**Exhibit 1.1**

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No.  2366616                

**THE COMPANIES ACT 1985**

 

**MEMORANDUM**

**AND**

**ARTICLES OF ASSOCIATION**

**OF**

**UNITED UTILITIES PLC**

 

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     **CONTENTS**

| **MEMORANDUM          OF ASSOCIATION**              | i        |
|-----------------------------------------------------|----------|
|                                                |     |   |   |
| **AUTHORISED    SHARE CAPITAL SINCE INCORPORATION** | xii      |
|                                                |     |   |   |
| **ARTICLES    OF ASSOCIATION**                      | 1        |
|                                                |     |   |   |
|                                                |     |   |   |
| **Article No**                                 | **Page** |
|                                                |     |   |   |
| **PRELIMINARY**                                     | 1        |
|                                                | 1        | No other regulations    to apply | 1 |
|                                                | 2        | Interpretation | 1 |
|                                                | 3        | Form of resolution | 4 |
|                                                | 4        | Registered office | 4 |
| **SHARE CAPITAL**                              | 4        |
|                                                | 5        | Authorised share    capital | 4 |
|                                                | 6        | Allotment | 9 |
|                                                | 7        | Redeemable shares | 9 |
|                                                | 8        | Power to attach    rights | 9 |
|                                                | 9        | Share warrants    to bearer | 10 |
|                                                | 10       | Commission and brokerage | 10 |
|                                                | 11       | Trusts not to be recognised | 11 |
| **ALTERATION OF SHARE    CAPITAL**        | 11       |
|                                                | 12       | Increase, consolidation,    cancellation and sub-division | 11 |
|                                                | 13       | Fractions of shares | 11 |
|                                                | 14       | Reduction of capital | 12 |
|                                                | 15       | Purchase of own    shares | 12 |
| **VARIATION    OF CLASS RIGHTS**          | 12       |
|                                                | 16       | Sanction to variation | 12 |
|                                                | 17       | Class meetings | 13 |
|                                                | 18       | Deemed variation | 13 |
| **EVIDENCE OF    TITLE**                            | 13       |
|                                                | 19       | Arrangements relating    to uncertificated securities | 13 |
|                                                | 20       | Right to share    certificates | 14 |
|                                                | 21       | Replacement certificates | 14 |
| **LIEN ON SHARES**                        | 15       |
|                                                | 22       | Lien on shares    not fully paid | 15 |
|                                                | 23       | Enforcement of    lien by sale | 15 |
|                                                | 24       | Application of    proceeds of sale | 15 |
| **CALLS ON SHARES**                       | 16       |
|                                                | 25       | Calls | 16 |
|                                                | 26       | Liability of joint    holders | 16 |
|                                                | 27       | Interest on calls | 16 |
|                                                | 28       | Rights of member    when call unpaid | 16 |

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|                                   | 29       | Sums    due on allotment treated as calls             | 17 |
|----------------------------------------|----------|-------------------------------------------------------|----|
|                                   | 30       | Power    to differentiate                             | 17 |
|                                   | 31       | Payment    in advance of calls                        | 17 |
|                                   | 32       | Delegation    of power to make calls                  | 17 |
| **FORFEITURE OF SHARES**     | 17       |
|                                   | 33       | Notice if call    not paid                            | 17 |
|                                   | 34       | Forfeiture for    non-compliance                      | 18 |
|                                   | 35       | Notice after forfeiture                               | 18 |
|                                   | 36       | Forfeiture may    be annulled                         | 18 |
|                                   | 37       | Surrender                                             | 18 |
|                                   | 38       | Disposal of forfeited    shares                       | 18 |
|                                   | 39       | Effect of forfeiture                                  | 19 |
|                                   | 40       | Extinction of claims                                  | 19 |
|                                   | 41       | Evidence of forfeiture                                | 19 |
| **TRANSFER OF SHARES**       | 20       |
|                                   | 42       | Transfer of certificated    shares                    | 20 |
|                                   | 43  | Transfer of uncertificated    shares                  | 20 |
|                                   | 44       | Right to refuse    registration                       | 20 |
|                                   | 45       | Notice of refusal                                     | 21 |
|                                   | 46       | Closing of register                                   | 21 |
|                                   | 47       | Fees    on registration                               | 21 |
|                                   | 48       | Transfers by renunciation                             | 21 |
| **TRANSMISSION OF SHARES**   | 21       |
|                                   | 49       | On death                                              | 21 |
|                                   | 50       | Election of person    entitled by transmission        | 21 |
|                                   | 51       | Rights on transmission                                | 22 |
| **DESTRUCTION    OF DOCUMENTS**        | 22       |
|                                   | 52       | Destruction    of documents                           | 22 |
| **GENERAL MEETINGS**              | 23       |
|                                   | 53       | Annual general meetings                     | 23 |
|                                   | 54       | Extraordinary general meetings              | 23 |
|                                   | 55       | Convening of extraordinary    general meeting         | 23 |
|                                   | 56       | Notice of general meetings             | 24 |
|                                   | 57       | Omission to send    notice                            | 25 |
|                                   | 58       | Special business                                 | 25 |
| **PROCEEDINGS    AT GENERAL MEETINGS** | 25       |
|                                   | 59       | Quorum                                                | 25 |
|                                   | 60       | If quorum not present                                 | 25 |
|                                   | 61       | Chairman                                              | 26 |
|                                   | 62       | Directors may attend    and speak                     | 26 |
|                                   | 63       | Power to adjourn                            | 26 |
|                                   | 64       | Notice of adjourned    meeting                        | 26 |
|                                   | 65       | Business of adjourned    meeting                      | 26 |
|                                   | 66       | Accommodation of    members and security arrangements | 27 |

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| **VOTING**                                                             | 27  |
|------------------------------------------------------------------------|-----|
|                                                                   | 67  | Method    of voting | 27 |
|                                                                   | 68  | Chairman's    declaration conclusive on show of hands | 28 |
|                                                                   | 69  | Objection    to error in voting | 28 |
|                                                                   | 70  | Amendment    to resolutions | 28 |
|                                                                   | 71  | Procedure on a    poll | 29 |
|                                                                   | 72  | Votes of members | 29 |
|                                                                   | 73  | Casting vote | 30 |
|                                                                   | 74  | Restriction on    voting rights for unpaid calls etc. | 30 |
|                                                                   | 75  | Voting by proxy | 30 |
|                                                                   | 76  | Form of proxy | 30 |
|                                                                   | 77  | Deposit of proxy | 31 |
|                                                                   | 78  | More than one proxy    may be appointed | 32 |
|                                                                   | 79  | Board may supply    proxy cards | 32 |
|                                                                   | 80  | Revocation of proxy | 33 |
|                                                                   | 81  | Corporate representative | 33 |
|                                                                   | 82  | Failure to disclose    interests in shares | 33 |
| **UNTRACED MEMBERS**                                                   | 35  |
|                                                                   | 83  | Power of sale | 35 |
|                                                                   | 84  | Application of    proceeds of sale | 36 |
| **APPOINTMENT,    RETIREMENT AND REMOVAL OF DIRECTORS**                | 37  |
|                                                                   | 85  | Number of directors | 37 |
|                                                                   | 86  | Power of company    to appoint directors | 37 |
|                                                                   | 87  | Power of board    to appoint directors | 37 |
|                                                                   | 88  | Appointment of    executive directors | 37 |
|                                                                   | 89  | Eligibility for    appointment as a director | 37 |
|                                                                   | 90  | Share qualification | 38 |
|                                                                   | 91  | Resolution for    appointment | 38 |
|                                                                   | 92  | Retirement at intervals    of no more than three years. | 38 |
|                                                                   | 93  | Directors to retire    by rotation | 38 |
|                                                                   | 94  | Position of retiring    director | 38 |
|                                                                   | 95  | Deemed re-appointment | 39 |
|                                                                   | 96  | No retirement on    account of age | 39 |
|                                                                   | 97  | Removal by ordinary    resolution | 39 |
|                                                                   | 98  | Vacation of office    by director | 39 |
|                                                                   | 99  | Resolution as to    vacancy conclusive | 40 |
| **ALTERNATE DIRECTORS**                                           | 40  |
|                                                                   | 100 | Appointment | 40 |
|                                                                   | 101 | Participation in    board meetings | 40 |
|                                                                   | 102 | Alternate director    responsible for own acts | 41 |
|                                                                   | 103 | Interests of alternate    director | 41 |
|                                                                   | 104 | Revocation of appointment | 41 |
| **DIRECTORS' REMUNERATION, EXPENSES AND PENSIONS** | 41  |
|                                                                   | 105 | Directors' fees | 42 |
|                                                                   | 106 | Expenses | 42 |
|                                                                   | 107 | Remuneration of    executive directors | 42 |

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|                                           | 108 | Pensions    and other benefits                             | 42 |
|------------------------------------------------|-----|------------------------------------------------------------|----|
| **POWERS    AND DUTIES OF THE BOARD**          | 43  |
|                                           | 109 | Powers    of the board                                     | 43 |
|                                           | 110 | Powers    of directors being less than minimum number      | 43 |
|                                           | 111 | Powers    of executive directors                           | 43 |
|                                           | 112 | Delegation to committees                                   | 43 |
|                                           | 113 | Local management                                           | 44 |
|                                           | 114 | Power of attorney                                          | 44 |
|                                           | 115 | Use of the title                                           | 44 |
|                                           | 116 | Exercise of voting    power                                | 45 |
|                                           | 117 | Provision for employees                                    | 45 |
|                                           | 118 | Overseas registers                                         | 45 |
|                                           | 119 | Borrowing powers                                           | 45 |
| **PROCEEDINGS    OF DIRECTORS AND COMMITTEES** | 49  |
|                                           | 120 | Board meetings                                        | 49 |
|                                           | 121 | Notice of board    meetings                                | 49 |
|                                           | 122 | Quorum                                                     | 49 |
|                                           | 123 | Chairman of board                                          | 50 |
|                                           | 124 | Voting                                                     | 50 |
|                                           | 125 | Participation by    telephone or video conference          | 50 |
|                                           | 126 | Resolution in writing                                      | 50 |
|                                           | 127 | Proceedings of    committees                               | 51 |
|                                           | 128 | Minutes of proceedings                                     | 51 |
|                                           | 129 | Validity of proceedings                                    | 51 |
| **DIRECTORS' INTERESTS**                       | 51  |
|                                           | 130 | Director may have    interests                             | 51 |
|                                           | 131 | Disclosure of interests    to board                        | 52 |
|                                           | 132 | Interested director    not to vote or count for quorum     | 53 |
|                                           | 133 | Director's interest    in own appointment                  | 54 |
|                                           | 134 | Chairman's ruling    conclusive on director's interest     | 54 |
|                                           | 135 | Directors' resolution    conclusive on chairman's interest | 54 |
|                                           | 136 | Connected persons                                          | 54 |
| **SEALS**                                      | 55  |
|                                           | 137 | Safe custody                                               | 55 |
|                                           | 138 | Application of    seals                                    | 55 |
|                                           | 139 | Official seal for    use abroad                            | 55 |
| **THE SECRETARY**                         | 55  |
|                                           | 140 | The secretary                                              | 55 |
| **AUTHENTICATION    OF DOCUMENTS**             | 56  |
|                                           | 141 | Power to authenticate                                      | 56 |
| **DIVIDENDS AND    OTHER PAYMENTS**            | 56  |
|                                           | 142 | Declaration of    dividends                                | 56 |
|                                           | 143 | Interim dividends                                          | 56 |
|                                           | 144 | Entitlement to    dividends                                | 56 |
|                                           | 145 | Calls or debts    may be deducted from dividends           | 57 |
|                                           | 146 | Distribution in    specie                                  | 57 |
|                                           | 147 | Dividends    not to bear interest                          | 57 |

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|                | 148 | Method        of payment                                  | 57 |
|---------------------|-----|-----------------------------------------------------------|----|
|                | 149 | Uncashed dividends                                        | 58 |
|                | 150 | Unclaimed dividends                                       | 58 |
|                | 151 | Payment of share        dividends                         | 58 |
|                | 152 | Reserves                                                  | 60 |
|                | 153 | Capitalisation        of reserves                         | 60 |
|                | 154 | Record dates                                         | 62 |
| **ACCOUNTS**        | 62  |
|                | 155 | Accounting records                                        | 62 |
|                | 156 | Inspection of records                                     | 62 |
|                | 157 | Accounts to be    sent to members                         | 62 |
|                | 158 | Summary financial    statements                           | 63 |
| **NOTICES**         | 63  |
|                | 159 | Notices to be in    writing                               | 63 |
|                | 160 | Service of notice    on members                           | 63 |
|                | 161 | Notice in case    of death, bankruptcy or mental disorder | 64 |
|                | 162 | Evidence of service                                       | 64 |
|                | 163 | Notice binding    on transferees                          | 64 |
|                | 164 | Notice by advertisement                                   | 64 |
|                | 165 | Suspension of postal    services                          | 65 |
| **WINDING UP** | 65  |
|                | 166 | Division of assets                                        | 65 |
|                | 167 | Transfer or sale    under section 110 Insolvency Act 1986 | 65 |
| **INDEMNITY**       | 65  |
|                | 168 | Right to indemnity                                        | 65 |
|                | 169 | Power to insure                                           | 66 |

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No. 2366616

**THE COMPANIES ACT 1985**

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**PUBLIC COMPANY LIMITED BY SHARES**

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**MEMORANDUM OF ASSOCIATION**

**OF**

**UNITED UTILITIES PLC**

(*Including amendments made on or before 21st July 2000*)

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| 1      | The company's name is UNITED UTILITIES PLC1                                                                                          |
|--------|--------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                 |   |   |
| 2      | The company is to be a public company.                                                                                               |
|   |                                                                                                                                 |   |   |
| 3      | The company's registered office is to be    situated in England and Wales.                                                           |
|   |                                                                                                                                 |   |   |
| 4      | The company's objects are:2                                                                                                          |
|   |                                                                                                                                 |   |   |
|   | (1)                                                                                                                                  | (A) | To carry on the business of a holding company        and to co-ordinate and regulate the activities and businesses of subsidiary        and associated companies for the time being and the financing of the    companies. |
|   |                                                                                                                                 |   |   |
|   |                                                                                                                                 | (B) | To acquire and hold either in the name        of the company or in that of any nominee shares, stocks, debentures,        debenture stock, bonds, notes and other securities, obligations and other        investments of any nature whatsoever issued, created or guaranteed by        any company constituted or carrying on business in any part of the world        or by any government, sovereign ruler, commissioners, public body or        authority, supreme, dependent, municipal, local or otherwise in any part    of the world. |
|   |                                                                                                                                 |   |   |
|        |
| 1      | The        name of the company was changed from North West Water Group PLC to its    present name with effect from 1st January 1996. |
|   |                                                                                                                                 |
| 2      | Clause    4 was amended by special resolution passed on 25th July 1997.                                                              |

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|   |   | (C)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | To acquire any such shares, stocks, debentures,        debenture stock, bonds, notes, securities, obligations and investments        by original subscription, contract, tender, purchase, exchange, participation        in syndicates or otherwise, and whether or not fully paid up, and to        subscribe for the same subject to such terms and conditions (if any)    as may be thought fit.                                                                                                                                                   |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   |   | (D)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | To exercise and enforce all rights and        powers conferred by or incidental to the ownership of any such shares,        stocks, debentures, debenture stocks, bonds, notes, securities, obligations    and investments.                                                                                                                                                                                                                                                                                                                            |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   |   | (E)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | To provide any form of capital for and        take part in the formation, management, supervision or control of the        business or operations of any company or undertaking and for such purposes        to appoint and remunerate any directors, accountants or other experts,        advisers or agents and to act as agents for and to manage supervise or        control and provide services to the business, property or operations        of any person, company or undertaking, or any property in which the company    may be interested. |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   | (2)    | To carry on the business of the planning,        provision, operation, development, maintenance, improvement and extension        of utility services of every description, including those relating to    water, wastewater, electricity, gas and telecommunications systems.                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   | (3)    | To carry on business as a general commercial    company.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   | (4)    | To carry on all or any of the businesses        of inspectors, maintainers, repairers, reconditioners, cleaners, clearers,        servicers, coaters, designers, developers, manufacturers, constructors,        installers, layers, fitters, hirers, letters on hire, suppliers, distributors,        importers and exporters of, and dealers in, mains, sewers, drains, pipes,        pipelines, equipment ancillary to the operation or use of any of them,        installations and facilities of all kinds, tools and machinery of every        description, plumbing, engineering and other equipment, plant, components,    accessories and supplies of every description. |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   | (5)    | To carry on all or any of the businesses        of consultants, advisers and suppliers of management, personnel and training        services, whether generally or in respect of one or more of the types        of business or activity which the company has power to carry on, and        to provide training and educational courses, instruction and materials,    of every description, for employees of the company and for other persons.                                                                                                                                                                                                                                 |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   | (6)    | To carry on all or any of the businesses        of, and provide services associated with, plumbers, engineers (including,        without limitation, water, sewerage, mechanical, gas, electrical, heating,        ventilation, civil construction, chemical and telecommunications engineers),    mechanics, technicians, geologists,                                                                                                                                                                                                                                                                                                                                            |

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|   |   | draughtsmen, designers, surveyors, architects,    builders, painters and decorators.                                                                                                                                                                                                                                                                          |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                          |   |
|   | (7)    | To carry on all or any of the businesses        of suppliers, developers and promoters of recreational, sporting and        leisure services, facilities and activities, whether or not connected    with the use of water or land associated with water.                                                                                                     |
|   |   |                                                                                                                                                                                                                                                                                                                                                          |   |
|   | (8)    | To carry on all or any of the businesses        of bankers, financiers, factors, debt collectors, dealers in securities,        underwriters, insurers, brokers of any kinds, storage contractors, freight        contractors, carriers by land, water and air of freight and passengers,    forwarding agents, shipping agents and agents of any other kind. |
|   |   |                                                                                                                                                                                                                                                                                                                                                          |   |
|   | (9)    | To carry on all or any of the businesses        of developers of, and dealers in, property, real or personal, and interests    and rights in such property, and of estate agents.                                                                                                                                                                             |
|   |   |                                                                                                                                                                                                                                                                                                                                                          |   |
|   | (10)   | To carry on all or any of the businesses        of running, operating, managing, supplying, servicing, repairing and    dealing in:                                                                                                                                                                                                                           |
|   |   |                                                                                                                                                                                                                                                                                                                                                          |   |
|   |   | (i)                                                                                                                                                                                                                                                                                                                                                           | telecommunication systems, systems of other        kinds for the conveyance by any means of sounds, visual images and signals;    and |
|   |   |                                                                                                                                                                                                                                                                                                                                                          |   |
|   |   | (ii)                                                                                                                                                                                                                                                                                                                                                          | data processing and information retrieval        systems, computers, computer programs and software, computer bureaux    and databases, |
|   |   |                                                                                                                                                                                                                                                                                                                                                          |   |
|   |   | and services, facilities and equipment ancillary    to, or for use in connection with, any of the same.                                                                                                                                                                                                                                                       |
|   |   |                                                                                                                                                                                                                                                                                                                                                          |   |
|   | (11)   | To carry on all or any of the businesses    of nurserymen, gardeners, landscapers and funeral undertakers.                                                                                                                                                                                                                                                    |
|   |   |                                                                                                                                                                                                                                                                                                                                                          |   |
|   | (12)   | To provide and supply laboratory, scientific,        biological, biochemical, technological, analytical and environmental    services of all kinds.                                                                                                                                                                                                           |
|   |   |                                                                                                                                                                                                                                                                                                                                                          |   |
|   | (13)   |                                                                                                                                                                                                                                                                                                                                                          | To carry on all or any of the businesses        of suppliers, distributors, manufacturers, producers, processors, importers        and exporters of, and dealers in, chemicals, pharmaceuticals, fertilisers,    compost and foodstuffs. |
|   |   |                                                                                                                                                                                                                                                                                                                                                          |   |
|   | (14)   |                                                                                                                                                                                                                                                                                                                                                          | To carry on business as inventors, researchers        and developers, to conduct, promote and commission research and development        in connection with the activities of the company and its subsidiaries,        to establish and maintain research stations, laboratories, workshops,        testing and proving grounds, facilities and establishments and installations        and to exploit and turn to account the results of any research and development    carried out by or for it. |
|   |   |                                                                                                                                                                                                                                                                                                                                                          |   |
|   | (15)   |                                                                                                                                                                                                                                                                                                                                                          | To invent, design, develop, construct, manufacture,        produce, erect, assemble, test, alter, install, maintain, repair, renovate,        refurbish, recondition, utilise, operate, manage, purchase, sell, hire,    hire out, import, export, supply and |

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|   |   | otherwise deal in all kinds of equipment, apparatus, plant, machinery, appliances, articles, furniture, things, accessories, components, fittings, tools, materials, substances, products, systems, computers, computer programs and software which are required or are likely to be required by the company for the purposes of, or in connection with, any of its businesses, or by other persons, or which in the opinion of the directors may be conveniently or advantageously dealt with by the company in connection or association with any of its objects or the objects of any of its subsidiaries.                |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|   | (16)   | To purchase, charter, lease,      take or let on hire, operate, use, employ or turn to account, build, equip,      service, repair, maintain, supply and deal in ships and vessels and craft      of every description (including, without limitation, submersible craft),      hovercraft, motor vehicles, aircraft, airships, railway locomotives, wagons,      trucks and any means of transport and parts and accessories of all kinds    for any of the same.                                                                                                                                                           |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|   | (17)   | To enter into, carry on and      participate in financial transactions and operations of all kinds and to      undertake, carry on and execute all kinds of financial, commercial, trading,      trust, agency and other operations, including, without limitation, acting    as agents for the collection, receipt or payment of money.                                                                                                                                                                                                                                                                                     |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|   | (18)   | To establish, acquire, produce,      transmit, broadcast, publish, print and reproduce in any form whatsoever      (including, without prejudice to the generality of the foregoing, visual      or audible form and forms capable of being used by, in, or in connection      with, computers), and to buy, sell, supply and otherwise deal in brochures,      manuals, journals, periodicals, magazines., newspapers, books, pictures,      photographs, stationery and other documents, sound and visual recordings,      tapes, films, and programmes for radio, television, cinema and other means    of communication. |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|   | (19)   | To carry on any other business      or activity which the directors consider is, or may be capable of being    carried on directly or indirectly for the benefit of the company.                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|   | (20)   | To acquire by any means and      hold and deal with any real or personal property or rights whatsoever and,      without prejudice to the generality of the foregoing, to purchase, take      on lease or in exchange, hire or otherwise acquire and hold any real property      and any estate or interest in such property, including, without limitation      any lands, buildings, installations, structures, servitudes, easements,    rights, privileges and concessions and to exploit and develop the same.                                                                                                          |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|   | (21)   | To explore for, acquire and      exploit natural resources, lands, claims, wells, mines, minerals, mineral,      drilling and mining rights, exploration and production rights, and interests    of all descriptions in or relating to the same.                                                                                                                                                                                                                                                                                                                                                                             |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|   | (22)   | To further the conservation,    enhancement and appreciation of features of the natural and physical environment.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |

