribution):
| | --------------------------------------

| |  | (a) |  | a
recovering Finance Party must subsequently return a recovery, or an amount measured by
reference to a recovery, to an Obligor; and
| |  | --- |  | ------------------------------------------------------------------------------------------------------------------------------------

| |  | (b) |  | the
recovering Finance Party has paid a redistribution in relation to that recovery,
| |  | --- |  | ------------------------------------------------------------------------------------

| | each
Finance Party shall, within three Business Days of demand by the recovering Finance Party
through the Agent, reimburse the recovering Finance Party all or the appropriate portion
of the redistribution paid to that Finance Party. Thereupon the subrogation in Clause
29.1(e) (Redistribution) will operate in reverse to the extent of the reimbursement.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|29.3 |  | Exception
|---- |  | ---------

| | A
recovering Finance Party need not pay a redistribution to the extent that it would not,
after the payment, have a valid claim against the Obligor concerned in the amount of the
redistribution pursuant to Clause 29.1(e) (Redistribution).
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|30. |  | SEVERABILITY
|--- |  | ------------

| | If
a provision of any Finance Document is or becomes illegal, invalid or unenforceable in
any jurisdiction, that shall not affect:
| | ----------------------------------------------------------------------------------------------------------------------------------

| |  | (a) |  | the
legality, validity or enforceability in that jurisdiction of any other provision of the
Finance Documents; or
| |  | --- |  | -----------------------------------------------------------------------------------------------------------------

| |  | (b) |  | the
legality, validity or enforceability in other jurisdictions of that or any other
provision of the Finance Documents.
| |  | --- |  | ------------------------------------------------------------------------------------------------------------------------

|31. |  | COUNTERPARTS
|--- |  | ------------

| | This
Agreement may be executed in any number of counterparts, and this has the same effect as
if the signatures on the counterparts were on a single copy of this Agreement.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|
|

|49
|--

|32. |  | NOTICES
|--- |  | -------

|32.1 |  | Giving of notices
|---- |  | -----------------

| | All
notices or other communications under or in connection with this Agreement shall be given
in writing by post, or facsimile or any electronic communication approved by the Agent.
Any such notice will be deemed to be given as follows:
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (a) |  | if
delivered in person or posted, when delivered;
| |  | --- |  | -------------------------------------------------

| |  | (b) |  | if
by facsimile, when received; and
| |  | --- |  | -----------------------------------

| |  | (c) |  | if
by email or any other electronic communication when received.
| |  | --- |  | ----------------------------------------------------------------

| | However,
a notice given in accordance with the above but received on a non-working day or after
business hours in the place of receipt will only be deemed to be given on the next
working day in that place. Facsimile Requests are to be confirmed by the relevant
Borrower in writing (but may be relied upon by the Agent and the Lenders irrespective of
receipt of such confirmation).
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|32.2 |  | Addresses
for notices
|---- |  | ---------------------

|(a) |  | The address and facsimile number of each Party (other than the Agent and the
Parent) for all notices under or in connection with this Agreement are:
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (i) |  | that
notified by that Party for this purpose to the Agent on or before it becomes a Party; or
| |  | --- |  | ---------------------------------------------------------------------------------------------

| |  | (ii) |  | any other notified by that Party for this purpose to the Agent by not less than
five Business Days notice.
| |  | ---- |  | -----------------------------------------------------------------------------------------------------------

|(b) |  | The
address and facsimile numbers of the Agent are:
|--- |  | ---------------------------------------------------

| | HSBC Investment Bank plc City Place House 55 Basinghall StreetLondon EC2V 5DU
| | -----------------------------------------------------------------------------

| | Attention:          Syndicated Finance Agency
| | ---------------------------------------------

| | Facsimile:          +44 20 7779 1717/1718
| | -----------------------------------------

| | or
such other as the Agent may notify to the other Parties by not less than five Business
Days notice.
| | -------------------------------------------------------------------------------------------------------

|(c) |  | The
address and facsimile number of the Parent are:
|--- |  | ---------------------------------------------------

| | Reuters Group plc 85 Fleet Street London EC4P 4AJ
| | -------------------------------------------------

|
|

|50
|--

| | Attention:          Group Treasurer
| | -----------------------------------

| | Facsimile:          +44 20 7542 5404
| | ------------------------------------

| | or
such other as the Parent may notify to the other Parties by not less than five Business
Days notice.
| | --------------------------------------------------------------------------------------------------------

|(d) |  | The Agent shall, promptly upon request from any Party, give to that Party the
address, telex number or facsimile number of any other Party applicable at the
time for the purposes of this Clause.
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|33. |  | LANGUAGE
|--- |  | --------

|(a) |  | Any
notice given under or in connection with any Finance Document shall be in English.
|--- |  | --------------------------------------------------------------------------------------

|(b) |  | All
other documents provided under or in connection with any Finance Document shall be:
|--- |  | ---------------------------------------------------------------------------------------

