**Exhibit 1.2**

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Company Number: 1833679

The Companies Acts 1948 to 1985

Public Company Limited by Shares

 

**ARTICLES OF ASSOCIATION  OF  VODAFONE GROUP PUBLIC LIMITED COMPANY**

 

 

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**TABLE  OF CONTENTS**

|                                                                                                               | **Article No.** | **Page No.** |   |
|--------------------------------------------------------------------------------------------------------------------|-----------------|--------------|--------|
|                                                                                                               |            |         |   |
| **Preliminary Articles**                                                                                           |            |         |   |
| Table A and      other standard regulations do not apply                                                           | 1               | 1            |        |
|                                                                                                               |            |         |   |
| **The meaning      of words and phrases used in the Articles**                                                     | 2               | 1            |        |
|                                                                                                               |            |         |   |
| **Share capital**                                                                                                  |            |         |   |
| Form of the      Company’s share capital                                                                     | 3               | 7            |        |
|                                                                                                               |            |         |   |
| **Fixed Rate Shares**                                                                                              |            |         |   |
| Right of Fixed      Rate Shares to profits                                                                         | 4               | 7            |   |
| Right of Fixed      Rate Shares to capital                                                                         | 5               | 7            |   |
| Voting rights      of Fixed Rate Shares                                                                            | 6               | 8            |   |
| Varying the      rights of Fixed Rate Shares                                                                       | 7               | 8            |   |
|                                                                                                               |            |         |   |
| **Changing Capital**                                                                                               |            |         |   |
| The power      to increase capital                                                                                 | 8               | 9            |   |
| Application      of the Articles to new shares                                                                     | 9               | 9            |   |
| The power      to change capital                                                                                   | 10              | 9            |   |
| Fractions      of shares                                                                                           | 11              | 10           |   |
| The power      to reduce capital                                                                                   | 12              | 10           |   |
| Buying back      shares                                                                                            | 13              | 10           |   |
|                                                                                                               |            |         |   |
| **Shares**                                                                                                         |            |         |   |
| The special      rights of new shares                                                                              | 14              | 10           |   |
| The directors’      power to deal with shares                                                                | 15              | 10           |   |
| The directors’      authority to allot “relevant securities” and “equity securities” | 16              | 11           |   |
| Power to      pay commission and brokerage                                                                         | 17              | 12           |   |
| Renunciations      of allotted but unissued shares                                                                 | 18              | 13           |   |
| No trusts      or similar interests recognised                                                                     | 19              | 13           |   |
|                                                                                                               |            |         |   |
| **Shares in Uncertificated      Form**                                                                             |            |         |   |
| Holding shares      in uncertificated form and effect of the CREST Regulations                                     | 20              | 13           |   |
|                                                                                                               |            |         |   |
| **Share Certificates**                                                                                             |            |         |   |
| Certificates                                                                                                       | 21              | 13           |   |
| Replacement      share certificates                                                                                | 22              | 15           |   |
|                                                                                                               |            |         |   |
| **Calls on shares**                                                                                                |            |         |   |
| The directors      can make calls on shares                                                                        | 23              | 15           |   |
| The liability      for calls                                                                                       | 24              | 15           |   |
| Interest      and expenses on unpaid calls                                                                         | 25              | 16           |   |

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|                                                                       | **Article No.** | **Page No.** |   |
|----------------------------------------------------------------------------|-----------------|--------------|--------|
|                                                                       |            |         |   |
| Sums      which are payable when a share is allotted are treated as a call | 26              | 16           |   |
| Calls can      be for different amounts                                    | 27              | 16           |   |
| Paying      calls early                                                    | 28              | 16           |   |
|                                                                       |            |         |   |
| **Forfeiting      shares**                                                 |            |         |   |
| Notice      following non-payment of a call                                | 29              | 16           |   |
| Contents      of the notice                                                | 30              | 16           |   |
| Forfeiture      if the notice is not complied with                         | 31              | 17           |   |
| Forfeiture      will include unpaid dividends                              | 32              | 17           |   |
| Dealing      with forfeited shares                                         | 33              | 17           |   |
| Cancelling      forfeiture                                                 | 34              | 17           |   |
| The      position of shareholders after forfeiture                         | 35              | 17           |   |
|                                                                       |            |         |   |
| **Liens      on partly paid shares**                                       |            |         |   |
| The      Company’s lien on shares                                    | 36              | 18           |   |
| Enforcing      the lien by selling the shares                              | 37              | 18           |   |
| Using      the proceeds of the sale                                        | 38              | 18           |   |
| Evidence      of forfeiture or enforcement of lien                         | 39              | 19           |   |
|                                                                       |            |         |   |
| **Changing      shares rights**                                            |            |         |   |
| Changing      the special rights of shares                                 | 40              | 19           |   |
| More      about the special rights of shares                               | 41              | 19           |   |
|                                                                       |            |         |   |
| **Transferring      shares**                                               |            |         |   |
| Share      transfers                                                       | 42              | 20           |   |
| More      about transfers of shares in certificated form                   | 43              | 20           |   |
| The      Company can refuse to register certain transfers                  | 44              | 21           |   |
| Closing      the Register                                                  | 45              | 21           |   |
| Overseas      branch registers                                             | 46              | 21           |   |
|                                                                       |            |         |   |
| **Persons      automatically entitled to shares by law**                   |            |         |   |
| When      a shareholder dies                                               | 47              | 21           |   |
| Registering      personal representatives                                  | 48              | 21           |   |
| A      person who wants to be registered must give notice                  | 49              | 21           |   |
| Having      another person registered                                      | 50              | 22           |   |
| The      rights of people automatically entitled to shares by law          | 51              | 22           |   |
|                                                                       |            |         |   |
| **Shareholders      who cannot be traced**                                 |            |         |   |
| Shareholder      who cannot be traced                                      | 52              | 22           |   |
|                                                                       |            |         |   |
| **General      Meetings**                                                  |            |         |   |
| The      Annual General Meeting                                            | 53              | 23           |   |
| Extraordinary      General Meetings                                        | 54              | 23           |   |
| Calling      an Extraordinary General Meeting                              | 55              | 23           |   |
| Notice      of General Meetings                                            | 56              | 24           |   |

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|                                                      | **Article No.** | **Page No.** |   |
|-----------------------------------------------------------|-----------------|--------------|--------|
|                                                      |            |         |   |
| **Proceedings at General      Meetings**                  |            |         |   |
| The chairman      of a General Meeting                    | 57              | 25           |   |
| Security,      and other arrangements at General Meetings | 58              | 25           |   |
| Overflow      meeting rooms                               | 59              | 26           |   |
| The quorum      needed for General Meetings               | 60              | 26           |   |
| The procedure      if there is no quorum                  | 61              | 26           |   |
| Adjourning      meetings                                  | 62              | 26           |   |
| Amending      Resolutions                                 | 63              | 27           |   |
|                                                      |            |         |   |
| **Voting Procedures**                                     |            |         |   |
| How votes      are taken                                  | 64              | 27           |   |
| How a poll      is taken                                  | 65              | 27           |   |
| Where there      cannot be a poll                         | 66              | 28           |   |
| A General      Meeting continues after a poll is demanded | 67              | 28           |   |
| Timing of      a poll                                     | 68              | 28           |   |
| The chairman’s      casting vote                    | 69              | 28           |   |
| The effect      of a declaration by the chairman          | 70              | 28           |   |
|                                                      |            |         |   |
| **Voting Rights**                                         |            |         |   |
| The votes      of shareholders                            | 71              | 29           |   |
| Shareholders      who owe money to the Company            | 72              | 29           |   |
| Suspension      of rights on non-disclosure of interest   | 73              | 29           |   |
| Votes of      shareholders who are of unsound mind        | 74              | 31           |   |
| The votes      of joint holders                           | 75              | 32           |   |
|                                                      |            |         |   |
| **Proxies**                                               |            |         |   |
| Appointment      of proxies                               | 76              | 32           |   |
| Completing      proxy forms                               | 77              | 32           |   |
| Delivering      proxy forms                               | 78              | 33           |   |
| Cancellation      of proxy’s authority              | 79              | 33           |   |
| Authority      of proxies                                 | 80              | 34           |   |
| Representatives      of companies                         | 81              | 34           |   |
| Challenging      votes                                    | 82              | 34           |   |
|                                                      |            |         |   |
| **Directors**                                             |            |         |   |
| The number      of directors                              | 83              | 35           |   |
| Qualification      to be a director                       | 84              | 35           |   |
| Directors’      fees and expenses                   | 85              | 35           |   |
| Special pay                                               | 86              | 35           |   |
| Directors’      expenses                            | 87              | 36           |   |
| Directors’      pensions and other benefits         | 88              | 36           |   |
| Appointing      directors to various posts                | 89              | 36           |   |
|                                                      |            |         |   |
| **Changing Directors**                                    |            |         |   |
| Age limits                                                | 90              | 37           |   |
| Retiring      directors                                   | 91              | 37           |   |

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|                                                                | **Article No.** | **Page No.** |   |
|---------------------------------------------------------------------|-----------------|--------------|--------|
|                                                                |            |         |   |
| Eligibility      for re-election                                    | 92              | 37           |   |
| Re-electing      a director who is retiring                         | 93              | 37           |   |
| Election      of two or more directors                              | 94              | 37           |   |
| People who      can be directors                                    | 95              | 37           |   |
| The power      to fill vacancies and appoint extra directors        | 96              | 38           |   |
| Removing      and appointing directors by an ordinary resolution    | 97              | 38           |   |
| When directors      are disqualified                                | 98              | 38           |   |
|                                                                |            |         |   |
| **Directors’ Meetings**                                       |            |         |   |
| Directors’      meetings                                      | 99              | 39           |   |
| Who can      call directors’ meetings                         | 100             | 39           |   |
| How directors’      meetings are called                       | 101             | 39           |   |
| Quorum                                                              | 102             | 39           |   |
| The Chairman      of directors’ meetings                      | 103             | 40           |   |
| Voting at      directors’ meetings                            | 104             | 40           |   |
| Directors      can act even if there are vacancies                  | 105             | 40           |   |
| Directors’      meetings by video conference and telephone    | 106             | 40           |   |
| Resolutions      in writing                                         | 107             | 41           |   |
| The validity      of directors’ actions                       | 108             | 41           |   |
|                                                                |            |         |   |
| **Directors’ Interests**                                      |            |         |   |
| Directors’      interests in transactions with the Company    | 109             | 41           |   |
| When directors      can vote on things in which they are interested | 110             | 42           |   |
| More about      directors’ interests                          | 111             | 43           |   |
|                                                                |            |         |   |
| **Directors’ Committees**                                     |            |         |   |
| Delegating      powers to committees                                | 112             | 44           |   |
| Committee      procedure                                            | 113             | 44           |   |
|                                                                |            |         |   |
| **Directors’ Powers**                                         |            |         |   |
| The directors’      management powers                         | 114             | 44           |   |
| The power      to establish local boards                            | 115             | 45           |   |
| The power      to appoint attorneys                                 | 116             | 45           |   |
| Borrowing      powers                                               | 117             | 46           |   |
| Borrowing      restrictions                                         | 118             | 46           |   |
|                                                                |            |         |   |
| **Alternate Directors**                                             |            |         |   |
| Alternate      directors                                            | 119             | 47           |   |
|                                                                |            |         |   |
| **The Secretary**                                                   |            |         |   |
| The Secretary      and Deputy and Assistant Secretaries             | 120             | 48           |   |
|                                                                |            |         |   |
| **The Seal**                                                        |            |         |   |
| The Seal                                                            | 121             | 49           |   |
|                                                                |            |         |   |