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|   | (23)   | To acquire by any means the      whole or any part of the assets, and to undertake the whole or any part      of the liabilities, of any person carrying on or proposing to carry on      any business which the company is authorised to carry on or which can be      carried on in connection with any such business, and to acquire an interest      in, amalgamate or enter into any arrangement for sharing profits, or for      co-operation, or for mutual assistance, with any such person and to give      or accept, for any of the acts or things aforesaid or property acquired,      such consideration as the company thinks fit, including, without limitation,      any shares, whether fully or partly paid up, debentures, or other securities    or rights.                                                                                                                                                                                           |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|   | (24)   | To apply for and take out, purchase      or otherwise acquire any patents, patent rights, inventions, secret processes,      designs, copyrights, trade marks, service marks, commercial names and designations,      know-how, formulae, licences, concessions and the like (and any interest      in any of them) or any exclusive or non-exclusive or limited right to use,      or any secret or other information as to, any invention or secret process      of any kind and to use, exercise, develop, or grant licences in respect      of, or otherwise turn to account or deal with, the property, rights or    information so acquired.                                                                                                                                                                                                                                                                                                                        |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|   | (25)   | To subscribe for, underwrite,      purchase or otherwise acquire, and to hold, and deal with, any shares,      stocks, debentures, bonds, notes and other securities, obligations and      other investments of any nature whatsoever and any options or rights in      respect of them; and otherwise to invest and deal with the money and assets    of the company.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|   | (26)   | To borrow or raise money or      secure or discharge any debt or obligation (whether of the company or of      any other person) in such manner as the company thinks fit and in particular      (but without prejudice to the generality of the foregoing) by the creation      or issue, upon such terms as to priority or otherwise as the company thinks      fit, of securities of any kind or mortgages or charges (fixed or floating)      founded or based upon all or any part of the undertaking, property, assets      and rights (present and future) of the company, including its uncalled      capital, or without any such security; and to receive money on deposit    and advance payments with or without allowance of interest thereon.                                                                                                                                                                                                               |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|   | (27)   | To enter into any guarantee,      contract of indemnity or suretyship and in particular (without prejudice      to the generality of the foregoing) to guarantee, support or secure, with      or without consideration, whether by personal obligation or by mortgaging      or charging all or any part of the undertaking, property and assets (present      and future) and uncalled capital of the company or by both such methods      or in any other manner, the performance of any contracts, obligations or      commitments of, and the repayment or payment of the principal amounts of      and any premiums, interest, dividends and other moneys payable on or in      respect of any securities or liabilities of, any person, including (without      prejudice to the generality of the foregoing) any company which is a subsidiary      or a holding company of the company or another subsidiary of a holding    company of the company or otherwise |

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|   |   | associated with the      company and whether or not any consideration or advantage is received by    the company.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   | (28)   | To advance, lend or deposit money, and to give credit or financial accommodation    to any person on such terms as may be thought fit by the company.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   | (29)   | To draw, make, accept, endorse, discount, negotiate, execute and issue promissory     notes, bills of exchange, bills of lading, warrants, debentures and other    negotiable or transferable instruments.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   | (30)   | To accept securities of any person or any property or interest therein of whatsoever     nature in payment or part payment for any services rendered or for any sale    or supply made to, or debt owing from, any such person.                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   | (31)   | To insure any property, asset, matter or interest and against any potential     liability or loss of the company or of any other person and the life or    health of any person for the benefit of the company.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   | (32)   | To enter into and carry into effect any arrangement for partnership or joint     working or joint venture in business or for the sharing of profits or for    amalgamation with any other person.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   | (33)   | To apply for, promote and obtain any Act of Parliament, charter, privilege,     concession, licence, appointment, consent, or authorisation of any government,     state, municipality, minister, department, local authority, or other authority     or public body for enabling the company to carry any of its objects into     effect or for extending any of the company's powers or for effecting any     modification of the company's constitution, or for any other purpose which     may seem expedient, and to oppose any actions, steps, proceedings or applications     which may seem calculated, directly or indirectly, to prejudice the interests    of the company or of its members. |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   | (34)   | To enter into any arrangements with any governments or authorities (national,     municipal, local, international, or otherwise), or any corporations, companies,     public bodies, or persons that may seem conducive to the company's objects     or any of them, and to obtain from any such government, authority, corporation,     company, body or person any charters, contracts, decrees, rights, privileges     and concessions which the company may think desirable, and to carry out,     exercise and comply with any such charters, contracts, decrees, rights,    privileges and concessions.                                                                                           |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   | (35)   | To grant pensions, allowances, gratuities, and bonuses to present and former     directors, officers and employees of the company or of any subsidiary of     the company or the dependants of such persons, and for that purpose to establish,     maintain, administer and contribute to any pension or superannuation funds     and to establish and support or aid in the establishment and support of     welfare, sports and social facilities, any educational, scientific, literary,     religious, or charitable institutions or trade societies, whether or not    such societies be connected with the trade carried                                                                         |

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|   |   | on by the company      or by any subsidiary of the company, and any club or other establishment      or profit sharing scheme calculated to advance the interests of the company      or any subsidiary of the company and to subscribe or guarantee money for      charitable or benevolent objects calculated to promote the interests of      the company, its employees, former employees and their respective families    and dependants.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   | (36)   | To purchase, establish and maintain and or participate in or contribute to the     cost of insurance for or for the benefit of any persons who are or were     at any time directors, officers or employees of the company, or of any other     company which is its holding company or the subsidiary or subsidiary undertaking     of the company or of any such holding company, or who are or were at any     time trustees of any pension fund in which any employees or former employees     of the company or of any such other companies as aforesaid are beneficiaries     or otherwise interested, including insurance against any liability incurred     by such persons in relation howsoever to any act or omission in the actual     or purported execution and/or discharge of the duties of any such person     and/or in the exercise or purported exercise of the powers of any such person     and/or otherwise in relation to the company or any other such companies     as aforesaid or such pension fund and to the extent permitted by law to    indemnify or to exempt any such person from or against such liability. |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   | (37)   | To establish, maintain, manage, support and contribute to any schemes for the     acquisition of shares in the company or its holding company by or for the     benefit of any individuals who are or were at any time in the employment    of, or directors or officers of:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |
|   |   | (i)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | the company; |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |
|   |   | (ii)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | any company which is or was      its holding company or is or was a subsidiary of the company or any such    holding company; or |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |
|   |   | (iii)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | any other company or former      company connected or associated in any way with the company or with the      whole or any part of its undertaking, and to lend money to any such individuals      to enable them to acquire shares in the company or in its holding company      and to establish, maintain, manage and support (financially or otherwise)      any schemes for sharing profits of the company or any other such company    as aforesaid with any such individuals. |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   | (38)   | To subscribe or      contribute (in cash or in kind) to, and to promote or sponsor, any charitable,      benevolent or useful object of a public character or any object which may      in the opinion of the company be likely directly or indirectly to further    the interests of the company, its employees or its members.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   | (39)   | To pay and discharge      all or any expenses, costs and disbursements, to pay commissions and to      remunerate any person for services rendered or to be rendered in connection    with the formation, promotion and flotation of the                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |

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|                                              |                                                                                                                                                                                                                                                                                                                                                          | company and the underwriting or      placing or issue at any time of any securities of the company or of any    other person.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|---------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                              |                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                                              | (40)                                                                                                                                                                                                                                                                                                                                                          | To issue, allot      and grant options over securities of the company for cash or otherwise      or in payment or part payment for any real or personal property or rights      therein purchased or otherwise acquired by the company or any services      rendered to, or at the request of, or for the benefit of, the company or      as security for, or indemnity for, or towards satisfaction of, any liability      or obligation undertaken or agreed to be undertaken by or for the benefit      of the company, or in consideration of any obligation (even if valued at    less than the nominal value of such securities) or for any other purpose. |
|                                              |                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                                              | (41)                                                                                                                                                                                                                                                                                                                                                          | To procure the company    to be registered or recognised in any part of the world.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                                              |                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                                              | (42)                                                                                                                                                                                                                                                                                                                                                          | To promote any other      company for the purpose of acquiring all or any of the property or undertaking      any of the liabilities of the company, or both, or of undertaking any business      or operations which may appear likely to assist or benefit the company,      and to place or guarantee the placing of, underwrite, subscribe for, or      otherwise acquire all or any part of the shares, debentures or other securities    of any such company.                                                                                                                                                                                              |
|                                              |                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                                              | (43)                                                                                                                                                                                                                                                                                                                                                          | To dispose by any      means of the whole or any part of the assets of the company or of any interest    therein.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                                              |                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                                              | (44)                                                                                                                                                                                                                                                                                                                                                          | To distribute in      specie or otherwise by way of dividends or bonus or reduction of capital      all or any of the property or assets of the company among its members and      particularly, but without prejudice to the generality of the foregoing,      securities of any other company formed to take over the whole or any part      of the assets or liabilities of the company or any proceeds of sale or    other disposal of any property or assets of the company.                                                                                                                                                                                |
|                                              |                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                                              | (45)                                                                                                                                                                                                                                                                                                                                                          | To do all or any      of the above things in any part of the world, and either as principal,      agent, trustee, contractor or otherwise, and either alone or in conjunction      with others, and either by or through agents, trustees, sub-contractors    or otherwise.                                                                                                                                                                                                                                                                                                                                                                                      |
|                                              |                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                                              | (46)                                                                                                                                                                                                                                                                                                                                                          | To do all such other      things as may be deemed, or as the directors consider, incidental to or    conducive to the attainment of the above objects or any of them.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|                                              |                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| AND IT IS HEREBY DECLARED    that in this clause: |
|                                              |                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| (i)                                               | unless the context otherwise    requires, words in the singular include the plural and *vice versa*;                                                                                                                                                                                                                                                          |
|                                              |                                                                                                                                                                                                                                                                                                                                                          |
| (ii)                                              | unless the context otherwise      requires, a reference to a person includes a reference to a company, and      a reference to a person or company includes a reference to a firm, partnership,      corporation, government or other authority (municipal, local or otherwise),      undertaking, organisation, association, statutory, public or other body |

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|   | and any other legal entity, whether      resident, domiciled or situated (in any such case) in the United Kingdom    or elsewhere;                                                                                                                                                                                                                                                                                                                                                                                                        |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| (iii)  | references to "other" and "otherwise" shall    not be construed where a wider construction is possible;                                                                                                                                                                                                                                                                                                                                                                                                               |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| (iv)   | the words "subsidiary" (except      in paragraph (v) below) and "holding company" have the same meaning      as in section 736 of the Companies Act 1985 or any statutory modification    or re-enactment of it;                                                                                                                                                                                                                                                                                                      |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| (v)    | the objects specified in each      of the foregoing paragraphs of this clause shall be separate and distinct      objects of the company and accordingly shall not be in any way limited      or restricted (except so far as otherwise expressly stated in any paragraph)      by reference to or inference from the terms of any other paragraph or the      order in which the paragraphs occur or the name of the company, and none      of the paragraphs shall be deemed merely subsidiary or incidental to any    other paragraph. |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 5      | The liability of the members    is limited.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 6      | The company's share capital is £50,000    divided into 50,000 shares of £1 each1.                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|        |
| 1      | The    capital history of the company is set out on page xi.                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |

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WE, the subscribers to this Memorandum of Association, wish to be formed into a company pursuant to this Memorandum; and we agree to take the number of shares shown opposite our respective names.

|                                    |
|------------------------------------|
| NAMES AND ADDRESSES OF SUBSCRIBERS |   | Number of Shares |
|                               |   | taken by each |
|                               |   | Subscriber |
|                                    |
| Signed: J Samuels                  |   | ONE |
|                               |   |   |
| JACQUELINE SAMUELS                 |   |   |
|                               |   |   |
| For and on behalf of               |   |   |
| Legibus Secretaries Limited        |   |   |
| Royex House                        |   |   |
| Aldermanbury Square                |   |   |
| London EC2V 7LD                    |   |   |
|                               |   |   |
| Signed: C Lee                      |   | ONE |
|                               |   |   |
| CHRISTINE ANNE LEE                 |   |   |
|                               |   |   |
| For and on behalf of               |   |   |
| Legibus Nominees Limited           |   |   |
| Royex House                        |   |   |
| Aldermanbury Square                |   |   |
| London EC2V 7LD                    |   |   |
|                               |   |   |

|                                        |               |   |     |   |
|---------------------------------------------|--------------------|--------|-----|--------|
|                                        | Total shares taken |   | TWO |   |
|                                        |               |   |     |   |
|                                             |                    |        |     |        |
|                                        |
| DATED the 16th day of March,          1989. |
|                                        |
| WITNESS to all the above signatures:-       |
|                                        |
| Signed: D Ward                              |
|                                        |
| DENISE WARD                                 |
|                                        |
| Royex House                                 |
| Aldermanbury Square                         |
| London EC2V 71D                             |

 

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**UNITED UTILITIES PLC**

**AUTHORISED SHARE CAPITAL SINCE      INCORPORATION**

 

| *Effective date*                  |  *£* | *Event*                                                                                                                                                                     |
|-----------------------------------|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| On Incorporation (1st April 1989) | 50,000          | Divided into 50,000 shares of £1 each                                                                                                                                 |
| 29th August 1989                  | 50,001          | Increased to £50,001 by the creation of 1 special rights redeemable preference share of £1 and the 50,000 existing shares were redesignated as ordinary shares. |
| 20th November 1989                | 2,216,001       | Increased by creation of 2,166,000 ordinary shares of £1 each                                                                                                         |
| 12th December 1989                | 475,000,001     | Increased by creation of 472,784,000  ordinary shares of £1 each                                                                                                      |
| 31st December 1994                | 475,000,001     | Redemption of the special rights redeemable preference share                                                                                                                |
| 8th November 1995                 | 660,000,001     | Increased by creation of 185,000,000  ordinary shares of £1 each                                                                                                      |
| 26th July 1996                    | 660,000,000     | Reduced by cancellation of the authorised and unissued special rights redeemable preference share                                                                           |
| 26th July 1996                    | 720,000,000     | Increased by creation of 60,000,000 ordinary shares of £1 each                                                                                                        |
| 21st July 2000                    | 800,000,000     | Increased by creation of 80,000,000 ordinary share of £1 each                                                                                                         |
| 26th August 2003                  | 1,119,000,000   | Increased by the creation of 638,000,000 A shares of 50 pence each.                                                                                                         |

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No. 2366616

|                                                                                                                                                                   | **THE COMPANIES ACT 1985**           |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------|--------|
|                                                                                                                                                                   |                                 |   |
|                                                                                                                                                                   |                                      |   |
|                                                                                                                                                                   |                                 |   |
|                                                                                                                                                                   | **PUBLIC COMPANY LIMITED BY SHARES** |   |
|                                                                                                                                                                   |                                 |   |
|                                                                                                                                                                   |                                      |   |
|                                                                                                                                                                   |                                 |   |
|                                                                                                                                                                   |                                 |   |
|                                                                                                                                                                   | **ARTICLES OF ASSOCIATION**          |   |
|                                                                                                                                                                   |                                 |   |
|                                                                                                                                                                   | **OF**                               |   |
|                                                                                                                                                                   |                                 |   |
|                                                                                                                                                                   | **UNITED UTILITIES PLC1**            |   |
|                                                                                                                                                                   |                                 |   |
| (*As adopted on 25th July          1997 and amended by special resolutions passed on 30th July          1999, 21st July 2000, 31st July 2002 and 26th August    2003*) |
|                                                                                                                                                                        |

     **PRELIMINARY**

| **1**  | **No other regulations to apply**                                                                                                                                                                                                          |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                       |
|   | No regulations set out in any      statute or in any statutory instrument or other subordinate legislation      concerning companies shall apply to the company, but the following shall    be the articles of association of the company. |
|   |                                                                                                                                                                                                                                       |
| **2**  | **Interpretation**                                                                                                                                                                                                                         |
|   |                                                                                                                                                                                                                                       |
| 2.1    | In these articles, unless the      context otherwise requires, the following expressions have the following    meanings:                                                                                                                   |
|   |                                                                                                                                                                                                                                       |
|   | "these articles" means      these articles of association as originally adopted or altered or varied    from time to time (and "article" means one of these articles)                                                  |
|   |                                                                                                                                                                                                                                       |
|   | "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 for the time being of the company or the directors present      or deemed to be present at a duly convened meeting of directors at which    a quorum is present                        |

|   |   |
|--------|--------|

----

| 1 | The name of the company was changed from      North West Water Group PLC to its present name with effect from 1st January      1996. |
|---|--------------------------------------------------------------------------------------------------------------------------------------|

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|   | "CA 1985" means, subject to article 2.3,      the Companies Act 1985                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   | "certificated share" means a share,      title to which is recorded on the register as being held in certificated      form                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   | "chairman" means the chairman (if      any) of the board or, where the context requires, the chairman of a general      meeting of the company                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   | "clear days" means (in relation      to the period of a 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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   | "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      businesses and the managers (acting in their capacity as such) of any investment      or savings plan, which in each case the board has approved |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   | "dematerialised instruction" shall      have the meaning ascribed to it in paragraph 3 of the Regulations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   | "director" means a director for      the time being of the company                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   | "electronic mail" includes any electronic      transmission in any form through any medium                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   | "execution" includes any mode of      execution (and "executed" shall be construed accordingly)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   | "holder" means (in relation to any      share) 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 that share                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   | "London Stock Exchange" means London      Stock Exchange plc                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   | "member" means a member of the company      or, where the context requires, a member of the board or of any committee                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   | "office" means the registered office      for the time being of the company                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   | "ordinary share" means an ordinary      share in the capital of the company                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |

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|   | "Other Resolution" means any resolution      put to a general meeting of the company which is of a procedural nature,      including without limitation any resolution to correct a patent error in      a Substantive Resolution, any resolution for adjournment of a meeting or      any resolution for the election of a chairman of the meeting |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                          |
|   | "paid up" means paid up or credited      as paid up                                                                                                                                                                                                                                                                                                 |
|   |                                                                                                                                                                                                                                                                                                                                                          |
|   | "recognised person" means a recognised      clearing house or a nominee of a recognised clearing house or of a recognised      investment exchange which is designated as mentioned in section 185(4) CA      1985                                                                                                                                  |
|   |                                                                                                                                                                                                                                                                                                                                                          |
|   | "register" means the register of      members of the company to be kept (in the case of shares held in certificated      form) by the company pursuant to section 352 CA 1985 or (in the case of      shares held in uncertificated form) by the operator of a relevant system      pursuant to paragraph 20 of the Regulations                     |
|   |                                                                                                                                                                                                                                                                                                                                                          |
|   | "Regulations" means the Uncertificated      Securities Regulations 2001, SI 2001 No. 3755                                                                                                                                                                                                                                                           |
|   |                                                                                                                                                                                                                                                                                                                                                          |
|   | "relevant system" shall have the      meaning ascribed to it in paragraph 3 of the Regulations                                                                                                                                                                                                                                                      |
|   |                                                                                                                                                                                                                                                                                                                                                          |
|   | "seal" means any common seal of      the company                                                                                                                                                                                                                                                                                                    |
|   |                                                                                                                                                                                                                                                                                                                                                          |
|   | "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 (subject to      the provisions of the statutes) a joint, temporary, assistant or deputy      secretary                                                            |
|   |                                                                                                                                                                                                                                                                                                                                                          |
|   | "securities seal" means an official      seal kept by the company pursuant to section 40 CA 1985                                                                                                                                                                                                                                                    |
|   |                                                                                                                                                                                                                                                                                                                                                          |
|   | "share" means a share of the company                                                                                                                                                                                                                                                                                                                |
|   |                                                                                                                                                                                                                                                                                                                                                          |
|   | "statutes" means CA 1985 and every      other statute (and any regulations subordinate thereto) for the time being      in force concerning companies and affecting the company                                                                                                                                                                     |
|   |                                                                                                                                                                                                                                                                                                                                                          |
|   | "Substantive Resolution" means any      resolution put to a general meeting of the company which is not an Other      Resolution                                                                                                                                                                                                                    |
|   |                                                                                                                                                                                                                                                                                                                                                          |
|   | "the company" means United Utilities      PLC, company number 2366616                                                                                                                                                                                                                                                                               |
|   |                                                                                                                                                                                                                                                                                                                                                          |
|   | "uncertificated share" means a share,      title to which is recorded on the register as being held in uncertificated      form                                                                                                                                                                                                                     |
|   |                                                                                                                                                                                                                                                                                                                                                          |
|   | "United Kingdom" means Great Britain      and Northern Ireland                                                                                                                                                                                                                                                                                      |
|   |                                                                                                                                                                                                                                                                                                                                                          |
|   | "writing or written" means and includes      printing, typewriting, lithography, photography and any other mode or modes      of representing or reproducing words in a legible and non-transitory form      and also includes (to the extent permitted from time to time by the statutes)      electronic mail.                                    |

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| 2.2                    | Unless the context otherwise      requires:                                                                                                                                                                                                                                                                                                               |
|------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                   |                                                                                                                                                                                                                                                                                                                                                      |   |
|                   | (a)                                                                                                                                                                                                                                                                                                                                                       | words in the singular include the plural,      and *vice versa*; |
|                   |                                                                                                                                                                                                                                                                                                                                                      |   |
|                   | (b)                                                                                                                                                                                                                                                                                                                                                       | words importing the masculine gender include      the feminine gender; and |
|                   |                                                                                                                                                                                                                                                                                                                                                      |   |
|                   | (c)                                                                                                                                                                                                                                                                                                                                                       | a reference to a person includes a body      corporate and an unincorporated body of persons. |
|                   |                                                                                                                                                                                                                                                                                                                                                      |   |
| 2.3                    | A reference to any statute or      provision of a statute shall include any orders, regulations or other subordinate      legislation made under it and shall, unless the context otherwise requires,      include any statutory modification or re-enactment of it for the time being      in force.                                                     |
|                   |                                                                                                                                                                                                                                                                                                                                                      |   |
| 2.4                    | Save as aforesaid, and unless      the context otherwise requires, words or expressions contained in these      articles shall bear the same meaning as in CA 1985 and words and expressions      used in the Regulations have the same meanings when used in these Articles.                                                                             |
|                   |                                                                                                                                                                                                                                                                                                                                                      |   |
| 2.5                    | The headings are inserted for      convenience only and shall not affect the construction of these articles.                                                                                                                                                                                                                                              |
|                   |                                                                                                                                                                                                                                                                                                                                                      |   |
| **3**                  | **Form of resolution**                                                                                                                                                                                                                                                                                                                                    |
|                   |                                                                                                                                                                                                                                                                                                                                                      |   |
|                   | Subject to the statutes, where      for any purpose an ordinary resolution of the company is required, a special      resolution or an extraordinary resolution shall also be effective, and where      an extraordinary resolution is required a special resolution shall also      be effective.                                                        |
|                   |                                                                                                                                                                                                                                                                                                                                                      |   |
| **4**                  | **Registered office**                                                                                                                                                                                                                                                                                                                                     |
|                   |                                                                                                                                                                                                                                                                                                                                                      |   |
|                   | The office shall be at such place      in England and Wales as the board shall from time to time appoint.                                                                                                                                                                                                                                                 |
|                   |                                                                                                                                                                                                                                                                                                                                                      |   |
| **SHARE CAPITAL** |
|                   |                                                                                                                                                                                                                                                                                                                                                      |   |
| **5**                  | ** Authorised share capital**                                                                                                                                                                                                                                                                                                                        |
|                   |                                                                                                                                                                                                                                                                                                                                                      |   |
| 5.1                    | The authorised share capital      of the Company at the date of the adoption of this Article is £1,119,000,000      divided into 800,000,000 ordinary shares of £1 each and 638,000,000      A Shares of 50 pence each.                                                                                                                       |
|                   |                                                                                                                                                                                                                                                                                                                                                      |   |
| 5.2                    | The A shares of 50 pence each      issued and to be issued by the Company pursuant to a resolution of members      passed at an Extraordinary General Meeting of the Company held on 26 August      2003 (or, if such meeting was adjourned, at that adjourned meeting) (the      "A Shares") shall have the following rights and restrictions: |
|                   |                                                                                                                                                                                                                                                                                                                                                      |   |
|                   | **(i)**                                                                                                                                                                                                                                                                                                                                                   | **Income** |
|                   |                                                                                                                                                                                                                                                                                                                                                      |   |
|                   | Save as provided below, out of      profits available for distribution in respect of each financial year or      other accounting period of the Company, the holders of the A Shares shall      be entitled, contemporaneously with any payment of dividend or other distribution                                                                         |