| |  | (i) |  | in
English; or
| |  | --- |  | --------------

| |  | (ii) |  | if not in English, accompanied by a certified English translation and, in this
case, the English translation shall prevail unless the document is a statutory
or other official document.
| |  | ---- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|34. |  | JURISDICTION
|--- |  | ------------

|34.1 |  | Submission
|---- |  | ----------

| | For
the benefit of each Finance Party, each Obligor agrees that the courts of England have
jurisdiction to settle any disputes in connection with any Finance Document and
accordingly submits to the jurisdiction of the English courts.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|34.2 |  | Service
of process
|---- |  | ------------------

| | Without
prejudice to any other mode of service, each Obligor (other than an Obligor incorporated
in England and Wales):
| | -----------------------------------------------------------------------------------------------------------------------

| |  | (a) |  | irrevocably
appoints the Parent as its agent for service of process relating to any proceedings
before the English courts in connection with any Finance Document;
| |  | --- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (b) |  | agrees
that failure by a process agent to notify the Obligor of the process will not invalidate
the proceedings concerned; and
| |  | --- |  | ------------------------------------------------------------------------------------------------------------------------------

| |  | (c) |  | consents
to the service of process relating to any such proceedings by prepaid posting of a copy
of the process to its address for the time being applying under Clause 32.2 (Addresses
for notices).
| |  | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|34.3 |  | Forum
convenience and enforcement abroad
|---- |  | ----------------------------------------

| | Each
Obligor:
| | -------------

| |  | (a) |  | waives
objection to the English courts on grounds of inconvenient forum or otherwise as regards
proceedings in connection with a Finance Document; and
| |  | --- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------

|
|

|51
|--

| |  | (b) |  | agrees
that a judgment or order of an English court in connection with a Finance Document is
conclusive and binding on it and may be enforced against it in the courts of any other
jurisdiction.
| |  | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|34.4 |  | Non-exclusivity
|---- |  | ---------------

| | Nothing
in this Clause 34 limits the right of a Finance Party to bring proceedings against an
Obligor in connection with any Finance Document:
| | ----------------------------------------------------------------------------------------------------------------------------------------------

| |  | (a) |  | in
any other court of competent jurisdiction; or
| |  | --- |  | ------------------------------------------------

| |  | (b) |  | concurrently
in more than one jurisdiction.
| |  | --- |  | -------------------------------------------

|35. |  | GOVERNING
LAW
|--- |  | -------------

| | This
Agreement is governed by English law.
| | ------------------------------------------

|THIS AGREEMENT has been
entered into on the date stated at the beginning of this Agreement.
|-------------------------------------------------------------------------------------------

|52


SCHEDULE 1


LENDERS AND COMMITMENTS
|-----------------------------------------

|Lender                                           |       | Commitments    
|------------------------------------------------ | ----- | ---------------
|                                                 |       |                
|HSBC Bank plc                                    |       | £35,714,285.80 
|                                                 |       |                
|JPMorgan Chase Bank                              |       | £35,714,285.80 
|                                                 |       |                
|Barclays Bank PLC                                |       | £35,714,285.70 
|                                                 |       |                
|BNP Paribas London Branch                        |       | £35,714,285.70 
|                                                 |       |                
|Citibank, N.A                                    |       | £35,714,285.70 
|                                                 |       |                
|Commerzbank Aktiengesellschaft, London Branch    |       | £35,714,285.70 
|                                                 |       |                
|Credit Suisse First Boston                       |       | £35,714,285.70 
|                                                 |       |                
|Deutsche Bank AG London                          |       | £35,714,285.70 
|                                                 |       |                
|ING Bank N.V., London Branch                     |       | £35,714,285.70 
|                                                 |       |                
|Standard Chartered Bank                          |       | £35,714,285.70 
|                                                 |       |                
|Sumitomo Mitsui Banking Corporation              |       | £35,714,285.70 
|                                                 |       |                
|The Bank of Tokyo-Mitsubishi, Ltd. London Branch |       | £35,714,285.70 
|                                                 |       |                
|The Governor and Company of the Bank of Scotland |       | £35,714,285.70 
|                                                 |       |                
|UBS AG                                           |       | £35,714,285.70 
|                                                 |      
|                                                 | Total | £500,000,000.00
|                                                 |      

|
|

|53


SCHEDULE 2


CONDITIONS
PRECEDENT DOCUMENTS


PART I


TO BE
DELIVERED BEFORE THE FIRST ADVANCE
|----------------------------------------------------------------------------------------------------

|1. |  | Constitutional
Documents
|-- |  | ------------------------

| | A
copy of the memorandum and articles of association and certificate of incorporation (or
equivalent constituent documents) of the Parent.
| | ------------------------------------------------------------------------------------------------------------------------------------------

|2. |  | Corporate
Authorisations
|-- |  | ------------------------

|(a) |  | A
copy of a resolution of the board of directors of the Parent:
|--- |  | ---------------------------------------------------------------