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|                                                                                                       | **Article No.** | **Page No.** |   |
|------------------------------------------------------------------------------------------------------------|-----------------|--------------|--------|
|                                                                                                       |            |         |   |
| **Authenticating Documents**                                                                               |            |         |   |
| Establishing      that documents are genuine                                                               | 122             | 49           |   |
|                                                                                                       |            |         |   |
| **Reserves**                                                                                               |            |         |   |
| Setting      up reserves                                                                                   | 123             | 50           |   |
|                                                                                                       |            |         |   |
| **Dividends**                                                                                              |            |         |   |
| No dividends      are payable except out of profits                                                        | 124             | 50           |   |
| Final dividends                                                                                            | 125             | 50           |   |
| Fixed and      interim dividends                                                                           | 126             | 51           |   |
| Dividends      not in cash                                                                                 | 127             | 51           |   |
| Calculation      and currency of dividends                                                                 | 128             | 51           |   |
| Deducting      amounts owing from dividends and other money                                                | 129             | 52           |   |
| Payments      to shareholders                                                                              | 130             | 52           |   |
| Record dates      for payments and other matters                                                           | 131             | 52           |   |
| Dividends      which are not claimed                                                                       | 132             | 53           |   |
| Waiver of      dividends                                                                                   | 133             | 53           |   |
|                                                                                                       |            |         |   |
| **Capitalising Reserves**                                                                                  |            |         |   |
| Capitalising      reserves                                                                                 | 134             | 53           |   |
|                                                                                                       |            |         |   |
| **Scrip Dividends**                                                                                        |            |         |   |
| Ordinary      Shareholders can be offered the right to receive extra shares instead of      cash dividends | 135             | 54           |   |
|                                                                                                       |            |         |   |
| **Accounts**                                                                                               |            |         |   |
| Accounting      and other records                                                                          | 136             | 56           |   |
| Location      and inspection of records                                                                    | 137             | 56           |   |
| Sending      copies of accounts and other documents                                                        | 138             | 57           |   |
|                                                                                                       |            |         |   |
| **Auditors**                                                                                               |            |         |   |
| Acts of      auditors                                                                                      | 139             | 57           |   |
| Auditors      at General Meetings                                                                          | 140             | 57           |   |
|                                                                                                       |            |         |   |
| **Notices**                                                                                                |            |         |   |
| Serving      and delivering notices and other documents                                                    | 141             | 57           |   |
| Notices      to joint holders                                                                              | 142             | 58           |   |
| Notices      for shareholders with foreign addresses                                                       | 143             | 58           |   |
| When notices      are served                                                                               | 144             | 58           |   |
| Serving      notices and documents on shareholders who have died or are bankrupt                           | 145             | 59           |   |
| If documents      are accidentally not sent                                                                | 146             | 59           |   |
|                                                                                                       |            |         |   |
| **Minutes and Records**                                                                                    |            |         |   |
| Minutes                                                                                                    | 147             | 59           |   |
| Availability      of records for inspection and notifying the Registrar of Companies                       | 148             | 59           |   |

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|                                                                          | **Article No.** | **Page No.** |   |
|-------------------------------------------------------------------------------|-----------------|--------------|--------|
|                                                                          |            |         |   |
| **Winding Up**                                                                |            |         |   |
| Directors’      power to petition                                       | 149             | 60           |   |
| Distribution      of assets in kind                                           | 150             | 60           |   |
|                                                                          |            |         |   |
| **Destroying Documents**                                                      |            |         |   |
| Destroying      documents                                                     | 151             | 60           |   |
|                                                                          |            |         |   |
| **Indemnity and Insurance**                                                   |            |         |   |
| Indemnity                                                                     | 152             | 61           |   |
| Insurance                                                                     | 153             | 61           |   |
|                                                                          |            |         |   |
| **Share Warrants**                                                            |            |         |   |
| Issue of      Share Warrants                                                  | 154             | 62           |   |
| Directors      can accept a certificate instead of a Share Warrant            | 155             | 62           |   |
| Requesting      a Share Warrant                                               | 156             | 63           |   |
| Replacing      Share Warrants                                                 | 157             | 63           |   |
| Rights of      the Bearer                                                     | 158             | 64           |   |
| Bearers      of Share Warrants participating in securities offers             | 159             | 64           |   |
| Communications      with Bearers of Share Warrants                            | 160             | 64           |   |
| Issuing      shares to which the Share Warrant relates                        | 161             | 65           |   |
|                                                                          |            |         |   |
| **ADR Depositary**                                                            |            |         |   |
| ADR Depositary      can appoint proxies                                       | 162             | 65           |   |
| The ADR      Depositary must keep a Proxy Register                            | 163             | 66           |   |
| Appointed      Proxies can only attend General Meetings if properly appointed | 164             | 66           |   |
| Rights of      Appointed Proxies                                              | 165             | 66           |   |
| Sending      information to an Appointed Proxy                                | 166             | 66           |   |
| The Company      can pay dividends to an Appointed Proxy                      | 167             | 67           |   |
| The Proxy      Register may be fixed at a certain date                        | 168             | 67           |   |
| The nature      of an Appointed Proxy’s interest                        | 169             | 67           |   |
| Validity      of the appointment of Appointed Proxies                         | 170             | 67           |   |
|                                                                          |            |         |   |
| **Rights and Restrictions      Attached to the B Shares**                     |            |         |   |
| Definitions                                                                   | 171             | 68           |   |
| Income                                                                        | 172             | 69           |   |
| Capital                                                                       | 173             | 70           |   |
| Redemption                                                                    | 174             | 70           |   |
| Initial      B Share Dividend                                                 | 175             | 71           |   |
| Voting at      General Meetings                                               | 176             | 71           |   |
| Purchase      of Shares                                                       | 177             | 71           |   |
| Class Rights                                                                  | 178             | 71           |   |
| Form                                                                          | 179             | 72           |   |
| Deletion      of Articles 171 to 180 when no B Shares in existence            | 180             | 72           |   |
|                                                                          |            |         |   |

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|                                                                      | **Article No.** | **Page No.** |   |
|---------------------------------------------------------------------------|-----------------|--------------|--------|
|                                                                      |            |         |   |
| **Rights and Restrictions      Attached to the Deferred Shares**          |            |         |   |
| Income                                                                    | 181             | 72           |   |
| Capital                                                                   | 182             | 72           |   |
| Redemption                                                                | 183             | 73           |   |
| Attendance      and Voting at General Meetings                            | 184             | 73           |   |
| Form                                                                      | 185             | 73           |   |
| Class Rights                                                              | 186             | 73           |   |
| Transfer      and Purchase                                                | 187             | 73           |   |
| Deletion      of Articles 181 to 188 when no Deferred Shares in existence | 188             | 74           |   |
|                                                                      |            |         |   |
| **Approved Depositaries**                                                 |            |         |   |
| Appointments                                                              | 189             | 74           |   |
| Rights of      Nominated Proxies                                          | 190             | 74           |   |
|                                                                      |            |         |   |
| **Glossary**                                                              |            | 76           |   |

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Company Number: 1833679

**The Companies Acts 1948 to 1985**

**Company Limited by Shares**

**ARTICLES OF ASSOCIATION**

Adopted on 25 July 2006 pursuant to a Special Resolution passed on 25 July 2006.

**of**

**VODAFONE GROUP PUBLIC LIMITED COMPANY**

**PRELIMINARY ARTICLES**

| **1** | **Table A and other standard regulations do not apply** |
|-------|---------------------------------------------------------|

|   | The regulations in Table A of the Companies Act 1948, and any similar regulations in**the Companies Acts** do not apply to the **Company**. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------|

| **2** | **The meaning of words and phrases used in the Articles** |
|-------|-----------------------------------------------------------|

| **2.1** | The following table gives the meaning      of certain words and phrases as they are used in these **Articles**.      However, the meaning given in the table does not apply if that is inconsistent      with the context in which a word or phrase appears. After the **Articles**      there is a Glossary which explains various words and phrases. The Glossary      is not part of the **Memorandum** or **Articles**, and it does not      affect their meaning. Throughout the **Articles**, those words and expressions      explained in this Article 2.1 are printed in **bold** and those explained      in the Glossary are printed in *italics*. |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | **Words and Phrases**                                 | **Meaning**                                                                                                                                                                                                                                                                                                                                                                                                                            |
|--------|-------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   | **Adjusted      Total of Capital       and Reserves** | This is defined in Article      118.2.                                                                                                                                                                                                                                                                                                                                                                                                 |
|   |                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   | **ADR Depositary**                                    | A custodian or other person      or persons approved by the directors who (a) holds **shares** in the      **Company** under arrangements where either the custodian or some other      person issues **American Depositary Receipts** which evidence **American      Depositary Shares** representing **shares** in the **Company**;      and/or (b) is appointed by or on behalf of the **Company** to hold **Share      Warrants**. |
|   |                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   | **American Depositary       Shares**                  | These represent **shares**      in the **Company** and are evidenced by **American Depositary Receipts**.                                                                                                                                                                                                                                                                                                                              |
|   |                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   | **American Depositary Receipts**                      | These represent **American      Depositary Shares** either physically or in the form of **Direct Registration      Receipts**.                                                                                                                                                                                                                                                                                                         |