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|   | to the holders of ordinary shares      and before profits are carried to reserves, to be paid rateably with the      holders of ordinary shares a dividend or other distribution for each A Share      which is equal to one-half of the dividend or other distribution to be paid      to the holder of an ordinary share (provided that in calculating the aggregate      payment to be made to any particular holder of A Shares (in respect of his      holding of A Shares) any resulting fractions or payments shall be rounded-down      to the nearest whole number or, as the case may be, penny) Provided that      holders of A Shares shall not be entitled to participate in any dividend      or other distribution declared or paid to holders of ordinary shares in      respect of the financial year of the Company ended 31 March 2003 but otherwise      the A Shares shall be entitled to participate in dividends or other distributions      as if they had been fully paid up with effect from 1 April 2003. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |
|   | **(ii)**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | **Capital** |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |
|   | On a return of capital on winding      up or otherwise, the holders of the A Shares shall be entitled to share      rateably with the holders of the ordinary shares in the distribution of      profits or assets (if any) to the holders of ordinary shares on the basis      of a distribution with respect to each A Share which is equal to one-half      of the distribution to the holder of an ordinary share (provided that in      calculating the aggregate payment to be made to any particular holder of      A Shares (in respect of his holding of A Shares) any resulting fractions      and all payments shall be rounded-down to the nearest whole number or, as      the case may be, penny).                                                                                                                                                                                                                                                                                                                     |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |
|   | **(iii)**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | **Capitalisation issues** |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |
|   | On a capitalisation issue of shares      or debentures in accordance with Article 153, the holders of the A Shares      shall be entitled contemporaneously with the issue of such shares or debentures      to the holders of ordinary shares to have issued to them rateably with the      holders of ordinary shares the number of such shares generally or debentures      for each A Share which is equal to one-half in number of such shares or      debentures as are to be issued to the holder of an ordinary share (provided      that in calculating the number of shares or debentures to be allotted to      any particular holder of A Shares (in respect of his holding of A Shares)      resulting fractions of shares or debentures shall be rounded down to the      nearest whole number of shares or debentures).                                                                                                                                                                                               |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |
|   | **(iv)**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | **Further issues** |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |
|   | The Company shall not make an      offer or allotment of securities in connection with a rights issue or other      issue in favour of the holders of ordinary shares generally unless the holders      of the A Shares shall be entitled, contemporaneously with the offer or allotment      of such securities to the holders of ordinary shares to have offered or      allotted to them rateably with the holders of ordinary shares the number      of such securities for each A Share which is equal to one-half in number      of such securities offered or allotted to the holder of an ordinary share      (provided that in calculating the number of securities to be offered or      allotted to any particular holder of A Shares (in respect of his holding      of A Shares) resulting fractions of securities shall be rounded down to      the nearest whole number of securities).                                                                                                                               |

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|   | **(v)**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | **Voting at general meetings**  |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                            |   |
|   | The holders of A Shares shall      be entitled, in respect of their holdings of such shares, to receive notice      of any general meeting of the Company and to attend, speak or vote at such      general meeting on the same basis as the holder of ordinary shares provided      that each holder of A Shares on a poll shall have only one vote for every      two A Shares held (and provided that no fraction of a vote shall exist and      in calculating the voting rights of holders of A Shares voting rights shall      be rounded down to the nearest whole number). |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                            |   |
|   | **(vi)**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  **Class      rights**     |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                            |   |
|   | The Company may from time to time      create, allot and issue further shares, whether ranking pari passu with      or in priority to the A Shares, and such creation, allotment or issue of      any such further shares (whether or not ranking in any respect in priority      to the A Shares) shall be treated as being in accordance with the rights      attaching to the A Shares and shall not involve a variation of such rights      for any purpose or require the consent of holders of A Shares as a class.                                                          |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                            |   |
|   | **(vii)**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |  **Further      A Shares** |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                            |   |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | (a)                             | Subject as provided below, each holder of      A Shares recorded on the register on 2 June 2005 (or if such day is not      a Business Day (as defined below) on the next following Business Day (the      "Subscription Record Date")) shall be entitled, for every A Share      held by him, to subscribe one new A Share at a price (the "Subscription      Price") of 165p per new A Share, payable in full on subscription. |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                            |   |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | (b)                             | Subject as provided below, the entitlement      conferred by Article 5.2(vii)(a) above (the “Subscription Rights”),      shall be satisfied by the Company offering the Subscription Rights to each      holder of A Shares recorded on the register on the Subscription Record Date      in accordance with the following provisions of this Article 5.2(vii) and      the Company undertakes to make an offer of A Shares in accordance with      this Article 5.2(vii). |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                            |   |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | (c)                             | Subject as provided below, the Subscription      Rights will be exercisable from 7 June 2005 (or if such day is not a Business      Day (as defined below), the next following Business Day (the "Subscription      Offer Date")) until 29 June 2005 (or if such day is not a Business      Day, the next following Business Day, the "Subscription Date")).      Not later than the Subscription Offer Date, the Company shall make the offer      pursuant to the Subscription Rights (the "Subscription Offer")      to those holders of A Shares on the Subscription Record Date and shall notify      such holders of the detailed terms and conditions (as determined by the      board) relating to the payment and exercise of Subscription Rights (the      "Subscription Terms"). The Company shall implement such Subscription      Offer in a manner which confers on the holders of the A Shares to whom      the offer is made renounceable rights which are capable of being sold or      transferred (namely, in respect of holders of certificated A Shares by sending      to such holders renounceable provisional allotment letters and, |

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|   |   |   | in respect of holders of uncertificated shares,      in such manner as the board determines is customary and appropriate at the      time). The Subscription Terms must be fully and validly complied with (in      the board's sole discretion) for there to be a valid exercise of Subscription      Rights by a holder of A Shares. In this Article 5.2, the expression "Business      Day" means a day upon which pounds sterling deposits may be dealt in      on the London inter-bank market, commercial banks are generally open in      London and trading and settlement of shares takes place on the London Stock      Exchange plc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|--------|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   |   | (d)    | In order to exercise any Subscription Rights,      a holder of a certificated A Share must comply with the Subscription Terms      (in the board's sole discretion) and must give notification to the Company      (or its agent(s)) of the Subscription Rights being exercised in the manner      described in the Subscription Terms, together with a remittance (in the      form to be specified in the Subscription Terms) for the aggregate Subscription      Price for the new A Shares in respect of which the Subscription Rights are      being exercised, at such place(s) and by such time as may be stated in the      Subscription Terms.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   |   |   | In order to exercise any Subscription Rights,      a holder of an uncertificated A Share must comply with the Subscription      Terms (in the board's sole discretion), must take such action as to the      notification to the Company (or its agent(s)) of the Subscription Rights      being exercised and comply with the payment procedures in each case in the      manner and by the time to be specified in the Subscription Terms.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   |   |   | The Board may require as a condition of exercise      of any Subscription Rights, that the beneficial owner of the relevant A      Shares delivers such certifications as to nationality or residence and/or      in compliance with applicable money-laundering regulations as the board      in its sole discretion deems necessary or desirable. Holders of A Shares      exercising Subscription Rights must also comply with any legal or regulatory      requirements for the time being applicable or as deemed applicable by the      board. A holder of A Shares exercising his Subscription Rights shall thereby      also be deemed to warrant, unless otherwise stated, that he is not doing      so as, or as a nominee or agent for, a person who is or may be liable for      (or to whom an issue of new A Shares will be or may be liable to) stamp      duty or stamp duty reserve tax at any of the increased rates referred to      in sections 67, 70, 93 or 96 of the Finance Act 1986 (depositary receipts      and clearance services) (as such sections may be amended, modified, replaced      or re-enacted from time to time). |
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   |   |   | The Subscription Rights of holders of A Shares      will be subject to such exclusions of holders of A Shares or other arrangements      as the board may judge necessary or expedient to deal with fractional entitlements,      legal or practical problems arising in any overseas territory or because      of shares being represented by depositary receipts, or to deal with the      requirements of any regulatory body or stock exchange or any other matter      with whatsoever.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |

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|   |       | (e)                                                                                                                                                                                                                                                                                                                                                                                         | New A Shares allotted pursuant to the valid      exercise of Subscription Rights will be allotted and issued with effect      from the Subscription Date to the registered holders of the A Shares in      respect of which the relevant Subscription Rights have been validly exercised      or, subject as provided by law and to the payment of stamp duty, stamp duty      reserve tax or any like taxes as may be applicable to such other person(s)      (not being more than four in number) as may be named in the relevant notification      to the Company (or its agent(s)) of the Subscription Rights being exercised.      No fractions of a new A Share will be issued on the exercise of any Subscription      Rights and no refund will be made to a holder of A Shares exercising his      Subscription Rights in respect of that part of the relevant subscription      moneys which represents such a fraction (if any). |
|--------|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |       |                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   |       | (f)                                                                                                                                                                                                                                                                                                                                                                                         | The Company shall not take any action as      a result of which new A Shares would be required to be offered or issued      at a discount to their nominal value.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   |       |                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   |       | (g)                                                                                                                                                                                                                                                                                                                                                                                         | The Company shall maintain sufficient unissued      A Shares to comply with the provisions of this Article 5.2(vii).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   |       |                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   |       | (h)                                                                                                                                                                                                                                                                                                                                                                                         | No certificates for new A Shares shall be      issued or despatched following exercise of the Subscription Rights (or in      respect of allotments and issues of A Shares on or after the Subscription      Date) and the Company shall following the issue and allotment of new A Shares      proceed to issue certificates in respect of the new ordinary shares following      the consolidation and reclassification of all A Shares then in issue referred      to below.                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   |       |                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   | **(viii)** | **Consolidation and reclassification**                                                                                                                                                                                                                                                                                                                                                      |
|   |       |                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   |       | With effect from the end of the      fifth Business Day following the Subscription Date, the following consolidation      and reclassification of all A Shares then in issue shall take place (without      further action by or the requirement for consent or agreement from any person)      pursuant to part (F) of the resolution pursuant to which this Article 5.2      was adopted: |
|   |       |                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   |       | (a)                                                                                                                                                                                                                                                                                                                                                                                         | all the A Shares in issue shall be consolidated      into shares of £1.00 each (on the basis of a consolidation of every      two A Shares into one share of £1.00) and then forthwith thereafter      each such share of £1.00 shall be reclassified as one new ordinary      share; and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   |       |                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   |       | (b)                                                                                                                                                                                                                                                                                                                                                                                         | holders of A Shares who are registered as      having A Shares not divisible by two shall not be entitled to any fraction      of a new ordinary share and all fractional entitlements arising out of such      consolidation shall be aggregated into new ordinary shares and the whole      number of new ordinary shares arising from such aggregation shall be sold      on behalf of the holders and the net proceeds of sale (after all expenses,      tax and stamp duty) shall be distributed in due proportion among those holders      who would otherwise be entitled to such fractional entitlements provided      that no such distribution will be made to any person of an amount of less      than                                                                                                                                                                                                                          |

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|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | £2.50 per holding and any such amount      shall be retained for the benefit of the Company; and                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | each new ordinary share arising from the      consolidation and reclassification of A Shares shall rank *pari passu*in all respects with the existing ordinary shares except that such new      ordinary shares shall not be entitled to participate in any final dividend      recommended and declared by the board for the financial year ending 31 March      2005 but otherwise the new ordinary shares shall be entitled to participate      in dividends or other distributions as if they had been fully paid up with      effect from 1 April 2005. |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|   | **(ix)**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | **Capital reorganisation**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | Unless and until the A Shares      are consolidated and reclassified pursuant to Article 5.2(viii) above, the      Company shall not without the sanction of the holders of A Shares (pursuant      to Article 16) implement any consolidation or sub-division of capital or      implement any capital reorganisation, reduction of capital (other than a      repurchase of issued shares by the Company pursuant to a resolution passed      by members of the Company), bonus issue or capital distribution other than      as referred to in Article 5.2(i), (ii), (iii), (iv) and (vi). |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| **6**  | **Allotment**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|   | Subject to the provisions of the      statutes and to any relevant authority of the company in general meeting      required by the statutes, unissued shares at the date of adoption of these      articles and any shares hereafter created shall be at the disposal of the      board, which may allot (with or without conferring rights of renunciation),      grant options over, offer or otherwise deal with or dispose of them or rights      to subscribe for or convert any security into shares to such persons (including      the directors themselves), at such times and generally on such terms and      conditions as the board may decide, provided that no share shall be issued      at a discount. |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| **7**  | **Redeemable shares**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|   | Subject to the provisions of the      statutes and to any special rights for the time being attached to any existing      shares, any share may be issued which is, or at the option of the company      or of the holder of such share is liable, to be redeemed on such terms and      in such manner as these Articles may provide.                                                                                                                                                                                                                                                                                                                                                                                   |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| **8**  | **Power to attach rights**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|   | Subject to the provisions of the      statutes and to any special rights for the time being attached to any existing      shares, any shares may be allotted or issued with or have attached to them      such preferred, deferred or other special rights or restrictions, whether      in regard to dividend, voting, transfer, return of capital or otherwise,      as the company may from time to time by ordinary resolution determine or,      if no such resolution has been passed or so far as the resolution does not      make specific provision, as the board may determine.                                                                                                                               |

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| **9**  | **Share warrants to bearer**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |
| 9.1    | The company may, with respect      to any fully paid shares, issue a warrant (a "share warrant")      stating that the bearer of the warrant is entitled to the shares specified      in it and may provide (by coupons or otherwise) for the payment of future      dividends on the shares included in a share warrant.                                                                                                                                                                         |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |
| 9.2    | The powers referred to in article 9.1      may be exercised by the board, which may determine and vary the conditions      on which share warrants shall be issued, and in particular on which:                                                                                                                                                                                                                                                                                                        |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |
|   | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | a new share warrant or coupon will be issued      in the place of one damaged, defaced, worn out or lost (provided that no      new share warrant shall be issued to replace one that has been lost unless      the board is satisfied beyond reasonable doubt that the original has been      destroyed); |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |
|   | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | the bearer of a share warrant shall be entitled      to receive notice of and to attend, vote and demand a poll at general meetings; |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |
|   | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | dividends will be paid; and |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |
|   | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | a share warrant may be surrendered and the      name of the holder entered in the register in respect of the shares specified      in it. |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |
|   | Subject to such conditions and      to these articles, the bearer of a share warrant shall be deemed to be a      member for all purposes. The bearer of a share warrant shall be subject      to the conditions for the time being in force and applicable thereto, whether      made before or after the issue of such share warrant.                                                                                                                                                                     |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |
| **10** | **Commission and brokerage**                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |
|   | The company may in connection      with the issue of any shares exercise all powers of paying commission and      brokerage conferred or permitted by the statutes. Subject to the provisions      of the statutes, any such commission or brokerage may be satisfied by the      payment of cash, 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.                                                    |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |
| **11** | **Trusts not to be recognised**                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |
|   | Except as otherwise expressly      provided by these articles, as required by law or as ordered by a court      of competent jurisdiction, the company shall not recognise any person as      holding any share on any trust, and (except as aforesaid) the company shall      not be bound by or recognise (even if having notice of it) any equitable,      contingent, future, partial or other claim to or interest in any share except      an absolute right of the holder to the whole of the share. |

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| **ALTERATION OF SHARE        CAPITAL** |
|--------------------------------------------------|
|                                             |   |   |
| **12**                                           | **Increase, consolidation, cancellation      and sub-division** |
|                                             |   |   |
|                                             | The company in general meeting      may from time to time by ordinary resolution: |
|                                             |   |   |
|                                             | (a) | increase its share capital by such sum to      be divided into shares of such amount as the resolution prescribes; |
|                                             |   |   |
|                                             | (b) | consolidate and divide all or any of its      share capital into shares of larger amount than its existing shares; |
|                                             |   |   |
|                                             | (c) | cancel any shares which at the date of the      passing of the resolution have not been taken or agreed to be taken by any      person, and diminish the amount of its share capital by the amount of the      shares so cancelled; and |
|                                             |   |   |
|                                             | (d) | subject to the provisions of the statutes,      sub-divide its shares or any of them into shares of smaller amount, and      may by such resolution determine that, as between the shares resulting from      such sub-division, one or more of the shares may, as compared with the others,      have any such preferred, deferred or other special rights or be subject      to any such restrictions as the company has power to attach to unissued      or new shares. |
|                                             |   |   |
| **13**                                           | **Fractions of shares** |
|                                             |   |   |
| 13.1                                             | Whenever as the result of any      consolidation, division or sub-division of shares any difficulty arises,      the board may settle it as it thinks fit, and in particular (but without      prejudice to the generality of the foregoing) where the number of shares      held by any holder is not an exact multiple of the number of shares to be      consolidated into a single share and as a result of such consolidation such      holder would become entitled to a fraction of a consolidated share: |
|                                             |   |   |
|                                             | (a) | the board may determine which of the shares      of such holder are to be treated as giving rise to such fractional entitlement      and may decide that any of those shares shall be consolidated with any of      the shares of any other holder or holders which are similarly determined      by it to be treated as giving rise to a fractional entitlement for such      other holder or holders, into a single consolidated share and the board      may, on behalf of all such holders, sell such consolidated share for the      best price reasonably obtained to any person (including the company) and      distribute the net proceeds of sale after deduction of the expenses of sale      in due proportion among those holders (except that any amount otherwise      due to a holder, being less than £2.50 or such other sum as the board      may from time to time determine, may be retained for the benefit of the      company); or |
|                                             |   |   |
|                                             | (b) | provided that the necessary unissued shares      are available, the board may issue to such holder credited as fully paid      by way of capitalisation the minimum number of shares required to round      up his holding to an exact multiple of the number of shares to be consolidated      into a single share (such issue being deemed to have been effected prior      to consolidation); and the amount required to pay up such shares shall be      appropriated at the Board's discretion from any of the sums |

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|                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | standing to the credit of any of the company's      reserve accounts (including share premium account and capital redemption      reserve) or to the credit of profit and loss account and capitalised by      applying the same in paying up the share. In relation to such a capitalisation      the board may exercise all the powers conferred on it by article 153 without      an ordinary resolution of the company. |
|-----------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 13.2                                    | For the purposes of any sale      of consolidated shares pursuant to article 13.1, the board may authorise      some person to execute an instrument of transfer of (or, as the case may      be, to give a dematerialised instruction in respect of) the shares to, or      in accordance with the directions of, the purchaser, and the transferee      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.                                                                                                                                                                                                                      |
|                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                        |
| **14**                                  | **Reduction of capital**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                                    | Subject to the provisions of the      statutes and to any rights for the time being attached to any shares, the      company may by special resolution reduce its share capital or any capital      redemption reserve or share premium account in any way.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                        |
| **15**                                  | **Purchase of own shares**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                                    | Subject to the provisions of the      statutes, these articles and any rights for the time being attached to any      shares, the company may purchase any of its own shares of any class (including      any redeemable shares). Any shares to be so purchased may be selected in      any manner whatsoever.                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                        |
| **VARIATION OF CLASS RIGHTS** |
|                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                        |
| **16**                                  | **Sanction to variation**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                                    | If at any time the share capital      of the company is divided into shares of different classes, any of the rights      for the time being attached to any share or class of shares in the company      (and notwithstanding that the company may be or be about to be in liquidation)      may be varied or abrogated in such manner (if any) as may be provided by      such rights or, in the absence of any such provision, either with the consent      in writing of the holders of not less than three-quarters in nominal value      of the issued shares of the class or with the sanction of an extraordinary      resolution passed at a separate general meeting of the holders of shares      of the class duly convened and held as hereinafter provided (but not otherwise). |

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| **17**                | **Class meetings**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|-----------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                  | All the provisions in these articles as to      general meetings shall *mutatis mutandis* apply to every meeting of      the holders of any class of shares. The board may convene a meeting of the      holders of any class of shares whenever it thinks fit and whether or not      the business to be transacted involves a variation or abrogation of class      rights. The quorum at every such meeting shall be not less than two persons      holding or representing by proxy at least one-third of the nominal amount      paid up on the issued shares of the class. Every holder of shares of the      class, present in person or by proxy, may demand a poll. Each such holder      shall on a poll be entitled to one vote for every share of the class held      by him. If at any adjourned meeting of such holders such quorum as aforesaid      is not present, not less than one person holding shares of the class who      is present in person or by proxy shall be a quorum. |
|                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| **18**                | **Deemed variation**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                  | Subject to the terms of issue of or rights      attached to any shares, the rights or privileges attached to any class of      shares shall be deemed not to be varied or abrogated by the creation or      issue of any new shares ranking *pari passu*in all respects (save      as to the date from which such new shares shall rank for dividend) with      or subsequent to those already issued or by the reduction of the capital      paid up on such shares or by the purchase or redemption by the company of      its own shares in accordance with the provisions of the statutes and these      articles.                                                                                                                                                                                                                                                                                                                                                                                |
|                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| **EVIDENCE OF TITLE** |
|                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| **19**                | **Arrangements relating to uncertificated      securities**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 19.1                  | Notwithstanding any other provision of these      articles, title to any securities of the company may be evidenced and may      be transferred without a written instrument in accordance with statutory      regulations from time to time made under the statutes and subject to such      regulations the board shall have power to implement any arrangements it      may think fit for such evidencing and transfer which accord with those regulations.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 19.2                  | Where any provision of these articles confers      authority on the company or the board or any of the directors to enter into      (or to authorise some other person to enter into) any transaction in respect      of shares held in uncertificated form (including, without limitation, article      23, article 38, article 50 and article 82) the board may authorise some      person to give notice on behalf of the company to the operator of a relevant      system, requiring that such shares be converted into certificated form and      stating that such conversion is required in order to enable the company      to give effect to the provisions of these articles.                                                                                                                                                                                                                                                                                                              |