| |  | (i) |  | approving the terms of, and the transactions contemplated by, the Finance
Documents and resolving that it execute and, where applicable, deliver the
Finance Documents to which it is a party;
| |  | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (ii) |  | authorising
a specified person or persons to execute and, where applicable, deliver the Finance
Documents to which it is a party on its behalf; and
| |  | ---- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (iii) |  | authorising a specified person or persons, on its behalf, to sign and/or
despatch all documents and notices (including Requests) to be signed and/or
despatched by it under or in connection with the Finance Documents;
| |  | ----- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(b) |  | a
specimen of the signature of each person authorised by the resolution referred to in
paragraph (a) above;
|--- |  | -----------------------------------------------------------------------------------------------------------

|(c) |  | a
certificate of a director of the Parent confirming that the borrowing of the Total
Commitments in full would not cause any borrowing limit binding on any Obligor to be
exceeded; and
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(d) |  | a certificate of an Authorised Signatory of the Parent certifying that each copy
document specified in Part I of this Schedule 2 is correct, complete
and in full force and effect as at a date no earlier than the Signing Date.
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|3. |  | Existing
Facility
|-- |  | -----------------

| | Evidence
that no amount is outstanding under the Parents £1.5 billion facility dated
4th December, 1997 and the total commitments under that facility have been irrevocably
cancelled.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|4. |  | Legal
Opinion
|-- |  | -------------

| | A
legal opinion of Allen & Overy in relation to English law.
| | ------------------------------------------------------------

|
|

|54


PART II


TO BE
DELIVERED BY AN ADDITIONAL BORROWER
|--------------------------------------------------------

|1. |  | A
Borrower Accession Agreement, duly executed by the Additional Borrower and the Parent.
|-- |  | ----------------------------------------------------------------------------------------

|2. |  | A
copy of the memorandum and articles of association and certificate of incorporation of
the Additional Borrower.
|-- |  | -----------------------------------------------------------------------------------------------------------------

|3. |  | A
copy of a resolution of the board of directors of the Additional Borrower:
|-- |  | ----------------------------------------------------------------------------

| |  | (a) |  | approving
the terms of, and the transactions contemplated by, the Borrower Accession Agreement and
resolving that it execute the Borrower Accession Agreement;
| |  | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (b) |  | authorising
a specified person or persons to execute the Borrower Accession Agreement on its behalf;
and
| |  | --- |  | --------------------------------------------------------------------------------------------------------

| |  | (c) |  | authorising a specified person or persons, on its behalf, to sign and/or
despatch all other documents and notices (including Requests) to be signed
and/or despatched by it under or in connection with this Agreement.
| |  | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|4. |  | A copy of any other authorisation or other document, opinion or assurance which
the Agent considers to be necessary or desirable in connection with the entry
into and performance of, and the transactions contemplated by, the Borrower
Accession Agreement or for the validity and enforceability of any Finance
Document.
|-- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|5. |  | A
specimen of the signature of each person authorised by the resolution referred to in
paragraph 3 above.
|-- |  | ---------------------------------------------------------------------------------------------------------

|6. |  | A
copy of the latest audited accounts of the Additional Borrower (if any).
|-- |  | --------------------------------------------------------------------------

|7. |  | A legal opinion of Allen & Overy, legal advisers to the Agent and, if
applicable, other lawyers approved by the Agent in the place of incorporation of
the Additional Borrower, addressed to the Finance Parties.
|-- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|8. |  | A certificate of an Authorised Signatory of the Additional Borrower certifying
that each copy document specified in Part II of this Schedule 2 is
correct, complete and in full force and effect as at a date no earlier than the
date of the Borrower Accession Agreement.
|-- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|9. |  | A certificate of a director of the Additional Borrower certifying that the
borrowing of the Total Commitments in full would not cause any borrowing limit
binding on it to be exceeded.
|-- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|
|

|55


PART III


TO BE
DELIVERED BY AN ADDITIONAL GUARANTOR
|----------------------------------------------------------

|1. |  | A
Guarantor Accession Agreement, duly executed as a deed by the Additional Guarantor.
|-- |  | -------------------------------------------------------------------------------------

|2. |  | A
copy of the memorandum and articles of association and certificate of incorporation (or
other equivalent constitutional documents) of the Additional Guarantor.
|-- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------

|3. |  | A
copy of a resolution of the board of directors of the Additional Guarantor:
|-- |  | -----------------------------------------------------------------------------

| |  | (a) |  | approving
the terms of, and the transactions contemplated by, the Guarantor Accession Agreement and
resolving that it execute the Guarantor Accession Agreement as a deed;
| |  | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (b) |  | authorising
a specified person or persons to execute and deliver the Guarantor Accession Agreement as
a deed; and
| |  | --- |  | -----------------------------------------------------------------------------------------------------------------

| |  | (c) |  | authorising a specified person or persons, on its behalf, to sign and/or
despatch all documents to be signed and/or despatched by it under or in
connection with this Agreement.
| |  | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|4. |  | If the lawyers referred to in paragraph 10 below so advise, a copy of a
resolution, signed by all the holders of the issued or allotted shares in the
Additional Guarantor, approving the terms of, and the transactions contemplated
by, the Guarantor Accession Agreement.
|-- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|5. |  | A
copy of a resolution of the Board of Directors of each corporate shareholder in the
Additional Guarantor:
|-- |  | -----------------------------------------------------------------------------------------------------------

