Exhibit 1.1



RANDGOLD
RESOURCES LIMITED



MEMORANDUM
AND ARTICLES OF

ASSOCIATION



(Conformed copy, effective from 6 May
2014)

















COMPANIES (JERSEY) LAW 1991



COMPANY LIMITED BY SHARES



MEMORANDUM OF ASSOCIATION



of



RANDGOLD RESOURCES LIMITED



| | 1 | The name of the Company is Randgold Resources Limited.
| | - | ------------------------------------------------------



| | 2 | The Company shall have unrestricted corporate capacity.
| | - | -------------------------------------------------------



| | 3 | The Company is a public company.
| | - | --------------------------------



| | 4 | The Company is a par value company.
| | - | -----------------------------------



| | 5 | The liability of each Member arising from his holding of a Share is limited to the amount (if any)
unpaid on it.
| | - | ----------------------------------------------------------------------------------------------------------------



| | 6 | The authorised share capital of the Company is US$8,000,000 divided into 160,000,000 Ordinary Shares
of US$0.05 each.
| | - | ---------------------------------------------------------------------------------------------------------------------



2







TABLE OF CONTENTS



|Article | Subject                                       | Page
|------- | --------------------------------------------- | ----
|        |                                               |     
|1       | Definitions and Interpretation                | 7   
|        |                                               |     
|        | Share Capital and Share Certificates          | 13  
|        |                                               |     
|2       | Share Capital                                 | 13  
|        |                                               |     
|3       | Special Rights Attaching to Classes of Shares | 17  
|        |                                               |     
|4       | Uncertificated Shares                         | 18  
|        |                                               |     
|5       | Share Certificates                            | 19  
|        |                                               |     
|6       | Replacement of Certificates                   | 20  
|        |                                               |     
|        | Lien and Calls on Shares                      | 21  
|        |                                               |     
|7       | Lien                                          | 21  
|        |                                               |     
|8       | Calls on Shares and Forfeiture                | 22  
|        |                                               |     
|9       | Untraced Shareholders                         | 26  
|        |                                               |     
|        | Transfers and Transmissions of Shares         | 28  
|        |                                               |     
|10      | Transfer of Shares                            | 28  
|        |                                               |     
|11      | Transmission of Shares                        | 30  
|        |                                               |     
|12      | Alteration of Share Capital                   | 31  
|        |                                               |     
|13      | Interests in Shares                           | 32  
|        |                                               |     
|        | General Meetings                              | 38  
|        |                                               |     
|14      | General Meetings                              | 38  
|        |                                               |     
|15      | Notice of General Meetings                    | 38  
|        |                                               |     
|16      | Postponement of General Meetings              | 40  
|        |                                               |     
|17      | Special Business                              | 41  
|        |                                               |     
|18      | Proceedings at General Meetings               | 41  



3







|      | Voting                                                          | 45
|----- | --------------------------------------------------------------- | --
|      |                                                                 |   
|19    | Voting                                                          | 45
|      |                                                                 |   
|20    | Votes of Holders                                                | 47
|      |                                                                 |   
|21    | Appointment of Proxy                                            | 49
|      |                                                                 |   
|22    | Corporations Acting by Representatives                          | 51
|      |                                                                 |   
|23    | Objections to and Error in Voting                               | 51
|      |                                                                 |   
|24    | Amendments to Resolutions                                       | 51
|      |                                                                 |   
|25    | Resolutions in Writing                                          | 52
|      |                                                                 |   
|26    | Class Meetings                                                  | 52
|      |                                                                 |   
|      | Appointment, Retirement and Removal of Directors                | 53
|      |                                                                 |   
|27    | Number of Directors                                             | 53
|      |                                                                 |   
|28    | Power of the Company to Appoint Directors                       | 53
|      |                                                                 |   
|29    | Power of the Board to Appoint Directors                         | 53
|      |                                                                 |   
|30    | Appointment of Executive Directors                              | 54
|      |                                                                 |   
|31    | Eligibility of New Directors                                    | 54
|      |                                                                 |   
|32    | Voting on Resolution for Appointment                            | 54
|      |                                                                 |   
|33    | Retirement by Rotation                                          | 55
|      |                                                                 |   
|34    | Directors Subject to Retirement                                 | 55
|      |                                                                 |   
|35    | Position of Retiring Director                                   | 56
|      |                                                                 |   
|36    | Deemed Reappointment                                            | 56
|      |                                                                 |   
|37    | Removal by Ordinary Resolution                                  | 56
|      |                                                                 |   
|38    | Vacation of Office by Director                                  | 56
|      |                                                                 |   
|39    | No Alternate Directors                                          | 57
|      |                                                                 |   
|40-49 | Directors’ Remuneration, Expenses and Pensions                  | 57
|      |                                                                 |   
|      | Powers and Duties of the Board                                  | 61
|      |                                                                 |   
|50    | Powers of the Board                                             | 61
|      |                                                                 |   
|51    | Powers of Directors being less than the minimum required number | 61
|      |                                                                 |   
|52    | Powers of Executive Directors                                   | 62
|      |                                                                 |   
|53    | Delegation to Committees                                        | 62
|      |                                                                 |   
|54    | Agents                                                          | 63



4







|55    | Exercise of Voting Powers                               | 63
|----- | ------------------------------------------------------- | --
|      |                                                         |   
|56    | Provision for Employees                                 | 63
|      |                                                         |   
|57    | Registers                                               | 64
|      |                                                         |   
|58    | Borrowing Powers                                        | 64
|      |                                                         |   
|59    | Directors’ Interests                                    | 64
|      |                                                         |   
|      | Proceedings of Directors and Committees                 | 68
|      |                                                         |   
|60    | Board Meetings                                          | 68
|      |                                                         |   
|61    | Notice of Board Meetings                                | 68
|      |                                                         |   
|62    | Quorum                                                  | 69
|      |                                                         |   
|63    | Chairman of Board                                       | 69
|      |                                                         |   
|64    | Voting                                                  | 69
|      |                                                         |   
|65    | Participation by Telephone                              | 69
|      |                                                         |   
|66    | Resolution in Writing                                   | 70
|      |                                                         |   
|67    | Proceedings of Committees                               | 70
|      |                                                         |   
|68    | Minutes of Proceedings                                  | 70
|      |                                                         |   
|69    | Validity of Proceedings of Board or Committee           | 71
|      |                                                         |   
|70-73 | Secretary and Authentication of Documents               | 71
|      |                                                         |   
|74-76 | The Seal                                                | 72
|      |                                                         |   
|77-89 | Dividends                                               | 73
|      |                                                         |   
|      | Accounts and Audits                                     | 78
|      |                                                         |   
|90    | Keeping and Inspection of Accounts                      | 78
|      |                                                         |   
|      | Notices                                                 | 78
|      |                                                         |   
|91    | Notices to be in Writing or in Electronic Communication | 78
|      |                                                         |   
|92    | Service of Notices and Other Documents on Members       | 79
|      |                                                         |   
|93    | Notice by Advertisement                                 | 81
|      |                                                         |   
|94    | Evidence of Service                                     | 82
|      |                                                         |   
|95    | Notice Binding on Transferees etc.                      | 83
|      |                                                         |   
|96    | Notice in Case of Entitlement by Transmission           | 83



5







|97      | Capitalisation of Profits                                    | 83
|------- | ------------------------------------------------------------ | --
|        |                                                              |   
|98-100  | Winding Up and Capital Reduction                             | 85
|        |                                                              |   
|101-102 | Destruction of Documents                                     | 86
|        |                                                              |   
|        | Indemnity                                                    | 87
|        |                                                              |   
|103     | Right to Indemnification                                     | 87
|        |                                                              |   
|104     | Right of Claimant to Bring Suit                              | 88
|        |                                                              |   
|105     | Insurance                                                    | 88
|        |                                                              |   
|106     | Non-Exclusivity/ Nature and Extent of Indemnification Rights | 88



6







COMPANIES (JERSEY) LAW 1991



COMPANY LIMITED BY SHARES



ARTICLES OF ASSOCIATION



of



RANDGOLD RESOURCES LIMITED



| | 1 | Definitions and Interpretations
| | - | -------------------------------



| | 1.1 | In these Articles, unless the context otherwise requires, the following expressions shall have
the following meanings:
| | --- | ----------------------------------------------------------------------------------------------------------------------



“Additional Sale Share”
has the meaning ascribed to it in Article 9.2;



“address” means
in relation to electronic communications, any number or address used for the purposes of such communications;



“Articles”
means these articles of association as amended from time to time;



“auditors”
means the auditors for the time being of the Company or, in the case of joint auditors, any one of them;



“Board” means
the board of Directors from time to time of the Company or the Directors present or deemed to be present at a duly convened meeting
of the Directors at which a quorum is present;



“business day”
means a day (not being a Saturday or Sunday) on which clearing banks are open for normal banking business in London and Jersey;



“certificated”
means in relation to a Share, a Share which is not in uncertificated form;



“clear days”
means in relation to a period of notice, that period excluding the day when the notice is given or deemed to be given and the day
for which it is given or on which it is to take effect;



7







“Company” means Randgold Resources
Limited;



“default share” has the meaning
ascribed to it in Article 13.10;



“Default Shares” has the meaning
ascribed to it in Article 13.21;



“Default Notice” has the meaning
ascribed to it in Article 13.21;



“Defaulting Shareholder” has the
meaning ascribed to it in Article 13.21;



“Depositary”
means a custodian or other person (or a nominee for such custodian or other person) appointed under contractual arrangements with
the Company or other arrangements approved by the Board whereby such custodian or other person or nominee holds or is interested
in Shares of the Company or rights or interests in Shares of the Company and issues securities or other documents of title or otherwise
evidencing the entitlement of the holder thereof to or to receive such Shares, rights, or interests provided and to the extent
that such arrangements have been approved by the Board for the purpose of these Articles and shall include where approved by the
Board the trustees (acting in their capacity as such) of any employees’ share scheme established by the Company or any other
scheme or arrangement principally for the benefit of employees, or those in the service of the Company and/or its subsidiaries
or their respective business and the managers (acting in their capacity as such) of any investment or savings plan, which in each
case the Board has approved;



“Director” means any director for
the time being of the Company;



“disclosure period” has the meaning
ascribed to it in Article 13.1;



“DTRs” means
the United Kingdom Disclosure Rules and Transparency Rules as amended from time to time relating to the disclosure of information
in respect of financial instruments which have been admitted to trading on a regulated market or for which a request for admission
to trading on such a market has been made, as published by the Financial Service Authority of the United Kingdom;



“electronic communication”
has the same meaning as in the Electronic Communications (Jersey) Law 2000;



8







“Employee Share Scheme”
means any employee and/or executive incentive plan or scheme established for the benefit of employees and/or executives and their
relations (as determined in accordance with such plans or schemes) of the Company and/or any of its direct or indirect subsidiaries
(whether or not such plan or scheme is open to all employees, executives or relations or not) and which is operated either by the
Company or any of its direct or indirect subsidiaries or by a third party on their behalf and under the terms of which employees
and/or executives and their relations may acquire and/or benefit from shares or any interest therein, whether directly or pursuant
to any option over shares granted to them or otherwise;



“entitled by transmission”
means in relation to a Share, entitled as a consequence of the death or bankruptcy of a Member, or as a result of another event
giving rise to a transmission of entitlement by operation of law;



“Equity Securities”
has the same meaning as defined in section 560(1) of the United Kingdom Companies Act 2006 (as amended) as if the Company were
incorporated in England and Wales;



“executed”
includes any mode of execution including under hand or under seal, or by any other method permitted by law;



“exempt transfer” has the meaning
ascribed to it in Article 13.16;



“IFRS” means
the International Financial Reporting Standards adopted by the International Accounting Standards Board, as in force and applied
by the Company from time to time;



“Holder” means
in relation to Shares, the Member whose name is entered in the register as the holder or, where the context permits, the members
whose names are entered in the register as the joint holders of those Shares;



“Law” means
the Companies (Jersey) Law 1991 including any statutory modification or re-enactment thereof for the time being in force and subordinate
legislation made thereunder;



9







“London Stock Exchange”
means London Stock Exchange plc or other principal stock exchange in the United Kingdom for the time being;



“Member” means
any holder of legal title to a Share and any other member of the Company;



“Memorandum”
means the memorandum of association of the Company as amended from time to time;



“Nasdaq Stock Exchange” means the
NASDAQ Stock Market LLC;



“Office” means the registered office
for the time being of the Company situate in Jersey;



“Ordinary Resolution”
means a resolution of the Company either in general meeting passed by a simple majority of the votes cast at that meeting or in
writing in accordance with Article 25 (Resolutions in Writing);



“operator”
means a person approved as an operator by the Jersey Financial Services Commission under the Uncertificated Securities Order;



“Ordinary Shares”
means the ordinary shares of US$0.05 each in the capital of the Company designated as such and having the rights and being subject
to the restrictions specified in these Articles;



“paid”, “paid up”
and “paid-up” mean paid or credited as paid;



“register”
means the register of Members of the Company to be kept pursuant to article 41 of the Law and/or the register of Members maintained
pursuant to the Uncertificated Securities Order and, where the context requires, any register maintained by the Company or the
approved operator of persons holding any renounceable right of allotment of a Share and cognate expressions shall be construed
accordingly;



“relevant period” has the meaning
given to it in Article 13.16;



“Sale Share” has the meaning ascribed
to it in Article 9.2;



“Seal” means
the common seal of the Company or any official or securities seal that the Company may have or may be permitted to have under the
Law;



10







“Secretary”
means the secretary for the time being of the Company or any other person appointed to perform any of the duties of the secretary
of the Company, including a joint, assistant or deputy secretary;



“Senior Independent
Director” means a senior non-executive Director who is willing to act as the Senior Independent Director, as approved
by the Board from time to time;



“Share” means a share in the capital
of the Company of any class;



“Special Resolution” means a special
resolution as defined in article 90 of the Law;



“Standard Table”
means the model articles of association of a company proposed by the Finance and Economics Committee of the States of Jersey pursuant
to article 6 of the Law;



“treasury shares”
means those Shares held by the Company in treasury in accordance with article 58A of the Law;



“UKLA” means
the UK Listing Authority, a division of the Financial Services Authority, acting in its capacity as the competent authority for
the purposes of Part VI of the Financial Services and Markets Act 2000 of the United Kingdom or any successor enactment;



“uncertificated proxy
instruction” means an instruction or notification sent by means of a relevant system and received by such participant
in that system acting on behalf of the Company as the Board may prescribe, in such form and subject to such terms and conditions
as may from time to time be prescribed by the Board (subject always to the facilities and requirements of the relevant system concerned);



“Uncertificated Securities
Order” means the Companies (Uncertificated Securities) (Jersey) Order 1999, as amended from time to time, including any
provisions of or under the Law which alter or replace such regulations;



“uncertificated”
means in relation to a Share, a Share title to which is recorded in the register as being held in uncertificated form and title
to which, by virtue of the Uncertificated Securities Order, may be transferred by means of a relevant system; and



11







“US$” or “US Dollars”
means the lawful currency of the United States of America.



| | 1.2 | In these Articles, save where the context otherwise requires:
| | --- | -------------------------------------------------------------



| | (a) | the word “person” includes a natural person, a firm, a body corporate, an unincorporated
association or an authority;
| | --- | ---------------------------------------------------------------------------------------------------------------------



| | (b) | the singular includes the plural and vice versa;
| | --- | ------------------------------------------------



| | (c) | where a word or phrase is given a particular meaning, other grammatical forms of that word or phrase
have corresponding meanings;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------



| | (d) | a reference to an “Article” is a reference to an article of these Articles;
| | --- | ---------------------------------------------------------------------------



| | (e) | a reference to writing includes typewriting, printing, telegram, facsimile, electronic mail or
other modes of representing or reproducing words in a visible form;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | headings are inserted for convenience and do not affect the interpretation of these Articles;
| | --- | ---------------------------------------------------------------------------------------------



| | (g) | save as aforesaid, and unless the context otherwise requires, words or expressions defined in the
Law shall have the same meaning where used in these Articles but excluding any statutory modification thereof not in force when
these Articles became binding on the Company;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (h) | the expressions “register of Company Members”, “approved operator”, “operator’s
instruction”, “issuer”, and “participating security” have the meaning as in the Uncertificated Securities
Order;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | “relevant system” means a computer system which has the purposes described in article
2 of the Uncertificated Securities Order;
| | --- | -------------------------------------------------------------------------------------------------------------------------------



| | (j) | all references in these Articles to the giving of instructions by means of a relevant system shall
be deemed to relate to a properly authenticated dematerialised instruction given in accordance with the Uncertificated Securities
Order.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



12







Notwithstanding the other provisions of these Articles,
the giving of such instructions shall be subject to:



| | (i) | the facilities and requirements of the relevant system;
| | --- | -------------------------------------------------------



| | (ii) | the Uncertificated Securities Order; and
| | ---- | ----------------------------------------



| | (iii) | the extent to which such instructions are permitted by or practicable under the rules and practices
from time to time of the approved operator of the relevant system; and
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (k) | subject to the provisions of Article 1.2(g), references to any statutory provision or statute includes
all amendments thereto and all subordinate legislation made thereunder.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 1.3 | The Standard Table prescribed pursuant to the Law shall not apply to the Company and is expressly
excluded in its entirety.
| | --- | ---------------------------------------------------------------------------------------------------------------------------



SHARE CAPITAL AND SHARE CERTIFICATES



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



| | 2.1 | Subject to the provisions of the Law and subject to and without prejudice to any rights attached
to existing Shares, any Share may be issued with or have attached to it such rights and restrictions as the Company may by Ordinary
Resolution decide, or, if no such resolution has been passed or so far as the resolution does not make specific provisions, as
the Board may decide.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2.2 | Subject to the Law (and in particular articles 38 and 52 of the Law), these Articles (including
the provisions of this Article 2 relating to authority to allot, pre-emption rights and otherwise) and any resolution of the Company,
the Board may offer, allot, grant options over or otherwise deal with or dispose of any unissued shares (whether forming part of
the original or any increased capital) to such persons, at such times and generally on such terms as the Board may decide.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



13







| | 2.3 | The Company may, from time to time, pass an Ordinary Resolution authorising the Board to exercise
all the powers of the Company to allot Shares and grant rights to subscribe for, or convert any security into Shares and,
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (a) | on the passing of the Ordinary Resolution the Board shall be generally and unconditionally authorised
to allot Shares and grant rights to subscribe, or convert any security into Shares up to the nominal amount specified in the Ordinary
Resolution; and
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | unless previously revoked the authority shall expire on the day specified in the Ordinary Resolution
(not being more than five years after the date on which the Ordinary Resolution is passed),
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



but any authority given under
this article shall allow the Company, before the authority expires, to make an offer or agreement which would or might require
the Shares or rights to subscribe for, or convert any security into Shares to be allotted after it expires. This authority shall
not be required in connection with:



| | (i) | the allotment of Shares or the granting of rights to subscribe for or convert any security into
Shares, in pursuance of an Employee Share Scheme; or
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | the allotment of Shares pursuant to a right to subscribe for or convert any security into Shares.
| | ---- | -------------------------------------------------------------------------------------------------



| | 2.4 | Subject to the provisions of article 36 of the Law, no Shares may be issued by the Company at a
discount.
| | --- | ---------------------------------------------------------------------------------------------------------



| | 2.5 | Subject to the provisions of the Law, the Company may issue Shares which are to be redeemed, or
are liable to be redeemed, at the option of the Company or at the option of the Holder holding such redeemable Shares.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2.6 | The Company may exercise the powers of paying commissions and brokerage conferred or permitted
by the Law. Subject to the provisions of the Law, any such commission may be satisfied by the payment of cash or by the allotment
of fully or partly paid Shares, the grant of an option to call for an allotment of Shares or any combination of such methods.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