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| **20** | **Right to share certificates**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 20.1   | On becoming the holder of any certificated      share, every person (except a recognised person in respect of whom the company      is not by law required to complete and have ready for delivery a certificate)      shall be entitled, without charge, to have issued within two months after      allotment or lodgement of a transfer (unless the terms of issue of the shares      provide otherwise) one certificate for all the certificated shares of each      class registered in his name. Such certificate shall specify the number,      class and distinguishing numbers (if any) of the shares in respect of which      it is issued and the amount or respective amounts paid up thereon and shall      be issued as provided in article 138. |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 20.2   | The issued shares of a particular class      which are fully paid up and rank *pari passu* for all purposes shall      not bear a distinguishing number. All other shares shall bear a distinguishing      number.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 20.3   | The company shall not be bound to issue      more than one certificate in respect of shares held jointly by two or more      persons. Delivery of a certificate to the person first named on the register      as the holder of such shares shall be sufficient delivery to all joint holders.                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 20.4   | Where a member (other than a recognised      person) has transferred part only of the shares comprised in a certificate,      he shall be entitled to a certificate for the balance of such shares without      charge.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 20.5   | No certificate shall be issued representing      shares of more than one class or in respect of shares held by a recognised      person, or in respect of any uncertificated shares.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| **21** | **Replacement certificates**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 21.1   | Any two or more certificates representing      certificated shares of any one class held by any member may at his request      be cancelled and a single new certificate for such shares issued in lieu      without charge on surrender of the original certificates for cancellation.                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 21.2   | If any member shall surrender for cancellation      a share certificate representing certificated shares held by him and request      the company to issue in lieu two or more share certificates representing      such shares in such proportions as he may specify, the board may, if it      thinks fit, comply with such request.                                                                                                                                                                                                                                                                                                                                                                                                                         |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 21.3   | Share certificates may be renewed or replaced      on such terms as to provision of evidence and indemnity (with or without      security) and to payment of any exceptional out of pocket expenses, including      those incurred by the company in investigating such evidence and preparing      such indemnity and security, as the board may decide, and on surrender of      the original certificate (where it is defaced, damaged or worn out), but      without any further charge.                                                                                                                                                                                                                                                                   |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 21.4   | In the case of shares held jointly by several      persons, any such request as is mentioned in this article 21 may be made      by any one of the joint holders.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |

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|  **LIEN ON SHARES** |
|------------------------------------|
|                               |   |
| **22**                             | **Lien on shares not fully paid** |
|                               |   |
|                               | The company shall have a first and paramount      lien on each of its shares which is not fully paid, for all amounts payable      to the company (whether presently or not) in respect of that share and to      the extent and in the circumstances permitted by the statutes. The board      may waive any lien which has arisen and may resolve that any share shall      for some limited period be exempt wholly or partially from the provisions      of this article. |
|                               |   |
| **23**                             | **Enforcement of lien by sale** |
|                               |   |
|                               | The board may sell all or any of the shares      subject to any lien at such time or times and in such manner as it may determine.      However, no sale shall be made until such time as the moneys in respect      of which such lien exists or some part thereof are or is presently payable      or the liability or engagement in respect of which such lien exists is liable      to be presently fulfilled or discharged, and until a demand and notice in      writing stating the amount due or specifying the liability or engagement      and demanding payment or fulfilment or discharge thereof and giving notice      of intention to sell in default shall have been served on the holder or      the persons (if any) entitled by transmission to the shares, and default      in payment, fulfilment or discharge shall have been made by him or them      for fourteen clear days after service of such notice. For giving effect      to any such sale, the board may authorise some person to execute an instrument      of transfer of, or to give a dematerialised instruction in respect of, the      shares sold in the name and on behalf of the holder or the persons entitled      by transmission in favour of the purchaser or as the purchaser may direct.      The purchaser shall not be bound to see to the application of the purchase      money, and the title of the transferee to the shares shall not be affected      by any irregularity in or invalidity of the proceedings in reference to      the sale. |
|                               |   |
| **24**                             | **Application of proceeds of sale** |
|                               |   |
|                               | The net proceeds of any sale of shares subject      to any lien, after payment of the costs, shall be applied in or towards      satisfaction of so much of the amount due to the company or of the liability      or engagement (as the case may be) as is presently payable or is liable      to be presently fulfilled or discharged. The balance (if any) shall (in      the case of a sale of certificated shares, on surrender to the company for      cancellation of the certificate for the shares sold), subject to a like      lien for any moneys not presently payable or any liability or engagement      not liable to be presently fulfilled or discharged as existed on the shares      before the sale, be paid to the holder or the person (if any) entitled by      transmission to the shares so sold, without interest. |

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| **CALLS ON SHARES** |
|-------------------------------|
|                          |   |
| **25**                        | **Calls** |
|                          |   |
|                          | Subject to the terms of allotment of shares,      the board may from time to time make calls on the members in respect of      any moneys unpaid on the shares, of any class, held by them respectively      (whether in respect of nominal value or premium) and not payable on a date      fixed by or in accordance with the terms of issue. Each member shall (subject      to receiving at least fourteen clear days' notice specifying when and      where payment is to be made and whether or not by instalments) be liable      to pay the amount of every call so made on him as required by the notice.      A call shall be deemed to have been made at the time when the resolution      of the board authorising such call was passed or (as the case may require)      any person to whom power has been delegated pursuant to these articles serves      notice of exercise of such power. A call may be required to be paid by instalments      and may, before receipt by the company of any sum due thereunder, be either      revoked or postponed in whole or part as regards all or any such members      as the board may determine. A person on whom a call is made shall remain      liable notwithstanding the subsequent transfer of the shares in respect      of which the call was made. |
|                          |   |
| **26**                        | **Liability of joint holders** |
|                          |   |
|                          | The joint holders of a share shall be jointly      and severally liable for the payment of all calls in respect thereof. |
|                          |   |
| **27**                        | **Interest on calls** |
|                          |   |
|                          | If the whole of the sum payable in respect      of any call is not paid on or before the day appointed for payment, the      person from whom it is due and payable shall pay all costs, charges and      expenses that the company may have incurred by reason of such non-payment,      together with interest on the unpaid amount from the day appointed for payment      thereof to the time of actual payment at the rate fixed by the terms of      the allotment of the share or in the notice of the call or, if no rate is      so fixed, at such rate, not exceeding fifteen per cent per annum (compounded      on a six monthly basis), as the board shall determine. The board may      waive payment of such costs, charges, expenses or interest in whole or in      part. |
|                          |   |
| **28**                        | **Rights of member when call unpaid** |
|                          |   |
|                          | Unless the board otherwise determines, no      member shall be entitled to receive any dividend or to be present and vote      at a general meeting or at any separate general meeting of the holders of      any class of shares either in person or (save as proxy for another member)      by proxy, or be reckoned in a quorum, or to exercise any other right or      privilege as a member in respect of a share held by him unless and until      he shall have paid all calls for the time being due and payable by him in      respect of that share, whether alone or jointly with any other person, together      with interest and expenses (if any) to the company. |

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| **29**                             | **Sums due on allotment treated as calls**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                               | 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| **30**                             | **Power to differentiate**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                               | 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| **31**                             | **Payment in advance of calls**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                               | 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. |
|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| **32**                             | **Delegation of power to make calls**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                               | If any uncalled capital of the company is      included in or charged by any mortgage or other security, the board may      delegate on such terms as it thinks fit to the person in whose favour such      mortgage or security is executed, or to any other person in trust for him,      the power to make calls on the members in respect of such uncalled capital,      to sue in the 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 mortgage or security, notwithstanding any change of directors, and      shall be assignable if expressed so to be.                                                                                                                                     |
|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| **FORFEITURE OF SHARES** |
|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| **33**                             | **Notice if call not paid**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                               | If any member fails to pay the whole of any      call or any instalment of any call on or before the day appointed for payment,      the board may at any time serve a notice in writing on such member or on      any person entitled to the shares by transmission, requiring payment, on      a date not less than fourteen clear days from the date of the notice, of      the amount unpaid and any interest which may have accrued thereon and any      costs, charges and expenses incurred by the company by reason of such non-payment.      The notice shall name the place where the payment is to be made and state      that, if the notice is not                                                                                                                                                                                                                      |

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|   | complied with, the shares in respect of which      such call was made will be liable to be forfeited.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| **34** | **Forfeiture for non-compliance**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|   | If the notice referred to in article 33 is      not complied with, any share in respect of which it was given may, at any      time before the payment required by the notice has been made, be forfeited      by a resolution of the board to that effect. Such forfeiture shall include      all dividends declared or other moneys payable in respect of the forfeited      shares and not paid before the forfeiture.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| **35** | **Notice after forfeiture**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|   | When any share has been forfeited, notice      of the forfeiture shall be served on the person who was before forfeiture      the holder of the share or the person entitled to such share by transmission      (as the case may be). An entry of such notice having been given, and of      the forfeiture with the date thereof, shall forthwith be made in the register      in respect of such share. However, no forfeiture shall be invalidated by      any omission to give such notice or to make such entry as aforesaid.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| **36** | **Forfeiture may be annulled**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|   | The board may, at any time before any share      so forfeited has been cancelled or sold, re-allotted or otherwise disposed      of, annul the forfeiture, on terms that payment shall be made of all calls      and interest due thereon and all expenses incurred in respect of the share      and on such further terms (if any) as the board shall see fit.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| **37** | **Surrender**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|   | The board may accept a surrender of any share      liable to be forfeited. In such case references in these articles to forfeiture      shall include surrender.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| **38** | **Disposal of forfeited shares**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|   | Every share which shall be forfeited shall      thereupon become the property of the company. Subject to the provisions      of the statutes, any such share may be sold, re-allotted or otherwise disposed      of, either to the person who was before forfeiture the holder thereof or      entitled thereto or to any other person, on such terms and in such manner      as the board shall determine. The board may, for the purposes of the disposal,      authorise some person to transfer the share in question and may enter the      name of the transferee in respect of the transferred share in the register      notwithstanding (in the case of a certificated share) the absence of any      share certificate being lodged in respect thereof. An instrument of transfer      executed by that person, or a dematerialised instruction given at the request      of that person, shall be as effective as if it had been executed or given      by the holder of, or the person entitled by transmission to, the share.      The company may receive the consideration (if any) given for the share on      its disposal. |

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| **39**                           | **Effect of forfeiture**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|----------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                             | A shareholder whose shares have been forfeited      shall cease to be a member in respect of the shares forfeited and shall      surrender to the company for cancellation the certificate (if any) for such      shares. He shall nevertheless be liable to pay to the company all calls      made and not paid on such shares at the time of forfeiture, and interest      thereon from the date of the forfeiture to the date of payment, in the same      manner in all respects as if the shares had not been forfeited, and to satisfy      all (if any) claims, demands and liabilities which the company might have      enforced in respect of the shares at the time of forfeiture, without any      reduction or allowance for the value of the shares at the time of forfeiture      or for any consideration received on their disposal.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| **40**                           | **Extinction of claims**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                             | 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 only such of those rights and liabilities      as are by these articles expressly saved, or as are by the statutes given      or imposed in the case of past members.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| **41**                           | **Evidence of forfeiture**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                             | A statutory declaration by a director or the      secretary that a share has been forfeited in pursuance of these articles,      and stating the date on which it was forfeited, shall, as against all persons      claiming to be entitled to the share adversely to the forfeiture thereof,      be conclusive evidence of the facts therein stated. The declaration, together      with the receipt of the company for the consideration (if any) given for      the share on the sale or disposition thereof shall (subject if necessary      to the execution of an instrument of transfer or the giving of a dematerialised      instruction) constitute a good title to the share. Subject to the execution      of any necessary transfer, such person shall be registered as the holder      of the share and shall be discharged from all calls made prior to such sale      or disposition and shall not be bound to see to the application of the purchase      money or other consideration (if any), nor shall his title to the share      be affected by any act, omission or irregularity relating to or connected      with the proceedings in reference to the forfeiture or disposal of the share.      Such person shall not (except by express agreement with the company) become      entitled to any dividend which might have accrued on the share before the      completion of the sale or disposition thereof. |
|                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| **TRANSFER OF SHARES** |
|                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| **42**                           | **Transfer of certificated shares**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                             | Subject to such of the restrictions of these      articles as may be applicable, each member may transfer all or any of his      certificated shares by instrument of transfer in writing in any usual form      or in any form approved by the board. Such instrument shall be executed      by or on behalf of the transferor and (in the case of a transfer of a certificated      share which is not fully paid up) by or on behalf of the transferee. The      transferor shall be deemed to remain the holder of such share until the      name of the transferee is entered in the register in respect of it. All      instruments of transfer which are registered may be retained by the company.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |

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| **43** | **Transfer of uncertificated      shares**                                                                                                                                                                                                                                                                                                                                                  |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                        |   |
|   | Subject to such of the restrictions      of these articles as may be applicable, each member may transfer all or      any of his uncertificated shares in accordance with the rules and regulations      in force from time to time which are applicable to a relevant system.                                                                                                              |
|   |                                                                                                                                                                                                                                                                                                                                                                                        |   |
| **44** | **Right to refuse registration**                                                                                                                                                                                                                                                                                                                                                            |
|   |                                                                                                                                                                                                                                                                                                                                                                                        |   |
| 44.1   | The board may, in its absolute      discretion and without giving any reason, refuse to register any transfer      of a share (or renunciation of a renounceable letter of allotment) unless:                                                                                                                                                                                               |
|   |                                                                                                                                                                                                                                                                                                                                                                                        |   |
|   | (a)                                                                                                                                                                                                                                                                                                                                                                                         | it is in respect of a share which is fully      paid up; |
|   |                                                                                                                                                                                                                                                                                                                                                                                        |   |
|   | (b)                                                                                                                                                                                                                                                                                                                                                                                         | it is in respect of only one class of shares; |
|   |                                                                                                                                                                                                                                                                                                                                                                                        |   |
|   | (c)                                                                                                                                                                                                                                                                                                                                                                                         | it is in favour of a single transferee or      not more than four joint transferees; |
|   |                                                                                                                                                                                                                                                                                                                                                                                        |   |
|   | (d)                                                                                                                                                                                                                                                                                                                                                                                         | it is duly stamped (if so required); and |
|   |                                                                                                                                                                                                                                                                                                                                                                                        |   |
|   | (e)                                                                                                                                                                                                                                                                                                                                                                                         | (if it is in respect of a certificated share)      it is delivered for registration to the office or such other place as the      board may from time to time determine, accompanied (except in the case of      a transfer by a recognised person where a certificate has not been issued      or in the case of a renunciation) by the certificate for the shares to which      it relates and such other evidence as the board may reasonably require to      prove the title of the transferor or person renouncing and the due execution      of the transfer or renunciation by him or, if the transfer or renunciation      is executed by some other person on his behalf, the authority of that person      to do so; |
|   |                                                                                                                                                                                                                                                                                                                                                                                        |   |
|   | provided that the board shall      not refuse to register any transfer or renunciation of partly paid shares      which are admitted to trading on the London Stock Exchange on the grounds      that they are partly paid shares in circumstances where such refusal would      prevent dealings in such shares from taking place on an open and proper      basis.                        |
|   |                                                                                                                                                                                                                                                                                                                                                                                        |   |
| 44.2   | Transfers of shares will not      be registered in the circumstances referred to in article 82.                                                                                                                                                                                                                                                                                             |
|   |                                                                                                                                                                                                                                                                                                                                                                                        |   |
| **45** | **Notice of refusal**                                                                                                                                                                                                                                                                                                                                                                       |
|   |                                                                                                                                                                                                                                                                                                                                                                                        |   |
|   | If the board refuses to register      a transfer of a share it shall, within two months after the date on which      the transfer was lodged with the company, send notice of the refusal to      the transferee. Any instrument of transfer which the board refuses to register      shall (except in the case of suspected or actual fraud) be returned to the      person depositing it. |
|   |                                                                                                                                                                                                                                                                                                                                                                                        |   |
| **46** | **Closing of register**                                                                                                                                                                                                                                                                                                                                                                     |
|   |                                                                                                                                                                                                                                                                                                                                                                                        |   |
|   | The registration of transfers      of shares or of any class of shares may be suspended at such times and for      such periods (not exceeding thirty days in any year) as the board may from      time to time determine, subject to the board having first obtained any consent      or                                                                                                   |

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|                                       | authorisation to such closure which may be      required. Notice of closure of the register shall be given in accordance      with the requirements of the statutes.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|--------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
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| **47**                                     | **Fees on registration**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                                       | No fee shall be charged for registration of      a transfer or on the registration of any probate, letters of administration,      certificate of death or marriage, power of attorney, notice or other instrument      relating to or affecting the title to any shares.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| **48**                                     | **Transfers by renunciation**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                                       | Nothing in these articles shall preclude the      board from recognising a renunciation of the allotment of any share by the      allottee in favour of some other person.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|  **TRANSMISSION OF SHARES** |
|                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| **49**                                     | **On death**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                                       | If a member dies, the survivors or survivor,      where he was a joint holder, and his executors or administrators, where      he was a sole or the only survivor of joint holders, shall be the only persons      recognised by the company as having any title to his shares. Nothing in      these articles shall release the estate of a deceased member from any liability      in respect of any share which has been solely or jointly held by him.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| **50**                                     | **Election of person entitled by transmission**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                                       | Any person becoming entitled to a share in      consequence of the death or bankruptcy of any member, or of any other event      giving rise to a transmission of such entitlement by operation of law, may,      on such evidence as to his title being produced as the board may require,      elect either to become registered as a member or to have some person nominated      by him registered as a member. If he elects to become registered himself,      he shall give notice to the company to that effect. If he elects to have      some other person registered, he shall execute an instrument of transfer      of such share to that person or, as the case may be, procure the transfer      of such share to that person by means of a dematerialised instruction. All      the provisions of these articles relating to the transfer of shares shall      apply to the notice, instrument of transfer or dematerialised instruction      (as the case may be) as if it were executed or given by the member and his      death, bankruptcy or other event as aforesaid had not occurred. Where the      entitlement of a person to a share in consequence of the death or bankruptcy      of a member or of any other event giving rise to its transmission by operation      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. |
|                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| **51**                                     | **Rights on transmission**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                                       | Where a person becomes entitled to a share      in consequence of the death or bankruptcy of any member, or of any other      event giving rise to a transmission of such entitlement by operation of      law, the rights of the holder in relation to such share shall cease. However,      the person so entitled may give a good discharge for any dividends and other      moneys payable in respect of it and shall have the same rights to which      he would be entitled if he                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |

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|                         | were the holder of the share,      except that he shall not, before he is registered as the holder of the share,      be entitled in respect of it to receive notice of, or to attend or vote      at, any meeting of the company or at any separate meeting of the holders      of any class of shares of the company. The board may at any time give notice      requiring any such person to elect either to be registered himself or to      transfer the share. If the notice is not complied with within sixty days,      the board may thereafter withhold payment of all dividends and other moneys      payable in respect of such share until the requirements of the notice have      been complied with. |
|------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |
| **DESTRUCTION OF DOCUMENTS** |
|                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |
| **52**                       | **Destruction of documents**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |
| 52.1                         | The company may destroy:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |
|                         | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | any instrument of transfer, after six years      from the date on which it is registered; |
|                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |
|                         | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | any dividend mandate or any variation or      cancellation thereof or any notification of change of name or address, after      two years from the date on which it is recorded; |
|                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |
|                         | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | any share certificate, after one year from      the date on which it is cancelled; and |
|                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |
|                         | (d)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | any other document on the basis of which      any entry in the register is made, after six years from the date on which      an entry was first made in the register in respect of it, |
|                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |
|                         | Provided that the      company may destroy any such type of document at a date earlier than that      authorised by this article if a copy of such document is retained on microfilm      or by other similar means on which such copy is retained until the expiration      of the period applicable to the destruction of the original of such document.                                                                                                                                                                                                                                                                                                                                                           |
|                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |
| 52.2                         | It shall be conclusively      presumed in favour of the company that every entry in the register purporting      to have been made on the basis of a document so destroyed was duly and properly      made, that every instrument of transfer so destroyed was duly registered,      that every share certificate so destroyed was duly cancelled, that every      other document so destroyed had been properly dealt with in accordance with      its terms and was valid and effective in accordance with the particulars      in the records of the company, provided that:                                                                                                                                      |
|                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |
|                         | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | this article 52 shall apply only to      the destruction of a document in good faith and without notice of any claim      (regardless of the parties to it) to which the document might be relevant; |
|                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |
|                         | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | nothing in this article 52 shall be      construed as imposing on the company any liability in respect of the destruction      of any such document otherwise than as provided for in this article 52      which would not attach to the company in the absence of this article 52;      and |
|                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |
|                         | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | references in this article 52 to the      destruction of any document include references to the disposal of it in      any manner. |

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| **GENERAL MEETINGS** |
|---------------------------|
| **53**                    | **Annual general meetings** |
|                      |   |   |
|                      | Subject to the provisions of the      statutes, annual general meetings shall be held at such time and place as      the board may determine. |
|                      |   |   |
| **54**                    | **Extraordinary general meetings** |
|                      |   |   |
|                      | All general meetings, other than      annual general meetings, shall be called extraordinary general meetings. |
|                      |   |   |
| **55**                    | **Convening of extraordinary      general meeting** |
|                      |   |   |
| 55.1                      | The board may convene an extraordinary      general meeting whenever it thinks fit. An extraordinary general meeting      shall also be convened on such requisition, or in default may be convened      by such requisitionists, as provided by section 368 CA 1985. At any      meeting convened on such requisition or by such requisitionists no business      shall be transacted except that stated by the requisition or proposed by      the board. If there are not within the United Kingdom sufficient members      of the board to convene a general meeting, any director may call a general      meeting. |
|                      |   |   |
| 55.2                      | If on or before 31 March in      any year any members shall in accordance with section 376 CA 1985 require      the company in relation to the annual general meeting to be held in the      period from 1 April in that year to 31 March in the next following year      to give notice of a resolution which may properly be moved or to circulate      a statement in acceptable form, the company will circulate that resolution      or statement with the notice of the annual general meeting without cost      to the requisitionists. If any requisition is made in accordance with section      376 CA 1985 after 31 March in any year and prior to the annual general meeting      to be held in the period from 1 April in that year to 31 March in the next      following year the company shall require that the requisitionists deposit      or tender a sum sufficient to meet the company's reasonable expenses in      giving effect to it. |
|                      |   |   |
| **56**                    | **Notice of general meetings** |
|                      |   |   |
| 56.1                      | An annual general meeting and      an extraordinary general meeting convened for the passing of a special resolution      or an extraordinary resolution shall be convened by not less than twenty      one clear days' notice in writing. All other extraordinary general meetings      shall be convened by not less than fourteen clear days' notice in writing. |
|                      |   |   |
| 56.2                      | The notice shall specify: |
|                      |   |   |
|                      | (a) | whether the meeting is an annual general      meeting or an extraordinary general meeting; |
|                      |   |   |
|                      | (b) | the place, the day and the time of the meeting; |
|                      |   |   |
|                      | (c) | in the case of special business, the general      nature of that business; |