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|   | **Words and Phrases**      | **Meaning**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|--------|----------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   | **Appointed      Proxy**   | This is defined in Article      162.1.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   |                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   | **Appointed Number**       | The number of **Depositary      Shares** to which each appointment as a **Nominated Proxy** relates.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   |                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   | **Approved Depositary**    | This means someone appointed:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   |                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   |                       | to hold the **Company’s**      shares or any rights or interests in any of the **Company’s** shares;      and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   |                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   |                       | to issue securities, documents      of title or other documents which evidence that the holder of them owns      or is entitled to receive the shares, rights or interests held by the **Approved      Depositary**.                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   |                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   |                       | A nominee acting for someone      appointed to do these things will also be treated as an **Approved Depositary**.      But the arrangements for the **Approved Depositary** to do the things      described above must be approved by the directors. The trustees of any scheme      or arrangements for or principally for the benefit of employees of the Group      will also be treated as an **Approved Depositary** unless the directors      decide otherwise. References in the **Articles** to an **Approved Depositary**      or to shares held by it refer only to an **Approved Depositary** and      to its shares held in its capacity as an **Approved Depositary**. |
|   |                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   | **approved transfer**      | This is defined in Article      73.11, for the purposes of Article 73.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   |                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   | **Articles**               | The **Company’s**      Articles of Association, including any changes made to them.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   |                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   | **Bearer**                 | This is defined in Article      154.1.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   |                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   | **class meeting**          | This is defined in Article      40.1.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   |                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   | **Common Seal**            | Any seal which the **Company**      may have under the **Companies Acts** and which the **Company** may      use to execute documents.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   |                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   | **Companies Act 1985**     | The Companies Act 1985,      as amended by the Companies Act 1989.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   |                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   | **Companies Acts**         | The **Companies Act 1985**,      the **CREST Regulations** and other legislation relating to **companies**      and affecting the **Company** (including any orders, regulations or other      subordinated legislation made under them) in force from time to time.                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   |                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   | **company**                | Includes any company, corporate      body and any corporation established anywhere in the world.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|   |                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   | **company representative** | This is defined in Article      81.1.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   |                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   | **the Company**            | Vodafone Group Public Limited      Company.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |

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|   | **Words and Phrases**           | **Meaning**                                                                                                                                          |
|--------|---------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                            |                                                                                                                                                 |
|   | **CREST Regulations**           | The Uncertificated Securities      Regulations 1995.                                                                                                 |
|   |                            |                                                                                                                                                 |
|   | **default shares**              | This is defined in Article      73.1, for the purposes of Article 73.                                                                                |
|   |                            |                                                                                                                                                 |
|   | **Depositary Shares**           | The total number of **Ordinary      Shares** which are registered in the name of the **Approved Depositary**      or its nominee at that time.       |
|   |                            |                                                                                                                                                 |
|   | **Direct Registration Receipt** | An **American Depositary      Receipt** in **uncertificated form**, the ownership of which is recorded      in the **Direct Registration System**.   |
|   |                            |                                                                                                                                                 |
|   | **Direct Registration System**  | The system maintained by      the **ADR Depositary** in which the **ADR Depositary** records the      ownership of **Direct Registration Receipts**. |
|   |                            |                                                                                                                                                 |
|   | **direction notice**            | This is defined in Article      73.3 for the purposes of Article 73.                                                                                 |
|   |                            |                                                                                                                                                 |
|   | **elected shares**              | This is defined in Article      135.10.                                                                                                              |
|   |                            |                                                                                                                                                 |
|   | **electronic communications**   | The meaning of electronic      communication is given in Section 15 of the Electronic Communications Act      2000.                                  |
|   |                            |                                                                                                                                                 |
|   | **electronic mail**             | Includes any **electronic      communication** in any form through any medium (including transmissions      through the internet or by fax).         |
|   |                            |                                                                                                                                                 |
|   | **equity securities**           | The meaning of equity securities      is given in Section 94 **Companies Act 1985**.                                                                 |
|   |                            |                                                                                                                                                 |
|   | **equity shares**               | **Shares** in the capital      of the **Company** which are regarded as equity share capital pursuant      to Section 744 **Companies Act 1985**.    |
|   |                            |                                                                                                                                                 |
|   | **Fixed Rate Shares**           | The 7 per cent *cumulative*      fixed rate shares of £1 each in the **Company***.*                                                            |
|   |                            |                                                                                                                                                 |
|   | **Group**                       | This is defined in Article      118.2, for the purposes of Article 118.                                                                              |
|   |                            |                                                                                                                                                 |
|   | **London Stock Exchange**       | London Stock Exchange plc.                                                                                                                           |
|   |                            |                                                                                                                                                 |
|   | **Memorandum**                  | The Memorandum of Association      of the **Company**.                                                                                               |
|   |                            |                                                                                                                                                 |
|   | **Nominated Proxy**             | Each person the **Approved      Depositary**has appointed as a proxy under Article 189.                                                              |
|   |                            |                                                                                                                                                 |
|   | **Nominated Proxy Register**    | This is defined in Article      189.2, for the purposes of Articles 189 and 190.                                                                     |
|   |                            |                                                                                                                                                 |
|   | **non equity securities**       | *Securities* which      are not **equity securities**.                                                                                               |
|   |                            |                                                                                                                                                 |
|   | **operator**                    | CRESTCo Limited or any other      operator of a ***relevant system******* under the **CREST Regulations**.                                           |
|   |                            |                                                                                                                                                 |
|   | **Ordinary Shareholder**        | A holder of the **Company’s      Ordinary Shares**.                                                                                            |
|   |                            |                                                                                                                                                 |
|   | **Ordinary Shares**             | Ordinary shares of US$0.10      each in the **Company**.                                                                                             |

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|   | **Words and Phrases**                    | **Meaning**                                                                                                                                                                                                                                                                                                                          |
|--------|------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                     |                                                                                                                                                                                                                                                                                                                                 |
|   | **paid-up share      or other security** | Includes a **share**      or other *security* which is treated (“credited”) as paid      up.                                                                                                                                                                                                                             |
|   |                                     |                                                                                                                                                                                                                                                                                                                                 |
|   | **pay**                                  | Includes any kind of reward      or payment for services.                                                                                                                                                                                                                                                                            |
|   |                                     |                                                                                                                                                                                                                                                                                                                                 |
|   | **prescribed period**                    | This is defined in Article      16.5, for the purposes of Article 16.                                                                                                                                                                                                                                                                |
|   |                                     |                                                                                                                                                                                                                                                                                                                                 |
|   | **Procedural Resolution**                | A resolution or question      put to the vote of a General Meeting of a procedural nature (such as a resolution      on a simple clerical amendment to correct an obvious error in a**Substantive      Resolution**, a resolution to adjourn a General Meeting or a resolution      on the choice of chairman of a General Meeting). |
|   |                                     |                                                                                                                                                                                                                                                                                                                                 |
|   | **proxy form**                           | This includes any document      or **electronic communication** which appoints a *proxy.*                                                                                                                                                                                                                                            |
|   |                                     |                                                                                                                                                                                                                                                                                                                                 |
|   | **recognised clearing house**            | A clearing house granted      recognition under the Financial Services Act 1986.                                                                                                                                                                                                                                                     |
|   |                                     |                                                                                                                                                                                                                                                                                                                                 |
|   | **recognised investment      exchange**  | An investment exchange granted      recognition under the Financial Services Act 1986.                                                                                                                                                                                                                                               |
|   |                                     |                                                                                                                                                                                                                                                                                                                                 |
|   | **Record Date**                          | This is defined in Article      168.1, for the purposes of Article 168.                                                                                                                                                                                                                                                              |
|   |                                     |                                                                                                                                                                                                                                                                                                                                 |
|   | **Record Time**                          | This is defined in Article      190.4, for the purposes of Article 190.                                                                                                                                                                                                                                                              |
|   |                                     |                                                                                                                                                                                                                                                                                                                                 |
|   | **Register**                             | The **Company’s**      register of *members*.                                                                                                                                                                                                                                                                                  |
|   |                                     |                                                                                                                                                                                                                                                                                                                                 |
|   | **Registered Office**                    | The **Company’s**      registered office.                                                                                                                                                                                                                                                                                      |
|   |                                     |                                                                                                                                                                                                                                                                                                                                 |
|   | **Relevant Company**                     | This is defined in Article      153.1, for the purposes of Article 153.                                                                                                                                                                                                                                                              |
|   |                                     |                                                                                                                                                                                                                                                                                                                                 |
|   | **relevant securities**                  | The meaning of relevant      securities is given in Section 80 of the **Companies Act 1985**.                                                                                                                                                                                                                                        |
|   |                                     |                                                                                                                                                                                                                                                                                                                                 |
|   | **relevant system**                      | A *relevant system*      under the **CREST Regulations** whose **operator** allows **shares**      or other *securities* of the **Company** to be transferred using      that system.                                                                                                                                                |
|   |                                     |                                                                                                                                                                                                                                                                                                                                 |
|   | **relevant value**                       | This is defined in Article      135.5, for the purposes of Article 135.                                                                                                                                                                                                                                                              |
|   |                                     |                                                                                                                                                                                                                                                                                                                                 |
|   | **rights**of any share                   | The rights attached to a      **share** when it is *issued*, or afterwards.                                                                                                                                                                                                                                                          |
|   |                                     |                                                                                                                                                                                                                                                                                                                                 |
|   | **rights issue**                         | This is defined in Article      16.5, for the purposes of Article 16.                                                                                                                                                                                                                                                                |
|   |                                     |                                                                                                                                                                                                                                                                                                                                 |
|   | **Secretary**                            | Any person appointed by      the directors to do work as the company secretary including any assistant      or deputy secretary.                                                                                                                                                                                                     |
|   |                                     |                                                                                                                                                                                                                                                                                                                                 |
|   | **securities offer**                     | This is defined in Article      159.3, for the purposes of Article 159.                                                                                                                                                                                                                                                              |

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|   | **Words and Phrases**           | **Meaning**                                                                                                                                      |
|--------|---------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                            |                                                                                                                                             |
|   | **Securities      Seal**        | A seal used to stamp *securities*      issued by the **Company** in **certificated form** as evidence that      the **Company** has issued them. |
|   |                            |                                                                                                                                             |
|   | **Share Warrant**               | A share warrant to bearer      issued by the **Company**.                                                                                        |
|   |                            |                                                                                                                                             |
|   | **shareholder**                 | A holder of the **Company’s      shares**.                                                                                                 |
|   |                            |                                                                                                                                             |
|   | **shareholders’ meeting** | A meeting of **shareholders**      including both a General Meeting of the **Company** and a **class meeting**.                                  |
|   |                            |                                                                                                                                             |
|   | **shares**                      | Shares which are in *issue*      at the relevant time.                                                                                           |
|   |                            |                                                                                                                                             |
|   | **sterling**                    | The currency of the **United      Kingdom**.                                                                                                     |
|   |                            |                                                                                                                                             |
|   | **subsidiary**                  | A *subsidiary* as defined      in Section 736 of the **Companies Act 1985**.                                                                     |
|   |                            |                                                                                                                                             |
|   | **subsidiary undertaking**      | A *subsidiary undertaking*      as defined in Section 258 of the **Companies Act 1985**.                                                         |
|   |                            |                                                                                                                                             |
|   | **Substantive Resolution**      | Any resolution or question      put to the vote of a General Meeting which is not a**Procedural Resolution**.                                    |
|   |                            |                                                                                                                                             |
|   | **takeover offer**              | A takeover offer as defined      in Section 428 of the Companies Act 1985.                                                                       |
|   |                            |                                                                                                                                             |
|   | **terms**of a share             | The terms on which a **share**      was *issued*.                                                                                                |
|   |                            |                                                                                                                                             |
|   | **Transfer Office**             | The place where the **Register**      is kept.                                                                                                   |
|   |                            |                                                                                                                                             |
|   | **UK Listing Authority**        | The Financial Services Authority      in its capacity as the competent authority under the Financial Services      Act 1986.                     |
|   |                            |                                                                                                                                             |
|   | **United Kingdom**              | Great Britain and Northern      Ireland.                                                                                                         |
|   |                            |                                                                                                                                             |
|   | **US dollars**                  | The currency of the United      States of America.                                                                                               |
|   |                            |                                                                                                                                             |
|   | **working day**                 | A day on which banks in      the **United Kingdom** are generally open for business, excluding Saturdays,      Sundays and public holidays.      |

| **2.2** | References to a **debenture** include **debenture stock** and references to a **debenture holder** include a **debenture stockholder**. |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------|

| **2.3** | Where the **Articles** refer to a person who is *automatically entitled to a****share****by law*, this includes a person who is entitled to the share as a result of the death, or bankruptcy, of a **shareholder**. |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **2.4** | Words which refer to a single number also refer to plural numbers, and the other way around. |
|---------|----------------------------------------------------------------------------------------------|

| **2.5** | Words which refer to males also refer to females and to other **persons**. |
|---------|----------------------------------------------------------------------------|

| **2.6** | References to a **person** or **people** include **companies**, *unincorporated associations*and so on. |
|---------|---------------------------------------------------------------------------------------------------------|