14







| | 2.7 | The Board may at any time after the allotment of a Share but before a person has been entered in
the register as the Holder of the Share recognise a renunciation of the Share by the allottee in favour of another person and may
grant to an allottee a right to effect a renunciation on such terms and conditions as the Board thinks fit.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2.8 | Save as required by law, or as ordered by a court of competent jurisdiction, no person shall be
recognised by the Company as holding any Share upon any trust and (save as otherwise provided by these Articles or by law) the
Company shall not be bound by or recognise (even when having notice thereof) any equitable, contingent, future or partial interest
in any Share or any interest in any fractional part of a Share or any other rights in respect of any Shares, save an absolute right
of the Holder of such Share to the entirety thereof.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2.9 | The Company shall not be required to enter the names of more than four joint Holders in respect
of any Share in the register of Members of the Company.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2.10 | Subject to Article 2.18, the Company, when proposing to allot Equity Securities of any class:
| | ---- | ---------------------------------------------------------------------------------------------



| | (a) | shall not allot any of them on any terms to a person unless it has made an offer to each person
who is a Holder and who holds Ordinary Shares on the same or more favourable terms a proportion of those Equity Securities which
is as nearly as practicable equal to the proportion in nominal value held by the Holder of the Ordinary Shares then in issue; and
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | shall not allot any of those Shares to a person unless the period during which any such offer may
be accepted by the relevant current Holders has expired or the Company has received a notice of the acceptance or refusal of every
offer so made from such Holders.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2.11 | Article 2.10 shall not apply to:
| | ---- | --------------------------------



| | (a) | any person in whose favour the Holder of Ordinary Shares referred to in Article 2.10(a) has renounced
his right to the allotment of Equity Securities;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------



15







| | (b) | any Equity Securities allotted or issued pursuant to the terms of an Employee Share Scheme;
| | --- | -------------------------------------------------------------------------------------------



| | (c) | any allotment of Equity Securities if such Equity Securities are or are to be, wholly or partly
paid as otherwise than in cash; or
| | --- | ----------------------------------------------------------------------------------------------------------------------------------



| | (d) | any allotment of Equity Securities if issued as bonus Shares.
| | --- | -------------------------------------------------------------



| | 2.12 | An offer under Article 2.10 shall be made to Holders in writing and shall be made to a Holder either
personally or by sending it by post to that Holder or to his registered address or, if he has no registered address in the United
Kingdom or Jersey to the address in the United Kingdom or Jersey supplied by the Holder to the Company for the giving of notice
to him or by means of electronic communication (in accordance with the Electronic Communications (Jersey) Law 2000).
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2.13 | Where Shares are held by two or more persons jointly, an offer under Article 2.10 to any of the
joint holders shall be sufficient delivery of the offer to all of such joint Holders if it is made to the joint Holder first named
in the register in respect of the Shares.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2.14 | In the case of a Holder’s death or bankruptcy, the offer must be made:
| | ---- | ----------------------------------------------------------------------



| | (a) | by sending it by post in a prepaid letter addressed to the persons claiming to be entitled to the
Shares in consequence of the death or bankruptcy by name, or by the title of the representatives of the deceased, or trustee of
the bankruptcy, or by any like description, at the address in the United Kingdom or Jersey supplied for the purpose by those claiming;
or
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | until any such address has been so supplied giving the notice in any manner in which it would have
been given if the death or bankruptcy has not occurred.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2.15 | If the relevant Holder in relation to an offer under Article 2.10 has no registered address in
the United Kingdom or Jersey for the services of notices on him or is the holder of a warrant for Shares the offer may be made
by causing it or a notice of where a copy may be obtained or inspected to be published in the London Gazette.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2.16 | An offer pursuant to Article 2.10 must state a period of not less than 14 days during which it
may be accepted and the offer shall not be withdrawn before the end of that
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------



16







period, which in the case of
an offer made in hard copy or electronic form begins on the date on which the offer is sent or supplied; and in the case of any
offer made by publication in the Gazette, begins on the date of publication.



| | 2.17 | Notwithstanding the provisions of Articles 2.10 to 2.16 (inclusive) and subject always to the Directors
being generally authorised to allot Equity Securities in accordance with Article 2.3 of these Articles, the Directors may from
time to time be given by virtue of a Special Resolution the power to allot Equity Securities wholly for cash either generally or
in respect of a specific allotment such that:
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (a) | Article 2.10 shall not apply to the allotment; or
| | --- | -------------------------------------------------



| | (b) | Article 2.10 shall apply to the allotment with such modifications as the Directors may determine;
and
| | --- | -----------------------------------------------------------------------------------------------------



| | (c) | the authority granted by the Special Resolution may be granted for such period of time as the Special
Resolution permits and such authority may be revoked by a further Special Resolution.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2.18 | A Special Resolution under Article 2.17 shall not be proposed in respect of a specific allotment
unless it is recommended by the Directors and there has been circulated, with the notice for the meeting at which the resolution
is to be decided, a proposal to the Holders entitled to have that notice a written statement by the Directors setting out:
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (a) | their reasons for making the recommendations; and
| | --- | -------------------------------------------------



| | (b) | the amount to be paid to the Company (if known) in respect of the Equity Securities to be allotted.
| | --- | ---------------------------------------------------------------------------------------------------



| | 2.19 | For the purposes of Article 2 (Share Capital) a reference to the allotment of Equity Securities
also includes the sale of Equity Securities in the Company that, immediately prior to the sale were held by the Company as treasury
shares.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3 | Special Rights Attaching to Classes of Shares
| | - | ---------------------------------------------



| | 3.1 | Whenever the capital of the Company is divided into different classes of Shares, the special rights
attached to any class may (unless otherwise provided by the terms of issue
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



17







of the Shares of that class)
be varied or abrogated, either whilst the Company is a going concern or during or in contemplation of a winding-up:



| | (a) | with the consent in writing of the Holders of a majority in nominal value of the issued Shares
of that class; or
| | --- | ----------------------------------------------------------------------------------------------------------------



| | (b) | with the sanction of an Ordinary Resolution passed at a separate meeting of the Holders of the
issued Shares of that class.
| | --- | ---------------------------------------------------------------------------------------------------------------------------



| | 3.2 | The provisions of these Articles relating to general meetings or to the proceedings thereat shall
apply, mutatis mutandis, to each separate meeting held in respect of different classes of Shares pursuant to this Article
save that a quorum shall be persons holding or representing by proxy not less than one-third in nominal value of the issued Shares
of that class but provided that if, at any adjourned meeting of such Holders, a quorum as defined above is not present, those Holders
who are present shall be a quorum.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3.3 | The special rights conferred upon the Holders of any Shares or class of Shares issued with preferred,
deferred or other special rights shall (unless otherwise expressly provided by the terms of issue of such Shares or under these
Articles) be deemed not to be varied by the creation or issue of further Shares or further classes of Shares ranking pari passu
therewith.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4 | Uncertificated Shares
| | - | ---------------------



| | 4.1 | Subject to the Law and to the Uncertificated Securities Order, the Board has the power to resolve
that a class of Shares shall become a participating security and/or that a class of Shares shall cease to be a participating security.
Notwithstanding any provision of these Articles, the Directors have power to implement any arrangements they may, in their absolute
discretion, think fit in relation to the evidencing of title to and transfer of an uncertificated Share (subject always to the
Uncertificated Securities Order and the facilities and requirements of the relevant system concerned). No provision of these Articles
shall apply or have effect to the extent that it is in any respect inconsistent with the holding of Shares in uncertificated form.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4.2 | Uncertificated Shares of a class are not to be regarded as forming a separate class from certificated
Shares of that class.
| | --- | ---------------------------------------------------------------------------------------------------------------------------



18







| | 4.3 | A Member may, in accordance with the Uncertificated Securities Order, and the facilities and requirements
of the relevant system concerned, change a Share of a class which is a participating security from a certificated Share to an uncertificated
Share and from an uncertificated Share to a certificated Share and the Company or a Director may exercise a power of attorney,
herewith granted by the relevant Member, to do all such acts and to execute all such documents and agreements on behalf of such
Member in order to change an uncertificated Share into a certificated Share.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4.4 | The Company may, subject to the Uncertificated Securities Order, give notice to a Member requiring
the Member to change uncertificated Shares to certificated Shares by the time stated in the notice. The notice may also state that
the Member may not change certificated Shares to uncertificated Shares. If the Member does not comply with the notice, the Board
may authorise a person to change the uncertificated Shares to certificated Shares in the name and on behalf of the Member.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4.5 | While a class of Shares is a participating security, these Articles only apply to an uncertificated
Share of that class to the extent that they are consistent with:
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (a) | the holding of Shares of that class in uncertificated form;
| | --- | -----------------------------------------------------------



| | (b) | the transfer of title to Shares of that class by means of a relevant system; and
| | --- | --------------------------------------------------------------------------------



| | (c) | the Uncertificated Securities Order.
| | --- | ------------------------------------



| | 4.6 | For the purpose of effecting any action of the Company, the Board may determine that Shares held
by a Holder in uncertificated form shall be treated as a separate holding from Shares held in certificated form but Shares of a
class held by a Holder in uncertificated form shall not be treated as a separate class from Shares of that class held by that Holder
in certificated form.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 5 | Share Certificates
| | - | ------------------



| | 5.1 | Every Holder, upon becoming a Holder, shall be entitled without payment to one certificate for
all the Shares of each class held by him (and, upon transferring a part of his holding of Shares of any class, or upon electing
to hold part of his holding in uncertificated form, to a certificate for the balance of such holding) or several certificates
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



19







each for one or more of his Shares upon payment, for
every certificate after the first, of such reasonable sum as the Directors may determine.



| | 5.2 | Every certificate shall either be sealed with the Seal or signed by two Directors or a Director
and the Secretary, or by such persons as the Directors shall authorise from time to time either generally or in any particular
case (which may include any signature being applied mechanically or electronically) and shall specify the number, class and distinguishing
numbers (if any) of the Shares to which it relates and the amount or respective amounts paid up thereon and shall otherwise comply
with the requirements of the UKLA. The Company shall not be bound to issue more than one certificate for Shares held jointly by
several persons and delivery of a certificate to one joint Holder shall be deemed delivery to all of them.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 5.3 | No certificate shall be issued representing shares of more than one class.
| | --- | --------------------------------------------------------------------------



| | 6 | Replacement of Certificates
| | - | ---------------------------



| | 6.1 | Where a Holder holds two or more certificates for Shares of one class, the Company in the manner
prescribed by the Directors, may at his request, on surrender of the original certificates and without charge, cancel the certificates
and issue a single replacement certificate for certificated Shares of that class.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 6.2 | At the request of a Holder, the Company in the manner prescribed by the Directors, may cancel a
certificate and issue two or more in its place (representing certificated Shares in such proportions as the Holder may specify),
on surrender of the original certificate and on payment of such reasonable sum (if any) as the Directors may decide.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 6.3 | If a Share certificate is defaced, worn out, lost or destroyed, it may be renewed on such terms
(if any) as to evidence and indemnity and payment of the expenses reasonably incurred by the Company in investigating evidence
in the manner as the Directors may determine, but otherwise free of charge and (in the case of defacement or wearing out) on delivery
up of the old certificate.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 6.4 | In the case of Shares held jointly by several persons, any such request as is mentioned in this
Article 6 (Replacement of Certificates) may be made by any one of the joint holders.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



20







LIEN AND CALLS ON SHARES



| | 7 | Lien
| | - | ----



| | 7.1 | The Company shall have a first and paramount lien on every Share (not being a fully paid Share)
for all monies (whether presently payable or not) payable at a fixed time or called by the Company in accordance with these Articles
in respect of that Share. The Directors may at any time declare any Share to be wholly or in part exempt from the provisions of
this Article. The Company’s lien on a Share shall only extend to any amount payable in respect of it.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 7.2 | Any Holder who has failed to pay any sum due in respect of an amount unpaid on his Shares in accordance
with Article 7 (Lien) or forfeited a Share in accordance with Article 8.8 hereby grants the Company and/or any one Director
a power of attorney to execute, on the Member’s behalf, all such agreements, instruments, transfer forms or other documents
which the Company or, as the case may be, the Director deems in its or his sole discretion necessary or ancillary to any transfer
of the relevant Shares pursuant to Article 7.3 or forfeiture pursuant to Article 8.8.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 7.3 | Without prejudice to the provisions of these Articles providing for the forfeiture or surrender
of Shares, the Company is hereby granted a power of sale and may sell in such manner as the Directors may determine any Shares
on which the Company has a lien if a sum in respect of which the lien exists is presently payable and is not paid within 14 days
after notice has been given to the Holder of such Shares after the due date for payment in accordance with Article 8.1 or any such
period of notice as is provided under the terms of the relevant allotment or, where required by law, to the person entitled to
it, demanding payment and stating that, if the notice is not complied with, the Shares may be sold.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 7.4 | A person any of whose Shares have been sold pursuant to Article 7 (Lien) shall cease to
be a Holder in respect of them and shall deliver to the Company for cancellation the certificate for the Shares sold but shall
remain, subject to Article 7.5, liable to the Company for all moneys which, at the date of sale, were presently payable by him
to the Company in respect of those Shares with interest at the HSBC bank’s base rate plus two per cent. on a per annum basis
such an amount of interest as the Directors may determine from the date of sale until payment provided that the Directors may in
their sole
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



21







discretion waive payment wholly or in part of the
amount subject to the lien and/or any accrued but unpaid interest thereon.



| | 7.5 | The net proceeds of the sale after payment of all costs incurred in relation thereto shall be applied
in payment of so much of the sum for which all liens exist or such Shares (irrespective of whether the sums in respect of the lien
are presently payable at the date of sale or not) and any other sum owed by the relevant Holder to the Company and any residue
shall (upon delivery to the Company for cancellation of the certificate or certificates for the Shares sold) be paid to the Holder
entitled to the Shares (without interest) subject to the lien immediately before the date of the sale.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 8 | Calls on Shares and Forfeiture
| | - | ------------------------------



| | 8.1 | Subject to the terms of allotment with the initial subscriber for Shares, the Directors may make
calls upon the Holders in respect of any consideration agreed to be paid for such Shares that remain unpaid (whether on account
of the nominal value of the Shares or by way of premium) and each Holder shall (subject to receiving at least 14 days’ notice
specifying when and where payment is to be made) pay to the Company as required by the notice the amount called on such Shares.
A call may be required to be paid by instalments. A call may, before receipt by the Company of any sum due thereunder, be revoked
in whole or part and payment of a call may be postponed in whole or part as the Directors may determine. A person upon whom a call
is made shall remain liable for calls made upon him notwithstanding the subsequent transfer of the Shares in respect whereof the
call was made.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 8.2 | A call shall be deemed to have been made at the time when the resolution of the Directors authorising
the call was passed.
| | --- | --------------------------------------------------------------------------------------------------------------------------



| | 8.3 | The joint Holders of a Share shall be jointly and severally liable to pay all calls in respect
thereof.
| | --- | -------------------------------------------------------------------------------------------------------



| | 8.4 | Notwithstanding the provisions of Article 7.4 (where the Company has exercised a power of sale
over Shares over which it has a lien and the proceeds of the sale are insufficient to meet the Holder’s liability to the
Company in respect of the Shares over which it has a lien) if a call remains unpaid after it has become due and payable, the person
from whom
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



22







it is due and payable shall pay
interest on the amount unpaid from the day upon which it became due and payable until it and any expenses incurred by the Company
as a result of the non-payment are paid at the HSBC bank’s base rate plus two per cent. per annum or the rate fixed by the
terms of allotment of the Share such amount of interest as the Directors may determine provided that the Directors may waive payment
of the interest wholly or in part.



| | 8.5 | An amount payable in respect of a Share on allotment or at any fixed date, whether on account of
nominal value of the Share or by way of premium shall be deemed to be a call and, if it is not paid, the provisions of these Articles
shall apply as if that amount had become due and payable by virtue of a call and failure to pay on such date shall give rise to
the power of sale under Article 7.3. The Company may accept from a Holder at any time the whole or a part of the amount remaining
unpaid on Shares held by him although no part of that amount has been called up.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 8.6 | Pursuant to the terms of allotment, the Directors may make arrangements on the issue of Shares
for a difference between the Holders in the amounts and times of payment of calls on their Shares or any such period of notice
in respect of a call as is provided under the relevant allotment after the due date for payment.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 8.7 | Notwithstanding the provisions of Article 7 (Lien), if a call remains unpaid after it has
become due and payable, the Directors may give to the person from whom it is due not less than 14 days notice or any such period
of notice as is provided under the terms of the relevant allotment after the due date for payment requiring payment of the amount
unpaid together with any interest which may have accrued and any other costs or charges incurred by the Company. The notice shall
name the place where payment is to be made and shall state that, if the notice is not complied with, the Shares in respect of which
the call was made will be liable to be forfeited.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 8.8 | If the notice referred to in Article 8.7 is not complied with, any Share in respect of which it
was given may, at the discretion of the Directors and before the payment required by the notice has been made, either:
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



23







| | (a) | be forfeited by a resolution of the Directors and the forfeiture shall include all dividends or
other moneys payable in respect of the forfeited Shares and not paid before the forfeiture; or
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | be accepted by the Company as surrendered by the Holder thereof in lieu of such forfeiture.
| | --- | -------------------------------------------------------------------------------------------



| | 8.9 | A forfeited or surrendered Share may be sold, re-allotted or otherwise disposed of on such terms
and in such manner as the Directors determine either to the person who was before the forfeiture the Holder or to any other person
and, at any time before sale, re-allotment or other disposition, the forfeiture or surrender may be cancelled on such terms as
the Directors think fit. Where, for the purposes of its disposal, a forfeited or surrendered Share is to be transferred to any
person, the provisions of Article 7.2 in respect of the Company’s and a Director’s power of attorney shall apply. The
Directors may before a forfeited Share has been sold, re-allotted or otherwise disposed of annul the forfeiture on such conditions
as it thinks fit.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 8.10 | A person any of whose Shares have been forfeited or surrendered shall cease to be a Holder in respect
of them and shall deliver to the Company for cancellation the certificate for the Shares forfeited or surrendered but shall remain
liable to the Company for all moneys which at the date of forfeiture or surrender were presently payable by him to the Company
in respect of those Shares with interest at HSBC bank’s base rate plus two per cent. per annum as the Directors may determine
from the date of forfeiture or surrender until payment provided that the Directors may waive payment wholly or in part or enforce
payment without any allowance for the value of the Shares at the time of forfeiture or surrender or for any consideration received
on their disposal. The forfeiture of a Share shall involve the extinction at the time of forfeiture of all interest in and all
claims and demands against the Company in respect of the Share and all other rights and liabilities incidental to the Share as
between the Holder whose Share is forfeited and the Company except any such of those rights and liabilities as are by these Articles
expressly saved or as are by the Law given or imposed in the case of past members.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 8.11 | When a Share has been forfeited, the Company shall serve notice of the forfeiture on the person
who was before forfeiture the Holder of the Share or the person entitled by
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------