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|   | (d)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | if the meeting is convened to consider a      special or extraordinary resolution, the intention to propose the resolution      as such; and                                                                                                                                                |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                        |
|   | (e)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | with reasonable prominence, that a member      entitled to attend and vote is entitled to 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.                                                                   |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                        |
| 56.3   | The notice shall be given to      the members (other than any who, under the provisions of these articles      or of any restrictions imposed on any shares, are not entitled to receive      notice from the company), to the directors and to the auditors.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                        |
| 56.4   | If, after a notice convening      a general meeting of the company has been despatched to members, the board      becomes aware of any fact, event or circumstances which, in the board's      opinion, would make it impractical or inappropriate to hold the general      meeting on the date or time or at the place for which notice has been given,      the board may give notice pursuant to article 164 to those entitled to receive      the notice pursuant to article 56.3 either cancelling such meeting or postponing      such meeting to a time and date which is not less than twenty one clear      days from the date of such notice, which shall also specify the place at      which such postponed meeting shall be held. |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                        |
| **57** | **Omission to send notice**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                        |
|   | The accidental omission to send      a notice of meeting or, in cases where it is intended that it be sent out      with the notice, an instrument of proxy to, or the non-receipt of either      by, any person entitled to receive the same shall not invalidate the proceedings      at that meeting.                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                        |
| **58** | **Special business**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                        |
|   | All business that is transacted      at a general meeting shall be deemed special, except the following transactions      at an annual general meeting:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                        |
|   | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | the declaration of 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;                                                                                                                                                                                                                                                   |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                        |
|   | (d)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | the appointment or re-appointment of auditors,      when special notice of the resolution for their appointment is not required      by the statutes, and the fixing of the remuneration of the auditors or the      determination of the manner in which such remuneration is to be fixed. |

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**PROCEEDINGSAT GENERAL MEETINGS**

| **59** | **Quorum** |
|--------|------------|

|   |                                                                                                                                                                                                                                                                                                                                             |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | No business shall be transacted at any general meeting unless a quorum is present when the meeting proceeds to business.  Two persons entitled to attend and to vote on the business to be transacted, each being a member or a proxy for a member or a duly authorised representative of a member which is a body corporate, shall be a quorum. |

|   |                      |
|--------|---------------------------|
| **60** | **If quorum not present** |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | If within thirty minutes (or such longer interval as the chairman in his absolute discretion thinks fit) from the time appointed for the holding of a general meeting a quorum is not present, or if during a meeting such a quorum ceases to be present, the meeting, if convened on the requisition of members, shall be dissolved.  In any other case, the meeting shall stand adjourned to such time (not being less than seven nor more than sixty days later) and place as the chairman (or, in default, the board) may determine.  If at such adjourned meeting a quorum is not present within fifteen minutes from the time appointed for holding the meeting, the meeting shall be dissolved. |

|   |         |
|--------|--------------|
| **61** | **Chairman** |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 61.1   | The chairman of the board shall preside at every general meeting of the company.  If there be no such chairman, or if at any meeting he shall not be present within five minutes after the time appointed for holding the meeting, or shall be unwilling to act as chairman, the directors present shall choose one of their number to act or, if there be only one director present, he shall be chairman if willing to act.  If there be no director present and willing to act, the members present and entitled to vote shall choose one of their number to be chairman of the meeting. |

|   |                                                                                                                                                                                                                                                                      |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 61.2   | The chairman of the meeting who presides pursuant to the provisions of article 61.1 may, at any time during a general meeting of the company, nominate any director of the company to be the chairman of the meeting for the remainder of or for any part of the meeting. |

|   |                               |
|--------|------------------------------------|
| **62** | **Directors may attend and speak** |

|   |                                                                                                                                                                                                |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | A director shall, notwithstanding that he is not a member, be entitled to attend and speak at any general meeting and at any separate meeting of the holders of any class of shares of the company. |

|   |                           |
|--------|--------------------------------|
| **63** | **Power to adjourn** |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | The chairman may, with the consent    of a meeting at which a quorum is present, and shall, if so directed by the    meeting, adjourn any meeting from time to time (or indefinitely) and from    place to place as the meeting shall determine. However, without prejudice    to any other power which he may have under these articles or at common law,    the chairman may, without the need for the consent of the meeting, interrupt    or adjourn any meeting from time to time and from place to place or for an    indefinite period if he is of the opinion that it has become necessary to    do so in order to secure the comfort, safety and |

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|   | security of those attending and      the proper and orderly conduct of the meeting or to give all persons entitled      to do so a reasonable opportunity of attending, speaking and voting at      the meeting or to ensure that the business of the meeting is properly disposed    of. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                      |
| **64** | **Notice of adjourned meeting**                                                                                                                                                                                                                                                           |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Where a meeting is adjourned indefinitely, the board shall fix the time and place for the adjourned meeting.  Whenever a meeting is adjourned for fourteen days or more or indefinitely, seven clear days' notice at the least, specifying the place, the day and time of the adjourned meeting and the general nature of the business to be transacted, shall be given in the same manner as in the case of an original meeting. Save as aforesaid, no member shall be entitled to any notice of an adjournment or of the business to be transacted at any adjourned meeting. |

|   |                              |
|--------|-----------------------------------|
| **65** | **Business of adjourned meeting** |

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

|   |                                                   |
|--------|--------------------------------------------------------|
| **66** | **Accommodation of members and security arrangements** |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 66.1   | The board may, for the purpose of ensuring the comfort, safety and security of those attending at any place specified for the holding of a general meeting, from time to time make such arrangements as the board shall consider to be appropriate in the circumstances and may from time to time vary any such arrangements or make new arrangements in place thereof.  In the case of any meeting to which such arrangements apply the board may, for the purposes of ensuring the comfort, safety and security of those attending, when specifying the place of the meeting: |

|   |   |                                                                                                                                                               |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | (a)    | direct that the meeting shall be held at a place specified in the notice at which the chairman of the meeting shall preside ("the principal place"); and |

|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | (b)    | make arrangements for simultaneous attendance and participation at other places by members otherwise entitled to attend the general meeting but who cannot be accommodated in the principal place and who are excluded therefrom under the provisions of this article or who wish to attend at any of such other places, provided that persons attending at the principal place and at any of such other places shall be able to see, and hear and be seen and heard by, persons attending at the principal place and at such other places, by any means. |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Such arrangements for simultaneous attendance may include arrangements for regulating the level of attendance in any manner aforesaid as between the principal place and any of such other places, provided that they shall operate so that any member who cannot be accommodated in the principal place as aforesaid are able to attend at one of such other places.  For the purposes of all other provisions of these articles any such meeting shall be treated as being held and taking place at the principal place. |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 66.2   | For the purpose of ensuring the      safety and security of those attending any meeting the board may require    that any person wishing to attend any meeting should submit to such                                                                                                                                                                                                                                                                                                                                       |

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|   | searches or other security arrangements as theboard shall consider appropriate in the circumstances and shall be entitled inits absolute discretion to refuse entry to any meeting to any person who refusesto cooperate with or to submit to such searches or to otherwise comply with suchsecurity arrangements. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**VOTING**

| **67** | **Method of voting** |
|--------|----------------------|

|   |                                                                                                                                                                                                                                                                                                                                                                        |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 67.1   | At any general meeting all Substantive Resolutions put to a vote of the meeting shall be decided on a poll, and all Other Resolutions put to a vote of the meeting shall be decided on a show of hands, unless (before or on the declaration of the result of the show of hands) a poll is duly demanded.  Subject to the provisions of CA 1985, a poll may be demanded by: |

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

|   |   |                                                                                        |
|--------|--------|---------------------------------------------------------------------------------------------|
|   | (b)    | at least five members present in person or by proxy and entitled to vote at the meeting; or |

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

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

|   |                                                                                                                                                                                     |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 67.2   | The chairman of a general meeting may, in his absolute discretion, determine whether a resolution is a Substantive Resolution or an Ordinary Resolution and his decision shall be final. |

|   |                                                                                                                                                                     |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 67.3   | 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. |

|   |                                                  |
|--------|-------------------------------------------------------|
| **68** | **Chairman's declaration conclusive on show ofhands** |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Unless a poll is duly demanded and the demand is not withdrawn, a declaration by the chairman of the meeting that a resolution has on a show of hands been carried, or carried unanimously or by a particular majority, or lost, or not carried by a particular majority, and an entry to that effect in the book containing the minutes of proceedings of the company, shall be conclusive evidence thereof, without proof of the number or proportion of the votes recorded in favour of or against such resolution. |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| **69** | **Objection to error in voting**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   | No objection shall be raised to      the qualification of any voter or to the counting of, or failure to count,      any vote, except at the meeting or adjourned meeting at which the vote      objected to is given or tendered or at which the error occurs. Any objection    or error shall                                                                                                                                                                                                                        |

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|   | be referred to the chairman of    the meeting and shall only vitiate the decision of the meeting on any resolution    if the chairman decides that the same is of sufficient magnitude to vitiate    the resolution or may otherwise have affected the decision of the meeting.    The decision of the chairman on such matters shall be final and conclusive. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |                         |
|--------|------------------------------|
| **70** | **Amendment to resolutions** |

|   |                                                                                                                                                                                                                                               |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 70.1   | If an amendment shall be proposed to any resolution under consideration but shall in good faith be ruled out of order by the chairman of the meeting, any error in such ruling shall not invalidate the proceedings on the substantive resolution. |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 70.2   | In the case of a resolution duly proposed as a special or extraordinary resolution, no amendment thereto (other than an amendment to correct a patent error) may in any event be considered or voted on an in the case of a resolution duly proposed as an ordinary resolution no amendment thereto (other than an amendment to correct a patent error) may be considered or voted on unless either at least forty-eight hours prior to the time appointed for holding the meeting or adjourned meeting at which such ordinary resolution is to be proposed notice in writing of the terms of the amendment and intention to move the same has been lodged at the company's registered office, or the chairman of the meeting in his absolute discretion decides that it may be considered or votedon. |

|   |                    |
|--------|-------------------------|
| **71** | **Procedure on a poll** |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 71.1   | Any poll duly demanded on the election of a chairman of a meeting or on any question of adjournment shall be taken forthwith.  A poll duly demanded on any other matter shall be taken at such time and place, not being more than thirty days from the date of the meeting or adjourned meeting at which the poll was demanded, as the chairman shall direct.  The chairman shall determine the manner (including the use of ballot or voting papers or tickets or electronic mail) in which a poll shall be taken and may appoint scrutineers who need not be members.  No notice need be given of a poll not taken immediately if the 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 seven clear days' noticeshall be given specifying the time and place at which the poll is to be taken.  The result of the poll shall be deemed to be the resolution of the meeting at which the poll was demanded. |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                            |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 71.2   | The demand for a poll (other than on the election of a chairman or any question of adjournment) shall not prevent the continuance of the meeting for the transaction of any business other than the question on which a poll has been demanded.  If a poll is demanded before the declaration of the result on a show of hands and the demand is duly withdrawn, the meeting shall continue as if the demand had not been made. |

|   |                                                                                                                                                                                                                   |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 71.3   | The demand for a poll may, before the poll is taken, be withdrawn, but only with the consent of the chairman.  A demand so withdrawn shall validate the result of a show of hands declared before the demand was made. |

|   |                                                                                                                                                                                 |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 71.4   | On a poll votes may be given in person or by proxy.  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. |

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| **72** | **Votes of members** |
|--------|----------------------|

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 72.1   | Subject to the provisions of the statutes, to any special terms as to voting on which any shares may have been issued or may for the time being be held and to any suspension or abrogation of voting rights pursuant to these articles, at any general meeting every member who is present in person shall on a show of hands have one vote and every member present in person or by proxy shall on a poll have one vote for each share of which he is the holder. |

|   |                                                                                                                                                                                                                                                                                                                                                                 |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 72.2   | If two or more persons are joint holders of a share, then in voting on any question 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.  For this purpose seniority shall be determined by the order in which the names of the holders stand in the register. |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 72.3   | Where in England or elsewhere a receiver or other person (by whatever name called) has been appointed by any court claiming jurisdiction in that behalf to exercise powers with respect to the property or affairs of any member on the ground (however formulated) of mental disorder, the board may in its absolute discretion, on or subject to production of such evidence of the appointment as the board may require, permit such receiver or other person to vote in person or, on a poll, by proxy on behalf of such member at any general meeting.  Evidence to the satisfaction of the board 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 thedeposit of instruments of proxy, not less than forty-eight hours 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. |

|   |                  |
|--------|-----------------------|
| **73** | **Casting vote** |

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

|   |                                                  |
|--------|-------------------------------------------------------|
| **74** | **Restriction on voting rights for unpaid callsetc.** |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | No member shall, unless the board otherwise determines, be entitled to vote at a general meeting or at any separate meeting of the holders of any class of shares, either in person or by proxy, or to exercise any other right or privilege as a member in respect of a share held by him unless and until all calls or other sums presently due and payable by him in respect of that share whether alone or jointly with any other person together with interest and expenses (if any) have been paid to the company. |

|   |                          |
|--------|-------------------------------|
| **75** | **Voting by proxy** |

|   |                                                                                                                                                                                                                                                                                |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Any person (whether a member of the company or not) may be appointed to act as a proxy.  Deposit of an instrument of proxy shall not preclude a member from attending and voting in person at the meeting in respect of which the proxy is appointed or at any adjournment thereof. |

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| **76** | **Form    of proxy**                    |
|--------|-----------------------------------------|
|   |                                    |
| 76.1   | An instrument appointing a proxy shall: |

|   |   |                                                                                                                                                                                                                                                                                                                      |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | (a)    | be in writing in any common form or in such other form as the board may approve, under the hand of the appointor or of his attorney duly authorised in writing or, if the appointor is a corporation, under its common seal or under the hand of some officer or attorney or other person duly authorised in that behalf; |

|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | (b)    | be deemed (subject to any contrary direction contained in the same) to confer authority to demand or join in demanding a poll and to vote on any resolution or amendment of a resolution put to the meeting (including, for the avoidance of doubt, any resolution which properly comes before the meeting where notice of the same was not included in the notice of the meeting nor specific reference thereto made in the instrument appointing the proxy) as the proxy thinks fit, but shall not confer any further right to speak at the meeting, except with the permission of the chairman (or as otherwise determined by the board where the relevant shares are held by a depositary); |

|   |   |                                                                                                                                   |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------|
|   | (c)    | unless the contrary is stated therein, be valid as well for any adjournment of the meeting as for the meeting to which it relates; and |

|   |   |                                                                                                                                      |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------|
|   | (d)    | where it is stated to apply to more than one meeting, be valid for all such meetings as well as for any adjournment of any such meetings. |

|   |                                                                                                                                                                                                                         |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 76.2   | In addition, the board may determine that, if and to the extent permitted from time to time by the statutes, and subject to such terms and conditions as the board may specify, a proxy may be appointed by electronic mail. |

|   |                 |
|--------|----------------------|
| **77** | **Deposit of proxy** |

|   |                                     |
|--------|------------------------------------------|
| 77.1   | The instrument appointing a proxy shall: |

|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | (a)    | be deposited at the office or at such other place or places within the United Kingdom as is specified in the notice convening the meeting or in any notice of any adjourned meeting or in any instrument of proxy sent out by the company in relation to the meeting (or, if the board determines that proxies may be appointed by electronic mail, in such manner as the board may specify), not less than forty eight hours before the time of the holding of the meeting or adjourned meeting at which the person named in the instrument proposes to vote; or |

|   |   |                                                                                                                                                                                                                                  |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | (b)    | in the case of a poll taken more than forty eight hours after it is demanded, be deposited as aforesaid after the poll has been demanded and not less than twenty four hours before the time appointed for the taking of the poll; or |

|   |   |                                                                                                                                                                                                                    |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | (c)    | where the poll is not taken forthwith but is taken not more than forty eight hours after it was demanded, be delivered at the meeting at which the poll was demanded to the chairman of the meeting or to any director; |

|   |                                                                                                                     |
|--------|--------------------------------------------------------------------------------------------------------------------------|
|   | and subject to article 77.3 an instrument of proxy not deposited or delivered in a manner so permitted shall be invalid. |

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| 77.2   | If any instrument appointing a proxy is signed under a power of attorney or other authority, such power or authority (or a copy thereof certified notarially or in some other way approved by the board) must be deposited with such instrument. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                             |

| 77.3   | A director, the secretary or some person authorised for the purpose by the secretary may: |
|--------|-------------------------------------------------------------------------------------------|
|   |                                                                                      |

|   | (a)    | accept a photocopy, or a copy delivered by facsimile transmission, of the instrument appointing the proxy (and of the power of attorney or other authority (if any) under which it is signed, or a copy of such authority certified notarially or in some other way approved by the board); and/or |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                               |

|   | (b)    | accept an instrument appointing a proxy which has not been properly executed as required by article 77.1 or is not supported by the relevant documents as required by article 77.2 |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                               |

|   | as a valid instrument of proxy where such person determines, in good faith, that the documents deposited (including, where relevant, by electronic mail) indicate in sufficient detail the member's intention to appoint a proxy. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                              |

| 77.4   | No instrument appointing a proxy shall be valid after the expiry of twelve months from the date named in it as the date of its execution, except at an adjourned meeting or on a poll demanded at a meeting or an adjourned meeting in cases where the meeting was originally held within twelve months from such date. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                         |

| 77.5   | To the extent (if any) that the board determines that proxies may be appointed by electronic mail, any provisions of articles 76 and 77 may be disapplied or varied, insofar as they relate to any appointment made in this way, in such manner as the board may specify. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                      |

| **78** | **More than one proxy may be appointed** |
|--------|------------------------------------------|
|   |                                     |

|   | A member may appoint more than one proxy to attend on the same occasion.  When two or more valid but differing instruments of proxy are delivered in respect of the same share for use at the same meeting and in respect of the same matter, the one which is last validly delivered (regardless of its date or of 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 instrument was last validly delivered, none of them shall be treated as valid in respect of that share. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |

| **79** | **Board may supply proxy cards** |
|--------|----------------------------------|
|   |                             |

|   | The board may at the expense of the company send, by post or otherwise, instruments of proxy (reply-paid or otherwise) to members for use at any general meeting or at any separate meeting of the holders of any class of shares, either in blank or nominating in the alternative any one or more of the directors or any other persons.  If for the purpose of any meeting invitations to appoint as proxy a person or one of a number of persons specified in the invitations are issued at the expense of the company, such invitations shall, subject to article 57, be issued to all (and not some only) of the members entitled to be sent a notice of the meeting and to vote thereat by proxy. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| **80** | **Revocation of proxy** |
|--------|-------------------------|
|   |                    |

|   | A vote given or poll demanded in accordance with the terms of an instrument of proxy shall be valid notwithstanding the death or mental disorder of the principal or the revocation of the instrument of proxy, or of the authority under which the instrument of proxy was executed, or the transfer of the share in respect of which the instrument of proxy is given, unless notice in writing of such death, mental disorder, revocation or transfer shall have been received by the company at the office, or at such other place as has been appointed for the deposit of instruments of proxy, at least forty eight hours before the commencement of the meeting or adjourned meeting or the taking of the poll at which the instrument of proxy is used. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |

| **81** | **Corporate representative** |
|--------|-----------------------------------|
|   |                              |

|   | A corporation (whether or not a company within the meaning of CA 1985) which is a member may, by resolution of its directors or other governing body, authorise such person (or if, but only if, such corporation is a depositary voting in its capacity as such, persons) as it thinks fit to act as its representative (or, as the case may be, representatives) at any meeting of the company or at any separate meeting of the holders of any class of shares.  Any person so authorised shall be entitled to exercise the same powers on behalf of the corporation (in respect of that part of the corporation's holdings to which the authority relates) as the corporation could exercise if it were an individual member.  The corporation shall for the purposes of thesearticles be deemed to be present in person at any such meeting if a person so authorised is present at it; and all references to attendance and voting in person shall be construed accordingly.  A director, the secretary or some person authorised for the purpose by the secretary may require the representative to produce a certified copy of the resolution so authorising him or such other evidence of his authority reasonably satisfactory to them before permitting him to exercise his powers. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |

| **82** | **Failure to disclose interests in shares** |
|--------|---------------------------------------------|
|   |                                        |

| 82.1   | If a member, or any other person appearing to be interested in shares held by that member, has been issued with a notice pursuant to section 212 CA 1985 and has failed in relation to any shares ("the default shares", which expression includes any shares issued after the date of such notice in right of those shares) to give the company the information thereby required within the prescribed period from the service of the notice, the following sanctions shall apply unless the board otherwise determines: |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |

|   | (a)    | the member shall not be entitled in respect of the default shares to be present or to vote (either in person or by representative or proxy) at any general meeting or at any separate meeting of the holders of any class of shares or on any poll or to exercise any other right conferred by membership in relation to any such meeting or poll; and |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                   |

|   | (b) | where the default shares represent        at least 0.25 per cent in nominal value of the issued shares        of their class: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------|

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|   |   | (i)    | any dividend or other money payable in respect of the shares shall be withheld by the company, which shall not have any obligation to pay interest on it, and the member shall not be entitled to elect, pursuant to article 151, to receive shares instead of that dividend; and |
|--------|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |                                                                                                                                                                                                                                                                              |

|   |   | (ii)   | no transfer, other than an excepted transfer, of any shares held by the member shall be registered unless: |
|--------|--------|--------|------------------------------------------------------------------------------------------------------------|
|   |   |   |                                                                                                       |