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| **2.7** | References to **officers** include directors, managers and the **Secretary**, but not the **Company’s** auditors. |
|---------|-------------------------------------------------------------------------------------------------------------------------|

| **2.8** | References to the **directors** are to the board of directors unless the way in which **directors** is used does not allow this meaning. |
|---------|------------------------------------------------------------------------------------------------------------------------------------------|

| **2.9** | Any headings in these **Articles** are only included for convenience. They do not affect the meaning of the **Articles**. |
|---------|---------------------------------------------------------------------------------------------------------------------------|

| **2.10** | When an Act or other legislation or the **Articles** are referred to, the version which is current at any particular time will apply. |
|----------|---------------------------------------------------------------------------------------------------------------------------------------|

| **2.11** | Where the **Articles** give any power or authority to anybody, this power or authority can be used on any number of occasions, unless the way in which the word is used does not allow this meaning. |
|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **2.12** | Any word which is defined in the **Companies Acts** (excluding any modification to them by a further act or statutory instrument which is not in force when these **Articles** are adopted) means the same in the **Articles**, unless the **Articles** define it differently, or the way in which the word is used is inconsistent with the definition given in the **Companies Acts**. |
|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **2.13** | Where the **Articles** say that anything can be done by passing an *ordinary resolution*, this can also be done by passing a *special resolution* or an *extraordinary resolution*. |
|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **2.14** | Where the **Articles** refer to changing the amount of **shares** this means doing any or all of the following: |
|----------|-----------------------------------------------------------------------------------------------------------------|

|  | • | *subdividing* the **shares** into other **shares** with a smaller *nominal value*; |
|--|--------|------------------------------------------------------------------------------------|

|  | • | *consolidating* the **shares** into other **shares** with a larger *nominal value*; and |
|--|--------|-----------------------------------------------------------------------------------------|

|  | • | dividing **shares** which have been *consolidated* into **shares** with a larger *nominal value*than the original **shares** had. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------|

| **2.15** | Where the **Articles** refer to any      document being **made effective** this means being signed, sealed or      *executed* in some other legally valid way. |
|----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **2.16** | Where the **Articles** refer to **months**      or **years**, these are calendar months or years. |
|----------|---------------------------------------------------------------------------------------------------|

| **2.17** | **Articles** which apply to *fully-paid****shares*** can also apply to *stock*. References in those      **Articles** to **share** or **shareholder** include *stock*      or *stockholder*. |
|----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **2.18** | Where the **Articles** refer to **shares**      in **certificated form**, this means that ownership of the **shares**      can be transferred using a written transfer document (rather than in accordance      with the **CREST Regulations**) and that a share certificate is usually      issued to the owner. |
|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **2.19** | Where the **Articles** refer to **shares**      in **uncertificated form**, this means that ownership of the **shares**      can be transferred in accordance with the **CREST Regulations** without      using a written transfer document and that no share certificate is issued      to the owner. |
|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **2.20** | Where the **Articles** refer to **a      period of clear days**, the period does not include the date the notice      is delivered, or treated as being delivered, nor the date of the General      Meeting or other relevant event. |
|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **2.21** | The term **address**when used in      relation to **electronic communications** or **electronic mail** includes      any number or address used for the purposes of such communication. |
|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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**SHARE CAPITAL**

| **3** | **Form of the Company’s share capital** |
|-------|-----------------------------------------------|

|   | 1The **Company’s** share capital at the date when these **Articles** are adopted is £50,000 and U.S.$816,000,000. This is made up of**50,000 7 per cent. *cumulative* fixed rate shares of £1 each and 8,160,000,000 ordinary shares of U.S.$0.10 each. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**FIXED RATE SHARES**

| **4** | **Right of Fixed Rate Shares to profits** |
|-------|-------------------------------------------|

| **4.1** | If the **Company** has profits which      are available for distribution and the directors resolve that these should      be distributed, the holders of the **Fixed Rate Shares** are entitled,      before the holders of any other class of **shares**, to be paid in respect      of each financial year or other accounting period of the **Company**      a fixed *cumulative* preferential dividend (“**preferential      dividend**”) at the rate of 7 per cent. per annum on the *nominal**value* of the **Fixed Rate Shares** which is **paid up** or      treated as **paid up**. |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **4.2** | Subject to Article 4.3 below, the **preferential      dividend** will be paid yearly, on 31 March in respect of each financial      year ending on or before that date. If this date is not a **working day**,      the payment will be made on the next **working day**. |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **4.3** | When the **Company** has to calculate      a dividend on the **Fixed Rate Shares** for a period other than a calendar      year ending on 31 March (being another accounting period, the first dividend      period arising for the **Fixed Rate Shares** or otherwise), the daily      dividend rate will be worked out by dividing the yearly dividend rate by      365 days. This daily rate will then be multiplied by the actual number of      days which have passed in the relevant period, but not including the date      of payment, to give the amount payable for that period. |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **4.4** | Except as provided in this Article,      the **Fixed Rate Shares** do not have any other right to share in the      **Company’s** profits. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------|

| **5** | **Right of Fixed Rate Shares to capital** |
|-------|-------------------------------------------|

| **5.1** | If the **Company** is *wound**up* (but in no other circumstances involving a repayment of capital      or distribution of *assets* to **shareholders** whether by reduction      of capital, *redeeming* or buying back **shares** or otherwise),      the holders of the **Fixed Rate Shares** will be entitled, before the      holders of any other class of **shares** to: |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | repayment of the amount paid up or treated as **paid up** on the *nominal**value* of each **Fixed Rate Share**; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------|

|   | • | the amount of any dividend which is due for payment on, or after, the date the *winding**up* commenced which is payable for a period ending on or before that date. This applies even if the dividend has not been *declared* or earned; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1      | On 21 July 1999 the share capital of      the Company was increased to £50,000 and US$4,080,000,000 by the creation      of an additional 32,640,000,000 ordinary shares of US$0.10 each.                                                                                                                                                                               |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                          |
|   | The share capital of the Company was      increased to £50,000 and US$7,800,000,000 by the creation of an additional      37,200,000,000 ordinary shares of US$0.10 each with effect from 9 February      2000.                                                                                                                                                         |
|   |                                                                                                                                                                                                                                                                                                                                                                          |
|   | Following the admission to the Official      List of the consolidated Ordinary Shares, the share capital of the Company      effective from 31 July 2006 is £9,990,050,000 and US$7,800,000,000      divided into 50,000 Fixed Rate Shares of £1 each, 66,600,000,000 B      Shares of 15 pence each and 68,250,000,000 Ordinary Shares of 113/7 cents      each. |

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|   | • | any *arrears of dividend* on any **Fixed Rate Shares** held by them. This applies even if the dividend has not been *declared* or earned; and |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | a proportion of any dividend in respect of the financial year or other accounting period which began before the *winding up* commenced but ends after that date. The proportion will be the amount of the dividend that would otherwise have been payable for the period which ends on that date. This applies even if the dividend has not been *declared* or earned. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **5.2** | If there is a *winding up* to which Article 5.1 applies, and there is not enough to pay the amounts due on the **Fixed Rate Shares**, the holders of the **Fixed Rate Shares** will share what is available in proportion to the amounts to which they would otherwise be entitled. The holders of the **Fixed Rate Shares** will be given preference over the holders of other classes of **shares** which *rank* behind them in sharing in the **Company’s***assets*. |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **5.3** | Except as provided in this Article 5, the **Fixed Rate Shares** do not have any other right to share in the **Company’s** surplus *assets*. |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------|

| **6** | **Voting rights of Fixed Rate Shares** |
|-------|----------------------------------------|

| **6.1** | The holders of the **Fixed Rate Shares**      are only entitled to receive notice of General Meetings, or to attend, speak      and vote at General Meetings, as set out below. |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | If a resolution is to be proposed at the General Meeting to *wind up* the **Company**, they are entitled to receive notice of the General Meeting and can attend, but are not entitled to speak or vote. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | If a resolution is to be proposed at the General Meeting which would vary or *abrogate* the **rights** attached to the **Fixed Rate Shares**, they are entitled to receive notice of the General Meeting and are entitled to attend, speak and vote but only in respect of such resolution or any motion to *adjourn* the General Meeting before such resolution is voted on. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **6.2** | If the holders of the **Fixed Rate Shares** are entitled to vote at a General Meeting, each holder present in person or by *proxy* (or, being a **company**, by a ***company representative***) has one vote on a *show of hands* and on a *poll* every holder who is present in person or by *proxy* (or, being a **company**, by a ***company representative***) shall have one vote in respect of each *fully**paid***Fixed Rate Share**. |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **7** | **Varying the rights of Fixed Rate Shares** |
|-------|---------------------------------------------|

|   | The **rights** of the holders of the **Fixed Rate Shares** will be regarded as being varied or *abrogated* if any resolution is passed for the reduction of the amount of capital paid up on the **Fixed Rate Shares** but not for the repayment of the **Fixed Rate Shares** at *par*. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Accordingly, this can only take place if: |
|--------|-------------------------------------------|

|  | • | holders of at least three quarters in *nominal value* of the **Fixed Rate Shares** agree in writing; or |
|--|--------|---------------------------------------------------------------------------------------------------------|

|  | • | an *extraordinary resolution* is passed at a separate **class meeting** by the holders of the **Fixed Rate Shares** approving the proposal, |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------|

|   | in accordance with Article 40. |
|--------|--------------------------------|