24







transmission to the Share but no forfeiture is invalidated
by an omission to give such notice. An entry of the fact and date of forfeiture shall be made in the register.



| | 8.12 | A declaration under oath by a Director or the Secretary that a Share has been forfeited or surrendered
on a specified date shall be conclusive evidence of the facts stated in it as against all persons claiming to be entitled to the
Share and the declaration shall (subject to the execution of an instrument of transfer if necessary) constitute a good title to
the Share and the person to whom the Share is disposed of shall not be bound to see to the application of the consideration, if
any, nor shall his title to the Share be affected by any irregularity in or invalidity of the proceedings in reference to the forfeiture,
surrender or disposal of the Share.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 8.13 | The Board may accept the surrender of any Share liable to be forfeited. In such case references
in these Articles to forfeiture shall include surrender.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------



| | 8.14 | Any sum payable in respect of a Share on allotment or at any fixed date, whether in respect of
the nominal value of the Share or by way of premium or as an instalment of a call, shall for all purposes of these Articles be
deemed to be a call duly made. If it is not paid, the provisions of these Articles shall apply as if such amount had become due
and payable by virtue of a call.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 8.15 | The Board may make arrangements on the allotment or issue of Shares for a difference as between
the allottees or Holders of such Shares in the amount and time of payment of calls.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 8.16 | The Board may, if it thinks fit, receive from any Member willing to advance the same all or any
part of the moneys uncalled and unpaid on the Shares held by him. Such payment in advance of calls shall extinguish pro tanto
the liability on the Shares on which it is made. The Company may pay interest on the money paid in advance, or so much of it as
exceeds the amount for the time being called up on the Shares in respect of which such advance has been made at such rate as the
Board may decide. The Board may at any time repay the amount so advanced on giving to such Member not less than three months notice
in writing of its intention in that behalf, unless before the expiration of such notice the amount so advanced shall have been
called up on the Shares in respect of which it was advanced.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



25







| | 8.17 | If any uncalled capital of the Company is included in or charged by any security the Board may
delegate on such terms as it thinks fit to the person in whose favour such security is executed or to any other person in trust
for him, the power to make calls on the Member in respect of such uncalled capital, to sue in the same name of the Company or otherwise
for the recovery of moneys becoming due in respect of calls so made and to give valid receipts for such moneys. The power so delegated
shall subsist during the continuance of the security notwithstanding any change of Directors and shall be assignable if expressed
so to be.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 9 | Untraced Shareholders
| | - | ---------------------



| | 9.1 | Subject to the Uncertificated Securities Order, the Company may sell a Share of a Member or of
a person entitled by transmission at the best price reasonably obtainable at the time of sale, if:
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (a) | during a period of not less than
                                         12 years before the date of publication of the advertisements referred to in Article
                                         9.1(c), (or if published on two different dates, the first date), (the “relevant
                                         period”) at least three dividends, whether interim of final, have become
                                         payable in respect of the Share;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | throughout the relevant period no cheque, warrant or money order payable on the Share has been
presented by the Holder of, or the person entitled by transmission to, the Share to the paying bank of the relevant cheque, warrant
or money order, no payment made by the Company by any other means permitted by these Articles has been claimed or accepted and,
so far as any Director of the Company at the end of the relevant period is then aware, the Company has not at any time during the
relevant period received any communication from the Holder of, or person entitled by transmission to, the Share;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | on expiry of the relevant period the Company has given notice of its intention to sell the Share
on its website and, where the Holder has given an email address to the Company for notices, by email to that Holder and also by
advertisement in a national newspapers circulating in London and Jersey and in a newspaper circulating in the area of the address
of the Holder of, or person entitled by transmission to, the Share shown in the register;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



26







| | (d) | the Company has not, so far as the Directors are aware, during a further period of three months
after the date of the advertisements referred to in Article 9.1(c), (or the later advertisement if the advertisements are published
on different dates) and before the exercise of the power of sale received a communication from the Holder of, or person entitled
by transmission to, the Share; and
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | notice has been given in accordance with the rules of the London Stock Exchange and/or rules and
regulations of the Financial Services Authority of the United Kingdom.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 9.2 | Where a power of sale is exercisable
                                         over a Share pursuant to Article 9.1 (a “Sale Share”),
                                         the Company may at the same time also sell any additional Share issued in rightof
                                         such Sale Share or in right of such an additional Share (an “Additional Sale
                                         Share”) previously so issued provided that the requirements of Articles 9.1(b)
                                         and 9.1(d), (as if the words “throughout the relevant period” were omitted
                                         from Article 9.1(b) and the words “on expiry of the relevant period” were omitted
                                         from Article 9.1(c)) shall have been satisfied in relation to the Additional Sale Share;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 9.3 | To give effect to a sale pursuant to Articles 9.1 or 9.2, the Company and any one Director are
hereby granted an irrevocable power of attorney by the relevant Holder to do all such acts and to agree and execute all such agreements,
documents and instruments of transfer in order to effect the transfer of the Sale Share or Additional Sale Share in the name and
on behalf of the Holder of, or the person entitled by transmission to, the Sale Share or Additional Sale Share, or to cause the
transfer of such Sale Share or Additional Sale Share, to the purchaser or his nominee and in relation to an uncertificated Share
may require the approved operator to convert the Sale Share or Additional Sale Share into certificated form in accordance with
the Uncertificated Securities Order. The purchaser shall not be bound to see to the application of the purchase money nor shall
the title of the transferee be affected by an irregularity or invalidity in the proceedings connected with the sale of the Sale
Share or Additional Sale Share.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 9.4 | The Company shall be indebted to the Holder or other person entitled by transmission to the Sale
Share or Additional Sale Share for the net proceeds of sale and shall carry any amount received on sale to a separate account.
The Company is deemed to be a debtor
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



27







and not a trustee in respect
of that amount for the Member or other person. Any amount carried to the separate account may either be employed in the business
of the Company or invested as the Directors may determine in their absolute discretion. No interest is payable on that amount and
the Company is not required to account for money earned on it.



TRANSFERS AND TRANSMISSIONS OF SHARES



| | 10 | Transfer of Shares
| | -- | ------------------



| | 10.1 | Subject to the provisions of Article 10.2, the instrument of transfer of a Share shall be in writing
and may be in any usual form or in any other form which the Directors may approve and shall be executed by or on behalf of the
transferor and, unless the Shares are fully paid, by or on behalf of the transferee.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 10.2 | A Member may transfer all or any of his uncertificated Shares in accordance with the Uncertificated
Securities Order and the facilities and requirements of the relevant system, and subject thereto in accordance with any arrangements
made by the Directors pursuant to Article 4.6.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 10.3 | Subject to the provisions of the Uncertificated Securities Order the transferor of a Share is deemed
to remain the Holder of the Share until the name of the transferee is entered in the register in respect of it.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 10.4 | Subject to this Article, Shares of the Company are free from any restriction on transfer. In exceptional
circumstances approved by the Financial Services Authority, the Directors may refuse to register a transfer of Shares or where
such Shares are uncertificated Shares the Directors may refuse to register such transfer (in accordance with the Uncertificated
Securities Order) provided that such refusal would not disturb the market in those Shares. Subject to the requirements of the Financial
Services Authority, the Directors may, in their absolute discretion and without giving a reason, refuse to register the transfer
of a certificated Share which is not fully paid or the transfer of a certificated Share on which the Company has a lien, provided
that where any such Shares are admitted to the Official List of the Financial Services Authority such discretion may not be exercised
in a way
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



28







which the UKLA or the London Stock Exchange regards
as preventing dealings in the Shares of the relevant class or classes from taking place on an open and proper basis.



| | 10.5 | The Directors may also refuse to register a transfer unless the instrument of transfer, where relevant,
is:
| | ---- | -----------------------------------------------------------------------------------------------------------



| | (a) | lodged at the Office or at such other place as the Directors may appoint and is accompanied by
the certificates for the Shares to which it relates and such other evidence as the Directors may reasonably require to show the
right of the transferor to make the transfer;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | in respect of only one class of Shares; and
| | --- | -------------------------------------------



| | (c) | in favour of not more than four transferees.
| | --- | --------------------------------------------



| | 10.6 | If the Directors refuse to register a transfer of a Share, they shall, within two months after
the date on which the instrument of transfer was lodged with the Company, send to the transferor and the transferee notice of the
refusal.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 10.7 | The registration of transfers of Shares or of transfers of any class of Shares may be suspended
at such times and for such periods (not exceeding 30 days in any year) as the Directors may determine in their discretion. Unless
otherwise permitted by the Uncertificated Securities Order, the Company may not close any register relating to a participating
security without the consent of the approved operator of the relevant system.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 10.8 | Subject to any applicable stamp duties or other taxes, no fee shall be charged for the registration
of any instrument of transfer or, subject as otherwise herein provided, any other document relating to or affecting the title to
any Share.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 10.9 | The Company shall be entitled to retain any instrument of transfer which is registered but any
instrument of transfer which the Directors refuse to register shall be returned to the person lodging it when notice of the refusal
is given.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 10.10 | Nothing in these Articles shall preclude the Board:
| | ----- | ---------------------------------------------------



| | (a) | from recognising a renunciation of the allotment of any Share by the allottee in favour of some
other person; or
| | --- | ----------------------------------------------------------------------------------------------------------------



29







| | (b) | if empowered by these Articles to authorise any person to execute an instrument of transfer of
a Share authorising any person to transfer that Share in accordance with any procedures implemented pursuant to Article 7 (Lien).
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 11 | Transmission of Shares
| | -- | ----------------------



| | 11.1 | If a Holder dies, the survivor or survivors (where he was a joint Holder) and his executors, administrators
or other personal representatives (where he was a sole Holder or the only survivor of joint Holders) shall be the only persons
recognised by the Company as having any title to his interest provided that nothing herein contained shall release the estate of
a deceased Holder from any liability in respect of any Share which had been jointly held by him.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 11.2 | A person becoming entitled to a Share in consequence of the death, bankruptcy or incapacity of
a Holder may, upon such evidence being produced as the Directors may properly require, elect either to become the Holder of such
Share or to make such transfer thereof as the deceased, bankrupt or incapacitated Holder could have made. If he elects to become
the Holder, he shall give notice to the Company to that effect. If he elects to transfer the Share, he shall execute an instrument
of transfer of the Share to the transferee. Where the entitlement of a person to a Share in consequence of the death or bankruptcy
of a Holder or of any other event giving rise to its transmission by generation of law is proved to the satisfaction of the Board,
the Board shall within two months after proof cause the entitlement of that person to be noted in the register. All of the provisions
of these Articles relating to the transfer of Shares shall apply to the notice or instrument of transfer as if it were an instrument
of transfer executed by the Holder and the death, bankruptcy or incapacity of the Holder had not occurred.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 11.3 | A person becoming entitled to a Share in consequence of the death, bankruptcy or incapacity of
a Holder shall have the rights to which he would be entitled if he were the Holder of such Share save that he shall not before
being registered as the Holder be entitled in respect of it to be sent any notice given pursuant to these Articles (unless specifically
provided for) or to attend or vote at any general meeting or at any separate meeting of the Holders of that class of Shares in
the Company. The Board may at any time give notice requiring any such person to elect either to be registered himself or to
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



30







transfer the Share. If the notice
is not complied with within 60 days, the Board may thereafter withhold payment of all dividends and other monies payable in respect
of such Share until the requirements of the notice have been complied with.



| | 12 | Alteration of Share Capital
| | -- | ---------------------------



| | 12.1 | The Company may by Special Resolution:
| | ---- | --------------------------------------



| | (a) | increase its share capital by creating new Shares of such amount and in such currency or currencies
as it thinks expedient;
| | --- | ---------------------------------------------------------------------------------------------------------------------------



| | (b) | consolidate and divide all or any of its Shares (whether issued or not) into Shares of a larger
amount than its existing Shares;
| | --- | --------------------------------------------------------------------------------------------------------------------------------



| | (c) | convert all or any of its fully paid Shares into stock, and re-convert that stock into fully paid
Shares of any denomination;
| | --- | -----------------------------------------------------------------------------------------------------------------------------



| | (d) | sub-divide its Shares, or any of them, into Shares of smaller amount than is fixed by the Memorandum
save that in a sub-division the proportion between the amount paid and the amount, if any, unpaid on each reduced Share shall be
the same as it was in the case of the Share from which the reduced Share is divided;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | subject to Article 12.2 and the Law, convert any of its fully paid Shares the nominal value of
which is expressed in one currency into fully paid Shares of a nominal value of another currency and denominate the nominal value
of its issued or unissued Shares in units of the currency into which they have been converted; and
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | cancel Shares which, at the date of the passing of the resolution to cancel them, have not been
taken or agreed to be taken by a person, and diminish the amount of the Company’s share capital by the amount of the Shares
so cancelled.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 12.2 | A conversion under Article 12.1(e) shall be effected at the rate of exchange current at a time
to be specified in the resolution, being a time within 40 days before the conversion takes effect.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



31







| | 12.3 | Whenever as a result of a consolidation of Shares, any Holders would become entitled to fractions
of a Share, the Directors may, in their absolute discretion, on behalf of those Holders, sell the Shares representing the fractions
for the best price reasonably obtainable to any person (including, subject to the provisions of the Law, to the Company) and distribute
the net proceeds of sale in due proportion among those Holders (except that any amount otherwise due to a Holder, being less than
US$5.00 or such other sum as the Board may from time to time determine, may be retained for the benefit of the Company) and the
Company and the Directors are hereby granted an irrevocable power of attorney to do all such acts and to agree and execute all
such agreements, documents and instruments of transfer in order to effect such transfer to the purchaser or as the purchaser directs
and, in the alternative, the Directors may authorise a person to execute an instrument of transfer of the Shares to, or in accordance
with the directions of, the purchaser. The purchaser shall not be bound to see to the application of the purchase money nor shall
his title to the Shares be affected by any irregularity in or invalidity of the proceedings in reference to the sale.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 12.4 | Subject to the provisions of the Law, the Company may convert existing non-redeemable Shares (whether
issued or not) into Shares which are to be redeemed, or are liable to be redeemed, at the option of the Company or at the option
of the Holder holding such redeemable Shares and on such terms and in such manner as may be determined by Ordinary Resolution.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 12.5 | Subject to the Law and to any rights for the time being attached to any existing Shares, the Company
may by Special Resolution reduce its share capital, any capital redemption reserve, any share premium account or any other undistributable
reserve in any way.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 12.6 | Subject to the Law and to any rights for the time being attached to any existing Shares, the Company
may purchase, or agree to purchase in the future, any Shares of any class (including redeemable Shares) in its own capital in any
way.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 13 | Interests in Shares
| | -- | -------------------



| | 13.1 | The Company may give a disclosure notice to any person whom the Company knows or has reasonable
cause to believe:
| | ---- | -----------------------------------------------------------------------------------------------------------------



32







| | (a) | is interested in Shares; or
| | --- | ---------------------------



| | (b) | to have been so interested at any time during the three years immediately preceding the date on
which the disclosure notice is issued (the “disclosure period”).
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 13.2 | The disclosure notice may require the person:
| | ---- | ---------------------------------------------



| | (a) | to confirm that fact or (as the case may be) to state whether or not it is the case; and
| | --- | ----------------------------------------------------------------------------------------



| | (b) | if he holds or has during the disclosure period held, any such interest, to give such further information
including in respect of any other person who has received a disclosure notice as may be required in accordance with the disclosure
notice.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 13.3 | The notice may require the person to whom it is addressed to give particulars of his own present
or past interest in the Shares held by him at any time during the disclosure period.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 13.4 | The notice may require the person to whom it is addressed, where:
| | ---- | -----------------------------------------------------------------



| | (a) | his interest is a present interest and another interest in the Shares subsists; or
| | --- | ----------------------------------------------------------------------------------



| | (b) | another interest in the shares subsisted during the disclosure period at a time when his interest
subsisted,
| | --- | ------------------------------------------------------------------------------------------------------------



to give, so far as lies within his knowledge, such
particulars with respect to that other interest as may be required by the notice.



| | 13.5 | The particulars referred to in Article 13.4 include without limitation:
| | ---- | -----------------------------------------------------------------------



| | (a) | the identity of persons interested in the Shares in question; and
| | --- | -----------------------------------------------------------------



| | (b) | whether persons interested in the same Shares are or were parties to:
| | --- | ---------------------------------------------------------------------



| | (i) | an agreement to acquire interests in a particular company; or
| | --- | -------------------------------------------------------------



| | (ii) | an agreement or arrangement relating to the exercise of any rights conferred by the holding of
the Shares; or
| | ---- | -------------------------------------------------------------------------------------------------------------



33







| | (iii) | the nature and extent of any interest in the Shares.
| | ----- | ----------------------------------------------------



| | 13.6 | The notice may require the person to whom it is addressed, where his interest is a past interest,
to give (so far as lies within his knowledge) particulars of the identity of the person who held that interest immediately upon
his ceasing to hold it.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 13.7 | The information required by the notice must be given within such reasonable time as may be specified
in the notice.
| | ---- | -------------------------------------------------------------------------------------------------------------------



| | 13.8 | The Company will keep a register of information received to this Article 13. The Company will within
three days of receipt of such information enter on the register:
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (a) | the fact the requirement was imposed and the date it was imposed; and
| | --- | ---------------------------------------------------------------------



| | (b) | the information received in pursuance of the requirement.
| | --- | ---------------------------------------------------------



| | 13.9 | If a disclosure notice is given by the Company to a person appearing to be interested in any Share,
a copy shall at the same time be given to the Holder of the relevant Share, but the accidental omission to do so or the non-receipt
of the copy by the Holder of the relevant Share shall not prejudice the operation of the following provisions of this Article.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 13.10 | If the Holder of, or any person appearing to be interested in, any Share has been served with a
disclosure notice and, in respect of that Share (a “default share") has been in default for the relevant period
in supplying to the Company the information required by the disclosure notice, the restrictions referred to below in Article 13.11
shall apply. Those restrictions shall continue until:
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (a) | the date seven days after the date on which the board is satisfied that the default is remedied;
or
| | --- | ---------------------------------------------------------------------------------------------------



| | (b) | the Company is notified that the default shares are the subject of an exempt transfer; or
| | --- | -----------------------------------------------------------------------------------------



| | (c) | the board decided to waive those restrictions in whole or in part.
| | --- | ------------------------------------------------------------------



| | 13.11 | The restrictions referred to in Article 13.10 are as follows:
| | ----- | -------------------------------------------------------------