| |  | (a) |  | approving
the terms of the resolution referred to in paragraph 4 above; and
| |  | --- |  | ---------------------------------------------------------------------------

| |  | (b) |  | authorising
a specified person or persons to sign the resolution on its behalf.
| |  | --- |  | -------------------------------------------------------------------------------

|6. |  | A certificate of a director of the Additional Guarantor certifying that the
borrowing of the Total Commitments in full would not cause any borrowing limit
binding on it to be exceeded.
|-- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|7. |  | A copy of any other authorisation or other document, opinion or assurance which
the Agent considers to be necessary or desirable in connection with the entry
into and performance of, and the transactions contemplated by, the Guarantor
Accession Agreement or for the validity and enforceability of any Finance
Document.
|-- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|8. |  | A
specimen of the signature of each person authorised by the resolutions referred to in
paragraphs 3 and 5 above.
|-- |  | -----------------------------------------------------------------------------------------------------------------

|9. |  | A
copy of the latest audited accounts of the Additional Guarantor.
|-- |  | ------------------------------------------------------------------

|10. |  | A legal opinion of Allen & Overy, legal advisers to the Agent, and, if
applicable, other lawyers approved by the Agent in the place of incorporation of
the Additional Guarantor addressed to the Finance Parties.
|--- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|
|

|56
|--

|11. |  | A certificate of an Authorised Signatory of the Additional Guarantor certifying
that each copy document specified in Part III of this Schedule 2 is correct,
complete and in full force and effect as at a date no earlier than the date of
the Guarantor Accession Agreement.
|--- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|
|

|57



SCHEDULE 3


CALCULATION
OF THE MANDATORY COST


PART I


PRIOR TO NOTIFICATION
OF REVISED CHARGES BY THE BOARD OF THE FINANCIAL SERVICES AUTHORITY
|---------------------------------------------------------------------------------------------------------------------------------------------------------

|1. |  | General
|-- |  | -------

| | The
Mandatory Cost is the weighted average of the rates for each Lender calculated below by
the Agent on the first day of a Term. The Agent must distribute each amount of Mandatory
Cost among the Lenders on the basis of the rate for each Lender.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|2. |  | For
a Lender lending from a Facility Office in the UK
|-- |  | -----------------------------------------------------

|(a) |  | The relevant rate for a Lender lending from a Facility Office in the UK is
calculated in accordance with the following formulae:
|--- |  | --------------------------------------------------------------------------------------------------------------------------------

| | for
an Advance in Sterling:
| | ---------------------------

| | AB + C(B-D) + E x 0.01per cent. per annum
| | -----------------------------------------

| | 100-(A
+ C)
| | -----------

| | for
any other Advance:
| | ----------------------

| | E x 0.01per cent. per annum
| | ---------------------------

| | 300
| | ---

| | where
on the day of application of the formula:
| | -----------------------------------------------

| |  | A |  | is the percentage of that Lenders eligible liabilities (in excess of any
stated minimum) which the Bank of England requires it to hold on a
non-interest-bearing deposit account in accordance with its cash ratio
requirements;
| |  | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | B |  | is
LIBOR for that Term;
| |  | - |  | -----------------------

| |  | C |  | is
the percentage of that Lenders eligible liabilities which the Bank of England
requires it to place as a special deposit;
| |  | - |  | ----------------------------------------------------------------------------------------------------------------------------

| |  | D |  | is
the interest rate per annum allowed by the Bank of England on a special deposit; and
| |  | - |  | ---------------------------------------------------------------------------------------

| |  | E |  | is the charge payable by each Lender to the Financial Services Authority under
the fees regulations (but, for this purpose, ignoring any minimum fee required
under the fees regulations) and expressed in pounds per £1 million of the
fee base of that Lender.
| |  | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(b) |  | For
the purposes of this paragraph 2:
|--- |  | -------------------------------------

|
|

|58
|--

| |  | (i) |  | eligible
liabilities and special deposit have the meanings given to them at the time of
application of the formula by the Bank of England;
| |  | --- |  | ------------------------------------------------------------------------------------------------------------------------------------------

| |  | (ii) |  | fee
base has the meaning given to it in the fees regulations; and
| |  | ---- |  | -----------------------------------------------------------------

| |  | (iii) |  | fees regulations means the then current Financial Services Banking
Supervision (Fees) Regulations.
| |  | ----- |  | --------------------------------------------------------------------------------------------------

|(c) | (i) | In the application of the formulae, A, B, C and D are included as figures and not as
percentages, e.g. if A = 0.5% and B = 15%, AB is calculated as 0.5 x 15. A negative
result obtained by subtracting D from B is taken as zero.
|--- | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (ii) |  | Each rate calculated in accordance with a formula is, if necessary, rounded
upward to four decimal places.
| |  | ---- |  | ----------------------------------------------------------------------------------------------------------