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

|   |   |   | (B)    | the member proves to the satisfaction of the board that no person in default as regards supplying such information is interested in any of the shares the subject of the transfer. |
|--------|--------|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |   |                                                                                                                                                                               |

| 82.2   | Where the sanctions under article 82.1 apply in relation to any shares, they shall cease to have effect (and any dividends withheld under article 82.1(b) shall become payable): |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                             |

|   | (a)    | if the shares are transferred by means of an excepted transfer but only in respect of the shares transferred; or |
|--------|--------|------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                             |

|   | (b)    | at the end of the period of seven days (or such shorter period as the board may determine) following receipt by the company of the information required by the notice mentioned in that paragraph and the board being fully satisfied that such information is full and complete. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                              |

| 82.3   | Where, on the basis of information obtained from a member in respect of any share held by him, the company issues a notice pursuant to section 212 CA 1985 to any other person, it shall at the same time send a copy of the notice to the member, but the accidental omission to do so, or the non-receipt by the member of the copy, shall not invalidate or otherwise affect the application of article 82.1. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                             |

| 82.4   | Where default shares in which a person appears tobe interested are held by a depositary, the provisions of this article 82shall be treated as applying only to those shares held by the depositary in whichsuch person appears to be interested and not (insofar as such person’s apparentinterest is concerned) to any other shares held by the depositary. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                    |

| 82.5   | Where the member on which a notice under section 212 CA 1985 is served is a depositary acting in its capacity as such, the obligations of the depositary as a member of the company shall be limited to disclosing to the company such information relating to any person appearing to be interested in the shares held by it as has been recorded by it pursuant to the arrangements entered into by the company or approved by the board pursuant to which it was appointed as a depositary. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |

| 82.6   | For the purposes of this article 82: |
|--------|--------------------------------------|
|   |                                 |

|   | (a) | a person, other than the member holding a share,shall be treated as appearing to be interested in that share if the member hasinformed the company that the person is, or may be, so interested, or if thecompany (after taking account of any information obtained from the member or,pursuant to a notice under section 212 |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   |   | CA 1985, from anyone else) knows    or has reasonable cause to believe that the person is, or may be, so interested; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                 |
|   | (b)    | "interested" shall be construed as it is for the purpose of section 212 CA 1985;                           |
|   |   |                                                                                                                 |

|   | (c)    | reference to a person having failed to give the company the information required by a notice, or being in default as regards supplying such information, includes reference: |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                         |

|   |   | (i)    | to his having failed or refused to give all or any part of it; and |
|--------|--------|--------|--------------------------------------------------------------------|
|   |   |   |                                                               |

|   |   | (ii)   | to his having given information which he knows to be false in a material particular, or having recklessly given information which is false in a material particular; |
|--------|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |                                                                                                                                                                 |

|   | (d)    | "prescribed period" means fourteen days; |
|--------|--------|----------------------------------------------------|
|   |   |                                               |

|   | (e)    | "excepted transfer" means, in relation to any shares held by a member: |
|--------|--------|----------------------------------------------------------------------------------|
|   |   |                                                                             |

|   |   | (i)    | a transfer by way of, or pursuant to, acceptance of a takeover offer for the company (within the meaning of section 428 CA 1985); or |
|--------|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |                                                                                                                                 |

|   |   | (ii)   | a transfer in consequence of a sale made througha recognised investment exchange (as defined in section 207 of the FinancialServices Act 1986) or any other stock exchange outside the United Kingdom onwhich the company’s shares are normally traded; or |
|--------|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |                                                                                                                                                                                                                                                             |

|   |   | (iii)  | a transfer which is shown to the satisfaction of the board to be made in consequence of a sale of the whole of the beneficial interest in the shares to a person who is unconnected with the member and with any other person appearing to be interested in the shares. |
|--------|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |                                                                                                                                                                                                                                                                    |

| 82.7   | Nothing contained in this article 82 shall be taken to limit the powers of the company under section 216 CA 1985. |
|--------|-------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                              |

**UNTRACEDMEMBERS**

| **83** | **Power of sale** |
|--------|-------------------|
|   |              |

| 83.1   | The company shall be entitled to sell at the best price reasonably obtainable any share of a member, or any share to which a person is entitled by transmission, if and provided that: |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                   |

|   | (a) | during the period of twelve years prior to the dateof the publication of the advertisements referred to in sub-paragraph (b) below(or, if published on different dates, the earlier or earliest thereof) no cheque,order or warrant in respect of such share sent by the company through the postin a pre-paid envelope addressed to the member or to the person entitled by transmissionto the share, at his address on the register or other last known address givenby the member or person to which cheques, orders or warrants in respect of suchshare are to be sent has been cashed and the company has received no communicationsin respect of |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   |   | such share from such member or      person, provided that during such period of twelve years the company has      paid at least three cash dividends (whether interim or final) and no such    dividend has been claimed by the person entitled to it;                                                                                                                                                                                                                                                |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   | (b)    | on or after expiry of the said period of twelve years the company has given notice of its intention to sell such share by advertisements in two newspapers of which one shall be a national newspaper published in the United Kingdom and the other shall be a newspaper circulating in the area of the address on the register or other last known address of the member or the person entitled by transmission to the share or the address for the service of notices notified under article 160.3; |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |

|   | (c)    | the said advertisements, if not published on the same day, shall have been published within thirty days of each other; and |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                       |

|   | (d)    | during the further period of three months following the date of publication of the said advertisements (or, if published on different dates, the later or latest thereof) and prior to the exercise of the power of sale the company has not received any communication in respect of such share from the member or person entitled by transmission. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                 |

| 83.2   | To give effect to any sale of shares pursuant to this article the board may authorise some person to transfer the shares in question and may enter the name of the transferee in respect of the transferred shares in the register notwithstanding the absence of any share certificate being lodged in respect thereof and may issue a new certificate to the transferee.  An instrument of transfer executed by (or a dematerialised instruction given by) that person shall be as effective as if it had been executed by the holder of, or the person entitled by transmission to, the shares.  The purchaser shall not be bound to see to the application of the purchase moneys, nor shall his title to the shares be affected by any irregularity or invalidity in the proceedings relatingto the sale. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |

| 83.3   | If during the period of twelve years referred to in article 83.1, or during any period ending on the date when all the requirements of paragraphs (a) to (d) of article 83.1 have been satisfied, any additional shares have been issued in respect of those held at the beginning of, or previously so issued during, any such period and all the requirements of paragraphs (b) to (d) of article 83.1 have been satisfied in regard to such additional shares, the company shall also be entitled to sell the additional shares. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |

| **84** | **Application of proceeds of sale** |
|--------|-------------------------------------|
|   |                                |

|   | The company shall account to the member or other person entitled to such share for the net proceeds of such sale by carrying all moneys in respect thereof to a separate account.  The company shall be deemed to be a debtor to, and not a trustee for, such member or other person in respect of such moneys.  Moneys carried to such separate account may either be employed in the business of the company or invested in such investments as the board may from time to time think fit.  No interest shall be payable to such member or other person in respect of such moneys and the company shall not be required to account for any money earned on them. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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**APPOINTMENT,RETIREMENT AND REMOVAL OF DIRECTORS**

| **85** | **Number of directors** |
|--------|-------------------------|
|   |                    |

|   | Unless and until otherwise determined by the company by ordinary resolution, the number of directors (other than any alternate directors) shall be not more than fifteen nor less than three. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                          |

| **86** | **Power of company to appoint directors** |
|--------|-------------------------------------------|
|   |                                      |

|   | Subject to the provisions of these articles, 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 existing board, but the total number of directors shall not exceed the maximum number fixed in accordance with these articles. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                          |

| **87** | **Power of board to appoint directors** |
|--------|-----------------------------------------|
|   |                                    |

|   | Without prejudice to the power of the company to appoint any person to be a director pursuant to these articles, the board shall have power at any time to appoint any person who is willing to act as a director, either to fill a vacancy or as an addition to the existing board, but the total number of directors shall not exceed any maximum number fixed in accordance with these articles.  Any director so appointed shall retire at the annual general meeting of the company next following such appointment and shall not be taken into account in determining the number of directors who are to retire by rotation at such meeting. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |

| **88** | **Appointment of executive directors** |
|--------|----------------------------------------|
|   |                                   |

|   | Subject to the provisions of the statutes, the board may from time to time appoint one or more of its body to hold any employment or executive office (including that of executive chairman, chief executive or managing director) for such term (subject to the provisions of CA 1985) and subject to such other conditions as the board thinks fit in accordance with article 111.  The board may revoke or terminate any such appointment without prejudice to any claim for damages for breach of contract between the director and the company. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |

| **89** | **Eligibility for appointment as a director** |
|--------|-----------------------------------------------|
|   |                                          |

|   | No person, other than a director retiring (by rotation or otherwise), shall be appointed or re-appointed a director at any general meeting unless: |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                               |

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

|   | (b) | not less than seven nor more than forty-two cleardays before the date appointed for the meeting, notice duly executed by a member(other than the person to be proposed) qualified to vote at the meeting has beengiven to the company of the intention to propose that person for appointmentor re-appointment, stating the particulars which would, if he were so appointedor re-appointed, be required to be included in the company’s register of directors,together with notice executed |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   |                    | by that person of his willingness    to be appointed or re-appointed, is lodged at the office. |
|--------|-------------------------|------------------------------------------------------------------------------------------------|
|   |                    |
| **90** | **Share qualification** |
|   |                    |

|   | A director shall not be required to hold any shares of the company. |
|--------|---------------------------------------------------------------------|
|   |                                                                |

| **91** | **Resolution for appointment** |
|--------|--------------------------------|
|   |                           |

|   | A resolution for the appointment of two or more persons as directors by a single resolution shall be void unless an ordinary resolution that it shall be so proposed has first been agreed to by the meeting without any vote being given against it. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                  |

| **92** | **Retirement at intervals of no more than three years1** |
|--------|----------------------------------------------------------|
|   |                                                     |

|   | A director will retire from office, and may offer himself for re-election, at the third annual general meeting following his appointment or last re-appointment by shareholders at an annual general meeting. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                          |

| **93** | **Directors to retire by rotation** |
|--------|-------------------------------------|
|   |                                |

|   | If the number of directors retiring at an annual general meeting under article 92 is less than one-third of the directors or, if their number is not three or a multiple of three, is less than the number which is nearest to but does not exceed one-third, such additional number of directors shall retire from office by rotation as shall, together with the directors retiring under article 92, equal one-third of the directors or, if their number is not three or a multiple of three, the number which is nearest to but does not exceed one-third.  Subject to the provisions of the statutes and of these articles, the directors to retire under this article shall be, first, any director who wishes to retire and not offer himself for re-election and, secondlythose directors who have been longest in office since their last appointment, but as between two or more directors 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 by the reference to the composition of the board at the start of business on the date of the notice convening the annual general meeting notwithstanding any change in the number or identity of the directors after that time but before the close of that annual general meeting.  Any director who retires at an annual general meeting pursuant to article 87 shall not be taken into account in determining the number or the identity of the directors toretire by rotation at that meeting. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |

| **94** | **Position of retiring director** |
|--------|-----------------------------------|
|   |                              |

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

|   |
|---|
| 1 | Regulations 92 and 93 of these articles were    amended by special resolution passed on 30th July 1999. |

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| **95** | **Deemed re-appointment** |
|--------|---------------------------|
|   |                      |

|   | At any 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, if willing, be deemed to have been re-appointed unless it is expressly resolved not to fill the vacancy or a resolution for the re-appointment of the director is put to the meeting and lost. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                   |

| **96** | **No retirement on account of age** |
|--------|-------------------------------------|
|   |                                |

|   | No person shall be or become incapable of being appointed a director by reason of his having attained the age of seventy or any other age, nor shall any special notice be required in connection with the appointment or the approval of the appointment of such person.  No director shall vacate his office at any time by reason of the fact that he has attained the age of seventy or any other age; and section 293 CA 1985 shall not apply to the company.  Where any general meeting of the company is convened at which, to the knowledge of the board, a director will be proposed for appointment or re-appointment who will at the date of the meeting be seventy or more, the board shall give notice of his age in the notice convening the meeting or in anydocument accompanying the notice, but the accidental omission to do so shall not invalidate any proceedings or any appointment or re-appointment of that director at that meeting. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |

| **97** | **Removal by ordinary resolution** |
|--------|------------------------------------|
|   |                               |

|   | In addition to any power of removal conferred by the statutes, the company may by ordinary resolution remove any director before the expiration of his period of office, but without prejudice to any claim for damages which he may have for breach of any contract of service between him and the company, and may (subject to these articles) by ordinary resolution appoint another person who is willing to act to be a director in his place.  Any person so appointed shall be treated, for the purposes of determining the time at which he or any other director is to retire, as if he had become a director on the day on which the person in whose place he is appointed was last appointed or re-appointed a director. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |

| **98** | **Vacation of office by director** |
|--------|------------------------------------|
|   |                               |

|   | Without prejudice to the provisions for retirement (by rotation or otherwise) contained in these articles, the office of a director shall be vacated if: |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                     |

|   | (a)    | he resigns by notice in writing delivered to the secretary at the office or tendered at a board meeting; |
|--------|--------|----------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                     |

|   | (b)    | he ceases to be a director by virtue of any provision of the statutes, is removed from office pursuant to these articles or the statutes or becomes prohibited by law from being a director; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                         |

|   | (c) | he becomes bankrupt, has an interim receiving order made against him, makes any arrangement or compounds with his creditors generally or applies to the court for an interim order under section 253 of the Insolvency Act 1986 in connection with a voluntary arrangement under that Act; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | (d)    | an order is made by any court of competent jurisdiction on the ground (howsoever formulated) of mental disorder for his detention or for the appointment of a guardian or receiver or other person to exercise powers with respect to his affairs or he is admitted to hospital in pursuance of an application for admission for treatment under the Mental Health Act 1983 or, in Scotland, under the Mental Health (Scotland) Act 1984 and the board resolves that his office be vacated; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |

|   | (e)    | both he and his alternate director appointed pursuant to the provisions of these articles (if any) are absent, without the permission of the board, from board meetings for six consecutive months and the board resolves that his office be vacated; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                  |

|   | (f)    | he is removed from office by notice in writing signed by all the other directors (without prejudice to any claim for damages which he may have for breach of any contract between him and the company) and, for this purpose, a set of like notices each signed by one or more of the directors shall be as effective as a single notice signed by the requisite number of directors; or |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                     |

|   | (g)    | in the case of any director who holds any executive office with the company, his appointment as such is terminated or expires and the directors resolve that his office be vacated. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                |

| **99** | **Resolution as to vacancy conclusive** |
|--------|-----------------------------------------|
|   |                                    |

|   | A resolution of the board declaring a director to have vacated office under the terms of article 98 shall be conclusive as to the fact and grounds of vacation stated in the resolution. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**ALTERNATE DIRECTORS**

| **100** | **Appointment** |
|---------|-----------------|
|    |            |

| 100.1  | Each director (other than an alternate director) may, by notice in writing delivered to the secretary at the office, or in any other manner approved by the board, appoint any other director or any person approved for that purpose by the board and willing to act, to be his alternate. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                        |

| 100.2  | No appointment of an alternate director who is not already a director shall be effective until his consent to act as a director in the form prescribed by CA 1985 has been received at the office. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                               |

| 100.3  | An alternate director need not hold a share qualification and shall not be counted in reckoning any maximum or minimum number of directors allowed by these articles. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                  |

| **101** | **Participation in board meetings** |
|---------|-------------------------------------|
|    |                                |

|   | Every alternate director shall (subject    to his giving to the company an address within the United Kingdom at which    notices may be served on him) be entitled to receive notice of all meetings    of the board and all committees of the board of which his appointor is a    member and, in the absence from such meetings of his appointor, to attend    and vote at such meetings and to exercise all the powers, rights, duties    and authorities of his |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|    | appointor. A director acting as      alternate director shall have a separate vote at board meetings for each      director for whom he acts as alternate director, but he shall count as    only one for the purpose of determining whether a quorum is present. |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|    |                                                                                                                                                                                                                                                              |
| **102** | **Alternate director responsible for own acts**                                                                                                                                                                                                                   |
|    |                                                                                                                                                                                                                                                              |

|   | Every person acting as an alternate director shall be an officer of the company, shall alone be responsible to the company for his own acts and defaults and shall not be deemed to be the agent of the director appointing him. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                             |

| **103** | **Interests of alternate director** |
|---------|-------------------------------------|
|    |                                |

|   | An alternate director shall be entitled to contract and be interested in and benefit from contracts or arrangements with the company and to be repaid expenses and to be indemnified to the same extent *mutatis mutandis* as if he were a director.  However, he shall not be entitled to receive from the company any fees for his services as alternate, except only such part (if any) of the fee payable to his appointor as such appointor may by notice in writing to the company direct.  Subject to this article, the company shall pay to an alternate director such expenses as might properly have been paid to him if he had been a director. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |

| **104** | **Revocation of appointment** |
|---------|-------------------------------|
|    |                          |

|   | An alternate director shall cease to be an alternate director: |
|--------|----------------------------------------------------------------|
|   |                                                           |

|   | (a)    | if his appointor revokes his appointment; or |
|--------|--------|----------------------------------------------|
|   |   |                                         |

|   | (b)    | if his appointor ceases for any reason to be a director, provided that if any director retires but is re-appointed or deemed to be re-appointed at the same meeting, any valid appointment of an alternate director which was in force immediately before his retirement shall remain in force; or |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                               |

|   | (c) | if any event happens in relation to him which, if he were a director otherwise appointed, would cause him to vacate office. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------|

**DIRECTORS’ REMUNERATION, EXPENSES AND PENSIONS**

| **105** | **Directors’ fees** |
|---------|---------------------------|
|    |                      |

|   | The directors (other than alternate directors) shall be entitled to receive by way of fees for their services as directors such sum as the board may, from time to time, determine (not exceeding, in aggregate, £550,000    per annum or such other sum as the company in general meeting by ordinary    resolution shall, from time to time, determine). Such sum (unless otherwise    directed by the resolution of the company by which it is voted) shall be    divided among the directors in such proportions and in such manner as the    board may determine or, in default of such determination, equally (except    that in such event any director holding office for less than the whole of    the relevant period in respect of which the fees are paid shall only rank    in such division in proportion to the time during such period for which he    holds office). Any fees payable pursuant to this article shall be |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|    | distinct from any salary, remuneration      or other amounts payable to a director pursuant to any other provisions    of these articles and shall accrue from day to day. |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|    |                                                                                                                                                                       |
| **106** | **Expenses**                                                                                                                                                               |
|    |                                                                                                                                                                       |

|   | Each director shall be entitled to be repaid all reasonable travelling, hotel and other expenses properly incurred by him in or about the performance of his duties as director, including any expenses incurred in attending meetings of the board or any committee of the board or general meetings or separate meetings of the holders of any class of shares or of debentures of the company.  If in the opinion of the directors it is desirable that any of their number should go or reside abroad or make any special journeys or perform any special services on behalf of the company or its business, such director or directors may be paid such reasonable additional remuneration by way of salary, percentage of profits or otherwise and expenses therefor as thedirectors may from time to time determine. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |

| **107** | **Remuneration of executive directors** |
|---------|-----------------------------------------|
|    |                                    |

|   | The salary or remuneration of any director appointed to hold any employment or executive office in accordance with the provisions of these articles may be either a fixed sum of money, or may altogether or in part be governed by business done or profits made or otherwise determined by the board, and may be in addition to or in lieu of any fee payable to him for his services as director pursuant to these articles. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                            |

| **108** | **Pensions and other benefits** |
|---------|---------------------------------|
|    |                            |

|   | 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 allowances or gratuities (whether by insurance or otherwise) for, or to institute and maintain any institution, association, society, club, trust, other establishment or profit-sharing, share incentive, share purchase or employees’ share scheme calculated to advance the interests of the company or to benefit, any person who is or has at any time been a director or employee of the company or any company which is a holding company or a subsidiary undertaking of or allied to or associated with the company or any such holding company or subsidiary undertaking or any predecessorin business of the company or of any such holding company or subsidiary undertaking, and for any member of his family (including a spouse or former spouse) and any person who is or was dependent on him.  For such purpose the board may establish, maintain, subscribe and contribute to any scheme, institution, association, club, trust or fund and pay premiums and, subject to the provisions of the statutes, lend money or make payments to, guarantee or give an indemnity in respect of, or give any financial or other assistance in connection with any of the aforesaid matters.  The board may procure any of such matters to be done by the company either alone or in conjunction with any other person.  Any director or former director shall be entitled to receive and retain for his own benefit anypension or other benefit provided under this article and shall not be obliged to account for it to the company. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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**POWERS AND DUTIES OF THE BOARD**

| **109** | **Powers of the board** |
|---------|-------------------------|
|    |                    |

|   | Subject to the provisions of the statutes, the memorandum of association of the company and these articles and to any directions given by special resolution of the company, the business 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 of association or of these articles and no such direction given by the company shall invalidate any prior act of the board which would have been valid if such alteration had not been made or such direction had not been given.  Provisions contained elsewhere in these articles as to any specific power of the board shall not be deemed to limit the general powers given by thisarticle. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |

| **110** | **Powers of directors being less than minimum number** |
|---------|--------------------------------------------------------|
|    |                                                   |

|   | If the number of directors is less than the minimum for the time being prescribed by these articles, the remaining director or directors shall act only for the purposes of appointing an additional director or directors to make up such minimum or of convening a general meeting of the company for the purpose of making such appointment.  If there are no director or directors able or willing to act, any two members may summon a general meeting for the purpose of appointing directors.  Subject to the provisions of these articles, any additional director so appointed shall hold office only until the dissolution of the annual general meeting of the company next following such appointment unless he is re-elected during such meeting. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |

| **111** | **Powers of executive directors** |
|---------|-----------------------------------|
|    |                              |

|   | The board may from time to time: |
|--------|----------------------------------|
|   |                             |

|   | (a)    | delegate or entrust to and confer on any director holding executive office (including a chief executive or managing director) such of its powers, authorities and discretions (with power to sub-delegate) for such time, on such terms and subject to such conditions as it thinks fit; and |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                         |

|   | (b)    | revoke, withdraw, alter or vary all or any of such powers. |
|--------|--------|------------------------------------------------------------|
|   |   |                                                       |

| **112** | **Delegation to committees** |
|---------|------------------------------|
|    |                         |

| 112.1  | The board may delegate any of its powers, authorities and discretions (with power to sub-delegate) for such time on such terms and subject to such conditions as it thinks fit to any committee consisting of one or more directors and (if thought fit) one or more other persons, provided that: |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                               |

|   | (a)    | a majority of the members of a committee shall be directors; and |
|--------|--------|------------------------------------------------------------------|
|   |   |                                                             |

|   | (b) | no resolution of a committee shall be effective unless a majority of those present when it is passed are directors or alternate directors. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