34







| | (a) | if the default shares in which any one person is interested or appears to the Company to be interested
represent less than 0.25 per cent. of the issued shares of the class, the Holders of the default shares shall not be entitled,
in respect of those shares, to attend or to vote, either personally or by proxy, at any general meeting or at any separate general
meeting of the Holders of any class of shares in the Company, or to exercise any other right conferred by membership in relation
to meetings of the Company; or
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | if the default shares in which any one person is interested or appears to the Company to be interested
represent at least 0.25 per cent. of the issued shares of the class, the Holders of the default shares shall not be entitled, unless
otherwise determined by the board from time to time, in respect of those shares:
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | to attend or to vote, either personally or by proxy, at any general meeting or at any separate
general meeting of the Holders of any class of shares in the Company, or to exercise any other right conferred by membership in
relation to meetings of the Company; or
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | to receive any payment by way of dividend and no share shall be allotted in lieu of payment of
a dividend; or
| | ---- | -------------------------------------------------------------------------------------------------------------



| | (iii) | to transfer or agree to transfer any of those shares or any rights in them.
| | ----- | ---------------------------------------------------------------------------



| | 13.12 | The restrictions in Articles 13.11(a) and 13.11(b) shall not prejudice the right of either the
Holder of the default shares or, if different, any person having a power of sale over those shares to sell or agree to sell those
shares under an exempt transfer.
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 13.13 | Any disclosure notice shall cease to have effect in relation to any Shares transferred by the Holder
of such shares pursuant to an exempt transfer.
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------



| | 13.14 | If any dividend or other distribution is withheld under Article 13.11(b), the member shall be entitled
to receive it as soon as practicable after the restrictions contained in Article 13.11(b) cease to apply.
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 13.15 | If, while any of the restrictions referred to above apply to a Share, another Share is allotted
or offered in right of it (or in right of any share to which this Article 13.15
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



35







applies), the same restrictions
shall apply to that other Share as if it were a default share. For this purpose, Shares which the Company allots, or procures to
be offered, pro rata(disregarding fractional entitlements and shares not offered to certain members by reason of legal
or practical problems associated with issuing or offering Shares outside Jersey, the United Kingdom or New York) to Holders of
Shares of the same class, as the default share shall be treated as Shares allotted in right of existing shares from the date on
which the allotment is unconditional or, in the case of Shares so offered, the date of the acceptance of the offer.



| | 13.16 | For the purposes of Articles 13.1 to 13.5 (inclusive):
| | ----- | ------------------------------------------------------



| | (a) | an “exempt transfer” in relation to any Share is a transfer pursuant to:
| | --- | ------------------------------------------------------------------------



| | (i) | a sale of the Share on the London Stock Exchange; or
| | --- | ----------------------------------------------------



| | (ii) | a sale of the whole beneficial interest in the Share to a person whom the board is satisfied is
unconnected with the existing Holder or with any other person appearing to be interested in the Share; or
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | acceptance of a takeover offer;
| | ----- | -------------------------------



| | (b) | the “relevant period” shall be, in a case falling within Article 13.11(a), 28
days and, in a case falling within Article 13.11(b), 14 days after the date of service of the disclosed notice;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | the percentage of the issued shares of a class represented by a particular holding shall be calculated
by reference to the shares in issue at the time when the disclosure notice is given; and
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | a person shall be treated as being interested or having an interest in Shares where they have any
direct or indirect interest whether contingent or otherwise in such Shares whether by way of legal title or beneficial interest
(whether by way of trust instrument, deed or otherwise) or arising by virtue of any contract, agreement, instrument, security,
securities (in whatever form and whether publicly traded or not), trust, nominee or any other form of arrangement whatsoever (including,
without limitation, by virtue of any warrant, option, derivative, conversion right or
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



36







by virtue of any other instrument or agreement of a
similar nature) and whether formal or informal in nature.



| | 13.17 | Without limiting Articles 13.1 to 13.16 (inclusive), each Holder of Shares shall be under an obligation
to make notifications in accordance with the provisions of this Article.
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 13.18 | If at any time the Company shall have a class of shares admitted to trading on the London Stock
Exchange, the provisions of Chapter 5 of the DTRs (“DTR5”) and the vote holder and issuer notification rules
set out in DTR5 shall be deemed to apply to the Company and each Holder of Shares.
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 13.19 | For the purposes of DTR5 and the deemed application of DTR5 to the Company and each Holder of Shares,
the Company shall (for the purposes of Article 13 (Interests in Shares) only) be deemed to be an “issuer”,
as such term is defined in DTR5 and not, for the avoidance of doubt a “non-UK issuer” (as such term is defined
in DTR5).
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 13.20 | For the purposes of Articles 13.17 to 13.20 (inclusive) only, defined terms in DTR5 shall bear
the meaning set out in DTR5.
| | ----- | ---------------------------------------------------------------------------------------------------------------------------



| | 13.21 | If the Company determines that the Holder of Shares (a “Defaulting Shareholder”)
has not complied with the provisions of DTR5, referred to above with respect to some or all of such Shares held by such Holder
of Shares (the “Default Shares”), the Company shall have the right by delivery of notice to the Defaulting Shareholder
(a “Default Notice”) to:
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (a) | suspend the right of such Defaulting Shareholder to vote the Default Shares in person or by proxy
at any meeting of the Company. Such a suspension shall have effect from the date on which the Default Notice is delivered by the
Company to the Defaulting Shareholder until a date that is not more than 7 days after the board has determined in its sole discretion
that the Defaulting Shareholder has cured the non-compliance with the provisions of DTR5, provided however, that the Company may
at any time by subsequent written notice cancel or suspend the operation of a Default Notice; and/or
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | withhold, without any obligation to pay interest thereon, any dividend or other amount payable
with respect to the Default Shares with such amount to be
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------



37







payable only after the Default Notice ceases to have
effect with respect to the Default Shares; and/or



| | (c) | render ineffective any election to receive shares of the Company instead of cash in respect of
any dividend or part thereof; and/or
| | --- | -----------------------------------------------------------------------------------------------------------------------------------



| | (d) | prohibit the transfer of any shares of the Company held by the Defaulting Shareholder except pursuant
to an exempt transfer (as defined in Article 13.16(a)).
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------



GENERAL MEETINGS



| | 14 | General Meetings
| | -- | ----------------



| | 14.1 | The Company shall hold an annual general meeting once every year. Such meetings shall be convened
by the Board at such time and place as it thinks fit provided that there must not be a gap of more than fifteen months between
one annual general meeting and the next.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 14.2 | All general meetings other than annual general meetings shall be called extraordinary general meetings.
The Board may convene an extraordinary general meeting whenever it thinks fit. The Board must convene an extraordinary general
meeting on receipt of a requisition from Members in accordance with the Law and in default by the Board a meeting may be convened
by such requisitionists in accordance with the Law. At a meeting convened on a requisition or by requisitionists no business may
be transacted except that stated by the requisition or proposed by the Board.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 15 | Notice of General Meetings
| | -- | --------------------------



| | 15.1 | An annual general meeting shall be called by not less than 20 business days’ notice. All extraordinary
general meetings shall be called by not less than 14 clear days’ notice.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 15.2 | Subject to the Law, and although called by shorter notice than that specified in Article 15.1,
a general meeting is deemed to have been duly called if it is so agreed:
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (a) | in the case of an annual general meeting, by all the Members entitled to attend and vote at the
meeting; and
| | --- | ------------------------------------------------------------------------------------------------------------



38







| | (b) | in the case of another meeting, by a majority in number of the Members having a right to attend
and vote at the meeting, being a majority together holding not less than 95 per cent. of the total voting rights of the Shares
giving that right.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 15.3 | The notice shall specify:
| | ---- | -------------------------



| | (a) | whether the meeting is an annual general meeting or an extraordinary general meeting;
| | --- | -------------------------------------------------------------------------------------



| | (b) | the place, the date and the time of the meeting;
| | --- | ------------------------------------------------



| | (c) | in the case of special business, the general nature of that business;
| | --- | ---------------------------------------------------------------------



| | (d) | if the meeting is convened to consider a Special Resolution, the intention to propose the resolution
as such; and
| | --- | -----------------------------------------------------------------------------------------------------------------



| | (e) | with reasonable prominence, that a Member entitled to attend and vote may appoint one or more proxies
to attend and, on a poll, vote instead of him and that a proxy need not also be a Member.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 15.4 | Subject to the provisions of these Articles and to any restrictions imposed on any Shares, the
notice shall be given to all Holders and to all persons recognised by the Directors as having become entitled to a Share following
the death, bankruptcy or incapacity of a Holder and to the Directors and the auditors and to any other Members.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 15.5 | The Board may determine that persons entitled to receive notices of meetings are those persons
entered on the register at the close of business on a day determined by the Board, provided that, if the Company is an issuer,
the day determined by the Board may not be more than 5 business days before the day that the relevant notice of meeting is being
sent.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 15.6 | The notice of meeting may also specify a time (which, if the Company is an issuer, shall not be
more than 48 hours before the time fixed for the meeting) by which a person must be entered on the register in order to have the
right to attend or vote at the meeting. Changes to entries on the register after the time so specified in the notice shall be disregarded
in determining the rights of any person to so attend or vote.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



39







| | 15.7 | The accidental omission to give notice of a meeting to, or the non-receipt of notice of a meeting
by, any person entitled to receive notice shall not invalidate the proceedings at the meeting.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 15.8 | Where the notice of meeting is published on a web site in accordance with Article 92.2, it shall
continue to be published in the same place on that web site from the date of the notification given under Article 92.2(b) until
the conclusion of the meeting to which the notice relates.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 15.9 | Where a notice of meeting published on a web site in accordance with Article 92.2 is by accident
published in different places on the web site or published for part only of the period from the date of the notification given
under Article 92.2(b) until the conclusion of the meeting to which the notice relates, the proceedings at such meeting are not
thereby invalidated.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 16 | Postponement of General Meetings
| | -- | --------------------------------



If the Board, in its absolute
discretion, considers that it is impractical or unreasonable for any reason to hold a general meeting at the time or place specified
in the notice calling the general meeting, it may move and/or postpone the general meeting to another time and/or place. When a
meeting is so moved and/or postponed, notice of the time and place of the moved and/or postponed meeting shall (if practical) be
placed in at least two national newspapers in the United Kingdom. Notice of the business to be transacted at such moved and/or
postponed meeting is not required. The Board must take reasonable steps to ensure that Members trying to attend the general meeting
at the original time and/or place are informed of the new arrangements for the general meeting. Proxy forms can be delivered as
specified in Article 20 (Votes of Holders), until 24 hours, or such lesser time period as the chairman of the meeting may
at his absolute discretion determine, before the rearranged meeting. Any postponed and/or moved meeting may also be postponed and/or
moved under this Article.



40







| | 17 | Special Business
| | -- | ----------------



All business that is transacted
at a general meeting shall be deemed special except the following transactions at an annual general meeting, or as otherwise provided
in these Articles:



| | (a) | the declaration of final dividends;
| | --- | -----------------------------------



| | (b) | the receipt and consideration of the annual accounts and the reports of the Directors and the auditors
and any other document required to be annexed to the annual accounts;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | the election or re-election of Directors; and
| | --- | ---------------------------------------------



| | (d) | the re-appointment of the auditors retiring (unless they were last appointed otherwise than by
the Company in general meeting) and the fixing of the remuneration of the auditors or determination of the manner in which such
remuneration is to be fixed.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 18 | Proceedings at General Meetings
| | -- | -------------------------------



| | 18.1 | No business shall be transacted at any meeting unless a quorum is present. The absence of a quorum
does not prevent the appointment of a chairman in accordance with these Articles, which shall not be treated as part of the business
of the meeting. The quorum shall be two persons entitled to vote upon the business to be transacted, each being a Holder present
in person or by proxy.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 18.2 | If a quorum is not present within five minutes (or such longer time as the chairman decides to
wait) after the time fixed for the start of the meeting or if there is no longer a quorum present at any time during the meeting,
the meeting, if convened by or on the requisition of Members, is dissolved. In any other case it stands adjourned to such other
day (being not less than 14 nor more than 28 days later) and at such other time and/or place as may have been specified for the
purpose in the notice convening the meeting. Where no such arrangements have been specified, the meeting stands adjourned to such
other day (being not less than 14 nor more than 28 days later) and at such other time and/or place as the chairman (or, in default,
the Board) decides.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



41







| | 18.3 | At an adjourned meeting the quorum is one Member present in person or by proxy and entitled to
vote. If a quorum is not present within five minutes from the time fixed for the start of the meeting, the adjourned meeting shall
be dissolved.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 18.4 | Save where the time and place for the adjourned meeting has been specified for the purpose in the
notice convening the meeting as referred to in Article 18.2 (in which case notice of the adjourned meeting need not be given),
the Company shall give not less than 7 clear days’ notice of any meeting adjourned for the lack of a quorum and the notice shall
state the quorum requirement.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 18.5 | The chairman, if any, of the Board or, in his absence, some other Director nominated by the Directors
shall preside as chairman of the meeting but, if neither the chairman nor such other Director (if any) is present within 15 minutes
after the time appointed for holding the meeting and willing to act, the Directors present shall elect one of their number to be
chairman and, if there is only one Director present and willing to act, he shall be chairman.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 18.6 | If no Director is willing to act as chairman, or if no Director is present within 15 minutes after
the time appointed for holding the meeting, the Holders present and entitled to vote shall choose one of their number to be chairman.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 18.7 | Without prejudice to any other power which he may have under the provisions of these Articles or
under the Law, the chairman may take such action as he thinks fit to promote the orderly conduct of the business of the meeting
as specified in the notice of meeting and the chairman’s decision on matters of procedure or arising incidentally from the business
of the meeting shall be final, as shall be his determination as to whether any matter is of such a nature.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 18.8 | A Director or a representative of the auditor (if any) shall, notwithstanding that he is not a
Holder, be entitled to attend and speak at any general meeting and at any separate meeting of the Holders of any class of Shares.
The chairman may invite any person to attend and speak at any general meeting of the Company where he considers that this will
assist in the deliberations of the meeting.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



42







| | 18.9 | The chairman may, with the consent of a meeting at which a quorum is present (and shall, if so
directed by the meeting) adjourn a meeting from time to time and from place to place or for an indefinite period.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 18.10 | Without prejudice to any other power which he may have under the provisions of these Articles or
at law, the chairman may, without the consent of the meeting, interrupt or adjourn a meeting from time to time and from place to
place or for an indefinite period if he decides that it has become necessary to do so in order to:
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (a) | secure the proper and orderly conduct of the meeting;
| | --- | -----------------------------------------------------



| | (b) | give all persons entitled to do so a reasonable opportunity of speaking and voting at the meeting;
or
| | --- | -----------------------------------------------------------------------------------------------------



| | (c) | ensure that the business of the meeting is properly disposed of.
| | --- | ----------------------------------------------------------------



| | 18.11 | Whenever a meeting is adjourned for 14 days or more or for an indefinite period pursuant to Article
18.10, at least 7 clear days’ notice specifying the place, date and time of the adjourned meeting and the general nature of the
business to be transacted shall be given to the Members (other than any who, under the provisions of these Articles or the terms
of allotment or issue of the Shares, are not entitled to receive notice), the Directors and the auditors. Except in these circumstances
it is not necessary to give notice of a meeting adjourned pursuant to Article 18.10 or of the business to be transacted at the
adjourned meeting.
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 18.12 | The Board may determine that persons entitled to receive notice of an adjourned meeting in accordance
with this Article are those persons entered on the register at the close of business on a day determined by the Board, provided
that, if the Company is an issuer, the day determined by the Board may not be more than 21 days before the day that the relevant
notice of meeting is being sent.
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 18.13 | The notice of an adjourned meeting given in accordance with this Article may also specify a time
(which, if the Company is an issuer, shall not be more than 48 hours before the time fixed for the meeting) by which a person must
be entered on the register in order to have the right to attend or vote at the meeting. Changes to entries on the register after
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



43







the time so specified in the notice shall be disregarded
in determining the rights of any person to so attend or vote.



| | 18.14 | No business may be transacted at an adjourned meeting other than the business which might properly
have been transacted at the meeting from which the adjournment took place.
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 18.15 | If it appears to the chairman that the meeting place specified in the notice convening the meeting
is inadequate to accommodate all Members entitled and wishing to attend, the meeting shall be duly constituted and its proceedings
valid if the chairman is satisfied that adequate facilities are available to ensure that a Member who is unable to be accommodated
is able to:
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (a) | participate in the business for which the meeting has been convened;
| | --- | --------------------------------------------------------------------



| | (b) | hear and see all persons present who speak (whether by the use of microphones, loud-speakers, audio-visual
communications equipment or otherwise), whether in the meeting place or elsewhere; and
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | be heard and seen by all other persons present in the same way.
| | --- | ---------------------------------------------------------------



| | 18.16 | The Board may make any arrangement and impose any restriction it considers appropriate to ensure
the security of a meeting including, without limitation, the searching of a person attending the meeting and the restriction of
the items of personal property that may be taken into the meeting place. The Board may authorise one or more persons, who shall
include a Director or the Secretary or the chairman of the meeting to:
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (a) | refuse entry to a meeting to a person who refuses to comply with these arrangements or restrictions;
and
| | --- | --------------------------------------------------------------------------------------------------------



| | (b) | eject from a meeting any person who causes the proceedings to become disorderly.
| | --- | --------------------------------------------------------------------------------



| | 18.17 | The Board may direct that any person wishing to attend any meeting should provide such evidence
of identity as the Board shall consider appropriate in the circumstances and shall be entitled in its absolute discretion to refuse
entry to any meeting to any person who fails to provide such evidence of identity.
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



44







VOTING



| | 19 | Voting
| | -- | ------



| | 19.1 | Subject to Article 19.10, a resolution put to the vote of a meeting shall be decided on a show
of hands unless before or on the declaration of the result of the show of hands, a poll is duly demanded. Subject to the provisions
of the Law, a poll may be demanded:
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (a) | by the chairman;
| | --- | ----------------



| | (b) | by not less than five Holders present in person or by proxy and entitled to vote;
| | --- | ---------------------------------------------------------------------------------



| | (c) | by a Holder or Holders present in person or by proxy representing not less than one-tenth of the
total voting rights of all the Holders having the right to vote on the resolution; or
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | by a Holder or Holders present in person or by proxy holding Shares conferring a right to vote
on the resolution being Shares on which an aggregate sum has been paid up equal to not less than one-tenth of the total sum paid
up on all the Shares conferring that right and a demand by a person as proxy for a Holder shall be the same as a demand by the
Holder.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



At general meetings resolutions shall be put to the
vote by the chairman and there shall be no requirement for the resolution to be proposed or seconded by any person.