|(d) | (i) | Each Lender must supply to the Agent the information required by it to make a calculation
of the rate for that Lender. The Agent may assume that this information is correct in all
respects.
|--- | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (ii) |  | If a Lender fails to do so, the Agent may assume that the Lenders
obligations in respect of cash ratio deposits, special deposits and the fees
regulations are the same as those of a typical bank from its jurisdiction of
incorporation with a Facility Office in the same jurisdiction as its Facility
Office.
| |  | ---- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (iii) |  | The Agent has no liability to any Party if its calculation over or under
compensates any Lender.
| |  | ----- |  | ------------------------------------------------------------------------------------------------

|3. |  | For
a Lender lending from a Facility Office in a Participating Member State
|-- |  | ---------------------------------------------------------------------------

|(a) |  | The relevant rate for a Lender lending from a Facility Office in a Participating
Member State is the percentage rate per annum notified by that Lender to the
Agent as its cost of complying with the minimum reserve requirements of the
European Central Bank.
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(b) |  | If a Lender fails to specify a rate under paragraph (a) above, the Agent
will assume that the Lender has not incurred any such cost.
|--- |  | ------------------------------------------------------------------------------------------------------------------------------------

|4. |  | Changes
|-- |  | -------

| | The
Agent may, after consultation with the Parent and the Lenders, notify all the Parties of
any amendment to this Schedule which is required to reflect:
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (a) |  | any
change in law or regulation; or
| |  | --- |  | -----------------------------------

| |  | (b) |  | any requirement imposed by the Bank of England, the Financial Services Authority
or the European Central Bank (or, in any case, any successor authority).
| |  | --- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------

| | Any
notification will be, in the absence of manifest error, conclusive and binding on all the
Parties.
| | ------------------------------------------------------------------------------------------------------

|
|

|59


PART II


FOLLOWING NOTIFICATION
OF REVISED CHARGES BY THE BOARD OF THE FINANCIAL SERVICES AUTHORITY
|---------------------------------------------------------------------------------------------------------

|1. |  | General
|-- |  | -------

| | The
Mandatory Cost is the weighted average of the rates for each Lender calculated below by
the Agent on the first day of a Term. The Agent must distribute each amount of Mandatory
Cost among the Lenders on the basis of the rate for each Lender.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|2. |  | For
a Lender lending from a Facility Office in the UK
|-- |  | -----------------------------------------------------

|(a) |  | The relevant rate for a Lender lending from a Facility Office in the UK is
calculated in accordance with the following formulae:
|--- |  | --------------------------------------------------------------------------------------------------------------------------------

| | for
an Advance in Sterling:
| | ---------------------------

| | AB + C(B-D) + E x 0.01per cent. per annum
| | -----------------------------------------

| | 100-(A
+ C)
| | -----------

| | for
any other Advance:
| | ----------------------

| | E x 0.01per cent. per annum
| | ---------------------------

| | 300
| | ---

| | where
on the day of application of the formula:
| | -----------------------------------------------

| |  | A |  | is the percentage of that Lenders eligible liabilities (in excess of any
stated minimum) which the Bank of England requires it to hold on a
non-interest-bearing deposit account in accordance with its cash ratio
requirements;
| |  | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | B |  | is
LIBOR for that Term;
| |  | - |  | -----------------------

| |  | C |  | is
the percentage of that Lenders eligible liabilities which the Bank of England
requires it to place as a special deposit;
| |  | - |  | ----------------------------------------------------------------------------------------------------------------------------

| |  | D |  | is
the interest rate per annum allowed by the Bank of England on a special deposit; and
| |  | - |  | ---------------------------------------------------------------------------------------

| |  | E |  | is the charge payable by each Lender to the Financial Services Authority under
the fees rules (but, for this purpose, ignoring any minimum fee required under
the fees rules) and expressed in pounds per £1 million of the tariff base
of that Lender.
| |  | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(b) |  | For
the purposes of this paragraph 2:
|--- |  | -------------------------------------

| |  | (i) |  | eligible
liabilities and special deposit have the meanings given to them at the time of
application of the formula by the Bank of England;
| |  | --- |  | ------------------------------------------------------------------------------------------------------------------------------------------

| |  | (ii) |  | tariff
base has the meaning given to it in the fees rules; and
| |  | ---- |  | --------------------------------------------------------------

|
|

|60
|--

| |  | (iii) |  | fees rules means the then current rules on periodic fees in the
Supervision Manual in the FSA Handbook.
| |  | ----- |  | -------------------------------------------------------------------------------------------------------

|(c) | (i) | In the application of the formulae, A, B, C and D are included as figures and not as
percentages, e.g. if A = 0.5% and B = 15%, AB is calculated as 0.5 x 15. A negative
result obtained by subtracting D from B is taken as zero.
|--- | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (ii) |  | Each rate calculated in accordance with a formula is, if necessary, rounded
upward to four decimal places.
| |  | ---- |  | ----------------------------------------------------------------------------------------------------------