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| 112.2  | The board may confer such powers either collaterally with, or to the exclusion of and in substitution for, all or any of the powers of the board in that respect and may from time to time revoke, withdraw, alter or vary any of such powers and discharge any such committee in whole or in part.  Insofar as any power, authority or discretion is so delegated, any reference in these articles to the exercise by the board of such power, authority or discretion shall be construed as if it were a reference to the exercise of such power, authority or discretion by such committee. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |

| **113** | **Local management** |
|---------|----------------------|
|    |                 |

|   | The board may establish any local or divisional boards or agencies for managing any of the affairs of the company in any specified locality, either in the United Kingdom or elsewhere, and may appoint any persons to be members of such local or divisional board, or any managers or agents, and may fix their remuneration.  The board may delegate to any local or divisional board, manager or agent so appointed any of its powers, authorities and discretions (with power to sub-delegate) and may authorise the members for the time being of any such local or divisional board, or any of them, to fill any vacancies and to act notwithstanding vacancies; and any such appointment or delegation may be made for such time, on such terms and subject to suchconditions as the board may think fit.  The board may confer such powers either collaterally with, or to the exclusion of and in substitution for, all or any of the powers of the board in that respect and may from time to time revoke, withdraw, alter or vary all or any of such powers.  Subject to any terms and conditions expressly imposed by the board, the proceedings of any local or divisional board or agency with two or more members shall be governed by such of these articles as regulate the proceedings of the board, so far as they are capable of applying. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |

| **114** | **Power of attorney** |
|---------|-----------------------|
|    |                  |

|   | The board may, by power of attorney or otherwise, appoint any person or persons to be the agent of the company and may delegate to any such person or persons any of its powers, authorities and discretions (with power to sub-delegate), in each case for such purposes and for such time, on such terms (including as to remuneration) and subject to such conditions as it thinks fit.  The board may confer such powers either collaterally with, or to the exclusion of and in substitution for, all or any of the powers of the board in that respect and may from time to time revoke, withdraw, alter or vary any of such powers. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |

| **115** | **Use of the title "director"** |
|---------|-------------------------------------------|
|    |                                      |

|   | The board may appoint any person (not being a director) to any office or employment having a designation or title including the word "director" or attach to any existing office or employment with the company such designation or title and may terminate any such appointment or the use of such designation or title.  The inclusion of the word "director" in the designation or title of any such office or employment shall not imply that such person is, or is deemed to be, or is empowered in any respect to act as, a director for any of the purposes of the statutes or these articles. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| **116** | **Exercise of voting power** |
|---------|------------------------------|
|    |                         |

|   | The board may exercise or cause to be exercised the voting power conferred by the shares in any other company held or owned by the company, or any power of appointment to be exercised by the company, in such manner in all respects as it thinks fit (including the exercise of the voting power or power of appointment in favour of the appointment of any director as a director or other officer or employee of such company or in favour of the payment of remuneration to the directors, officers or employees of such company). |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |

| **117** | **Provision for employees** |
|---------|-----------------------------|
|    |                        |

|   | The board may exercise any power conferred on the company by the statutes to make provision for the benefit of persons employed or formerly employed by the company or any of its subsidiary undertakings (or any member of his family or any person who is dependent on him) in connection with the cessation or the transfer to any person of the whole or part of the undertaking of the company or that subsidiary undertaking. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                |

| **118** | **Overseas registers** |
|---------|------------------------|
|    |                   |

|   | Subject to the provisions of the statutes, the board may exercise the powers conferred on the company with regard to the keeping of an overseas branch, local or other register and may make and vary such regulations as it thinks fit respecting the keeping of any such register. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                 |

| **119** | **Borrowing powers** |
|---------|----------------------|
|    |                 |

| 119.1  | The board may exercise all the powers of the company to borrow money and to mortgage or charge all or any part of the undertaking, property and assets (present and future) and uncalled capital of the company and, subject to the provisions of the statutes, to create and issue debenture and other loan stock and debentures and other securities, whether outright or as collateral security for any debt, liability or obligation of the company or of any third party. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |

| 119.2  | The board shall restrict the borrowings of the company and exercise all voting and other rights and powers of control exercisable by the company in respect of its subsidiary undertakings so as to procure (as regards its subsidiary undertakings in so far as it can procure by such exercise) that the aggregate principal amount at any one time outstanding in respect of moneys borrowed by the group (exclusive of moneys borrowed by one group company from another and after deducting cash deposited) shall not at any time, without the previous sanction of an ordinary resolution of the company exceed an amount equal to two and a half (21⁄2) times the adjusted capital and reserves. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |

| 119.3  | For the purposes only of this article 119: |
|--------|--------------------------------------------|
|   |                                       |

|   | (a)    | "adjusted capital and reserves" means a sum equal to the aggregate from time to time of: |
|--------|--------|----------------------------------------------------------------------------------------------------|
|   |   |                                                                                               |

|   |   | (i) | the amount paid up (or credited as paid up) on the allotted or issued share capital of the company; and |
|--------|--------|-----|---------------------------------------------------------------------------------------------------------|

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|   |   | (ii)   | the amount standing to the        credit of the reserves, whether or not distributable (including, without        limitation, any revaluation reserve, merger reserve, share premium account        or capital redemption reserve), after adding thereto or deducting therefrom        any balance standing to the credit or debit of the profit and loss account; |
|--------|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |                                                                                                                                                                                                                                                                                                                                                               |

|   |   | all as shown in the relevant balance sheet, but after: |
|--------|--------|--------------------------------------------------------|

|   |   | (iii)  | making such adjustments as may be appropriate to reflect: |
|--------|--------|--------|-----------------------------------------------------------|
|   |   |   |                                                      |

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

|   |   |   | (B)    | any variation since the date of the relevant balance sheet of the companies comprising the group; |
|--------|--------|--------|--------|---------------------------------------------------------------------------------------------------|
|   |   |   |   |                                                                                              |

|   |   | (iv)   | excluding (so far as not already excluded): |
|--------|--------|--------|---------------------------------------------|
|   |   |   |                                        |

|   |   |   | (A)    | amounts attributable to the proportion of the issued equity share capital of any subsidiary undertaking which is not attributable, directly or indirectly, to the company; |
|--------|--------|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |   |                                                                                                                                                                       |

|   |   |   | (B)    | any sum set aside for taxation (other than deferred taxation); |
|--------|--------|--------|--------|----------------------------------------------------------------|
|   |   |   |   |                                                           |

|   |   | (v)    | deducting: |
|--------|--------|--------|------------|
|   |   |   |       |

|   |   |   | (A)    | sums equivalent to the book values of goodwill and other intangible assets shown in the relevant balance sheet; and |
|--------|--------|--------|--------|---------------------------------------------------------------------------------------------------------------------|
|   |   |   |   |                                                                                                                |

|   |   |   | (B)    | the amount of any distribution declared, recommended or made by any group company to a person other than a group company out of profits accrued up to and including the date of (and not provided for in) the relevant balance sheet; |
|--------|--------|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |   |                                                                                                                                                                                                                                  |

|   | (b) | "cash deposited" means an amount equalto the aggregate of the amounts beneficially owned by group companies which aredeposited for the time being with any bank or other person (not being a groupcompany) and which are repayable to any group company on demand or within threemonths of such demand, subject, in the case of amounts deposited by a partly-ownedsubsidiary undertaking, to the exclusion of a proportion thereof equal to theproportion of |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   |   | its issued equity share capital    which is not attributable, directly or indirectly, to the company; |
|--------|--------|-------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                  |
|   | (c)    | "group" means the company and its subsidiary undertakings from time to time;                |
|   |   |                                                                                                  |

|   | (d)    | "group company" means any company in the group; |
|--------|--------|-----------------------------------------------------------|
|   |   |                                                      |

|   | (e)    | "moneys borrowed" include not only moneys borrowed but also the following except in so far as otherwise taken into account: |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                  |

|   |   | (i)    | the nominal amount of any issued share capital, and the principal amount of any debenture or borrowings of, any person, the beneficial interest in which or right to repayment to which is not for the time being owned by a group company but the payment or repayment of which is the subject of a guarantee or indemnity by a group company or is secured on the assets of a group company; |
|--------|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                           |

|   |   | (ii)   | the principal amount raised by any group company by acceptances or under any acceptance credit opened on its behalf by any bank or acceptance house (not being a group company) other than acceptances and acceptance credits relating to the purchase of goods or services in the ordinary course of trading and outstanding for six months or less; |
|--------|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |                                                                                                                                                                                                                                                                                                                                                  |

|   |   | (iii)  | the principal amount of any debenture (whether secured or unsecured) of any group company owned otherwise than by a group company; |
|--------|--------|--------|------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |                                                                                                                               |

|   |   | (iv)   | the principal amount of any preference share capital of any subsidiary undertaking owned otherwise than by a group company; |
|--------|--------|--------|-----------------------------------------------------------------------------------------------------------------------------|
|   |   |   |                                                                                                                        |

|   |   | (v)    | any fixed or minimum premium payable on final repayment of any borrowing or deemed borrowing (but any premium payable on final repayment of an amount not to be taken into account as moneys borrowed shall not be taken into account); and |
|--------|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |                                                                                                                                                                                                                                        |

|   |   | but do not include: |
|--------|--------|---------------------|
|   |   |                |

|   |   | (vi)   | moneys borrowed by any group company for the purpose of repaying, within six months of being first borrowed, the whole or any part of any moneys borrowed and then outstanding (including any premium payable on final repayment) of that or any other group company pending their application for such purpose within that period; |
|--------|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |                                                                                                                                                                                                                                                                                                                                |

|   |   | (vii)  | moneys borrowed by any group company for the purpose of financing any contract in respect of which any part of the price receivable under the contract by that or any other group company is guaranteed or insured, up to an amount equal to that part of the price receivable under the contract which is so guaranteed or insured; |
|--------|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |                                                                                                                                                                                                                                                                                                                                 |

|   |   | (viii) | an amount equal to the moneys borrowed of any company outstanding immediately after it becomes a group company, provided that it became a group company during the six months preceding the calculation; |
|--------|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   |   | (ix)   | an amount equal to the amount secured on an asset immediately after it was acquired by a group company, provided that it was acquired during the six months preceding the calculation; |
|--------|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |                                                                                                                                                                                   |

|   |   | (x)    | notwithstanding sub-paragraphs (i) to (v) above, the proportion of moneys borrowed by a group company (and not owing to another group company) which is equal to the proportion of its issued equity share capital not attributable, directly or indirectly, to the company; |
|--------|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |                                                                                                                                                                                                                                                                         |

|   |   | and in sub-paragraphs (vi) to (x) above references to amounts of moneys borrowed include references to amounts which, but for the exclusion under those sub-paragraphs, would fall to be included; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                               |

|   | (f)    | "relevant balance sheet" means the latest published audited consolidated balance sheet of the group but, where the company has no subsidiary undertakings, it means the balance sheet and profit and loss account of the company and, where the company has subsidiary undertakings but there are no consolidated accounts of the group, it means the respective balance sheets and profit and loss accounts of the companies comprising the group; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                          |

|   | (g)    | "subsidiary undertaking" means a subsidiary undertaking (within the meaning of CA 1985) of the company (except a subsidiary undertaking which is excluded from consolidation by virtue of the provisions of section 229 CA 1985); and "group" and "group company" and references to any company which becomes a group company or to companies comprising the group shall, in such a case, be construed so as to include subsidiary undertakings except a subsidiary undertaking which is excluded from consolidation as aforesaid and "equity share capital" shall be construed in relation to a subsidiary undertaking without a share capital in the same manner as "shares" are defined in relation to an undertaking without a share capitalunder section 259(2)(b) and (c) CA 1985. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |

| 119.4  | When the aggregate amount of moneys borrowed required to be taken into account for the purposes of this article 119 on any particular day is being ascertained, any of such moneys denominated or repayable in a currency other than sterling shall be converted for the purpose of calculating the sterling equivalent either: |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                            |

|   | (a)    | at the rate of exchange used for the conversion of that currency in the relevant balance sheet; or |
|--------|--------|----------------------------------------------------------------------------------------------------|
|   |   |                                                                                               |

|   | (b)    | if no rate was so used, at the middle market rate of exchange prevailing at the close of business in London on the date of that balance sheet; or |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                              |

|   | (c)    | where the repayment of such moneys is expressly covered by a forward purchase contract, currency option, back-to-back loan, swap or other arrangements taken out and entered into to reduce the risk associated with fluctuations in exchange rates, at the rate of exchange specified in that document; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                     |

|   | but if the amount in sterling resulting from conversion at that rate would be greater than that resulting from conversion at the middle market rate prevailing in London at the close of business on the business day immediately preceding the day on which the calculation falls to be made, the latter rate shall apply instead. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 119.5  | A report or certificate of the auditors as to the amount of the adjusted capital and reserves or the amount of moneys borrowed falling to be taken into account for the purposes of this article 119 or to the effect that the limit imposed by this article 119 has not been or will not be exceeded at any particular time or times or as a result of any particular transaction or transactions shall be conclusive evidence of the amount or of that fact. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |

| 119.6  | No debt incurred or security given in respect of moneys borrowed in excess of the limit imposed by this article 119 shall be invalid or ineffectual, except in the case of express notice to the lender or recipient of the security at the time when the debt was incurred or security given that the limit had been or would thereby by exceeded, but no lender or other person dealing with the company shall be concerned to see or enquire whether such limit is observed. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |

**PROCEEDINGSOF DIRECTORS AND COMMITTEES**

| **120** | **Board meetings** |
|---------|-------------------------|
|    |                    |

|   | Subject to the provisions of these articles, the board may meet for the despatch of business, adjourn and otherwise regulate its proceedings as it thinks fit. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                           |

| **121** | **Notice of board meetings** |
|---------|------------------------------|
|    |                         |

|   | One director may, and the secretary at the request of a director shall, summon a board meeting at any time on reasonable notice.  Notice of a board meeting shall be deemed to be properly given to a director if it is given to him personally or by word of mouth or sent in writing to him at his last known address or any other address given by him to the company for that purpose.  A director may waive the requirement that notice be given to him of any board meeting, either prospectively or retrospectively.  It shall not be necessary to give notice of a board meeting to a director who is absent from the United Kingdom unless he has requested the board in writing that notices of board meetings shall during his absence be given to him at any address inthe United Kingdom notified to the company for this purpose, but he shall not, in such event, be entitled to a longer period of notice than if he had been present in the United Kingdom at that address. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |

| **122** | **Quorum** |
|---------|------------|
|    |       |

|   | The quorum necessary for the transaction of business may be determined by the board and until otherwise determined shall be two directors.  A duly convened meeting of the board at which a quorum is present shall be competent to exercise all or any of the authorities, powers, and discretions for the time being vested in or exercisable by the board. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                          |

| **123** | **Chairman of board** |
|---------|-----------------------|
|    |                  |

|   | The board may appoint one or more    of its body chairman or joint chairman and one or more of its body deputy    chairman of its meetings and may determine the period for which he is or    they are to hold office and may at any time remove him or them from office.    If no such chairman or deputy chairman is elected, or if at any meeting neither    a chairman nor a deputy chairman is present within five minutes of the time    appointed for holding the same, the directors present shall choose one of    their number to be chairman of such |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|    | meeting. Any chairman or deputy    chairman may also hold executive office under the company. |
|---------|-----------------------------------------------------------------------------------------------|
|    |                                                                                          |
| **124** | **Voting**                                                                                    |
|    |                                                                                          |

|   | Questions arising at any meeting shall be determined by a majority of votes.  In the case of an equality of votes the chairman of that meeting shall have a second or casting vote. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                |

| **125** | **Participation by telephone or video conference** |
|---------|----------------------------------------------------|
|    |                                               |

| 125.1  | Any director or his alternate may validly participate in a meeting of the board or a committee of the board through the medium of conference telephone, video conferencing link or any other form of communications equipment, provided that all persons participating in the meeting are able to hear and speak to each other throughout such meeting, or by a series of telephone calls from the chairman of the meeting. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                        |

| 125.2  | A person so participating by being present or being in telephone or video conference or any other form of communication with those in the meeting or with the chairman of the meeting shall be deemed to be present in person at the meeting and shall accordingly be counted in a quorum and be entitled to vote. Such a meeting shall be deemed to take place where the largest group of those participating is assembled or, if there is no group which is larger than any other group, where the chairman of the meeting then is. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |

| 125.3  | A resolution passed at any meeting held in the above manner, and signed by the chairman of the meeting, shall be as valid and effectual as if it had been passed at a meeting of the board (or committee, as the case may be) duly convened and held. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                  |

| **126** | **Resolution in writing** |
|---------|---------------------------|
|    |                      |

|   | A resolution in writing signed by all the directors for the time being entitled to receive notice of a board meeting and not being less than a quorum, or by all the members of a committee of the board for the time entitled to receive notice of such committee meeting and not being less than a quorum of that committee, shall be as valid and effective for all purposes as a resolution duly passed at a meeting of the board (or committee, as the case may be). Such a resolution: |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |

|   | (a)    | may consist of several copies of a document (each signed by one or more of the directors or members of the relevant committee, including signatures evidenced by means of facsimile transmission), which copies may be transmitted by electronic mail, in which event, subject to any terms and conditions determined from time to time by the board, no signatures shall be required; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                   |

|   | (b)    | need not be signed by an alternate director if it is signed by the director who appointed him; |
|--------|--------|------------------------------------------------------------------------------------------------|
|   |   |                                                                                           |

|   | (c)    | if signed by an alternate director, need not also be signed by his appointor; |
|--------|--------|-------------------------------------------------------------------------------|
|   |   |                                                                          |

|   | (d) | to be effective, need not be signed by a director who is prohibited by these articles from voting thereon, or by his alternate. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------|

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| **127**                  | **Proceedings of committees**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|--------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |
|                     | All committees of the board        shall, in the exercise of the powers delegated to them and in the transaction        of business, conform with any mode of proceedings and regulations which        the board may prescribe and subject thereto shall be governed by such        of these articles as regulate the proceedings of the board as are capable    of applying.                                                                                                                                                                                                                                                                                                                                         |
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |
| **128**                  | **Minutes of proceedings**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |
| 128.1                    | The board shall cause minutes    to be made in books kept for the purpose of recording:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |
|                     | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | all appointments of officers    and committees made by the board; and |
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |
|                     | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | the names of directors present        at every meeting of the board, of a committee of the board, of the company        or of the holders of any class of shares or debentures of the company,    and all orders, resolutions and proceedings of such meetings. |
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |
| 128.2                    | Any such minutes, 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 or the secretary,        shall be *prima facie* evidence of the matters stated in such minutes    without any further proof.                                                                                                                                                                                                                                                                                                                                                                                                           |
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |
| **129**                  | **Validity of proceedings**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |
|                     | All acts done by a meeting of        the board, or of a committee of the board, or by any person acting as        a director, alternate director or member of a committee shall, notwithstanding        that it is afterwards discovered that there was some defect in the appointment        of any person or persons acting as aforesaid, 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, be as valid as if        every such person had been duly appointed, and was duly qualified and        had continued to be a director, alternate director or member of a committee    and entitled to vote. |
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |
| **DIRECTORS' INTERESTS** |
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |
| **130**                  | **Director may have interests**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |
|                     | Subject to the provisions of        the statues and provided that article 131 is complied with, a director,    notwithstanding his office:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |
|                     | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | may enter into or otherwise        be interested in any contract, arrangement, transaction or proposal with        the company or in which the company is otherwise interested, either in        regard to his tenure of any office or place of profit or as vendor, purchaser    or otherwise; |
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |
|                     | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | may hold any other office or        place of profit under the company (except that of auditor or of auditor        of a subsidiary of the company) in conjunction with the office of director        and may act by himself or through his firm in a professional capacity        for the company, and in any such case on such terms as to remuneration        and otherwise as the board may arrange, either in addition to or in lieu    of any remuneration provided for by any other article; |

     

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|    | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | may be a director or other officer of, or employed by, or a party to any transaction or arrangement with or otherwise interested in, any company promoted by the company or in which the company is otherwise interested or as regards which the company has any powers of appointment; and                                                                                                                                                   |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|    | (d)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | shall not be liable to account      to the company for any profit, remuneration or other benefit realised by    any such office, employment, contract, arrangement, transaction or proposal;                                                                                                                                                                                                                                                  |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|    | and no such contract, arrangement,      transaction or proposal shall be avoided on the grounds of any such interest    or benefit.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| **131** | **Disclosure of interests to    board**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 131.1   | A director who, to his knowledge,      is in any way (directly or indirectly) interested in any contract, arrangement,      transaction or proposal with the company 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, in any other case, at the first    meeting of the board after he knows that he is or has become so interested.                                                                                                                                                                                                      |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 131.2   | 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 any contract, transaction,      arrangement or proposal in which a specified person or class of persons      is interested shall be deemed to be a sufficient disclosure under this      article in relation to such contract, transaction, arrangement or proposal;    and |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | an interest of which a director      has no knowledge and of which it is unreasonable to expect him to have    knowledge shall not be treated as an interest of his.                                                                                                                                                                                                                                                                          |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| **132** | **Interested director not to    vote or count for quorum**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|    | Save as provided in this article,      a director shall not vote on, or be counted in the quorum in relation to,      any resolution of the board or of a committee of the board concerning any      contract, arrangement, transaction or any other proposal whatsoever to      which the company is or is to be a party and in which he has an interest      which (together with any interest of any person connected with him within      the meaning of section 346 CA 1985) is to his knowledge a material interest      otherwise than by virtue of his interests in shares or debentures or other      securities of or otherwise in or through the company, unless the resolution    concerns any of the following matters: |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | the giving of any 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 any guarantee, security      or indemnity in respect of a debt or obligation of the company or any of    its subsidiary undertakings for which he                                                                                                                                                                                                                                                                               |

 

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|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | himself has assumed responsibility      in whole or in part under a guarantee or indemnity or by the giving of    security;                                                                                                                                                                                                                                                                                                      |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                                             |
|    | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | any proposal concerning an offer of shares or debentures or other securities of or by the company or any of its subsidiary undertakings 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)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | any proposal concerning any other      body corporate in which he (together with persons connected with him within      the meaning of section 346 CA 1985) does not to his knowledge have an interest      (as the term is used in Part VI CA 1985) in one per cent or more of the      issued equity share capital of any class of such body corporate or of the    voting rights available to members of such body corporate; |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                                             |
|    | (e)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | any proposal relating to an arrangement      for the benefit of the employees of the company or any of its subsidiary      undertakings which does not award him any privilege or benefit not generally    awarded to the employees to whom such arrangement relates; or                                                                                                                                                         |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                                             |
|    | (f)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | any proposal concerning insurance      which the company proposes to maintain or purchase for the benefit of directors    or for the benefit of persons who include directors.                                                                                                                                                                                                                                                   |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                                             |
| **133** | **Director's interest in own    appointment**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                                             |
|    | A director shall not vote or be      counted in the quorum on any resolution of the board or committee of the      board concerning his own appointment (including fixing or varying the terms      of his appointment or its termination) as the holder of any 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      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 any company      in which the company is interested, such proposals may be divided and a      separate resolution considered in relation to each director. In such case      each of the directors concerned (if not otherwise debarred from voting      under these articles) shall be entitled to vote (and be counted in the    quorum) in respect of each resolution except that concerning his own appointment. |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                                             |
| **134** | **Chairman's ruling conclusive    on director's interest**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                                             |
|    | If any question arises at any      meeting as to the materiality of a director's interest (other than the      chairman's interest) or as to the entitlement of any director (other than      the chairman) to vote or be counted in a quorum, and such question is not      resolved by his voluntarily agreeing to abstain from voting or being counted      in the quorum, such question shall be referred to the chairman of the meeting.      The chairman's ruling in relation to the director concerned shall be final    and conclusive.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                                             |
| **135** | **Directors' resolution conclusive    on chairman's interest**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                                             |
|    | If any question arises at any      meeting as to the materiality of the chairman's interest or as to the entitlement    of the chairman to vote or be counted in a quorum, and such question                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |

 