| | 19.2 | Unless a poll is duly demanded (and the demand is not duly withdrawn), a declaration by the chairman
that a resolution has been carried or carried by a particular majority, or lost, or not carried by a particular majority and an
entry to that effect in the minutes of the meeting shall be conclusive evidence of the fact without proof of the number or proportion
of the votes recorded in favour of or against the resolution.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 19.3 | The demand for a poll may, before the poll is taken, be withdrawn but only with the consent of
the chairman and a demand so withdrawn shall not be taken to have invalidated the result on a show of hands declared before the
demand was made. If a poll is demanded before the declaration of the result of a show of hands and the demand is duly withdrawn,
the meeting shall continue as if the demand had not been made.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



45







| | 19.4 | The demand for a poll (other than on the election of the chairman or on a question of adjournment)
does not prevent the meeting continuing for the transaction of business other than the question on which a poll has been demanded.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 19.5 | The poll shall be taken as the chairman directs and he may appoint scrutineers (who need not be
Holders) and fix a day, time and place for declaring the result of the poll. The result of the poll shall be deemed to be the resolution
of the meeting at which the poll was demanded.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 19.6 | On a poll, votes may be given in person or by proxy and a Member entitled to more than one vote
need not, if he votes, use all his votes or cast all the votes he uses in the same way, whether present in person or by proxy.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 19.7 | A Holder may appoint more than one proxy to attend on the same occasion. When two or more valid
but differing appointments of proxy are delivered or received for the same Share for use at the same meeting, the one which is
last validly delivered or received (regardless of its date or the date of its execution) shall be treated as replacing and revoking
the other or others as regards that Share. If the Company is unable to determine which appointment was last validly delivered or
received, none of them shall be treated as valid in respect of that Share.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 19.8 | A poll demanded on the election of a chairman or on a question of adjournment shall be taken forthwith.
A poll demanded on any other question shall be taken either forthwith or at such day, time and place as the chairman directs not
being more than 30 days after the poll is demanded. The demand for a poll shall not prevent the continuance of a meeting for the
transaction of any business other than the question on which the poll was demanded. If a poll is demanded before the declaration
of the result on a show of hands and the demand is duly withdrawn before the poll is taken, the meeting shall continue as if the
demand had not been made.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 19.9 | No notice need be given of a poll not taken forthwith if the day, time and place at which it is
to be taken are announced at the meeting at which it is demanded. In any other case at least 7 clear days’ notice shall be
given specifying the day, time and place at which the poll is to be taken.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



46







| | 19.10 | Notwithstanding any provision to the contrary in these Articles, for as long as Shares of the Company
are admitted to trading on the London Stock Exchange or on the Nasdaq Stock Exchange, at any general meeting a resolution put to
the meeting shall be decided on a poll.
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 20 | Votes of Holders
| | -- | ----------------



| | 20.1 | Subject to any rights or restrictions attached to any Shares, on a show of hands, every Holder
who is present in person shall have one vote and, on a poll, every Holder present in person or by proxy shall have one vote for
every Share of which he is the Holder.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 20.2 | In the case of joint Holders, the vote of the senior who tenders a vote, whether in person or by
proxy, shall be accepted to the exclusion of the votes of the other joint Holders, and seniority shall be determined by the order
in which the names of the Holders stand in the register of Members of the Company.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 20.3 | A Holder in respect of whom an order has been made by any court having jurisdiction (whether in
Jersey or elsewhere) in matters concerning mental disorder may vote, whether on a show of hands or on a poll, by his receiver,
curator or other person authorised in that behalf appointed by that court, and any such receiver, curator or other person may,
on a poll, vote by proxy. Evidence to the satisfaction of the Directors of the authority of the person claiming to exercise the
right to vote shall be deposited at the Office, or at such other place as is specified in accordance with these Articles for the
deposit of instruments of proxy, not less than 24 hours, or such lesser time period as the chairman of the meeting may at his absolute
discretion determine, before the time appointed for holding the meeting or adjourned meeting at which the right to vote is to be
exercised and, in default, the right to vote shall not be exercisable.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 20.4 | Unless the Board otherwise decides, no Holder is entitled in respect of a Share held by him to
receive any dividend or to be present or to vote, either in person or by proxy, at a general meeting or at a separate meeting of
the Holders of class of Shares or on a poll, or to exercise other rights conferred by membership in relation to the meeting or
poll, if a call or other amount due and payable in respect of the Share is unpaid. This restriction ceases on payment of the amount
outstanding and all costs, charges and expenses incurred by the Company by reason of the non-payment.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



47







| | 20.5 | No objection shall be raised to the qualification of any person to vote save at the meeting or
adjourned meeting at which the vote objected to is tendered, and every vote not disallowed at the meeting shall be valid. Any objection
made in due time shall be referred to the chairman whose decision shall be final and conclusive.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 20.6 | Subject to Article 21.2, an instrument appointing a proxy shall be in writing in any usual form,
or as approved by the Directors, and shall be executed by or on behalf of the appointor.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 20.7 | Subject to the Law and the Electronic Communications (Jersey) Law 2000, the Board may accept the
appointment of a proxy received in an electronic communication on such terms and subject to such conditions as it considers fit.
The appointment of a proxy received in an electronic communication shall not be subject to the requirements of Article 20.6. The
Board may require the production of any evidence it considers necessary to determine the validity of such an appointment.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 20.8 | Unless the contrary is stated in it, the appointment of a proxy shall be deemed to confer authority
to demand or join in demanding a poll (but shall not confer any further right to speak at the meeting except with the permission
of the chairman) and to vote on a resolution or amendment of a resolution put to, or other business which may properly come before,
the meeting or meetings for which it is given, as the proxy thinks fit.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 20.9 | Delivery or receipt of an appointment of proxy does not prevent a Member attending and voting in
person at the meeting or an adjournment of the meeting or on a poll.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 20.10 | The appointment of a proxy shall (unless the contrary is stated in it) be valid for an adjournment
of the meeting as well as for the meeting or meetings to which it relates. The appointment of a proxy shall be valid for 12 months
from the date of execution or, in the case of an appointment of proxy delivered in an electronic communication, for the duration
specified by the Board.
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 20.11 | A vote cast or poll demanded by a proxy or authorised representative of a company is valid despite
the previous death or insanity or revocation of the appointment of the proxy or of the authority under which the appointment was
made unless notice of such prior death, insanity or revocation shall have been received by the Company at the Office or, in
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



48







the case of a proxy, any other
place specified for delivery or receipt of the form of appointment of proxy or, where the appointment of proxy was contained in
an electronic communication, at the address at which the form of appointment was received, not later than the last time at which
an appointment of proxy should have been delivered or received in order to be valid for use at the meeting or adjourned meeting
at which the vote is cast or the poll demanded or (in the case of a poll taken otherwise than at or on the same day as the meeting
or adjourned meeting) for use on the holding of the poll at which the vote is cast.



| | 20.12 | Subject to the provisions of Articles 19.1 and 20.1 in respect of votes on a show of hands Ordinary
Shares shall carry one vote per Share.
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------



| | 20.13 | In the case of an equality of votes, whether on a show of hands or on a poll, the chairman of the
meeting shall be entitled to a second or casting vote in addition to any other vote he may have.
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 21 | Appointment of Proxy
| | -- | --------------------



| | 21.1 | The form of appointment of a proxy, and (if required by the Board) a power of attorney or other
authority under which it is executed or a copy of it notarially certified or certified in some other way approved by the Board,
shall be:
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (a) | in the case of an instrument in writing, delivered to the Office, or another place specified in
the notice convening the meeting or in the form of appointment of proxy or other accompanying document sent by the Company in relation
to the meeting, not less than 24 hours, or such lesser time period as the chairman of the meeting may at his absolute discretion
determine, before the time for holding the meeting or adjourned meeting or the taking of a poll at which the person named in the
form of appointment of proxy proposes to vote;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | in the case of an appointment of a proxy contained in an electronic communication, where an address
has been specified for the purpose of receiving electronic communications:
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | in the notice convening the meeting;
| | --- | ------------------------------------



49







| | (ii) | in any form of appointment of a proxy sent out by the Company in relation to the meeting; or
| | ---- | --------------------------------------------------------------------------------------------



| | (iii) | in any invitation contained in an electronic communication to appoint a proxy issued by the Company
in relation to the meeting,
| | ----- | -------------------------------------------------------------------------------------------------------------------------------



| | (c) | received at such address not less than 24 hours (or such lesser time period as the chairman of
the meeting may at his absolute discretion determine) before the time for holding the meeting at which the person named in the
form of appointment of proxy proposes to vote;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | in the case of a meeting adjourned for less than 28 days but more than 48 hours or in the case
of a poll taken more than 48 hours after it is demanded, delivered or received as required by paragraphs (a) or (b) of this Article
not less than 24 hours, or such lesser time period as the chairman of the meeting may at his absolute discretion determine, before
the time appointed for the holding of the adjourned meeting or the taking of the poll; or
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | in the case of a meeting adjourned for not more than 48 hours or in the case of a poll not taken
immediately but taken not more than 48 hours after it was demanded, delivered at the adjourned meeting or at the meeting at which
the poll was demanded to the chairman or to the Secretary or to a Director.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



An appointment of proxy not delivered or received
in accordance with this Article is invalid.



| | 21.2 | Notwithstanding the foregoing, in relation to any Shares which are held in uncertificated form,
the Board may from time to time permit appointments of a proxy to be made by means of an electronic communication in the form of
an uncertificated proxy instruction and may in a similar manner permit supplements to, or amendments or revocations of, any such
uncertificated proxy instruction to be made by like means. The Board may in addition prescribe the method of determining the time
at which any such uncertificated proxy instruction (and/or other instruction or notification) is to be treated as received by the
Company or a participant acting on its behalf. The Board may treat any such uncertificated proxy instruction which purports to
be or is expressed to be sent on behalf
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



50







of a Holder as sufficient evidence of the authority
of the person sending that instruction to send it on behalf of that Holder.



| | 22 | Corporations Acting by Representatives
| | -- | --------------------------------------



Any corporation which is a Holder
may, by resolution of its Directors or other governing body or in accordance with its governing law or constitutional documents,
authorise such person as it thinks fit to act as its representative at any general meeting or at any meeting of any class of Holders,
and the person so authorised shall be entitled to exercise the same powers on behalf of the corporation which he represents (in
respect of that part of the corporation’s holding of Shares to which the authorisation relates) as that corporation could
exercise if it were a natural person who is a Holder. A corporation present at any meeting by such representative shall be deemed
for the purposes of these Articles to be present in person. All references to attendance and voting in person shall be construed
accordingly. A Director, the Secretary or other person authorised for the purpose by the Secretary may require a representative
to produce a certified copy of the resolution of authorisation before permitting him to exercise his powers.



| | 23 | Objections to and Error in Voting
| | -- | ---------------------------------



No objection may be made to the
qualification of a voter or to the counting of, or failure to count, a vote, except at the meeting or adjourned meeting at which
the vote objected to is tendered or at which the error occurs. An objection properly made shall be referred to the chairman and
only invalidates the decision of the meeting on any resolution if, in the opinion of the chairman, it is of sufficient magnitude
to affect the decision of the meeting. The decision of the chairman on such matters is conclusive and binding on all concerned.



| | 24 | Amendments to Resolutions
| | -- | -------------------------



No amendment to a resolution duly
proposed as a special resolution (other than an amendment to correct a patent error) may be considered or voted on. No amendment
to a resolution duly proposed as an Ordinary Resolution (other than an amendment to correct a patent error) may be considered or
voted on unless either:



51







| | (a) | at least 48 hours before the time appointed for holding the meeting or adjourned meeting at which
the Ordinary Resolution is to be considered, notice of the terms of the amendment and intention to move it has been lodged at the
Office; or
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | the chairman in his absolute discretion decides that the amendment may be considered or voted on.
| | --- | -------------------------------------------------------------------------------------------------



If an amendment proposed to a
resolution under consideration is ruled out of order by the chairman the proceedings on the substantive resolution are not invalidated
by an error in his ruling.



| | 25 | Resolutions in Writing
| | -- | ----------------------



| | 25.1 | Anything that may, in accordance with the provisions of the Law be done by a resolution in writing
signed by or on behalf of each Holder, may be so determined under these Articles without any restriction.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 25.2 | Notwithstanding the provisions of Articles 14 (General Meetings), 15 (Notice of General
Meetings), 16 (Postponement of General Meetings), 18 (Proceedings at General Meetings), 19 (Voting)
and 20 (Votes of Holders), the Directors may determine themanner in which resolutions shall be put to Holders pursuant
to the terms of this Article and, without prejudice to the discretion of the Directors, provision may be made in the form of a
resolution in writing for each Holder to indicate how many of the votes which he would have been entitled to cast at a meeting
to consider the resolution he wishes to cast in favour of or against such resolution or to be treated as abstentions and the result
of any such resolution in writing need not be unanimous and shall be determined upon the same basis as on a poll.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 26 | Class Meetings
| | -- | --------------



A separate meeting for the Holders
of a class of Shares shall be convened and conducted as nearly as possible in the same way as an extraordinary general meeting,
except that:



| | (a) | no Member is entitled to notice of it or to attend unless he is a Holder of Shares of that class;
| | --- | -------------------------------------------------------------------------------------------------



| | (b) | no vote may be cast except in respect of a Share of that class;
| | --- | ---------------------------------------------------------------



52







| | (c) | the quorum at the meeting is two persons present in person holding or representing by proxy at
least one-third in nominal value of the issued Shares of that class;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | the quorum at an adjourned meeting is one person holding Shares of that class present in person
or by proxy; and
| | --- | ----------------------------------------------------------------------------------------------------------------



| | (e) | a poll may be demanded in writing by a Member present in person or by proxy and entitled to vote
at the meeting and on a poll each Member has one vote for every Share of that class of which he is the Holder.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



APPOINTMENT, RETIREMENT AND REMOVAL OF DIRECTORS



| | 27 | Number of Directors
| | -- | -------------------



Unless and until otherwise decided
by the Company by Ordinary Resolution the maximum number of Directors shall be 20 and the minimum number of directors shall not
be less than two.



| | 28 | Power of the Company to Appoint Directors
| | -- | -----------------------------------------



The Company may by Ordinary Resolution
appoint a person who is willing to act to be a Director, either to fill a vacancy or as an addition to the Board, but the total
number of Directors may not exceed any maximum number fixed in accordance with these Articles .



| | 29 | Power of the Board to Appoint Directors
| | -- | ---------------------------------------



Without prejudice to the power
of the Company to appoint a person to be a Director pursuant to these Articles, the Board may appoint a person who is willing to
act as a Director, either to fill a vacancy or as an addition to the Board, but the total number of Directors may not exceed any
maximum number fixed in accordance with these Articles. A Director appointed in this way may hold office only until the dissolution
of the next annual general meeting after his appointment unless he is reappointed during that meeting. He is not required, and
is not taken into account in determining the number of Directors who are, to retire by rotation at the meeting.



53







| | 30 | Appointment of Executive Directors
| | -- | ----------------------------------



| | 30.1 | Subject to the Law, the Board may appoint one or more of its body to hold an executive office with
the Company for such term and on such other terms and conditions as (subject to the Law) the Board thinks fit. The Board may revoke
or terminate an appointment as Director, without prejudice to a claim for damages for breach of the contract of service between
the Director and the Company or otherwise.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 30.2 | Subject to the Law, the Board may enter into an agreement or arrangement with any Director for
the provision of any services outside the scope of the ordinary duties of a Director. Any such agreement or arrangement may be
made on such terms and conditions as (subject to the Law) the Board thinks fit and (without prejudice to any other provision of
these Articles) it may remunerate any such Director for such services as it thinks fit.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 31 | Eligibility of New Directors
| | -- | ----------------------------



| | 31.1 | No person other than a Director retiring (by rotation or otherwise) may be appointed or reappointed
a Director at a general meeting unless:
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------



| | (a) | he is recommended by the Board; or
| | --- | ----------------------------------



| | (b) | not less than 7 nor more than 42 days before the date fixed for the meeting, notice has been given
to the Company by a Member (other than the person to be proposed) qualified to vote at the meeting of the intention to propose
that person for appointment or reappointment. The notice shall: (a) state the particulars which would, if the proposed Director
were appointed or reappointed, be required to be included in the Company’s register of Directors; (b) be accompanied by notice
given by the proposed Director of his willingness to be appointed or reappointed; and (c) be lodged at the Office.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 31.2 | A Director need not be a Member.
| | ---- | --------------------------------



| | 32 | Voting on Resolution for Appointment
| | -- | ------------------------------------



A resolution for the appointment of two or more persons
as Directors by a single resolution is void unless an Ordinary Resolution that the resolution for appointment is



54







proposed in this way has first been agreed to by the
meeting without a vote being given against it.



| | 33 | Retirement by Rotation
| | -- | ----------------------



| | 33.1 | Subject to Article 33.2 , at each annual general meeting one-third of the Directors who are subject
to retirement by rotation or, if their number is not three or a multiple of three, the number nearest to but not less than one-third,
shall retire from office provided that if there are fewer than three Directors who are subject to retirement by rotation, one shall
retire from office.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 33.2 | If any one or more Directors:
| | ---- | -----------------------------



| | (a) | were last appointed or reappointed three years or more prior to the meeting;
| | --- | ----------------------------------------------------------------------------



| | (b) | were last appointed or reappointed at the third immediately preceding annual general meeting; or
| | --- | ------------------------------------------------------------------------------------------------



| | (c) | at the time of the meeting will have served more than nine years as a Director not holding executive
office (excluding as the chairman of the Board),
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------



he or they shall retire from office
and shall be counted in obtaining the number required to retire at the meeting, provided that the number of Directors required
to retire under Article 33.1 shall be increased to the extent necessary to comply with this Article.



| | 34 | Directors Subject to Retirement
| | -- | -------------------------------



Subject to the Law and these Articles,
the Directors to retire by rotation at an annual general meeting include, so far as necessary to obtain the number required, first,
a Director who wishes to retire and not offer himself for reappointment, and, second, those Directors who have been longest in
office since their last appointment or reappointment. As between two or more who have been in office an equal length of time, the
Director to retire shall, in default of agreement between them, be determined by lot. The Directors to retire on each occasion
(both as to number and identity) shall be determined on the basis of the composition of the Board at the start of business on the
date of the notice convening the annual general meeting, disregarding a change in the number or identity of the Directors after
that time but before the close of the meeting.