|(d) | (i) | Each Lender must supply to the Agent the information required by it to make a calculation
of the rate for that Lender. The Agent may assume that this information is correct in all
respects.
|--- | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (ii) |  | If a Lender fails to do so, the Agent may assume that the Lenders
obligations in respect of cash ratio deposits, special deposits and the fees
rules are the same as those of a typical bank from its jurisdiction of
incorporation with a Facility Office in the same jurisdiction as its Facility
Office.
| |  | ---- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (iii) |  | The Agent has no liability to any Party if its calculation over or under
compensates any Lender.
| |  | ----- |  | ------------------------------------------------------------------------------------------------

|3. |  | For
a Lender lending from a Facility Office in a Participating Member State
|-- |  | ---------------------------------------------------------------------------

|(a) |  | The relevant rate for a Lender lending from a Facility Office in a Participating
Member State is the percentage rate per annum notified by that Lender to the
Agent as its cost of complying with the minimum reserve requirements of the
European Central Bank.
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(b) |  | If a Lender fails to specify a rate under paragraph (a) above, the Agent
will assume that the Lender has not incurred any such cost.
|--- |  | ------------------------------------------------------------------------------------------------------------------------------------

|4. |  | Changes
|-- |  | -------

|(a) |  | The Agent may, after consultation with the Parent and the Lenders, notify all
the Parties of any amendment to this Schedule which is required to reflect:
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (a) |  | any
change in law or regulation; or
| |  | --- |  | -----------------------------------

| |  | (b) |  | any requirement imposed by the Bank of England, the Financial Services Authority
or the European Central Bank (or, in any case, any successor authority).
| |  | --- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------

| | Any
notification will be, in the absence of manifest error, conclusive and binding on all the
Parties.
| | ------------------------------------------------------------------------------------------------------

|(b) |  | For the avoidance of doubt, the Agent shall, following receipt of or credit in
respect of such amount from the Financial Services Authority, refund to the
Parent any amounts previously paid by the Parent to the Agent in respect of
charges payable to the Financial Services Authority in relation to the period
from the date of this Agreement until the Relevant Date (the Transition Period) which were in excess of the amount which would have
been payable by the Parent had the charges applicable to the formulae above been
applied during the Transition Period.
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|
|

|61


SCHEDULE 4


FORM OF
REQUEST


To: HSBC Investment Bank plc as Agent


From: [BORROWER]


Date:
[               ]


Reuters
Group plc  £500,000,000 Syndicated Credit Facility dated 17th
December, 2001
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|1. |  | We
wish to utilise the Facility by way of Advance(s) as follows:
|-- |  | ----------------------------------------------------------------

| |     |                                        |                  
| | --- | -------------------------------------- | -----------------
| | (a) | Utilisation Date:                      | [               ]
| | (b) | Requested Amount (including currency): | [               ]
| | (c) | Term:                                  | [               ]
| | (d) | Payment Instructions:                  | [               ]

|2. |  | We confirm that each condition specified in Clause 4.2 (Further conditions
precedent) is satisfied on the date of this Request and this Advance would not
cause any borrowing limit binding on us to be exceeded.
|-- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|By:
[BORROWER]


Authorised Signatory
|-------------------------------------

|62


SCHEDULE 5


FORMS OF
ACCESSION DOCUMENTS


PART I


NOVATION
CERTIFICATE


To:   HSBC
Investment Bank plc as Agent


From: [THE EXISTING LENDER] and [THE
NEW LENDER]         Date: [   ]
Reuters Group plc
 £500,000,000 Syndicated Credit Agreement dated 17th December, 2001


We refer to Clause 26.3
(Procedure for novations).
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|1. |  | We [           ] (the
Existing Lender) and
[           ] (the
New Lender) agree to the Existing Lender and the New Lender
novating all the Existing Lenders rights and obligations referred to in
the Schedule in accordance with Clause 26.3 (Procedure for novations).
|-- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|2. |  | The
specified date for the purposes of Clause 26.3(c) (Procedure for novations) is [date of
novation].
|-- |  | ------------------------------------------------------------------------------------------------------

|3. |  | The
Facility Office and address for notices of the New Lender for the purposes of Clause 32.2
(Addresses for notices) are set out in the Schedule.
|-- |  | --------------------------------------------------------------------------------------------------------------------------------------------------

|4. |  | This
Novation Certificate is governed by English law.
|-- |  | -----------------------------------------------------

|
|

|63


THE SCHEDULE


Rights and
obligations to be novated


[Details of the rights and
obligations of the Existing Lender to be novated].
|----------------------------------------------------------------------------------------------------------------------------------------

|[New Lender] |  | 
|------------ |  | 

|[Facility Office | Address for notices] | 
|---------------- | -------------------- | 

|[Existing Lender] | [New Lender] | [                              ]
|----------------- | ------------ | --------------------------------

|By: | By: | By:
|--- | --- | ---

|Date: | Date: | Date:
|----- | ----- | -----

|
|

|64


PART II


BORROWER
ACCESSION AGREEMENT


To: HSBC Investment Bank plc as Agent


From: [PROPOSED BORROWER] and
Reuters Group plc


[Date]


Reuters Group plc
 £ 500,000,000 Syndicated Credit Facility dated 17th December, 2001 (the Credit
Agreement)


We refer to Clause 26.4 (Additional
Borrowers).