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**CHANGING CAPITAL**

| **8** | **The power to increase capital** |
|-------|-----------------------------------|

|   | The **shareholders** can increase the **Company’s** share capital by passing an *ordinary resolution*. The resolution must fix the: |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | amount of the increase; |
|--|--------|-------------------------|

|  | • | *nominal value* of the new **shares**; and |
|--|--------|--------------------------------------------|

|  | • | currency or currencies in which the nominal value of such shares is to be expressed. |
|--|--------|--------------------------------------------------------------------------------------|

| **9** | **Application of the Articles to new      shares** |
|-------|----------------------------------------------------|

|   | The provisions of the **Articles** about *allotment*, payment of *calls*, transfers, *automatic**entitlement by law*, *forfeiture*, *lien* and all other things apply to new **shares** under Article 8 in the same way as if they were part of the **Company’s** existing share capital. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **10** | **The power to change capital** |
|--------|---------------------------------|

|   | The **shareholders** can pass *ordinary resolutions* to do any of the following: |
|--------|----------------------------------------------------------------------------------|

|  | • | *consolidate*, or *consolidate* and then divide, all or any part of the **Company’s** share capital into new **shares** of a larger *nominal value* than the existing **shares**; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | cancel any **shares** which have not been taken, or agreed to be taken, by any person at the date of the resolution, and reduce the amount of the **Company’s** share capital by the amount of the cancelled **shares**; |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | divide some or all of the **shares** into **shares** which are of a smaller *nominal value* than is fixed in the **Memorandum**. This is *subject to* any restrictions under the **Companies Acts**. The resolution can provide that, as between the **shares** resulting from such *sub-division*, different **rights** and restrictions which the **Company** can apply to new **shares** may apply to all or any of the different divided **shares**. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **11** | **Fractions of shares** |
|--------|-------------------------|

| **11.1** | If any **shares** are *consolidated*      or divided, the directors have power to deal with any fractions of **shares**      which result or any other difficulty that arises. If the directors decide      to sell any **shares** representing fractions, they must do so for the      best price reasonably obtainable and distribute the net proceeds of sale      among **shareholders** in proportion to their fractional entitlements      in accordance with their **rights** and interests. The directors can      sell to any person (including the **Company**, if the **Companies Acts**      allow this) and can authorise any person to transfer those **shares**      to the buyer or in accordance with the buyer’s instructions. The buyer      does not need to take any steps to see how any money he paid is used. Nor      will his ownership be affected if the sale was irregular or invalid in any      way. |
|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **11.2** | So far as the **Companies Acts**      allow, when **shares** are *consolidated* or divided, the directors      can treat a **shareholder’s shares** which are held in **certificated      form** and in **uncertificated form** as separate shareholdings. The      directors can also arrange for any **shares** which result from a *consolidation*      or division and which represent rights to fractions of **shares** to      be entered in the **Register** as **shares** in **certificated form**      where this makes it easier to sell them. |
|----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| **12** | **The power to reduce capital** |
|--------|---------------------------------|

|   | The **Company’s shareholders** can pass a *special resolution* to reduce in any way: |
|--------|--------------------------------------------------------------------------------------------|

|  | • | the **Company’s** share capital; or |
|--|--------|-------------------------------------------|

|  | • | any *capital redemption reserve, share premium account* or other undistributable *reserve*. |
|--|--------|---------------------------------------------------------------------------------------------|

|   | This is *subject**to* any restrictions under the **Companies Acts**. |
|--------|----------------------------------------------------------------------|

| **13** | **Buying back shares** |
|--------|------------------------|

|   | The **Company** can buy back, or agree to buy back in the future, any **shares** of any class (including *redeemable***shares**) in accordance with the **Companies Acts**. However, if the **Company** has other **shares** in *issue* which are admitted to the official list maintained by the **UK Listing Authority** and which are convertible at any time**into the class of **equity shares** to be repurchased, the holders of the convertible **shares** must first pass an *extraordinary resolution* approving the buy-back at a separate **class meeting**.**A resolution is not required, however, if the terms on which the convertible **shares** were *issued* allow the buy-back. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**SHARES**

| **14** | **The special rights of new shares** |
|--------|--------------------------------------|

| **14.1** | If the **Company***issues*      new **shares**, the new **shares** can have any **rights** or restrictions      attached to them. The **rights** can take priority over the **rights**      of existing **shares**, or existing **shares** can take priority over      them, or the new **shares** and the existing **shares** can *rank*      equally. These **rights** and restrictions can apply to sharing in the      **Company’s** profits or *assets*. Other **rights** and      restrictions can also apply, for example to the right to vote. |
|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **14.2** | The powers conferred by Article 14.1      are *subject to* the provisions of Article 14.5. |
|----------|--------------------------------------------------------------------------------------------|

| **14.3** | The **rights** and restrictions referred      to in Article 14.1 can be decided by an *ordinary resolution* passed      by the **shareholders**. The directors can also take these decisions      if they do not conflict with any resolution passed by the **shareholders**. |
|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **14.4** | If the **Companies Acts** allow this,      the **rights** of any new **shares** can include **rights** for      the holder and/or the **Company** to have them *redeemed*. |
|----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **14.5** | The ability to attach particular **rights**      and restrictions to new **shares** may be restricted by *special**rights* previously given to holders of any existing **shares**. |
|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **15** | **The directors’ power to deal with shares** |
|--------|----------------------------------------------------|

| **15.1** | The directors can decide how to deal      with any **shares** which have not been *issued*. The directors      can: |
|----------|---------------------------------------------------------------------------------------------------------------------|

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|  | • | *allot* them on any terms, which can include the right to transfer the *allotment* to another person before any person has been entered on the **Register**. This is known as the right to **renounce** the *allotment* (see also Article 18); |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | grant options to give people a right to acquire **shares** in the future; or |
|--|--------|------------------------------------------------------------------------------|

|  | • | dispose of the **shares** in any other way. |
|--|--------|---------------------------------------------|

| **15.2** | The directors are free to decide with      whom they deal, when they deal with the **shares**, and the terms on      which they deal. |
|----------|---------------------------------------------------------------------------------------------------------------------------------------|

| **15.3** | For the purposes of Article 15.1, the      directors must comply with: |
|----------|------------------------------------------------------------------------|

|  | • | the provisions of the **Companies Acts** relating to authority, *pre-emption rights* and other matters; and |
|--|--------|-------------------------------------------------------------------------------------------------------------|

|  | • | any resolution of a General Meeting which is passed under the **Companies Acts**. |
|--|--------|-----------------------------------------------------------------------------------|

| **16** | **The directors’ authority to      allot “relevant securities” and “equity securities”** |
|--------|------------------------------------------------------------------------------------------------------------------------|

| **16.1** | This Article regulates the authority      of the directors to *allot***relevant securities** and their power      to *allot***equity securities** for cash. |
|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **16.2** | The directors are authorised, generally      and without conditions, under Section 80 of the **Companies Act 1985**,      to *allot***relevant securities**. They are authorised to *allot*      them for any **prescribed period**. The maximum amount of **relevant      securities** which the directors can *allot* in each **prescribed      period** is the **Section 80 Amount**. |
|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **16.3** | Under the directors’ general authority      in Article 16.2, they have the power to *allot***equity securities**,      entirely paid for in cash, free of the restriction in Section 89(1) of the      **Companies Act 1985**. They have the power to *allot* them for      any **prescribed period**. There is no maximum amount of **equity securities**      which the directors can *allot* when the *allotment* is in connection      with a ***rights issue***. In all other cases, the maximum amount      of **equity securities** which the directors can *allot* is the      **Section 89 Amount**. |
|----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **16.4** | During any **prescribed period**,      the directors can make offers and enter into agreements which would, or      might, require **shares** or other *securities* to be *allotted*      after that period has ended. |
|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **16.5** | For the purposes of this Article: |
|----------|-----------------------------------|

|  | • | ***rights issue*** means an offer of **equity securities** which is open for a period decided on by the directors to the people who are registered on a particular date (chosen by the directors) as holders of: |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | (i) | **Ordinary Shares**, in proportion      to their holdings of **Ordinary Shares**; and |
|--------|--------|-----|---------------------------------------------------------------------------------------|

|   |   | (ii) | other classes of **equity securities**      or **non equity securities** which give them the right to receive the      offer in accordance with their **rights**. |
|--------|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | However, the directors can do      the following things (and the issue will still be treated as a ***rights      issue*****for the purpose of this Article if they do so): |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  |  | • | sell any fractions of **equity securities** to which people would be entitled and keep the net proceeds for the **Company’s** benefit or make other appropriate arrangements to deal with such fractions; |
|--|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  |  | • | make the ***rights issue****subject to* any limits or restrictions which the directors think are necessary or appropriate to deal with legal or practical problems under the laws of any territory, or under the requirements of any recognised regulatory body, or stock exchange, in any territory or as a result of **shares** being represented by **American Depositary Shares**; or |
|--|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  |  | • | treat a **shareholder’s** holdings in **certificated form** and **uncertificated form** as separate shareholdings*.* |
|--|--|--------|----------------------------------------------------------------------------------------------------------------------------|

|  | • | **prescribed period** means in the first instance the period ending on the date of the Annual General Meeting in 2000 or on 24 August 2000, whichever is the earlier. After this, the **prescribed period** means a period of no more than five years fixed by the **shareholders** by passing a resolution at a General Meeting. The **shareholders** can, by passing further resolutions, renew or extend this power (including the first **prescribed period**), for periods of no more than five years each. Such resolutions can take the form of: |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | • | an *ordinary resolution* fixing      a period under**Article**16.2; or |
|--------|--------|--------|------------------------------------------------------------------------|

|  |   | • | a *special resolution* fixing a      period under Article 16.3; or |
|--|--------|--------|--------------------------------------------------------------------|

|  |   | • | a *special resolution* fixing identical      periods under Article 16.2 and under Article 16.3; or |
|--|--------|--------|----------------------------------------------------------------------------------------------------|

|  |   | • | a *special resolution* fixing different      periods under Article 16.2 and under Article 16.3. |
|--|--------|--------|-------------------------------------------------------------------------------------------------|

|  | • | The **Section 80 Amount** for the first **prescribed period** is that fixed at the Extraordinary General Meeting of the **Company** held on 24 May 1999, being U.S.$816,000,000. For any subsequent **prescribed period** the **Section 80 Amount** is that stated in a relevant resolution passed by the **shareholders** at a General Meeting. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | The **Section 89 Amount** for the first **prescribed period** is that fixed at the Extraordinary General Meeting of the **Company** held on 24 May 1999, being U.S.$30,223,864. For any subsequent **prescribed period** the **Section 89 Amount** is that stated in a relevant *special resolution* passed by the **shareholders** at a General Meeting. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | In working out any maximum amounts of *securities* referred to in this Article, the *nominal value* of rights to *subscribe for****shares***, or to convert any *securities* into **shares**, will be taken as the *nominal value* of the **shares** which would be *allotted* if the *subscription* or conversion takes place. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **17** | **Power to pay commission and brokerage** |
|--------|-------------------------------------------|