55







| | 35 | Position of Retiring Director
| | -- | -----------------------------



A Director who retires at an annual
general meeting (whether by rotation or otherwise) may, if willing to act, be reappointed. If he is not reappointed or deemed reappointed,
he may retain office until the meeting appoints someone in his place or, if it does not do so, until the end of the meeting.



| | 36 | Deemed Reappointment
| | -- | --------------------



At a general meeting at which
a Director retires by rotation the Company may fill the vacancy and, if it does not do so, the retiring Director shall be, if willing,
deemed reappointed unless it is expressly resolved not to fill the vacancy or a resolution for the reappointment of the Director
is put to the meeting and lost.



| | 37 | Removal by Ordinary Resolution
| | -- | ------------------------------



In addition to any power of removal
conferred by the Law, the Company may by Ordinary Resolution remove a Director before the expiry of his period of office (without
prejudice to a claim for damages for breach of contract or otherwise) and may notwithstanding the other provisions of these Articles
by Ordinary Resolution appoint another person who is willing to act to be a Director in his place. A person appointed in this way
is treated, for the purposes of determining the time at which he or another Director is to retire, as if he had become a Director
on the date on which the person in whose place he is appointed was last appointed or reappointed a Director.



| | 38 | Vacation of Office by Director
| | -- | ------------------------------



| | 38.1 | Without prejudice to the provisions for retirement (by rotation or otherwise) contained in these
Articles, the office of a Director is vacated if:
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------



| | (a) | he resigns by notice delivered to the Secretary at the Office or tendered at a Board meeting;
| | --- | ---------------------------------------------------------------------------------------------



| | (b) | where he has been appointed for a fixed term, the term expires;
| | --- | ---------------------------------------------------------------



| | (c) | he ceases to be eligible to be a Director by virtue of a provision of the Law, is removed from
office pursuant to these Articles or becomes prohibited by any
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------



56







other applicable law or the rules of the London Stock
Exchange from being a Director;



| | (d) | he becomes bankrupt or has had a declaration en désastre in relation to his property made
pursuant to the Bankruptcy (Désastre) Jersey Law 1990;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | he is or has been suffering from mental ill health or becomes a patient for the purpose of any
statute relating to mental health or any court claiming jurisdiction on the ground of mental disorder (however stated) makes an
order for his detention or for the appointment of a guardian, receiver or other person (howsoever designated) to exercise powers
with respect to his property or affairs, and in any such case the Board resolves that his office be vacated;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | he is absent, without the permission of the Board, from Board meetings for six consecutive months
and the Board resolves that his office be vacated; or
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------



| | (g) | he is removed from office by notice addressed to him at his last known address and signed by all
his co-Directors (without prejudice to a claim for damages for breach of contract or otherwise).
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 38.2 | A resolution of the Board declaring a Director to have vacated office under the terms of this Article
is conclusive as to the fact and grounds of vacation stated in the resolution.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 38.3 | If the office of a Director is vacated for any reason, he shall cease to be a member of any committee
of the Board.
| | ---- | -------------------------------------------------------------------------------------------------------------------



| | 39 | No Alternate Directors
| | -- | ----------------------



A director shall have no power
to appoint an alternate director.



DIRECTORS’ REMUNERATION, EXPENSES AND PENSIONS



| | 40 | Unless otherwise decided by the Company by Ordinary Resolution, the Company shall pay to the Directors
for their services as Directors such amount of fees as the Board decides (not exceeding US$750,000 per annum or such larger amount
as the Company may by Ordinary Resolution decide). The fees shall be divided among the Directors in such proportions as the Board
decides or, if no decision is made, equally. A fee payable
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



57







to a Director pursuant to this
Article is distinct from any salary, remuneration or other amount payable to him pursuant to other provisions of these Articles
(including any remuneration determined by a committee or sub-committee established for that purpose pursuant to Article 53 (Delegation
to Committees) or otherwise and accrues from day to day.



| | 41 | Subject to the Law and to these Articles and the requirements of the London Stock Exchange and
any other relevant stock exchange, the Board may arrange for part of any fee payable to a Director to be provided in the form of
fully-paid Shares in the capital of the Company. Any fees paid in the form of fully paid shares shall be in addition to any fees
permitted to be paid pursuant to Article 40 and the limitation on fees set out in Article 40 shall not apply in respect of such
shares. The amount of the fee payable in this way shall be at the discretion of the Board and shall be applied in the purchase
or subscription of Shares on behalf of the relevant Director. In the case of a subscription of Shares, the subscription price per
Share shall be deemed to be the closing middle-market quotation for a fully-paid Share of the Company of that class as published
in the Daily Official List of the London Stock Exchange or the Nasdaq Stock Exchange (or such other quotation derived from such
other source as the Board may deem appropriate) on the day of subscription.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 42 | A Director who, at the request of the Board, goes or resides abroad, makes a special journey or
performs a special service on behalf of the Company may be paid such reasonable additional remuneration (whether by way of salary,
percentage of profits or otherwise) and expenses as the Board may decide.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 43 | A Director is entitled to be repaid all reasonable travelling, hotel and other expenses properly
incurred by him in the performance of his duties as Director including, without limitation, expenses incurred in attending meetings
of the Board or of committees of the Board or general meetings or separate meetings of the Holders of a class of Shares or debentures.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 44 | The Board may exercise all the powers of the Company to provide pensions or other retirement or
superannuation benefits and to provide death or disability benefits or other
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------



58







allowances or gratuities (by insurance or otherwise)
for a person who is or has at any time been a Director, or an employee, of:



| | (a) | the Company;
| | --- | ------------



| | (b) | a company which is or was a subsidiary undertaking of the Company;
| | --- | ------------------------------------------------------------------



| | (c) | a company which is or was allied to or associated with the Company or a subsidiary undertaking
of the Company; or
| | --- | -----------------------------------------------------------------------------------------------------------------



| | (d) | a predecessor in business of the Company or of a subsidiary undertaking of the Company,
| | --- | ---------------------------------------------------------------------------------------



(or, in each case, for any member
of his family, including a spouse or former spouse, or a person who is or was dependent on him). For this purpose the Board may
establish, maintain, subscribe and contribute to any scheme, trust or fund and pay premiums. The Board may arrange for this to
be done by the Company alone or in conjunction with another person.



| | 45 | A Director or former Director is entitled to receive and retain for his own benefit a pension or
other benefit provided under Article 44 and is not obliged to account for it to the Company.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 46 | The salary or other remuneration of a Director appointed to hold employment or executive office
in accordance with these Articles may be a fixed sum of money, or be wholly or in part governed by business done or profits made,
or as otherwise decided by the Board, and may be in addition to or instead of a fee payable to him for his services as Director
pursuant to these Articles.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 47 | The Company may not make to a Director any payment by way of compensation for loss of office, or
as consideration for or in connection with his retirement from office (whether in his capacity as Director, employee, consultant
or otherwise), without particulars of the proposed payment (including its amount) being disclosed to Members of the Company and
the proposal being approved by an Ordinary Resolution of the Company in general meeting.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



59







| | 48 | The Company shall at its registered office keep a copy of the service contract with every Director
(including copies of any service contract between the Company and a Director whether that contract is entered into by a Director
in his capacity as a Director, employee, consultant or otherwise) and copies of all such contracts shall be open for inspection
by Members without charge during normal office hours and upon such reasonable notice as the Directors may determine. All contracts
between Directors (in whatever capacity) and the Company shall be in writing.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 49 | In this Article a reference to a Director includes a shadow Director. The Directors of the Company
are obliged to notify the Company of their shareholdings in the Company upon becoming Directors. A Director who acquires Shares
while acting as a Director is obliged to notify the Company of his shareholding or any increase in that shareholding as the case
maybe. If a Director disposes of Shares while acting as a Director, he shall notify the Company of such change. All notifications
under this Article must be made in writing in the form approved by the Company and notified to the Company on the day such acquisition,
disposal or, in the case of new Directors, appointment takes place. For the purposes of this Article, a Director is deemed to have
acquired or disposed of Shares if he has entered into any binding agreement in respect of such acquisition or disposal irrespective
of whether such agreement constitutes an option, subscription right, derivative instrument, warrant or other right in respect of
Shares (whether conditional or otherwise) and when completion of such acquisition or disposal (if at all) is to take place. References
to the Company’s Shares in this Article are also deemed to include those of its direct and indirect subsidiaries. The Company
shall keep a register of Directors’ interests (as determined by this Article) in Shares at the Office and such register shall
be open for inspection by the Members without charge during normal business hours on such terms as the Directors may reasonably
determine. A Director is obliged by virtue of this Article to disclose to the Company in accordance with its terms Shares held
by: (i) his or her spouse or civil law partner, child or stepchild of such Director (or the parents of that Director, spouse or
civil law partner (as the case may be) and any of their siblings); (ii) a nominee or trustee of a trust in which the Director or
his or her spouse or civil law partner, child or stepchild (or the parents of that Director, spouse or civil law partner (as the
case may be) and any of their other siblings) holds or has a beneficial interest, whether direct or indirect; (iii) any other relative
of the Director who has shared the same household as that
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



60







Director for at least 12 months
preceding the date of appointment; and (iv) a corporate entity in which the Director or any person connected with him by virtue
of paragraphs (i) to (iii) above holds, controls or directs 33 per cent or more of the voting rights or of which the Director or
any such person is a director or a senior executive who has the power to make management decisions affecting the future development
and business prospects of that corporate entity. The Company shall use its reasonable endeavours to procure that the Directors
and persons discharging managerial responsibilities and their connected persons (as those terms are defined in the Listing Rules
of the UKLA) comply with Chapter 3 of the DTRs.



POWERS AND DUTIES OF THE BOARD



| | 50 | Powers of the Board
| | -- | -------------------



Subject to the Law, any other
applicable laws, the Memorandum and these Articles and to directions given by Special Resolution of the Company, the business and
affairs of the Company shall be managed by the Board which may exercise all the powers of the Company whether relating to the management
of the business or not. No alteration of the Memorandum or of these Articles and no direction given by the Company shall invalidate
a prior act of the Board which would have been valid if the alteration had not been made or the direction had not been given. The
provisions of these Articles giving specific powers to the Board do not limit the general powers given by this Article.



| | 51 | Powers of Directors being less than minimum required number
| | -- | -----------------------------------------------------------



If the number of Directors is
less than the minimum prescribed by these Articles or decided by the Company by Ordinary Resolution, the remaining Director or
Directors may act only for the purposes of appointing an additional Director or Directors to make up that minimum or convening
a general meeting of the Company for the purpose of making such appointment. If no Director or Directors is or are able or willing
to act, notwithstanding the other provisions of these Articles, two Members may convene a general meeting for the purpose of appointing
Directors. An additional Director appointed in this way holds office only until the dissolution of the next annual general meeting
after his appointment unless he is reappointed during the meeting.



61







| | 52 | Powers of Executive Directors
| | -- | -----------------------------



The Board may delegate to a Director
holding executive office any of its powers, authorities and discretions for such time and on such terms and conditions as it thinks
fit. In particular, without limitation, the Board may grant the power to sub-delegate, and may retain or exclude the right of the
Board to exercise the delegated powers, authorities or discretions collaterally with the Director. The Board may at any time revoke
the delegation or alter its terms and conditions.



| | 53 | Delegation to Committees
| | -- | ------------------------



| | 53.1 | The Board may delegate (if it thinks fit) any of its powers, authorities and discretions (including
without prejudice to the generality of the foregoing all powers and discretions whose exercise involves or may involve the payment
of remuneration to or the conferring of any other benefit on all or any of the Directors) to a committee or to a person (who need
not be a Director). Any such committee or person shall, unless the Board otherwise resolve, have power to sub-delegate to sub-committees
any of the powers, authorities or discretions delegated to it. Any such committee or sub-committee shall consist of one or more
Directors and (if thought fit) one or more other named persons or persons to be co-opted as provided in these Articles.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 53.2 | In relation to any such power, authority or discretion so delegated to a committee, sub-committee
or person, any reference in these Articles to the exercise by the Directors of the power or discretion so delegated shall be read
and construed as if it were a reference to the exercise thereof by such committee, sub-committee or person.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 53.3 | Any committee or sub-committee so formed, or person, shall in the exercise of the powers so delegated
conform to any regulations or charters which may from time to time be imposed by the Board. Any such regulations or charters may
provide for or authorise the co-option to the committee or sub-committee of persons other than the Directors and may provide for
members who are not Directors to have voting rights as members of the committee or sub-committee but so that: (a) the number of
members who are not Directors shall be less than one-half of the total number of members of the committee or sub-committee; and
(b) no resolution of the committee or sub-committee shall be
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



62







effective unless a majority of the members of the
committee or sub-committee present throughout the meeting are Directors.



| | 53.4 | The meetings or proceedings of any such committee or sub-committee consisting of two or more persons
shall be governed mutatis mutandis by the provisions of these Articles regulating the meetings and proceedings of the Directors,
so far as the same are not superseded by any regulations or charters made by the Directors under these .
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 54 | Agents
| | -- | ------



The Board may by power of attorney
or otherwise appoint a person to be the agent of the Company and may delegate to that person any of its powers, authorities and
discretions for such purposes, for such time and on such terms and conditions (including as to remuneration) as it thinks fit.
In particular, without limitation, the Board may grant the power to sub-delegate and may retain or exclude the right of the Board
to exercise the delegated powers, authorities or discretions collaterally with the agent. The Board may at any time revoke or alter
the terms and conditions of the appointment or delegation.



| | 55 | Exercise of Voting Powers
| | -- | -------------------------



Subject to Article 56 (Provision
for Employees), the Board may exercise or cause to be exercised the voting powers conferred by Shares in the capital of another
company held or owned by the Company, or a power of appointment to be exercised by the Company, in any manner it thinks fit (including
the exercise of the voting power or power of appointment in favour of the appointment of a Director as an officer or employee of
that company or in favour of the payment of remuneration to the officers or employees of that company).



| | 56 | Provision for Employees
| | -- | -----------------------



The Board may exercise the powers
conferred on the Company by the Law to make provision for the benefit of a person employed or formerly employed by the Company
or any of its subsidiary undertakings (or any member of his family, including a spouse or former spouse, or any person who is or
was dependent on him) in connection with the cessation or the transfer to a person of the whole or part of the undertaking of the
Company or the subsidiary undertaking.



63







| | 57 | Registers
| | -- | ---------



Subject to the Law and the Uncertificated
Securities Order, the Board may exercise the powers conferred on the Company with regard to the keeping of an overseas, local or
other register and may make and vary regulations as it thinks fit concerning the keeping of a register.



| | 58 | Borrowing Powers
| | -- | ----------------



Subject to the following provisions
of this Article, the Board may exercise all the powers of the Company to borrow money and to mortgage or charge all or part of
the undertaking, property and these Articles and assets (present or future) and uncalled capital of the Company and, subject to
the Law and these Articles, to issue debentures and other securities, whether outright or as collateral security for a debt, liability
or obligation of the Company or of a third party.



| | 59 | Directors’ Interests
| | -- | --------------------



| | 59.1 | Subject to the Law and provided he has disclosed to the Board the nature and extent of any direct
or indirect interest of his, in accordance with the Law, a Director, notwithstanding his office:
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (a) | may enter into or otherwise be interested in a contract, arrangement, transaction or proposal with
the Company or any of its subsidiary undertakings or in which the Company or any of its subsidiary undertakings is otherwise interested
either in connection with his tenure of an office or place of profit or as seller, buyer or otherwise;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | may hold another office or place of profit with the Company or any of its subsidiary undertakings
(except that of auditor or auditor of a subsidiary of the Company or any of its subsidiary undertakings) in conjunction with the
office of Director and may act by himself or through his firm in a professional capacity to the Company or any of its subsidiary
undertakings, and in that case on such terms as to remuneration and otherwise as the Board may decide either in addition to or
instead of remuneration provided for by another Article;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



64







| | (c) | may be a director or other officer of, or employed by, or a party to a contract, transaction, arrangement
or proposal with or otherwise interested in, a company promoted by the Company or any of its subsidiary undertakings or in which
the Company or any of its subsidiary undertakings is otherwise interested or as regards which the Company or any of its subsidiary
undertakings has a power of appointment; and
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | is not liable to account to the Company or any of its subsidiary undertakings for a profit, remuneration
or other benefit realised by such contract, arrangement, transaction, proposal, office or employment and no such contract, arrangement,
transaction or proposal is avoided on the grounds of any such interest or benefit.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



For the purposes of this Article,
an interest of a Director is not deemed to include any interest that might arise simply by virtue of the holding of Shares or other
securities in the Company.



| | 59.2 | A Director who, to his knowledge, is in any way (directly or indirectly) interested in a contract,
arrangement, transaction or proposal with the Company or any of its subsidiary undertakings shall declare the nature of his interest
at the meeting of the Board at which the question of entering into the contract, arrangement, transaction or proposal is first
considered, if he knows his interest then exists or, if for any reason he fails to comply with that obligation, as soon as practical
after that meeting, by notice in writing delivered to the Secretary of the Board. For the purposes of this Article:
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (a) | a general notice given to the Board by a Director that he is to be regarded as having an interest
(of the nature and extent specified in the notice) in a contract, transaction, arrangement or proposal in which a specified person
or class of persons is interested is a sufficient disclosure under this Article in relation to that contract, transaction, arrangement
or proposal provided that the Board does not request further information and, in the event that the Board or the Secretary of the
Board does require further information, the notice will only be deemed sufficient disclosure until such time as the Board or the
Secretary of the Board confirms to the relevant Director that all queries have been satisfactory answered;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



65







| | (b) | an interest of which a Director has no knowledge and of which it is unreasonable to expect him
to have knowledge is not treated as his interest; and
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | a Director shall be treated as having been interested if:
| | --- | ---------------------------------------------------------



| | (i) | it is an interest of his or her spouse or civil partner (as the case may be) and any child or stepchild
(or the parents of that spouse or civil partner (as the case may be), and any of their siblings);
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | it is an interest of a body corporate in which he owns or is interested in at least one-fifth of
the share capital or is entitled to exercise or control the exercise of one-fifth of the voting power at any general meeting; or
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | it is the interest of a person acting in his capacity as trustee of any trust the beneficiaries
of which include the Director, his spouse, children or step-children of his or a body corporate in which the Director owns or is
interested in at least one-fifth of the share capital or is entitled to exercise or control the exercise of one-fifth of the voting
power at any general meeting.
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 59.3 | Save as otherwise provided in this Article, a Director may not vote on or be counted in the quorum
in relation to a resolution of the Board or of a committee of the Board concerning a contract, arrangement, transaction or proposal
to which the Company or any of its subsidiary undertakings is or is to be a party and in which he, has an interest which is, to
his knowledge, a material interest (otherwise than by virtue of his interest in Shares or debentures or other securities of or
otherwise in or through the Company), but this prohibition does not apply to a resolution concerning any of the following matters:
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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



| | (b) | the giving of a guarantee, security or indemnity in respect of a debt or obligation of the Company
or any of its subsidiary undertakings for which he himself has assumed responsibility in whole or in part, either alone or jointly
with others, under a guarantee or indemnity or by the giving of security;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