[Name of company] of
[Registered Office] (Registered no.
[       ]) (the Proposed
Borrower) agrees to become an Additional Borrower and to be bound by
the terms of the Credit Agreement as an Additional Borrower in accordance with
Clause 26.4 (Additional Borrowers).


The address for notices of
the Proposed Borrower for the purposes of Clause 32.2 (Addresses for
notices) is:



[
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | ]
| | -

|This Agreement is governed
by English law.


By:
[PROPOSED BORROWER]


Authorised Signatory
By:REUTERS GROUP PLC


Authorised Signatory
|---------------------------------------------------------------------------------------------------------------------------------------

|65


PART III


GUARANTOR
ACCESSION AGREEMENT


To: HSBC Investment Bank plc as Agent


From: [PROPOSED GUARANTOR]


Date:
[          ]
Reuters
Group plc  £500,000,000 Syndicated Credit Facility dated17th December,
2001 (the Credit Agreement)


We refer to Clause 26.5 (Additional
Guarantors).


We, [name of company] of
[Registered Office] (Registered no.
[                    ])
agree to become an Additional Guarantor and to be bound by the terms of the
Credit Agreement as an Additional Guarantor in accordance with Clause 26.5
(Additional Guarantors).


Our address for notices for
the purposes of Clause 32.2 (Addresses for notices) is:



[
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | ]
| | -

|This Deed is governed by
English law.
|-------------------------------------

|Executed as
a deed by | ) | Director
|--------------------- | - | --------

|[PROPOSED GUARANTOR] | ) | 
|-------------------- | - | 

|acting by | ) | Director/Secretary
|--------- | - | ------------------

|and | ) | 
|--- | - | 

|
|

|66


PART IV


FORM OF
BORROWER NOVATION AGREEMENT


A NOVATION AGREEMENT dated [               ]


BETWEEN:
|------------------------------------------------------------------------------------------------------------

|(1) |  | [               ]
(the Existing Borrower);
|--- |  | --------------------------------------------

|(2) |  | [               ]
(the Substitute Borrower);
|--- |  | ----------------------------------------------

|(3) |  | REUTERS GROUP plc on behalf of itself, each other Borrower and each other
Guarantor (as both such capitalised terms are defined in the Credit Agreement
referred to below) (the Parent); and
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(4) |  | HSBC
INVESTMENT BANK plc as agent (the Agent) on behalf of itself and the Lenders
(as defined in the Credit Agreement referred to below),
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------

|and is supplemental to the
Syndicated Credit Agreement dated 17th December, 2001 and made between Reuters
Group plc, the financial institutions listed in Schedule 1 thereto, J.P. Morgan
plc and HSBC Investment Bank plc as Mandated Arrangers and the Agent (the
Credit Agreement).


IT IS AGREED:
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|1. |  | Novation
|-- |  | --------

| | In
consideration of a payment made by the Existing Borrower to the Substitute Borrower and
the release of the Existing Borrower from its obligations and liabilities (actual or
contingent) specified in the Schedule hereto under the Credit Agreement and with effect
on and from [               ]
(the Effective Date) the Substitute Borrower hereby
undertakes to observe and perform all the obligations and liabilities (actual or
contingent) of the Existing Borrower under the Credit Agreement in respect of the
Advances specified in the Schedule (including any such obligations or liabilities as may
have accrued or become due in respect thereof prior to the Effective Date).
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|2. |  | Integration
|-- |  | -----------

| | This
Novation Agreement shall be read as one with the Credit Agreement so that any reference
therein to this Agreement, hereunderand similar shall include and
be deemed to include this Novation Agreement.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|3. |  | Continuing
Liability
|-- |  | --------------------

| | The
Parent on behalf of itself and each other Guarantor acknowledges and confirms that the
Guarantors obligations under Clause 14 of the Credit Agreement apply to the
obligations and liabilities assumed by the Substitute Borrower hereunder.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|
|

|67


SCHEDULE
|-------------

| | [
| | -

| | ]
| | -

| | IN
WITNESS whereof the parties hereto have caused this Novation Agreement to be duly
executed on the date first written above.
| | ------------------------------------------------------------------------------------------------------------------------------

| | ..........................................
| | ------------------------------------------

| | For
and on behalf of [The Existing Borrower]
| | --------------------------------------------

| | ..........................................
| | ------------------------------------------

| | For
and on behalf of [The Substitute Borrower]
| | ----------------------------------------------

| | ..........................................
| | ------------------------------------------

| | For
and on behalf of each Guarantor, each Borrower and the
| | ----------------------------------------------------------

| | Parent
| | ------

| | ..........................................
| | ------------------------------------------

| | For
and on behalf of eachLender and the Agent
| | ---------------------------------------------