| **17.1** | The **Company** can use all the powers      given by the **Companies Acts** to pay commission or *brokerage*      to any person who: |
|----------|--------------------------------------------------------------------------------------------------------------------------------------|

|  | • | applies, or agrees to apply, for any new **shares**; or |
|--|--------|---------------------------------------------------------|

|  | • | gets anybody else to apply, or agree to apply for, any new **shares**. |
|--|--------|------------------------------------------------------------------------|

| **17.2** | The rate per cent or amount of the commission      paid or agreed to be paid must be disclosed as required by the **Companies      Acts** and must not exceed 10 per cent of the price at which the **shares**      in respect of which the commission is paid are *issued* (or an equivalent      amount). |
|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| **18** | **Renunciations of allotted but unissued shares** |
|--------|---------------------------------------------------|

|   | Where a **share** has been *allotted* to a person but that person has not yet been entered on the **Register**, the directors can recognise a transfer (called a *renunciation*) by that person of his right to the **share** in favour of some other person. The ability to *renounce allotments* only applies if the terms on which the **share** is *allotted* are consistent with *renunciation*. The directors can impose terms and conditions regulating *renunciation* rights and can allow *renunciation* rights to be participating securities (as defined in the **CREST Regulations**) in their own right. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **19** | **No trusts or similar interests recognised** |
|--------|-----------------------------------------------|

| **19.1** | The **Company** will only be affected      by, or recognise, a current and absolute right to whole **shares**. The      fact that any **share**, or any part of a **share**, may not be owned      outright by the registered owner is not of any concern to the **Company**,      for example if a **share** is held on any kind of *trust*. |
|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **19.2** | The only exception to what is said in      **Article** 19.1 is for any right: |
|----------|-------------------------------------------------------------------------------|

|   | • | which is expressly given by these **Articles**; or |
|--------|--------|----------------------------------------------------|

|   | • | which the **Company** has a legal duty to recognise. |
|--------|--------|------------------------------------------------------|

**SHARES IN UNCERTIFICATED FORM**

| **20** | **Holding shares in uncertificated form and effect of the CREST Regulations** |
|--------|-------------------------------------------------------------------------------|

| **20.1** | *Subject* to the **Articles**      and so far as the **Companies Acts** allow this, the directors can decide      that any class of **shares** can: |
|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | be held in **uncertificated form** and that title to such **shares** can be transferred using a ***relevant system***; or |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------|

|   | • | no longer be held and transferred in **uncertificated form**. |
|--------|--------|---------------------------------------------------------------|

| **20.2** | These **Articles** do not apply to **shares** of any class which are held in **uncertificated form** to the extent that the **Articles** are inconsistent with the: |
|----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | holding of **shares** of that class in **uncertificated form**; |
|--------|--------|-----------------------------------------------------------------|

|   | • | transfer of title to **shares** of that class by means of a ***relevant system***; or |
|--------|--------|---------------------------------------------------------------------------------------|

|   | • | **CREST Regulations**. |
|--------|--------|------------------------|

**SHARE CERTIFICATES**

| **21** | **Certificates** |
|--------|------------------|

| **21.1** | When a **shareholder** is first registered      as the holder of any class of **shares** in****certificated form**,      he is entitled to receive, free of charge, one certificate for all the **shares**      in****certificated form** of that class which he holds. If he holds      **shares** of more than one class in****certificated form**,      he is entitled to receive a separate share certificate for each class. |
|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| **21.2** | The **Company** must also observe any requirements of the **CREST Regulations** when issuing share certificates. Where the **Companies Acts** allow, the **Company** does not need to issue share certificates. |
|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **21.3** | If a **shareholder** receives more **shares** in **certificated form** of any class he is entitled, without charge, to another certificate for the additional **shares***.* |
|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **21.4** | If a **shareholder** transfers part of his **shares** covered by a certificate, he is entitled, free of charge, to a new certificate for the balance if the balance is also held in **certificated form**. The old certificate will be cancelled. |
|----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **21.5** | The **Company** does not have to issue      more than one certificate for any **share** in****certificated      form**, even if that **share** is held jointly. |
|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **21.6** | When the **Company** delivers a certificate      to one joint holder of **shares** in****certificated form**,      this is treated as delivery to all of the joint **shareholders**. |
|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **21.7** | If requested in writing to do so, the **Company** can deliver a certificate to a broker or *agent* who is acting for a person who is buying **shares** in **certificated form**, or who is having **shares** transferred to him in **certificated form**. |
|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **21.8** | The directors can decide how share certificates are made effective. For example, they can be: |
|----------|-----------------------------------------------------------------------------------------------|

|  | • | signed by two directors or one director and the **Secretary**; |
|--|--------|----------------------------------------------------------------|

|  | • | sealed with the **Common Seal** or the      ***Securities Seal***** (or in the case of **shares** on      a branch **Register**, an official seal for use in the relevant territory);      or |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | printed, in any way, with a copy of the signature of those directors and the **Secretary**. The copy can be made or produced mechanically, electronically or in any other way the directors approve. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **21.9** | A share certificate must state the number      and class of **shares** to which it relates and the amount **paid-up**      on those **shares**. It cannot be for **shares** of more than one      class. |
|----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **21.10** | If all the *issued***shares**      of the **Company**, or a particular class of **shares**, are *fully****paid up*** and *rank* equally with each other for all      purposes, none of those **shares** will (unless the directors pass a      resolution to the contrary) have a distinguishing number as long as it remains      *fully****paid up*** and *ranks* equally for all purposes      with all the **shares** of the same class which are *issued* and      *fully****paid up****.* |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **21.11** | The time limit for the **Company**      to prepare a share certificate for **shares** in **certificated form**      is: |
|-----------|-------------------------------------------------------------------------------------------------------------------------|

|  | • | one month after the *allotment* of a new **share**; |
|--|--------|-----------------------------------------------------|

|  | • | five **working days** after a valid transfer of *fully-paid****shares*** is presented for registration; or |
|--|--------|------------------------------------------------------------------------------------------------------------|

|  | • | two months after a valid transfer of *partl*y-*paid****shares*** is presented for registration. |
|--|--------|-------------------------------------------------------------------------------------------------|

| **21.12** | Article 21.11 only applies to the extent      that the terms of issue of **shares** do not provide otherwise. |
|-----------|---------------------------------------------------------------------------------------------------------------|

| **21.13** | Share certificates will also be prepared      and sent earlier where either the **London Stock Exchange** or the **UK      Listing Authority** requires it. |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| **22** | **Replacement share certificates** |
|--------|------------------------------------|

| **22.1** | If a **shareholder** has four or      more share certificates for **shares** of the same class which are in      **certificated form**, he can ask the **Company** for these to be      cancelled and replaced by a single new certificate. The **Company** must      comply with this request, without making a charge for doing so. |
|----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **22.2** | A **shareholder** can ask the **Company**      to cancel and replace a single share certificate with two or more certificates,      for the same total number of **shares**. The **Company**, upon the      payment by the **shareholder** of a reasonable sum determined by the      directors, must comply with this request. |
|----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **22.3** | A **shareholder** can ask the **Company**      for a new certificate if the original is: |
|----------|------------------------------------------------------------------------------------------|

|   | • | damaged or defaced; or |
|--------|--------|------------------------|

|   | • | lost, stolen, or destroyed. |
|--------|--------|-----------------------------|

| **22.4** | If a certificate has been damaged or defaced, the **Company** can require satisfactory evidence and for the certificate to be delivered to it before issuing a replacement. If a certificate is lost, stolen or destroyed, the **Company** can require satisfactory evidence, together with an *indemnity*, before issuing a replacement. In each case the directors can impose such other terms as they think fit. |
|----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **22.5** | The directors can require the **shareholder** to pay the **Company’s** exceptional out-of-pocket expenses for issuing any share certificates under Article 22.3. |
|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **22.6** | Any one joint **shareholder** can request replacement certificates under this Article. |
|----------|----------------------------------------------------------------------------------------|

**CALLS ON SHARES**

| **23** | **The directors can make calls on shares** |
|--------|--------------------------------------------|

|   | The directors can *call* on **shareholders** to pay any money which has not yet been paid to the **Company** for their **shares**. This includes both the *nominal value* of the **shares** and any *premium* which may be payable. If the **terms of issue** of the **shares** allow this, the directors can: |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | make *calls* as often, and whenever, they think fit; |
|--|--------|------------------------------------------------------|

|  | • | decide when and where the money is to be paid; |
|--|--------|------------------------------------------------|

|  | • | decide that the money can be paid by instalments; or |
|--|--------|------------------------------------------------------|

|  | • | wholly or partly *revoke* or postpone any *call*. |
|--|--------|---------------------------------------------------|

|   | A *call* is treated as having been made as soon as the directors pass a resolution authorising it. |
|--------|----------------------------------------------------------------------------------------------------|

| **24** | **The liability for calls** |
|--------|-----------------------------|

| **24.1** | A **shareholder** who has received      at least 14 days’ notice giving details of the amount called, the      time (or times) and place for payment must pay the *call* as required      by the notice. Joint **shareholders** are *liable jointly and severally*      to pay any money *called* for in respect of their **shares**. |
|----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| **24.2** | A **shareholder** due to pay the amount called shall still have to pay the *call* even if, after the *call* was made, he transfers the **shares** to which the *call* related. |
|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **25** | **Interest and expenses on unpaid calls** |
|--------|-------------------------------------------|

|   | If a *call* is made and the money due remains unpaid, the **shareholder** is liable to pay interest on the money and any expenses incurred by the **Company** because of his failure to pay the *call* on time. The interest will run from the day the money is due until it has actually been paid. The yearly interest rate will be a reasonable rate fixed by the directors (or, where they do not fix a reasonable rate, 10 per cent). The directors can decide not to charge any or all of such expenses and interest. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **26** | **Sums which are payable when a share is allotted are treated as a call** |
|--------|---------------------------------------------------------------------------|

|   | If the **terms of a share** require any money to be paid at the time the **share** is *allotted*, or at any fixed date (whether in relation to the *nominal value* of the **shares** or any *premium* which may apply), then the *liability* to pay the money will be treated in the same way as a *liability* for a valid *call* for money on **shares** which is due on the same date. If this money is not paid, everything in the **Articles** relating to non-payment of *calls* applies. This includes **Articles** which allow the **Company** to *forfeit* or sell **shares** and to claim interest. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **27** | **Calls can be for different amounts** |
|--------|----------------------------------------|

|   | On an *issue* of **shares**, if the **terms of such shares** allow, the directors can decide that *allottees* or the subsequent holders of such **shares** can be *called* on to pay different amounts, or that they can be *called* on at different times. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **28** | **Paying calls early** |
|--------|------------------------|

| **28.1** | The directors can accept payment in      advance of some or all of the money due from a **shareholder** before      he is called on to pay the money. The directors can agree to pay interest      on money paid in advance until it would otherwise be due to the **Company**      at a rate (up to a maximum yearly interest rate of 10 per cent) agreed between      the directors and the **shareholder**. |
|----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **28.2** | The money which is paid in advance in      this way shall not be included in calculating the dividend payable on the      **shares** in respect of which the money paid in advance has been paid. |
|----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**FORFEITING SHARES**

| **29** | **Notice following non-payment of a call** |
|--------|--------------------------------------------|

|   | Articles 29 to 39 apply if a **shareholder** fails to pay the whole amount of a *call*, or an instalment of a *call*, by the date on which it is due. The directors can serve a notice on him any time after the date on which the *call* or the instalment is due, if the whole amount immediately due has not been paid. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **30** | **Contents of the notice** |
|--------|----------------------------|

|   | A notice served under Article 29 must: |
|--------|----------------------------------------|