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|      | is not resolved by his voluntarily      agreeing to abstain from voting or being counted in the quorum, such question      shall be decided by resolution of the directors or committee members present      at the meeting (excluding the chairman), whose majority vote shall be final    and conclusive.                                                                                                                                                                                                                                                                                                                                                                                                                     |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| **136**   | **Connected persons**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|      | For the purposes of articles 130      to 135 (which shall apply equally to alternate directors) an interest of      a person who is for the purposes of the statutes connected (which word      shall have the meaning given to it by section 346 CA 1985) with a director    shall be treated as an interest of the director.                                                                                                                                                                                                                                                                                                                                                                                                  |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| **SEALS** |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| **137**   | **Safe custody**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|      | The board shall provide for the safe custody    of the seal, the securities seal and of any other seal of the company.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| **138**   | **Application of seals**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| 138.1     | The seal shall be used only by the authority        of a resolution of the board or of a committee of the board so authorised,        which resolution may include a resolution for the giving of a general        authority to any director, the secretary, an assistant secretary or other        officer of the company to affix the seal from time to time. The board        may determine whether any instrument to which the seal is affixed shall        be signed and, if it is to be signed, who shall sign it and by what means.        The board may also determine, either generally or in a particular case,        that a signature may be dispensed with or affixed by mechanical, electronic    or other means. |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| 138.2     | Every certificate or share warrant shall    be issued either:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|      | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | by affixing the securities seal to it,    by mechanical, electronic or other means; |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |
|      | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | by printing a representation of the securities        seal on it, by mechanical, electronic or other means, including laser    printing; or |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |
|      | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | in such other manner as the board, having        regard to the statutes and the regulations of the London Stock Exchange,    may authorise. |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |
| **139**   | **Official seal for use abroad**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |
|      | Subject to the provisions of        the statutes, the company may have an official seal for use in any place    abroad.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |

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| **THE SECRETARY**              |
|-------------------------------------|
|                                |   |
| **140**                             | **The secretary** |
|                                |   |
| 140.1                               | Subject to the provisions of the statutes,        the board shall appoint a secretary or joint secretaries and shall have        power to appoint one or more persons to be an assistant or deputy secretary        at such remuneration and on such terms and conditions as it thinks fit    and any such person so appointed may be removed by the board. |
|                                |   |
| 140.2                               | Any provision of the statutes or of these        articles requiring or authorising a thing to be done by or to a director        and the secretary shall not be satisfied by its being done by or to the    same person acting both as director and as, or in place of, the secretary. |
|                                |   |
| **AUTHENTICATION    OF DOCUMENTS**  |
|                                |   |
| **141**                             | **Power to authenticate** |
|                                |   |
|                                | Any director or the secretary or any person        appointed for the purpose shall have power to authenticate any documents        affecting the constitution of the company and any resolutions passed        by the company or the directors or any committee of the directors, and        any books, records, documents and accounts relating to the business of        the company, and to certify copies thereof or extracts therefrom as true        copies or extracts. Where any books, records, documents or accounts are        elsewhere than at the office the local manager or other officer of the        company having the custody thereof shall be deemed to be a person appointed        by the directors as aforesaid. A document purporting to be a copy of        a resolution, or an extract from the minutes of a meeting, of the company        or of the directors or any committee of the directors which is certified        as aforesaid shall be conclusive evidence in favour of all persons dealing        with the company upon the faith thereof that such resolution has been        duly passed or, as the case may be, that such minutes or extract is a    true and accurate record of proceedings at a duly constituted meeting. |
|                                |   |
| **DIVIDENDS    AND OTHER PAYMENTS** |
|                                |   |
| **142**                             | **Declaration of dividends** |
|                                |   |
|                                | Subject to the provisions of the statutes        and of these articles, the company may by ordinary resolution declare        dividends to be paid to members according to their respective rights        and interests in the profits of the company. However, no dividend shall    exceed the amount recommended by the board. |
|                                |   |
| **143**                             | **Interim dividends** |
|                                |   |
|                                | Subject to the provisions of the statutes,        the board may declare and pay such interim dividends (including any dividend        payable at a fixed rate) as appears to the board to be justified by the        profits of the company available for distribution. If at any time the        share capital of the company is divided into different classes, the board        may pay such interim dividends on shares which rank after shares conferring        preferential rights with regard to dividend as well as on shares conferring        preferential rights, unless at the time of payment any preferential dividend        is in arrear. Provided that the board acts in good faith, it shall not        incur any liability to the holders of shares conferring preferential    rights for any loss |

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|    | that they may suffer by the lawful payment        of any interim dividend on any shares ranking after those with preferential    rights.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| **144** | **Entitlement to dividends**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|    | Except as otherwise provided by the rights        attached to shares, all dividends shall be declared and paid according        to the amounts paid up (otherwise than in advance of calls) on the shares        on which the dividend is paid. Subject as aforesaid, 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, it shall rank for    dividend accordingly.                                                        |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| **145** | **Calls or debts may be deducted from dividends**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|    | The board may deduct from any dividend or        other money payable to any person on or in respect of a share all such        sums as may be due from him to the company on account of calls or otherwise    in relation to the shares of the company.                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| **146** | **Distribution in specie**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|    | The board may, with the authority of an ordinary        resolution of the company, direct that payment of any dividend declared        may be satisfied wholly or partly by the distribution of assets, and        in particular of paid up shares or debentures of any other company, or        in any one or more of such ways. Where any difficulty arises in regard        to such distribution, the board may settle it as it thinks fit. In particular,    the board may:                                                                                                                                                                                                                      |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | issue fractional certificates (or ignore    fractions); |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | fix the value for distribution of such        assets or any part thereof and determine that cash payments may be made        to any members on the footing of the value so fixed, in order to adjust    the rights of members; and |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |
|    | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | vest any such assets in trustees on trust    for the persons entitled to the dividend. |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |
| **147** | **Dividends not    to bear interest**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|    | Unless otherwise        provided by the rights attached to the share, no dividend or other moneys        payable by the company or in respect of a share shall bear interest as    against the company.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| **148** | **Method of payment**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 148.1   | The company may        pay any dividend, interest or other sum payable in respect of a share        in cash or by direct debit, bank transfer, cheque, dividend warrant,        or money order, by any method provided by the rules of a relevant system,        or by any other method (including by electronic media) as the board may        consider appropriate and may send the same by post or other delivery        service (or by such other means offered by the company as the member        or persons entitled to it may agree in writing) to the registered address        (or in the case of a depositary, subject to the approval of the board,    such persons and addresses as the |

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|    | depositary may require) of the        member or person entitled to it (or, if two or more persons are holders        of the share or are jointly entitled to it by reason of the death or        bankruptcy of the member or otherwise by operation of law, to the registered        address of such of those persons as is first named in the register) or        to such person and such address as such member or person or persons may    direct in writing.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 148.2   | Every cheque, warrant, order        or other form of payment is sent at the risk of the person entitled to        the money represented by it, shall (where relevant) be crossed in accordance        with the Cheques Act 1992 and shall be made payable to the person or        persons entitled, or to such other person as the person or persons entitled        may direct in writing. Payment of the cheque, warrant, order or other        form of payment shall be a good discharge to the company. If any such        cheque, warrant, order or other form of payment has or shall be alleged        to have been lost, stolen or destroyed, the board may, at the request        of the person entitled thereto, issue a replacement cheque or warrant        or order or make payment in some other form, subject to compliance with        such conditions as to evidence and indemnity and the payment of out of        pocket expenses of the company in connection with the request as the    board may think fit. |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 148.3   | Any joint holder or other person        jointly entitled to a share may give an effective receipt for any dividend    or other moneys payable in respect of such share.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 148.4   | 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 sterling. For the purposes of        the calculation of the amount receivable in respect of any dividend,        the rate of exchange to be used to determine the foreign currency equivalent        of any sum payable as a dividend shall be such rate or rates and the        payment thereof shall be on such terms and conditions as the board may    in its absolute discretion determine.                                                                                                                                                                                                                                                                                                                                                                                         |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| **149** | **Uncashed dividends**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|    | 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 enquiries 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.                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| **150** | **Unclaimed dividends**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|    | All dividends, interest or other        sum payable and unclaimed for twelve 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        twelve years after having been declared or become due for payment        shall (if the board so resolves) be forfeited and shall cease to remain    owing by the company.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |

 

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| **151** | **Payment of share dividends**                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |
|    | The board may, with the prior        authority of an ordinary resolution of the company and subject to such        terms and conditions as the board may determine, offer to any holders        of ordinary shares the right to elect to receive ordinary 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 within    a specified period or periods; |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | the entitlement of each holder        of ordinary shares to new ordinary 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 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 ordinary shares        on the London Stock Exchange, as derived from the Daily Official List,        for the day on which the ordinary shares are first quoted "ex" the        relevant dividend and the four subsequent dealing days, or in such other        manner as may be determined by or in accordance with the ordinary resolution.        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; |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |
|    | (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 ordinary 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 ordinary 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 ordinary shares or any ordinary shares held by a        depositary or any ordinary 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; |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |
|    | (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 ordinary shares shall be binding on every successor    in title to the holder thereof; |

 

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|    | (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 ordinary shares in respect of which an election has been duly made ("the elected ordinary shares") and instead additional ordinary shares shall be allotted to the holders of the elected ordinary 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, capital redemption reserve or other undistributable 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 nominalamount of the additional ordinary shares to be allotted on that basis and apply it in paying up in full the appropriate number of unissued ordinary shares for allotment and distribution to the holders of the elected ordinary shares on that basis.  A board resolution capitalising any part of such reserve or fund or profits shall have the same effect as if such capitalisation had been declared by ordinary resolution of the company in accordance with article 153 and in relation to any such capitalisation the board may exercise all the powers conferred on them by article 153 without need of such ordinary resolution; |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|    | (h)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | the additional ordinary shares      so allotted shall rank *pari passu* in all respects with each other      and with the fully paid ordinary 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 ordinary shares in      lieu of any cash dividend at any time and generally may implement any share      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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| **152** | **Reserves**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|    | The board may, before recommending      any dividend (whether preferential or otherwise), carry to reserve out      of the 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. Any sum which the board may carry to reserve out of the      unrealised profits of the company shall not be mixed with any reserve to      which profits available for distribution have been carried. The board may      also, without placing the same to reserve, carry forward any profits which    it may think prudent not to distribute. |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| **153** | **Capitalisation of reserves**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|    | Subject to Article 5.2(iii), the    board may, with the authority of an ordinary resolution of the company:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |

 

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|   | (a)    | subject as provided in this article,      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 any reserve or fund      of the company which is available for distribution or standing to the credit      of share premium account or capital redemption reserve or other undistributable    reserve;                                                                                                                                                                                                                                                                                                                                                                                                                          |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |
|   | (b)    | appropriate the sum resolved to      be capitalised to the holders of shares in proportion to the 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 if the      shares were fully paid and the sum were then distributable and were distributed      by way of dividend 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 in full unissued shares or debentures      of the company of a nominal amount equal to that sum, and allot the shares      or debentures credited as fully paid to those holders of shares or as they      may direct, in those proportions, or partly in one way and partly in the    other, 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 purposes 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 amounts for the time being unpaid on any shares of the company      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; |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |
|   | (c)    | resolve that any shares so allotted      to any member in respect of a holding by him of any partly paid shares      shall, so long as such shares remain partly paid, rank for dividends only    to the extent that such partly paid shares rank for dividends;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |
|   | (d)    | make such provision by the issue      of fractional certificates (or by ignoring fractions or by accruing the      benefit thereof to the company rather than to the holders of shares concerned)      or by payment in cash or otherwise as it thinks fit in the case of shares    or debentures becoming distributable in fractions;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |
|   | (e)    | authorise any person to enter      on behalf of all the holders of ordinary shares concerned into an agreement    with the company providing for either:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |
|   |   | (i)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | the allotment to them respectively,      credited as fully paid up, of any shares or debentures to which they may    be entitled on such capitalisation; or |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |
|   |   | (ii)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | the payment up by the company      on behalf of such holders by the application thereto of their respective    proportions of the reserves or |

 

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|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                             | profits resolved 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 effective and binding on all such holders); and |
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                             |                                                                                                                              |
|         | (f)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | generally do all acts and things    required to give effect to such resolution.                  |
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                             |                                                                                                                              |
| **154**      | **Record dates**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                             |                                                                                                                              |
|         | Notwithstanding any other provision        of these articles but without prejudice to the rights attached to any        shares and subject always to the statutes 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 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, distribution,        interest, allotment or issue) at any time after the same is recommended,        resolved, declared or announced but without prejudice to the rights *inter        se* in respect of the same of transferors and transferees of any such        shares or other securities. No change in the register of such holders    after the record date shall invalidate the same.                                                                                                                                  |
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                             |                                                                                                                              |
| **ACCOUNTS** |
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                             |                                                                                                                              |
| **155**      | **Accounting records**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                             |                                                                                                                              |
|         | The board shall cause accounting    records to be kept in accordance with the statutes.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                             |                                                                                                                              |
| **156**      | ** Inspection of records**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                             |                                                                                                                              |
|         | No member (other than a director)        shall have any right to inspect any accounting record or other document        of the company unless he is authorised to do so by statute, by order    of the court, by the board or by ordinary resolution of the company.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                             |                                                                                                                              |
| **157**      | **Accounts to be sent    to members**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                             |                                                                                                                              |
|         | Except as provided        in article 158, a printed copy of the directors' and auditors' reports        accompanied        by printed copies of the annual accounts shall, not less than twenty        one clear days before the annual general meeting before which they are        to be laid, be delivered or sent by post to every member and holder of        debentures of the company and to the auditors and to every other person        who is entitled to receive notice of general meetings. However, this        article shall not require a copy of those documents to be sent to any        person who under the provisions of these articles is not entitled to        receive notices from the company or of whose address the company is unaware        or to any holder of debentures of whose address the company is unaware        or to more than one of the joint holders of any shares or debentures.        If and to the extent permitted by the statutes, all or any of such documents        may be delivered to a member by electronic mail. If all or any of the        shares in or debentures of the company are listed or dealt in on any        stock exchange, there shall at the same time be forwarded to the secretary    of that stock exchange such |

 

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|        | number of copies of each of    those documents as the regulations of that stock exchange may require.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|-------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| **158**     | **Summary financial statements**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|        | The company may, in accordance        with section 251 CA 1985 and any regulations made under it, send (including,        to the extent permitted by the statutes, by electronic mail) a summary        financial statement to any member instead of or in addition to the documents        referred to in article 157. Where it does so, the statement shall        be delivered or sent by post to the member not less than twenty one clear        days before the annual general meeting before which those documents are    to be laid.                                                                                                                                                                                                    |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| **NOTICES** |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| **159**     | **Notices to be in writing**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|        | Any notice to be given to or        by any person pursuant to these articles shall be in writing, except        that a notice convening a board or board committee meeting need not be    in writing.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| **160**     | **Service of notice on members**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 160.1       | The company may give any notice        or document (including a share certificate) to a member, either personally        or by sending it by post or other delivery service in a prepaid envelope        addressed to the member at his registered address or by leaving it at        that address or by any other means (including, to the extent permitted        by the statutes and except in relation to a share certificate, electronic        mail) authorised in writing by the member concerned. In the case of a        member registered on an overseas branch register any such notice or document        which is posted may be posted either in the United Kingdom or in the    territory in which such branch register is maintained. |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 160.2       | In the case of joint holders        of a share, all notices or documents shall be given to the joint holder        whose name stands first in the register in respect of the joint holding.    Notice so given shall be sufficient notice to all the joint holders.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 160.3       | Where a member (or, in the case        of joint holders, the person first named in the register) has a registered        address outside the United Kingdom but has notified the company of an        address within the United Kingdom at which notices or other documents        may be given to him, he shall be entitled to have notices given to him        at that address; but otherwise no such member shall be entitled to receive    any notice or document from the company.                                                                                                                                                                                                                                                              |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 160.4       | If on three consecutive occasions        notices or other documents have been sent through the post to any member        at his registered address or his address for the service of notices but        have been returned undelivered, such member shall not thereafter be entitled        to receive notices or other documents from the company until he shall        have communicated with the company and supplied in writing a new registered    address or address within the United Kingdom for the service of notices.                                                                                                                                                                                                                     |

 

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| 160.5   | The provisions of this article        160 and of articles 161 to 165 do not affect any provision of the statutes        or these articles requiring notices or documents to be delivered in a    particular manner.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| **161** | **Notice in case of death,    bankruptcy or mental disorder**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|    | The company may give notice        to the person entitled to a share in consequence of the death or bankruptcy        of a member or otherwise by operation of law, by sending or delivering        it in any manner authorised by these articles for the giving of notice        to a member, addressed to that person by name, or by the title of representative        of the deceased or trustee of the bankrupt or representative by operation        of law or by any like description, at the address (if any) within the        United Kingdom supplied for the purpose by the person claiming to be        so entitled. Until such an address has been so supplied, a notice may        be given in any manner in which it might have been given if the death    or bankruptcy or operation of law had not occurred.                                                                                                                                                                                                                                                                                                                              |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| **162** | **Evidence of service**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 162.1   | Any member present, in person        or by proxy, at any meeting of the company or of the holders of any class        of shares of the company shall be deemed to have received due notice        of such meeting, and, where requisite, of the purposes for which such    meeting was called.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 162.2   | Any notice, certificate or other        document, addressed to a member at his registered address or address        for service in the United Kingdom shall, if sent by post, be deemed to        have been served or delivered on the day after the day when it was put        in the post (or, where second-class mail is employed, on the second day        after the day when it was put in the post). Proof that an envelope containing        the notice or document was properly addressed and put into the post as        a prepaid letter shall be conclusive evidence that the notice was given.        Any notice, certificate or other document not sent by post but delivered        or left at a registered address or address for service in the United        Kingdom shall be deemed to have been served or delivered on the day on        which it was so delivered or left. Any notice, certificate or other document        sent by electronic mail shall, subject to the statutes and these articles,        be deemed to have been served or delivered at the expiration of twenty-four    hours from the time at which it was sent. |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| **163** | **Notice binding on transferees**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|    | Every person who, by operation        of law, transfers or by any other means becomes entitled to a share shall        be bound by any notice in respect of that share (other than a notice        given by the company under section 212 CA 1985) which, before his name        is entered in the register, has been duly given to a person from whom    he derives his title.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |

 

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| **164**             | **Notice by advertisement**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                | Any notice to be given by the        company to the members or any of them, and not otherwise provided for        by these articles, shall be sufficiently given if given by advertisement        in at least one national newspaper published in the United Kingdom and,        where the company keeps an overseas branch register, in at least one        daily newspaper published in the territory in which such register is        maintained. Any notice given by advertisement shall be deemed to have    been served at noon on the day on which the advertisement first appears.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| **165**             | **Suspension of postal services**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                | If at any time by reason of        the suspension, interruption or curtailment of postal services or electronic        mail or threat thereof within the United Kingdom the company is or would        be unable effectively to convene a general meeting by notices sent through        the post or by electronic mail, a general meeting may be convened by        a notice advertised in at least one national newspaper published in the        United Kingdom and, where the company keeps an overseas branch register,        in at least one daily newspaper published in the territory in which such        register is maintained. Such notice shall be deemed to have been duly        served on all members entitled thereto at noon on the day on which the        first of such advertisements appears. In any such case the company shall        send confirmatory copies of the notice by post or by electronic mail        if, at least seven days prior to the meeting, the posting of notices        to addresses throughout the United Kingdom or, as the case may be, the    sending of such notices by electronic mail again becomes practicable. |
|                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| **WINDING UP** |
|                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| **166**             | **Division of assets**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                | If the company is wound up the        liquidator may, with the sanction of a special resolution of the company        and any other sanction required by law, divide among the members in specie        the whole or any part of the assets of the company and may, for that        purpose, value any assets and determine how the division shall be carried        out as between the members or different classes of members. Any such        division may be otherwise than in accordance with the existing rights        of the members, but if any division is resolved otherwise than in accordance        with such rights, the members shall have the same right of dissent and        consequential rights as if such resolution were a special resolution        passed pursuant to section 110 of the Insolvency Act 1986. The liquidator        may, with the like sanction, vest the whole or any part of the assets        in trustees on such trusts for the benefit of the members as he with        the like sanction shall determine, but no member shall be compelled to    accept any assets on which there is a liability.                       |
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| **167**             | **Transfer or sale under section    110 Insolvency Act 1986**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
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|                | A special resolution sanctioning        a transfer or sale to another company duly passed pursuant to section        110 of the Insolvency Act 1986 may in the like manner authorise the distribution        of any shares or other consideration receivable by the liquidator among        the members otherwise than in accordance with their existing rights,        and any such determination shall be binding on all the members, subject        to the right of dissent and consequential rights conferred by the said    section.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |

 

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| **INDEMNITY** |
|---------------|
|          |   |   |   |
| **168**       | **Right to indemnity** |
|          |   |   |   |
| 168.1         | So far as the law allows, but        without prejudice to any indemnity to which he may otherwise be entitled,        any person who is or was at any time a director, alternate director,        officer or employee of the company shall be entitled to be indemnified        and, if the board so determines, any other Relevant Person shall be entitled        to be indemnified, out of the assets of the company against any Relevant    Liability. |
|          |   |   |   |
| 168.2         | For the purposes of these Articles: |
|          |   |   |   |
|          | (a) | "Relevant Person" means        any person who is or was at any time a director, officer or employee    of: |
|          |   |   |   |
|          |   | (i) | the company, or any body corporate    which is or was at any time a holding company of the company; |
|          |   |   |   |
|          |   | (ii) | any body corporate in which        the company, or any body corporate which is or was at any time a holding    company of the company, has any kind of direct or indirect interest; |
|          |   |   |   |
|          |   | (iii) | any body corporate in which        any of the predecessors of the company, or of any body corporate which        is or was at any time a holding company of the company, had any kind    of direct or indirect interest; |
|          |   |   |   |
|          |   | (iv) | any body corporate with which    the company is or was at any time allied, or associated; or |
|          |   |   |   |
|          |   | (v) | any body corporate which is        or was at any time a subsidiary undertaking of any body corporate referred    to in this paragraph (a); |
|          |   |   |   |
|          | (b) | "Relevant Liability" means        any cost, charge, loss, damage, expense or liability which any person    may suffer or incur: |
|          |   |   |   |
|          |   | (i) | as a result of anything he does,        or does not do, in carrying out or trying to carry out his duties, or        using or trying to use his powers in relation to the company, or in relation        to any of the other bodies corporate which are referred to in paragraph        (a) above or, in the case of any current or past trustee of any pension    fund, in relation to that pension fund; or |
|          |   |   |   |
|          |   | (ii) | in any other way in connection        with his duties, powers or posts in relation to the company or in relation        to any of the other bodies corporate which are referred to in paragraph        (a) above or, in the case of any current or past trustee of any pension    fund, in relation to that pension fund, |
|          |   |   |   |
|          |   | including (without prejudice        to the generality of the foregoing) any liability incurred in connection        with defending any proceedings (whether civil or criminal) which relate        to any of the matters referred to in sub-paragraphs (b)(i) or (b)(ii)    above. |

 

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| **169** | **Power to insure**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|    | So far as the law allows, the      board may take out, maintain, renew, establish, participate in, and/or      contribute to the cost of, insurance for, or for the benefit of any Relevant      Person or any person who is or was at any time a trustee of any pension      fund in which any employee or former employee of the company or any of      the other bodies corporate which are referred to in paragraph (a) of Article      168.2 are interested, including insurance against any Relevant Liability      and, so far as the law allows, may indemnify or exempt any such person    from or against any such Relevant Liability. |

 

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