|
|

|68


SCHEDULE 6


FORM OF
COMPLIANCE CERTIFICATE


To: HSBC Investment Bank plc


From: Reuters Group plc


Reuters
Group plc  £500,000,000 Syndicated Credit Facility dated17th December,
2001 (the Credit Agreement)
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|1. |  | Terms
defined in the Credit Agreement have the same meaning in this Certificate.
|-- |  | --------------------------------------------------------------------------------

|2. |  | We
hereby certify that based on the [annual] consolidated financial statements of
the Group for the financial [year/period] ended
[            ] (the
Testing Date):
|-- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (a) |  | in respect of the financial [year/period] ending on the Testing Date,
Consolidated Profits before Interest and Taxes was
[             ]
and Consolidated Net Finance Charges was [             ] and accordingly the ratio of
Consolidated Profits before Interest and Taxes to Consolidated Net Finance
Charges for that financial [year/period] was [             ]; and
| |  | --- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | [(b) |  | the
Material Subsidiaries were:
| |  | ---- |  | -------------------------------

| | [                                                    ]].
| | --------------------------------------------------------

|3. |  | The information in this certificate is based on information which has been
properly extracted from the [consolidated financial statements of the Parent for
the periods ending [         ]/
audited consolidated accounts of the Parent for the year ended
[                    ]],
is clerically accurate and has been calculated in accordance with the Credit
Agreement.
|-- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|[Officer] | [Officer]
|--------- | ---------

|............................... | .......................................
|------------------------------- | ---------------------------------------

|for and
on behalf of | for and on behalf of
|-------------------- | --------------------

|Reuters | Group
plc Reuters Group plc
|------- | ---------------------------

|
|

|69


SCHEDULE 7


FORM OF
CONFIDENTIALITY UNDERTAKING
|-----------------------------------------------------

| | To:     [Lender]
           Reuters Group plc
| | ---------------------------------------------

|Dear Sirs


We refer to the
£500,000,000 Syndicated Credit Facility dated 17th December, 2001 (the
Credit Agreement) between, among others, Reuters Group plc,
J.P. Morgan plc and HSBC Investment Bank plc.


This is a confidentiality
undertaking referred to in Clause 27 (Disclosure of Information) of the Credit
Agreement. A term defined in the Credit Agreement has the same meaning in this
undertaking.


We are considering entering
into contractual relations with [insert name of Lender] (the
Lender) and understand that it is a condition of our
receiving information about Reuters Group plc and its related companies and any
Finance Document and/or any information under or in connection with any Finance
Document (the Information) that we execute this undertaking.


We undertake to treat as
confidential any Information and to use the Information solely for the purposes
of determining whether or not to enter into the contractual relations and to
keep any Information under secured and controlled conditions. We will not
disclose any of the Information to any third party (other than our directors,
officers, employees or outside advisors, who shall be advised of and agree to
those confidentiality obligations) without the prior written consent of the
Reuters Group plc.


The foregoing undertakings
do not apply to any Information that is publicly available when provided or that
thereafter becomes publicly available other than through a breach by us of the
above undertakings, or that is required to be disclosed by us by judicial or
administrative process in connection with any action, suit, proceedings or claim
or in order to comply with a request from any fiscal, monetary or other
authority with which we are accustomed to comply or otherwise by applicable law.
Information shall be deemed publicly available if it becomes a
matter of public knowledge or is contained in materials available to the public
or is obtained by us from any source other than the Lender or from you (or its
or your directors, officers, employees or outside advisors), provided that such
source has not entered into a confidentiality agreement with you with respect to
the Information.



Yours faithfully,
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|70


SIGNATORIES


Parent


REUTERS GROUP plc
By: DAVID GRIGSON
Mandated
Arrangers


HSBC INVESTMENT BANK plc
By: ANDY SMITH
J.P. MORGAN PLC
By: MIKE GEROUX
Lenders


BARCLAYS BANK PLC
By: RICHARD STANNING



BNP PARIBAS, LONDON BRANCH
By: CLARE WEBB
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|71


CITIBANK, N.A.
By: MICHAEL LLEWELYN-JONES
COMMERZBANK AKTIENGESELLSCHAFT,
LONDON BRANCH
By: ZARIF IMAM
CREDIT SUISSE FIRST BOSTON
By: NICK BURNHAM and SEAN WATHERSTON
DEUTSCHE BANK AG, LONDON
By: MARTYN NICHOLAS
HSBC BANK plc
By: MARK LEAHY
ING BANK N.V., LONDON BRANCH
By: GERALD WALKER
JPMORGAN CHASE BANK
By: MIKE GEROUX
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|72


STANDARD CHARTERED BANK
By: PHIL REES and JACKIE EDWARDS
SUMITOMO MITSUI BANKING CORPORATION
By: STEVE ODELL
THE BANK OF TOKYO MITSUBISHI, LTD.
LONDON BRANCH
By: IAN COUTTS-WOOD
THE GOVERNOR AND COMPANY OF THE BANK
OF SCOTLAND
By: RONNIE ALLEN
UBS AG
By: ANNETTE ALFORD
Agent


HSBC INVESTMENT BANK plc
By: ANDY SMITH
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------