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|  | • | demand payment of the amount immediately payable, plus any interest; |
|--|--------|----------------------------------------------------------------------|

|  | • | give a date by when the total must be paid, but this must be at least 14 days after the notice is served on the **shareholder**; |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------|

|  | • | state where the payment(s) must be made; and |
|--|--------|----------------------------------------------|

|  | • | state that if the full amount demanded is not paid by the time and place stated, the **Company** can *forfeit* the **shares** on which the *call* or instalment was due. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **31** | **Forfeiture if the notice is not complied      with** |
|--------|--------------------------------------------------------|

|   | If a notice served under Article 29 is not complied with, the **shares** to which it relates can be *forfeited* at any time while any amount (including interest) is still outstanding. This is done by the directors passing a resolution stating that the **shares** have been *forfeited*. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **32** | **Forfeiture will include unpaid dividends** |
|--------|----------------------------------------------|

|   | All dividends which are due on (and other money payable in respect of) the *forfeited***shares**, but not yet paid, will also be *forfeited*. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------|

| **33** | **Dealing with forfeited shares** |
|--------|-----------------------------------|

| **33.1** | The directors can sell, dispose of or      *re-allot* any *forfeited***share** on any terms and in any      way that they decide. The **Company** may keep the consideration received      from doing this.**The directors can, if necessary, authorise any person      to transfer a *forfeited***share** to any other person and may      cause such other person to be registered as the holder of the **share**. |
|----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **33.2** | The new **shareholder’s** ownership      of the **share** will not be affected if the steps taken to *forfeit*      the **share**, or the sale or disposal of the **share**, were invalid      or irregular, or if anything that should have been done was not done, and      the new **shareholder** is not obliged to enquire as to how the purchase      money (if any) is used. |
|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **34** | **Cancelling forfeiture** |
|--------|---------------------------|

| **34.1** | After a **share** has been *forfeited*,      the directors can cancel the *forfeiture*. But they can only do this      before the **share** has been sold, *re-allotted* or disposed of.      This can be on any terms that they decide. |
|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **34.2** | If a **share** has not been sold      or disposed of after three years from the date of *forfeiture*, the      directors must cancel the **share**. |
|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| **35** | **The position of shareholders after forfeiture** |
|--------|---------------------------------------------------|

| **35.1** | A **shareholder** loses all rights      in connection with *forfeited***shares**. If the **shares**      are in **certificated form**, he must surrender any certificate for those      **shares** to the **Company** for cancellation. A person is still      liable to pay *calls* which have been made, but not paid, before the      *forfeiture* of his **shares**. He must also pay interest on the      unpaid amount (at the rate of interest which was payable on the unpaid amount      before the *forfeiture*) until it is paid. If no interest was payable      before the *forfeiture* on the unpaid amount, the directors can fix      the rate of interest on the unpaid amount, but it must not be more than      10 per cent a year,** until it is paid. |
|----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| **35.2** | The **shareholder** continues to be liable for all claims and demands which the **Company** could have made relating to the *forfeited***share**. He is not entitled to any credit for the value of the **share** when it was *forfeited* or for money received by the **Company** under Article 33, unless the directors decide to allow credit for all or any of that value. The directors may also decide to waive any payment due either completely or in part. |
|----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**LIENS ON PARTLY PAID SHARES**

| **36** | **The Company’s lien on shares** |
|--------|----------------------------------------|

|   | The **Company** has a *lien* on all *partly*-*paid****shares***. This *lien* has priority over claims of others to the **shares** and extends to all dividends and other money payable on the **shares** or in respect of them. This *lien* is for any money owed to the **Company** for the **shares**. The directors can decide to give up any *lien* which has arisen or that any **share** for a specified period of time be entirely or partly exempt from this Article. They can also decide to suspend any *lien* which would otherwise apply to particular **shares**. Unless otherwise agreed, the registration of a transfer of any **share** over which the **Company** has a *lien* shalloperate as a waiver of that *lien*. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **37** | **Enforcing the lien by selling the shares** |
|--------|----------------------------------------------|

| **37.1** | If the directors want to enforce the      *lien* referred to in Article 36, they can sell some or all of the      **shares** in any way they decide. The directors can authorise someone      to transfer the **shares** sold. But they cannot sell the **shares**      until all of the following conditions are met: |
|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | the money owed by the **shareholder** must be immediately payable; |
|--------|--------|--------------------------------------------------------------------|

|   | • | the directors must have given a written notice to the **shareholder**. This notice must say how much is due. It must also demand that this money is paid, and say that the **shareholder’s****shares** can be sold if the money is not paid; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | the written notice must have been served on the **shareholder**, or on any person who is*automatically entitled to the****shares****by law*; and |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | the money has not been paid by at least 14 days after the notice has been served. |
|--------|--------|-----------------------------------------------------------------------------------|

| **37.2** | The new **shareholder’s** ownership of the **share** will not be affected if the sale or disposal of the **share** was invalid or irregular, or if anything that should have been done was not done and is not obliged to enquire as to how the purchase money (if any) is used. |
|----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **38** | **Using the proceeds of the sale** |
|--------|------------------------------------|

|   | If the directors sell any **shares** under Article 37, the net proceeds will first be used to pay off the amount which is then payable to the **Company**. The directors will pay any money left over to the former **shareholder**, or to any person who would otherwise be *automatically entitled to the****shares****by law* provided that the **Company’s***lien* will also apply to any money left over, to cover any money still due to the **Company** which is not yet payable: the **Company** has the same rights over this money as it had over the **shares** immediately before they were sold. If the **shares** are in **certificated form**, the **Company** need not pay over anything left underthis Article until the certificate representing the **shares** sold has been delivered to the **Company** for cancellation. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| **39** | **Evidence of forfeiture or enforcement of lien** |
|--------|---------------------------------------------------|

|   | A director, or the **Secretary**, can make a *statutory declaration* declaring: |
|--------|---------------------------------------------------------------------------------|

|  | • | that he is a director or the **Secretary** of the **Company**; |
|--|--------|----------------------------------------------------------------|

|  | • | that a **share** has been properly *forfeited* or sold to satisfy a *lien* under the **Articles**; and |
|--|--------|--------------------------------------------------------------------------------------------------------|

|  | • | when the **share** was *forfeited* or sold. |
|--|--------|---------------------------------------------|

|   | This will be conclusive evidence of these facts which cannot be disputed as against all persons claiming to be entitled to the **share**. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------|

**CHANGING SHARE RIGHTS**

| **40** | **Changing the special rights of shares** |
|--------|-------------------------------------------|

| **40.1** | If the **Company’s** share      capital is split into different classes of **share**, and if the **Companies      Acts** allow this and unless the **Articles** or **rights** attached      to any class of **share** say otherwise, the *special rights* which      are attached to any of these classes of **share** can be varied or *abrogated*      if this is approved by an *extraordinary resolution* in accordance      with Articles 40 and 41. This must be passed at a separate meeting of the      holders of the relevant class of **shares**. This is called a **class      meeting**. Alternatively, the holders of at least three-quarters of the      existing **shares** of the relevant class (by *nominal value*) can      give their consent in writing. |
|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **40.2** | The *special rights*of a class      of **shares** can be varied or *abrogated* while the **Company**      is a going concern, or while the **Company** is being *wound up*,      or if*winding up* is being considered. |
|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **40.3** | All the **Articles** relating to      General Meetings apply, with any necessary changes, to a **class meeting**,      but with the following adjustments: |
|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | At least two people who hold (or who act as *proxies* for) at least one third of the total *nominal value* of the existing **shares** of the class are a *quorum*. However, if this *quorum* is not present at an *adjourned***class meeting**, one person who holds **shares** of the class, or his *proxy*, is a *quorum*, regardless of the number of **shares** he holds. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Anybody who is personally present, or who is represented by a *proxy*, can demand a *poll*. |
|--------|--------|---------------------------------------------------------------------------------------------|

|   | • | On a *poll*, the holders of **shares** will have one vote for every **share** of the class which they hold. |
|--------|--------|-------------------------------------------------------------------------------------------------------------|

| **40.4** | This Article also applies to the variation or *abrogation* of *special rights* of **shares** forming part of a class. Each part of the class which is being treated differently is viewed as a separate class in operating this Article*.* |
|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **41** | **More about the special rights of shares** |
|--------|---------------------------------------------|

|   | The *special rights* of **shares** or of any class of **shares** are not regarded as varied or *abrogated* if: |
|--------|----------------------------------------------------------------------------------------------------------------|

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|  | • | new **shares** are created, or *issued*, which *rank* equally with or behind those **shares** or that class of **shares** in sharing in profits or *assets* of the **Company**; |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | the **Company***redeems* or buys back its own **shares**. |
|--|--------|-----------------------------------------------------------|

|   | But this does not apply if the terms of the **shares** or class of **shares** expressly provide otherwise. |
|--------|------------------------------------------------------------------------------------------------------------|