66







| | (c) | a contract, arrangement, transaction or proposal concerning an offer of Shares, debentures or other
securities of the Company or any of its subsidiary undertakings for subscription or purchase, in which offer he is or may be entitled
to participate as a holder of securities or in the underwriting or sub-underwriting of which he is to participate;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | a contract, arrangement, transaction or proposal to which the Company is or is to be a party concerning
another company (including a subsidiary undertaking of the Company) in which he, is interested (directly or indirectly) whether
as an officer, shareholder, creditor or otherwise (a “relevant company”), if he does not hold an interest in five
per cent. or more of either any class of the equity share capital of or the voting rights in the relevant company;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | a contract, arrangement, transaction or proposal for the benefit of the employees of the Company
or any of its subsidiary undertakings (including any pension fund or retirement, death or disability scheme) which does not award
him a privilege or benefit not generally awarded to the employees to whom it relates; and
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | a contract, arrangement, transaction or proposal concerning the purchase or maintenance of any
insurance policy for the benefit of Directors or for the benefit of persons including Directors.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 59.4 | A Director may not vote on or be counted in the quorum in relation to a resolution of the Board
or committee of the Board concerning his own appointment (including, without limitation, fixing or varying the terms of his appointment
or its termination) as the holder of an office or place of profit with the Company or any company in which the Company is interested.
Where proposals are under consideration concerning the appointment (including, without limitation, fixing or varying the terms
of appointment or its termination) of two or more Directors to offices or places of profit with the Company or a company in which
the Company is interested, such proposals shall be divided and a separate resolution considered in relation to each Director. In
that case each of the Directors concerned (if not otherwise debarred from voting under this Article) is entitled to vote (and be
counted in the quorum) in respect of each resolution except that concerning his own appointment.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



67







| | 59.5 | If a question arises at a meeting as to the materiality of a Director’s interest (other than the
interest of the chairman of the meeting) or as to the entitlement of a Director (other than the chairman) to vote or be counted
in a quorum and the question is not resolved by his voluntarily agreeing to abstain from voting or being counted in the quorum,
the question shall be referred to the chairman and his ruling in relation to the Director concerned is conclusive and binding on
all concerned.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 59.6 | If a question arises at a meeting as to the materiality of the interest of the chairman of the
meeting or as to the entitlement of the chairman to vote or be counted in a quorum and the question is not resolved by his voluntarily
agreeing to abstain from voting or being counted in the quorum, the question shall be decided by the Senior Independent Director
whose decision is conclusive and binding on all concerned. Where the Senior Independent Director is also interested or does not
attend the meeting, the question shall be decided by the majority of the Directors who do not hold executive office and who attend
the meeting.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 59.7 | Subject to the Law, the Company may by Ordinary Resolution suspend or relax the provisions of this
Article to any extent or ratify any contract, arrangement, transaction or proposal not properly authorised by reason of a contravention
of this Article provided that nothing in this Article shall permit the Company to cease to comply with the London Stock Exchange
(or other relevant stock exchange) rules or the relevant provisions of the DTRs.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



PROCEEDINGS OF DIRECTORS AND COMMITTEES



| | 60 | Board Meetings
| | -- | --------------



Subject to
these Articles, the Board may meet for the despatch of business, adjourn and otherwise regulate its proceedings as it thinks fit.



| | 61 | Notice of Board Meetings
| | -- | ------------------------



A Director may, and the secretary
at the request of a Director shall, summon a Board meeting at any time. Notice of a Board meeting is deemed to be duly given to
a Director if it is given to him personally or by word of mouth or by electronic communication to an address given by him to the
Company for that purpose or sent in writing to him at his



68







last-known address or another
address given by him to the Company for that purpose. A Director may waive the requirement that notice be given to him of a Board
meeting, either prospectively or retrospectively.



| | 62 | Quorum
| | -- | ------



The quorum necessary for the transaction
of Business may be decided by the Board and until otherwise decided is two Directors present in person. A duly convened meeting
of the Board at which a quorum is present is competent to exercise all or any of the authorities, powers and discretions vested
in or exercisable by the Board.



| | 63 | Chairman of Board
| | -- | -----------------



| | 63.1 | The Board may delegate to a person or establish a committee or sub-committee (pursuant to Article
53 (Delegation to Committees)) for the purpose of recommending to the Board the appointment and removal of the chairman
or a deputy chairman of the Board.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 63.2 | Notwithstanding the recommendation of any person or any committee or sub-committee so established,
the Board shall have sole discretion of the election or removal of the chairman, or a deputy-chairman of the Board and to determine
the period for which each is to hold office.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 64 | Voting
| | -- | ------



Questions arising at a meeting
of the Board are determined by a majority of votes. In case of an equality of votes the chairman has a second or casting vote.



| | 65 | Participation by Telephone
| | -- | --------------------------



A Director may participate in
a meeting of the Board or a committee of the Board through the medium of conference telephone, video teleconference or similar
form of communication equipment if all persons participating in the meeting are able to hear and speak to each other throughout
the meeting. A person participating in this way is deemed to be present in person at the meeting and entitled to vote and, in respect
of a Director only, is counted in a quorum. Subject to the Law, all business transacted in this way by the Board or a committee
of the Board is for the purposes of these Articles deemed to be validly and effectively transacted at a meeting of the Board or
a committee of the Board



69







although fewer than two Directors
are physically present at the same place. The meeting is deemed to take place where the largest group of those participating is
assembled or, if there is no such group, where the chairman of the meeting then is.



| | 66 | Resolution in Writing
| | -- | ---------------------



A resolution in writing executed
by a majority of the Directors for the time being entitled to receive notice of a Board meeting and not being less than a quorum
or by all members of a committee of the Board for the time being entitled to receive notice of a committee meeting and not being
less than a quorum is as valid and effective for all purposes as a resolution passed at a meeting of the Board (or committee, as
the case may be). The resolution in writing may consist of several documents in the same form each executed by one or more of the
Directors or members of the relevant committee.



| | 67 | Proceedings of Committees
| | -- | -------------------------



| | 67.1 | Proceedings of any committee of the Board consisting of two or more members shall be conducted
in accordance with terms prescribed by the Board (if any). Subject to those terms and to Article 67.2, proceedings shall be conducted
in accordance with applicable provisions of these Articles regulating the proceedings of the Board.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 67.2 | Where the Board resolves to delegate any of its powers, authorities and discretions to a committee
and that resolution states that the committee shall consist of any one or more unnamed Directors, it is not necessary to give notice
of a meeting of that committee to Directors other than the Director or Directors who form the committee.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 68 | Minutes of Proceedings
| | -- | ----------------------



| | 68.1 | The Board shall cause minutes to be recorded for the purpose of:
| | ---- | ----------------------------------------------------------------



| | (a) | all appointments of officers and committees made by the Board and of any remuneration fixed by
the Board; and
| | --- | -------------------------------------------------------------------------------------------------------------



| | (b) | the names of Directors present at every meeting of the Board, committees of the Board, meetings
of the Company or meetings of the Holders of a class of Shares or debentures, and all orders, resolutions and proceedings of such
meetings.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



70







| | 68.2 | If purporting to be signed by the chairman of the meeting at which the proceedings were held or
by the chairman of the next succeeding meeting, minutes are receivable as prima facie evidence of the matters stated in them.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 69 | Validity of Proceedings of Board or Committee
| | -- | ---------------------------------------------



All acts done by a meeting of
the Board, or of a committee of the Board, or by a person acting as a Director, or member of a committee are, notwithstanding that
it is afterwards discovered that there was a defect in the appointment of a person or persons acting, or that they or any of them
were or was disqualified from holding office or not entitled to vote, or had in any way vacated their or his office, as valid as
if every such person had been duly appointed, and was duly qualified and had continued to be a Director, or member of a committee
and entitled to vote.



SECRETARY AND AUTHENTICATION OF DOCUMENTS



| | 70 | Subject to the Law, the Board shall appoint a Secretary or joint Secretaries and may appoint one
or more persons to be an assistant or deputy Secretary on such terms and conditions (including, without limitation, remuneration)
as it thinks fit. The Board may remove a person appointed pursuant to this Article from office and appoint another or others in
his place.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 71 | Any provision of the Law or of these Articles requiring or authorising a thing to be done by or
to a Director and the Secretary is not satisfied by its being done by or to the same person acting both as Director and as, or
in the place of, the Secretary.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 72 | A Director or the Secretary or another person appointed by the Board for the purpose may authenticate
documents affecting the constitution of the Company (including, without limitation, the Memorandum and these Articles) and resolutions
passed by the Company or Holders of a class of Shares or the Board or a committee of the Board and books, records, documents and
accounts relating to the business of the Company, and to certify copies or extracts as true copies or extracts.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 73 | The Secretary shall cause minutes to be made in books kept for the purpose in accordance with the
Law.
| | -- | ------------------------------------------------------------------------------------------------------



71







THE SEAL



| | 74 | The Directors may at any time resolve that the Company shall have, or shall cease to have, a Seal.
| | -- | --------------------------------------------------------------------------------------------------



| | 75 | A Seal shall only be used by the authority of the Directors or of a committee authorised by the
Directors pursuant to these Articles. In particular:
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------



| | (a) | the Directors may determine who shall sign any instrument to which a Seal is affixed and, unless
otherwise so determined, share certificates and (subject to the provisions of any instrument constituting the same) certificates
issued under the Seal in respect of any debentures or other securities, need not be signed and any signature may be affixed to
or printed on any such certificate by any means approved by the Board, and every other instrument to which the Seal is affixed
shall be signed by any two Directors or a Director and the Secretary.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Every certificate or share warrant shall be issued either under the Seal (which may be affixed
to it or printed on it by mechanical or other means) or in such other manner as the Board, having regard to the terms of issue,
and the regulations of the London Stock Exchange, may authorise and all references in these Articles to the Seal shall be construed
accordingly.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 76 | Subject to the provisions of the Law, the Directors may resolve to have or cease to have:
| | -- | -----------------------------------------------------------------------------------------



| | (a) | an official Seal for use in any country territory or place outside Jersey, which shall be a copy
of the common Seal of the Company. Any such official Seal shall in addition bear either the name of the country, territory or place
in which it is to be used or the words “branch seal”; and
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | an official Seal for use only in connection with the sealing of securities issued by the Company
and such official Seal shall be a copy of the common Seal of the Company but shall in addition bear
the word “securities”.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



72







DIVIDENDS



| | 77 | Subject to the provisions of the Law, the Company may by Ordinary Resolution declare dividends
in accordance with the respective rights of the Holders, but no dividend shall exceed the amount recommended by the Directors.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 78 | Holders of Ordinary Shares shall be entitled to dividends pro rata according to the number of Ordinary
Shares held by each Holder of Ordinary Shares as determined by the Company by Ordinary Resolution in accordance with Article 77.
The rights of Holders of Ordinary Shares to receive dividends shall be subject to the priority of payment of dividends as determined
by these Articles, the class rights of other classes of Shares or the Company by Special Resolution but shall otherwise rank pari
passu with other classes of Shares.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 79 | Subject to the provisions of the Law, the Directors may pay interim dividends if it appears to
them that they are justified by the level of the Company’s distributable resources as determined in accordance with the Law.
If different classes of Shares have been issued, the Directors may pay interim dividends on Shares which confer deferred or non-preferred
rights with regard to dividends as well as on Shares which confer preferential rights with regard to dividend, but no interim dividend
shall be paid on Shares carrying deferred or non-preferred rights if, at the time of payment, any preferential dividend is in arrear.
The Directors may also pay at intervals settled by them any dividend payable at a fixed rate if it appears to them that the reserves
as determined in accordance with the Law available for distribution justify the payment. Provided that the Directors act in good
faith, they shall not incur any liability to the Holders of Shares conferring preferred rights for any loss they may suffer by
the lawful payment of an interim dividend on any Shares having deferred or non-preferred rights.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 80 | Save as otherwise provided by the rights attached to Shares, all dividends shall be declared and
paid according to the amounts paid up on the Shares on which the dividend is paid. All dividends shall be apportioned and paid
proportionately to the amounts paid up on the Shares during any portion or portions of the period in respect of which the dividend
is paid but, if any Share is issued on terms providing that it shall rank for dividend as from a particular date, that Share shall
rank for dividend accordingly.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



73







| | 81 | A general meeting declaring a dividend may, upon the recommendation of the Directors, direct that
it shall be satisfied wholly or partly by the issue of Shares or by the distribution of assets and, where any difficulty arises
in regard to the distribution, the Directors may settle the difficulty and in particular may issue fractional certificates and
fix the value for distribution of any assets and may determine that cash shall be paid to any Holder upon the footing of the value
so fixed in order to adjust the rights of Holders and may vest any assets in trustees.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 82 | Any dividend or other moneys payable in respect of a Share may be paid by cash, or by direct debit,
bank transfer, cheque, warrant for dividend or money order (or by any other method as the Board my consider appropriate) and may
send the same by post or other delivery service to the registered address of the Holder or the person recognised by the Directors
as entitled to the Share (or in the case of a Depositary subject to the approval of the Board, such persons and address as the
Depositary may require) or, if two or more persons are the Holders or are recognised by the Directors as jointly entitled to the
Share, to the registered address of the first Holder named in the register of Members of the Company or to such person or persons
entitled and to such address as the Directors shall in their absolute discretion determine. Every cheque, warrant, order or other
form of payment shall be made payable to the order of the person or persons entitled or as the Directors shall in their absolute
discretion determine to such other person as the person or persons entitled may in writing direct and payment of the cheque, warrant,
order or other form of payment shall be a good discharge to the Company. Any joint Holder or other person jointly entitled to a
Share as aforesaid may give receipts for any dividend or other moneys payable in respect of such Share.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 83 | The Directors may deduct from any dividend or other moneys payable to any Holder or other person
entitled on or in respect of a Share all sums of money (if any) presently payable by him to the Company on account of calls or
otherwise in relation to any Shares held by such Holder or other person entitled.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 84 | No dividend or other moneys payable in respect of a Share shall bear interest against the Company
unless otherwise provided by the rights attached to such Share.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------



74







| | 85 | The Board may, at its discretion, make provisions to enable a Depositary and/or any member as the
Board shall from time to time determine to receive duly declared dividends in a currency or currencies other than US Dollars. For
the purposes of the calculation of the amount receivable in respect of any dividend, the rate of exchange to be used to determine
the foreign currency equivalent of any sum payable as a dividend shall be such rate or rates and the payment thereof shall be on
such terms and conditions as the Board may in its absolute discretion determine.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 86 | If cheques, warrants or orders for dividends or other sums payable in respect of a Share sent by
the Company to the person entitled thereto are returned to the Company or left uncashed on two consecutive occasions or, following
one occasion, reasonable enquires have failed to establish any new address to be used for the purpose, the Company shall not be
obliged to send any dividends or other moneys payable in respect of that Share due to that person until he notifies the Company
of an address to be used for the purpose.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 87 | All dividends, interest or other sum payable and unclaimed for 12 months after having become payable
may be invested or otherwise made use of by the Board for the benefit of the Company until claimed and the Company shall not be
constituted a trustee in respect thereof. All dividends unclaimed for a period of 12 years after having been declared or became
due for payment shall (if the Board so resolves) be forfeited and shall cease to remain owing by the Company.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 88 | The Board may, with the authority of an Ordinary Resolution of the Company (whether given prior
to or subsequent to any such offer hereinafter mentioned) and subject to such terms and conditions as the Board may determine,
offer to any holder of a Share the right to elect to receive new Shares, credited as fully paid, instead of the whole (or some
part, to be determined by the Board) of any dividend specified by the Ordinary Resolution. The following provisions shall apply:
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (a) | the said resolution may specify a particular dividend, or may specify all or any dividends declared
or paid within a specified period or periods;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | the entitlement of each Holder of Shares to new Shares shall be such that the relevant value of
the entitlement shall be as nearly as possible equal to (but not greater than) the cash amount (disregarding any tax credit) of
the dividend that
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



75







such Holder would have received
by way of dividend. For this purpose “relevant value” shall be calculated by reference to the average of the middle
market quotations for the Shares on the London Stock Exchange, as derived from the Daily Official List, for the day on which the
Shares are first quoted “ex” the relevant dividend and the four subsequent dealing days (each such price if so required
being converted into US$ in such manner as the Board may determine), or in such other manner as the Board may determine on such
basis as it considers to be fair and reasonable. A certificate or report by the auditors as to the amount of the relevant value
in respect of any dividend shall be conclusive evidence of that amount. The entitlement of a holder to new shares may be reduced
in such manner as the directors may determine in respect of shares held by a Depositary to enable the Depositary to receive a
fee in cash out of such dividend;



| | (c) | no fractions of a Share shall be allotted. The Board may make such provisions as it thinks fit
for any fractional entitlements including provisions whereby, in whole or in part, the benefit thereof accrues to the Company and/or
under which fractional entitlements are accrued and/or retained and in each case accumulated on behalf of any Member and such accruals
or retentions are applied to the allotment by way of bonus to or cash subscription on behalf of such Member of fully paid Shares
and/or provisions whereby cash payments may be made to Members in respect of their fractional entitlements;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | the Board shall, after determining the basis of allotment, notify the Holders of Shares in writing
of the right of election offered to them, and specify the procedure to be followed and place at which, and the latest time by which,
elections must be lodged in order to be effective;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | the Board may exclude from any offer any Holders of Shares or any Shares held by a Depositary or
any Shares on which dividends are payable in foreign currency where the Board considers that the making of the offer to them or
in respect of such Shares would or might involve the contravention of the laws of any territory or that for any other reason the
offer should not be made to them or in respect of such Shares;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



76







| | (f) | the Board may establish or vary from time to time a procedure for election mandates in respect
of future rights of election and may determine that every duly effected election in respect of any Shares shall be binding on every
successor in title to the Holder thereof;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (g) | the dividend (or that part of the dividend in respect of which a right of election has been offered)
shall not be payable on Shares in respect of which an election has been duly made (“the elected Ordinary Shares”)
and instead additional Shares shall be allotted to the
Holders of the elected Shares on the basis of allotment determined as aforesaid. For such purpose the Board may capitalise, out
of any amount for the time being standing to the credit of any reserve or fund (including any share premium account or capital
redemption reserve) or of any of the profits which could otherwise have been applied in paying dividends in cash as the Board may
determine, a sum equal to the aggregate nominal amount of the additional Shares to be allotted on that basis and apply it in paying
up in full the appropriate number of unissued Shares for allotment and distribution to the Holders of the elected Shares on that
basis;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (h) | the additional new Shares so allotted shall rank pari passu in all respects with each other
and with the fully paid Shares in issue on the record date for the dividend in respect of which the right of election has been
offered, except that they will not rank for any dividend or other distribution or other entitlement which has been declared, paid
or made by reference to such record date; and
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | the Board may terminate, suspend or amend any offer of the right to elect to receive Shares in
lieu of any cash dividend at any time and generally may implement any scrip dividend scheme on such terms and conditions as the
Board may from time to time determine and take such other action as the Board may deem necessary or desirable from time to time
in respect of any such scheme.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 89 | Notwithstanding any other provision of these Articles but without prejudice to the rights attached
to any Shares and subject always to the Law, the Company or the Board may by resolution specify any date (the “record
date”) as the date at the close of business (or such other time as the Board may determine) on which persons registered
as the Holders
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



77







of Shares or other securities
shall be entitled to receipt of any dividend, distribution, interest, allotment, issue, notice, information, document or circular
and such record date may be on or at any time before the date on which the same is paid, made, given or served or (in the case
of any dividend, interest, allotment or issue) at anytime after the same is recommended, resolved, declared or announced but without
prejudice to the rights inter sein respect of the name of transferors and transferees of any such Shares or othersecurities. No change in the register of such Holders after the record date shall invalidate the same.



ACCOUNTS AND AUDITS



| | 90 | Keeping and Inspection of Accounts
| | -- | ----------------------------------



| | 90.1 | The Board shall ensure that accounting records are kept in accordance with the Law.
| | ---- | -----------------------------------------------------------------------------------



| | 90.2 | The accounting records shall be kept at the Office or, subject to the Law, at another place decided
by the Board and shall be available during business hours for the inspection of the Directors and other officers. No Member (other
than a Director or other officer) has the right to inspect an accounting record or other document except if that right is conferred
by the Law or he is authorised by the Board or by an Ordinary Resolution of the Company.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 90.3 | The accounts, the Directors’ report and the auditor’s report of the Company shall be
prepared in accordance with IFRS or any other accounting standard permissible by the rules of the London Stock Exchange and approved
by the Company by Ordinary Resolution.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



NOTICES



| | 91 | Notices to be in Writing or in Electronic Communication
| | -- | -------------------------------------------------------



| | 91.1 | A notice, document or other information to be given to or by a person pursuant to these Articles
(other than a notice convening a meeting of the Board or of a committee of the Board) shall be in writing or in an electronic communication
and sent, given, supplied or delivered in accordance with the Electronic Communications (Jersey) Law 2000 to an address for the
time being notified for that purpose to the person giving the notice.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



78







| | 91.2 | For the purposes of paragraph 6.1.8(R)(I) of the Disclosure and Transparency Rules, the Company
may use electronic means (as defined therein) to convey information or documents to Members or holders of debt securities (as defined
therein).
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 91.3 | The Directors may from time to time make such arrangements or regulations (if any) as they may
from time to time in their absolute discretion think fit in relation to the giving of notices or other documents or information
by electronic means by or to the Company and otherwise for the purpose of implementing and/or supplementing the provisions of these
Articles and the Law in relation to electronic means; and such arrangements and regulations (as the case may be) shall have the
same effect as if set out in this Article.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 92 | Service of Notices and Other Documents on Members
| | -- | -------------------------------------------------



| | 92.1 | A notice, document or other information may be given to a Member by the Company:
| | ---- | --------------------------------------------------------------------------------



| | (a) | personally; or
| | --- | --------------



| | (b) | by sending it by post in a pre-paid envelope addressed to the Member at his registered address;
or
| | --- | --------------------------------------------------------------------------------------------------



| | (c) | by leaving it at that address (or at another address notified for the purpose) in an envelope addressed
to the Member; or
| | --- | -------------------------------------------------------------------------------------------------------------------------



| | (d) | by giving it by electronic communication to an address for the time being notified to the Company
by the Member for that purpose; or
| | --- | ------------------------------------------------------------------------------------------------------------------------------------



| | (e) | by any other means authorised in writing by the Member concerned.
| | --- | -----------------------------------------------------------------



| | 92.2 | A notice
                                         of general meeting or any document or information to be given, sent, supplied or delivered
                                         may, instead of being sent to the Member in any of the ways specified in Article 92.1,
                                         be given to a Member by the Company by publishing the notice, document or information
                                         on the web site of the Company at www.randgoldresources.com (or such other web site as
                                         may be communicated by the Company), provided that the following conditions are met:
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (a) | the Members have resolved by Ordinary Resolution that notices of general meetings, documents or
information may be accessed by a Member on a web site
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------



79







instead of being sent to the Members in one of the
ways specified in Article 92.1; and



| | (b) | Members are given a notification containing the following information:
| | --- | ----------------------------------------------------------------------



| | (i) | the fact that the notice, document or information has been or will be published on the web site;
| | --- | ------------------------------------------------------------------------------------------------



| | (ii) | the address of the web site;
| | ---- | ----------------------------



| | (iii) | the place on the web site where the notice may be accessed and how it may be accessed;
| | ----- | --------------------------------------------------------------------------------------



| | (iv) | a statement that it concerns a notice of general meeting, document or information served in accordance
with the Law;
| | ---- | --------------------------------------------------------------------------------------------------------------------



| | (v) | if the notification concerns a notice of general meeting, the place, date and time of the general
meeting; and
| | --- | --------------------------------------------------------------------------------------------------------------



| | (vi) | if the notification concerns a notice of general meeting, whether the general meeting is to be
an annual or extraordinary general meeting.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------



A notice, document or other information
given under this Article 92.2 is deemed to be received at the time the notification is deemed to have been received pursuant to
these Articles or, if later, the time when the notice, document or information first appears on the website.



| | 92.3 | Any notice, document or other information made available on a website will be maintained on the
website for the period of 28 days beginning with the date on which notification is given under Article 92.2 above, or such shorter
period as may be decided by the Directors. A failure to make a notice, document or other information available on a website throughout
the period mentioned in this Article 92.3 shall be disregarded if: (i) it is made available on the website for part of that period;
and (ii) the failure to make it available throughout that period is wholly attributable to circumstances that it would not be reasonable
for the Company to prevent or avoid.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



80







| | 92.4 | A notice or other document or other information given by electronic communication under Article
92.1(d) which fails to reach the Member at the Member’s notified address shall be sent on two more occasions to the Member
at the same address on the same day. If the notice or other document or other information does not reach the Member, the Company
shall within two days despatch to the Member by first class post the same notice or other document or other information which shall
be deemed to be effective as of the date on which the electronic communications were sent.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 92.5 | In the case of joint Holders of a Share, a notice or other document or other information shall
be given to whichever of them is named first in the register in respect of the joint holding and notice given in this way is sufficient
notice to all joint Holders.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 92.6 | If a Member (or, in the case of joint Holders, the person first named in the register) has a registered
address outside Jersey and the United Kingdom but has notified the Company of an address in Jersey or the United Kingdom as the
case may be at which notices, documents or other information may be given to him, or an address to which notices or other information
may be given by electronic communication, he is entitled to have notices, documents or other information given to him at that address,
but otherwise no such Member or person is entitled to receive notices, documents or other information from the Company.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 93 | Notice by Advertisement
| | -- | -----------------------



If by reason of the suspension
or curtailment of postal services in the United Kingdom or Jersey the Company is unable effectively to convene a general meeting
by notices sent by post to those Members who have not notified an address for electronic communications pursuant to Article 92.1(d),
the Board may, in its absolute discretion and as an alternative to any other method of service permitted by these Articles, resolve
to convene a general meeting by a notice advertised in at least one United Kingdom national newspaper. In this case, the Company
shall send confirmatory copies of the notice to those Members by post if at least 7 clear days before the meeting the posting of
notices to addresses throughout the United Kingdom again becomes practicable.



81







| | 94 | Evidence of Service
| | -- | -------------------



| | 94.1 | A notice or other document addressed to a Member at his registered address or address for service
in Jersey or the United Kingdom is, if sent by post, deemed to be received at the expiration of 24 hours after it was put in the
post if pre-paid as first class post and at the expiration of 48 hours after it was put in the post if pre-paid as second class
post, and in proving service it is sufficient to prove that the envelope containing the notice or document was properly addressed,
pre-paid and posted.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 94.2 | Proof that a notice, document or other information contained in an electronic communication was
sent in accordance with guidance issued by the Institute of Chartered Secretaries and Administrators shall be conclusive evidence
that the notice was given.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 94.3 | A notice, other document or other information contained in an electronic communication sent in
accordance with these Articles other than a notice given under Article 92.2 (to which the provisions of that Article apply) is
deemed to be received at the expiration of 24 hours after the time it was sent.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 94.4 | A notice, document or other information not sent by post but left at a registered address or address
for service in Jersey or the United Kingdom is deemed to be received on the day it is left.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 94.5 | Where notice is given by newspaper advertisement, the notice is deemed to be given to all Members
and other persons entitled to receive it at noon on the day when the advertisement appears or, where notice is given by more than
one advertisement and the advertisements appear on different days, at noon on the last of the days when the advertisements appear.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 94.6 | A notice or other document served or delivered by the Company by any other means authorised in
writing by the Member concerned is deemed to be received when the Company has taken the action it has been authorised to take for
that purpose.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 94.7 | A Member present in person or by proxy at a meeting of the Company or of the Holders of a class
of Shares is deemed to have received due notice of the meeting and, where required, of the purposes for which it was called.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



82







| | 95 | Notice Binding on Transferees etc.
| | -- | ----------------------------------



A person who becomes entitled
to a Share by transmission, transfer or otherwise is bound by a notice, document or other information in respect of that Share
which, before his name is entered in the register, has been properly served on a person from whom he derives his title.



| | 96 | Notice in Case of Entitlement by Transmission
| | -- | ---------------------------------------------



Where a person is entitled by
transmission to a Share, the Company may give a notice or other document to that person as if he were the Holder of a Share by
addressing it to him by name or by the title of representative of the deceased or trustee of the bankrupt Member (or by similar
designation) at an address in Jersey or the United Kingdom supplied for that purpose by the person claiming to be entitled by transmission.
Until an address has been supplied, a notice or other document may be given in any manner in which it might have been given if
the death or bankruptcy or other event had not occurred. The giving of notice in accordance with this Article is sufficient notice
to any other person interested in the Share.



CAPITALISATION OF PROFITS



| | 97 | Capitalisation of profits
| | -- | -------------------------



| | 97.1 | The Board may before recommending any dividend (whether preferential or otherwise) carry to reserve
out of profits of the Company such sums as it thinks fit. All sums standing to reserve may be applied from time to time at the
discretion of the Board for any purpose to which the profits of the Company may properly be applied and pending such application
may at the like discretion either be employed in the business of the Company or be invested in such investments as the Board thinks
fit. The Board may divide the reserve into such special funds as it thinks fit, and may consolidate into one fund any special funds
or any parts of any special funds into which the reserve may have been divided as it thinks fit. The Board may also without placing
the same to reserve carry forward any profits which it may think prudent not to distribute.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 97.2 | The Board may, with the authority of an Ordinary Resolution of the Company:
| | ---- | ---------------------------------------------------------------------------



83







| | (a) | subject as hereinafter provided, resolve to capitalise any undivided profits of the Company not
required for paying any preferential dividend (whether or not they are available for distribution) or any sum standing to the credit
of the Company’s capital redemption reserve and/or, share premium account or other undistributive reserve;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | appropriate the sum resolved to be capitalised to the Holders in proportion to the number or, in
the case of a par value company, nominal amounts of the Shares (whether or not fully paid) held by them respectively which would
entitle them to participate in a distribution of that sum and apply such sum on their behalf either in or towards paying up the
amounts, if any, for the time being unpaid on any Shares held by them respectively, or in paying up and allotting unissued Shares
or debentures of the Company credited as partly or fully paid to those Holders, or as they may direct, in those proportions, or
partly in one way and partly in the other provided that the capital redemption reserve, any profits which are not available for
distribution, and, the share premium account may, for the purposes of this Article, only be applied in paying up unissued Shares
to be allotted to Holders credited as fully paid up; provided that:
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | the share premium account, the capital redemption reserve, any other undistributable reserve and
any profits which are not available for distribution may, for the purpose of this Article only be applied in paying up unissued
shares to be allotted to Holders of Shares credited as fully paid; and
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | in a case where any sum is applied in paying accounts for the time being unpaid on any Shares or
in paying up in full debentures of the Company, the amount of the net assets of the company at that time is not less than the aggregate
of the called up share capital of the Company and its undistributable reserves as shown in the latest audited accounts of the Company
or such other accounts as may be relevant and would not be reduced below that aggregate by the payment thereof;
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



84







| | (c) | make such provision by the issue of fractional certificates or by payment in cash or otherwise
as they determine in the case of Shares or debentures becoming distributable under this Article in fractions; and
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | authorise any person to enter on behalf of all the Holders concerned into an agreement with the
Company providing for either:
| | --- | -----------------------------------------------------------------------------------------------------------------------------



| | (i) | the allotment to them respectively, credited as fully paid, of any Shares or debentures to which
they are entitled upon such capitalisation; or
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | the payment up by the Company or behalf of such Holders by the application thereto of their respective
proportions of the reserves or profits to be capitalised of the amounts or any part of the amounts remaining unpaid on their existing
Shares, any agreement made under such authority being binding on all such Holders.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



WINDING UP AND CAPITAL REDUCTION



| | 98 | If the Company is wound up, the Company may, with the sanction of a Special Resolution and any
other sanction required by the Law, divide the whole or any part of the assets of the Company among the Holders in specie provided
that no Holder shall be compelled to accept any assets upon which there is a liability.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 99 | On return of assets on liquidation or capital reduction or otherwise, the assets of the Company
remaining after payment of its liabilities shall subject to the rights of the Holders of other class of Shares, be applied to the
Holders of Ordinary Shares equally pro rata to their holdings of Ordinary Shares.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 100 | For the purposes of this Article, the liquidator or, where there is no liquidator, the Directors
may, for that purpose, value any assets and determine how the division shall be carried out as between the Holders or different
classes of Holders or vest the whole or any part of the assets in trustees upon such trusts for the benefit of the Holders.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



85







DESTRUCTION OF DOCUMENTS



| | 101 | The Company may destroy:
| | --- | ------------------------



| | (a) | a Share certificate which has been cancelled at any time after one year from the date of cancellation;
| | --- | ------------------------------------------------------------------------------------------------------



| | (b) | a mandate for the payment of dividends or other amounts or a variation or cancellation of a mandate
or a notification of change of name or address at any time after two years from the date the mandate, variation, cancellation or
notification was recorded by the Company;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | an instrument of transfer of Shares (including a document constituting the renunciation of an allotment
of Shares) which has been registered at any time after six years from the date of registration; and
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | any other document on the basis of which any entry in the register is made at any time after six
years from the date an entry in the register was first made in respect of it.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 102 | It is presumed conclusively in favour of the Company that every Share certificate destroyed was
a valid certificate validly cancelled, that every instrument of transfer destroyed was a valid and effective instrument duly and
properly registered and that every other document destroyed was a valid and effective document in accordance with the recorded
particulars in the books or records of the Company, but:
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (a) | the provisions of this Article apply only to the destruction of a document in good faith and without
express notice to the Company that the preservation of the document is relevant to a claim;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | nothing contained in this Article imposes on the Company liability in respect of the destruction
of a document earlier than provided for in this Article or in any case where the conditions of this Article are not fulfilled;
and
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | references in this Article to the destruction of a document include reference to its disposal in
any manner.
| | --- | ------------------------------------------------------------------------------------------------------------



86







INDEMNITY



| | 103 | Right to Indemnification
| | --- | ------------------------



Subject to the Law, every person
who is a Director, Director or Secretary of the Company or other officer of the Company shall be indemnified and shall be kept
indemnified out of the Company’s assets against all costs, charges, losses, damages, expenses and any liability incurred
by such person in the proper execution of his or her duties or the proper exercise of his or her powers, authorities and discretions
in connection with any actual or threatened claim, action, suit or proceeding, civil, criminal, administrative, investigative or
other, whether brought by or in the right of the Company or otherwise, in which he or she may be involved, as a party or otherwise,
by reason of such person being or having been a Director or Secretary of the Company or by reason of the fact that such person
is or was serving at the request of the Company as a Director (such claim, action, suit or proceeding hereinafter being referred
to as a “claim”) provided, that no such right of indemnification shall exist with respect to a claim brought by
such person against the Company except as provided in this Article. Indemnification hereunder shall include the right to have expenses
incurred by such person in connection with a claim paid in advance by the Company prior to final disposition of such claim, subject
to any obligation which may be imposed by the Law, these Articles, agreement or otherwise to reimburse the Company in certain events.
As used herein, “expenses” shall include fees and expenses of counsel selected by any such Director and “liability”
shall include amounts of judgments, excise taxes, fines, penalties and amounts paid in settlement. With respect to any claim brought
by a Director against the Company, the Director shall be entitled to be indemnified for expenses incurred in connection with such
claim only:



| | (a) | if the claim is a suit brought as a claim for indemnity under this Article 103;
| | --- | -------------------------------------------------------------------------------



| | (b) | if the Director is successful in whole or in part in the claim for which expenses are claimed;
or
| | --- | -------------------------------------------------------------------------------------------------



| | (c) | if the indemnification for expenses is included in a settlement of the claim or is awarded by a
court.
| | --- | ------------------------------------------------------------------------------------------------------



87







| | 104 | Right of Claimant to Bring Suit
| | --- | -------------------------------



If a claim under Article 103 (Right
to Indemnification) is not paid in full by the Company within thirty days after a written claim has been received by the Company,
the claimant may at any time thereafter bring suit against the Company to recover the unpaid amount of the claim and, if successful
in whole or in part, the claimant shall also be entitled to be reimbursed for expenses incurred in prosecuting such claim. It shall
be a defence to any such suit to recover indemnification that the claimant’s conduct was such that under legislation the Company
is prohibited from indemnifying the claimant for the amount claimed, but the burden of proving such defence shall be on the Company.



| | 105 | Insurance
| | --- | ---------



Subject to the Law, the Board
may exercise all of the powers of the Company to purchase and maintain insurance (at the expense of the Company) to protect against
insurable risks in respect of itself and:



| | (a) | any person who is a Director, Secretary or officer or employee of the Company or of a company which
is or was a subsidiary undertaking of the Company or in which the Company has or had an interest (whether direct or indirect);
or
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | a trustee of a retirement benefits scheme or other trust in which a person referred to in (a) above
is or has been interested,
| | --- | ------------------------------------------------------------------------------------------------------------------------------



indemnifying him or her and keeping
him or her indemnified against any liability or expense asserted or incurred by such person in connection with any claim, whether
or not the Company would have the obligation to indemnify such person against such liability or expense by law or under the provisions
of these Articles.



| | 106 | Non-Exclusivity / Nature and Extent of Indemnification
Rights
| | --- | -------------------------------------------------------------



| | 106.1 | The right of indemnification provided for in these Articles:
| | ----- | ------------------------------------------------------------



| | (a) | shall not be deemed exclusive of any other rights, whether now existing or hereafter created, to
which those seeking indemnification hereunder may be entitled under any provision of any agreement, resolution of shareholders
or Directors or otherwise;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



88







| | (b) | shall be deemed to create contractual rights in favour of persons entitled to indemnification hereunder;
| | --- | --------------------------------------------------------------------------------------------------------



| | (c) | shall continue as to persons who have ceased to have the status pursuant to which they were entitled
or were denominated as entitled to indemnification hereunder and shall inure to the benefit of the heirs and legal representatives
of persons entitled to indemnification hereunder; and
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | shall be applicable to claims commenced after the adoption hereof, whether arising from acts or
omissions occurring before or after the adoption hereof.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------



| | 106.2 | The right of indemnification provided for herein may not be amended or repealed so as to limit
in any way the indemnification provided for herein with respect to any acts or omissions occurring prior to any such amendment
or repeal.
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



89