**TRANSFERRING SHARES**

| **42** | **Share transfers** |
|--------|---------------------|

| **42.1** | Unless the **Articles** provide otherwise,      any **shareholder** can transfer some or all of his **shares** to      another person. |
|----------|----------------------------------------------------------------------------------------------------------------------------------------|

| **42.2** | Every transfer of **shares** in **certificated      form** must be in writing, and either in the usual standard form, or in      any other form approved by the directors. |
|----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **42.3** | Transfers of **uncertificated****shares**      are to be carried out using a ***relevant system*** and must comply      with the **CREST Regulations**. |
|----------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| **43** | **More about transfers of shares in certificated form** |
|--------|---------------------------------------------------------|

| **43.1** | The transfer form for **shares**      in **certificated form** must be delivered to the **Transfer Office**      (or any other place the directors may decide). The directors may refuse      to recognise a transfer unless the transfer form: |
|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | has with it the share certificate for the **shares** to be transferred and any other evidence which the directors ask for to prove that the person wishing to make the transfer is entitled to do this; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | is properly stamped (for payment of stamp duty) where this is required; |
|--------|--------|-------------------------------------------------------------------------|

|   | • | is being used to transfer only one class of **shares**; and |
|--------|--------|-------------------------------------------------------------|

|   | • | is in favour of not more than four joint holders. |
|--------|--------|---------------------------------------------------|

| **43.2** | However, if a transfer is by a ***recognised clearing hous*****e** or its nominee or by a ***recognised investment exchange***, a share certificate is only needed if a certificate has been issued for the **shares** in question. |
|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **43.3** | If the **share** being transferred is a *fully****paid-up*****share**, a share transfer form must be signed by the person making the transfer. If the transfer is being made by a company, the share transfer form does not need to be under that **company’s** seal. |
|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **43.4** | If the **share** being transferred is not a *fully****paid-up*****share** a share transfer form must also be signed by the person to whom the **share** is being transferred. If the transfer is being made to a **company**, the transfer form does not need to be under that **company’s** seal. |
|----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **43.5** | The person making a transfer of **shares** will be treated as continuing to be the **shareholder** until the name of the person to whom a **share** is being transferred is put on the **Register** for that **share**. |
|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **43.6** | No fee is payable to the **Company** for transferring **shares** or registering changes relating to the ownership of **shares**. |
|----------|----------------------------------------------------------------------------------------------------------------------------------|

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| **44** | **The Company can refuse to register certain transfers** |
|--------|----------------------------------------------------------|

| **44.1** | The directors can refuse to register      a transfer of any **shares** in **certificated form** which are not      *fully****paid-up***. They do not have to give any reasons      for refusing. But, if any of those **shares** are admitted to the official      list maintained by the **UK Listing Authority**, the directors cannot      refuse to register a transfer if this would stop dealings in the **shares**      from taking place on an open and proper basis. |
|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **44.2** | If the directors decide not to register      a transfer of a **share**, they must notify the person to whom such **share**      was to be**transferred. This must be done no later than two months      after the **Company** receives the transfer (in the case of a **share**      in **certificated form**). |
|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **45** | **Closing the Register** |
|--------|--------------------------|

|   | The directors can decide to suspend the registration of transfers by closing the **Register**. This can be for part of a day, a day, or more than a day. Suspension periods can vary between different classes of **shares**. But the **Register** cannot be closed for more than 30 days a year. In the case of **shares** in **uncertificated form**, the **Register** must not be closed without the consent of the **operator** of a ***relevant system****.* |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **46** | **Overseas branch registers** |
|--------|-------------------------------|

|   | The **Company** can use all the powers that the **Companies Acts** give to keep an overseas branch register. The directors can make and change any regulations they decide on relating to this register, as long as the **Companies Acts** allow this. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**PERSONS AUTOMATICALLY ENTITLED TO SHARES BY LAW**

| **47** | **When a shareholder dies** |
|--------|-----------------------------|

| **47.1** | When a sole **shareholder** dies      (or a **shareholder** who is the last survivor of joint **shareholders**      dies), his legal *personal representatives* will be the only people      whom the **Company** will recognise as being entitled to his **shares**. |
|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **47.2** | If a **shareholder** who is a joint      **shareholder** dies, the remaining joint **shareholder** or **shareholder**s      will be the only people who the **Company** will recognise as being entitled      to his **shares**. |
|----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **47.3** | This Article does not discharge the      estate of any joint **shareholder** from any *liability*. |
|----------|----------------------------------------------------------------------------------------------------|

| **48** | **Registering personal representatives** |
|--------|------------------------------------------|

|   | A person who becomes *automatically entitled to a****share****by law* can either be registered as the **shareholder**, or can select some other person to whom the **share** is to be transferred. The person who is *automatically entitled by law* must provide any evidence of his entitlement which is reasonably required by the directors. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **49** | **A person who wants to be registered must give notice** |
|--------|----------------------------------------------------------|

|   | If a person who is *automatically      entitled to****shares****by law* wants to be registered      as a **shareholder**, he must deliver or send a notice to the **Company**      saying that he has made this decision. He must sign this notice, and it      must be in the form which the directors require. This notice will be treated      as a transfer form and all of the provisions of these **Articles** about      registering transfers of **shares** apply to it. The directors have the      same power to refuse to register the *automatically entitled*person      as they would have had in deciding whether to register a transfer by the      person who was previously entitled to the **shares**. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| **50** | **Having another person registered** |
|--------|--------------------------------------|

|   | If a person who is *automatically entitled to a****share****by law* wants the **share** to be transferred to another person, he must do the following: |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | for a **share** in **certificated form** sign a transfer form to the person he has selected; and |
|--|--------|--------------------------------------------------------------------------------------------------|

|  | • | for a **share** in **uncertificated form** transfer such **share** using a ***relevant system***. |
|--|--------|---------------------------------------------------------------------------------------------------|

|   | The directors have the same power to refuse to register the person selected as they would have had in deciding whether to register a transfer by the person who was previously entitled to the **shares**. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **51** | **The rights of people automatically entitled to shares by law** |
|--------|------------------------------------------------------------------|

| **51.1** | A person who is *automatically entitled      to a****share****by law* is entitled to any dividends      or other money relating to the **share**, even though he is not registered      as the holder of that **share**. However, if the directors have served      a notice on any such person requesting him to choose between registering      himself or transferring the **share**, and such person does not comply      with the notice within 90 days, the directors can withhold the dividend      and other money until the notice has been properly complied with. |
|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **51.2** | Unless and until he is registered as      a **shareholder** the person *automatically entitled to a****share****by law*is not entitled: |
|----------|-----------------------------------------------------------------------------------------------------------------------------------------|

|   | • | to receive notices of General Meetings, or to attend or vote at these meetings; and |
|--------|--------|-------------------------------------------------------------------------------------|

|   | • | (*subject to* Article 51.1) to any of the other rights and benefits of being a **shareholder**, |
|--------|--------|-------------------------------------------------------------------------------------------------|

|   | unless the directors decide to allow this. |
|--------|--------------------------------------------|

**SHAREHOLDERS WHO CANNOT BE TRACED**

| **52** | **Shareholder who cannot be traced** |
|--------|--------------------------------------|

| **52.1** | The **Company** can sell any **shares**      at the best price reasonably obtainable if: |
|----------|------------------------------------------------------------------------------------------|

|   | • | during the previous 12 years, at least three dividends on the **shares** have been payable and none has been claimed; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------|

|   | • | after this 12-year period, the **Company** announces that it intends to sell the **shares** by placing an advertisement in a **United Kingdom** national newspaper and in a newspaper appearing in the area which includes the address held by the **Company** for serving notices relating to the **shares**; and |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | during this 12-year period, and for three months after the last advertisement appears in the newspapers, the **Company** has received no indication as to the whereabouts or existence of the **shareholder** or any person who is *automatically entitled to the****shares****by law*. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| **52.2** | To sell any **shares** in this way, the **Company** can authorise any person to transfer the **shares**. This transfer will be just as effective as if it had been made by the registered holder of the **shares**, or by a person who is *automatically entitled to the****shares****by law*. The ownership of the person to whom the **shares** are transferred will not be affected even if the sale is irregular or invalid in any way. |
|----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **52.3** | The net sale proceeds belong to the **Company** until claimed under this Article, but it must pay these to the **shareholder** who could not be traced, or to the person who is *automatically entitled to the****shares****by law*, if that **shareholder**, or that other person, asks for it. |
|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **52.4** | The **Company** must record the name of that **shareholder**, or the person who was *automatically entitled to the****shares****by law*, as a creditor for this money in its accounts. The money is not held on *trust*, and no interest is payable on the money. The **Company** can keep any money which it has earned on the net sale proceeds. The **Company** can use the money for its business, or it can invest the money in any way that the directors decide. But the money cannot be invested in the **Company’s****shares**, or in the **shares** of any *holding company* of the **Company**. |
|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **52.5** | In the case of **uncertificated****shares**, this Article is subject to any restrictions which apply under the **CREST Regulations**. |
|----------|---------------------------------------------------------------------------------------------------------------------------------------|

**GENERAL MEETINGS**

| **53** | **The Annual General Meeting** |
|--------|--------------------------------|

|   | Except as provided in the **Companies Acts**, each year the **Company** must hold an Annual General Meeting, in addition to any other General Meetings which are held in the year. The notice calling the Annual General Meeting must say that the meeting is the Annual General Meeting. There must not be a gap of more than 15 months between one Annual General Meeting and the next. The Annual General Meeting must be held in accordance with the **Companies Acts**. The directors must decide when and where to hold the Annual General Meeting. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **54** | **Extraordinary General Meetings** |
|--------|------------------------------------|

|   | If a General Meeting is not an Annual General Meeting, it is called an Extraordinary General Meeting. |
|--------|-------------------------------------------------------------------------------------------------------|

| **55** | **Calling an Extraordinary General Meeting** |
|--------|----------------------------------------------|

|   | The directors can decide to call an Extraordinary General Meeting at any time. Extraordinary General Meetings must also be called promptly in response to a *requisition* by **shareholder**s under the **Companies Acts**. If an Extraordinary General Meeting is not called in response to such a request by **shareholders**, it can be called by the **shareholders** who requested the Extraordinary General Meeting in accordance with the **Companies Acts**. Any Extraordinary General Meeting *requisitioned* in this way by **shareholders** shall be called in the same manner as nearly as possible to that in which General Meetings are called by the directors. The directors must decide when and where to hold an ExtraordinaryGeneral Meeting. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| **56** | **Notice of General Meetings** |
|--------|--------------------------------|

| **56.1** | At least 21 clear days’ notice      in writing**(or, where the **Companies Acts** permit, by **electronic      mail**) must be given for every Annual General Meeting and for any other      General Meeting where it is proposed to pass a *special resolution*      or to pass some other resolution of which *special notice* under the      **Companies Acts** has been given to the **Company**. For every other      General Meeting at least 14 clear days’ notice in writing (or, where      the **Companies Acts** permit, by **electronic mail**) must be given. |
|----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | However, a shorter period of notice can be given: |
|--------|---------------------------------------------------|

|  | • | for an Annual General Meeting, if all the **shareholder**s entitled to attend and vote agree; or |
|--|--------|--------------------------------------------------------------------------------------------------|

|  | • | for an Extraordinary General Meeting, if a majority of the **shareholders** entitled to attend and vote agree and those **shareholders** hold at least 95 per cent by *nominal value* of the **shares** which can be voted at the meeting. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **56.2** | Any notice of General Meeting must state: |
|----------|-------------------------------------------|

|  | • | where the General Meeting is to be held; |
|--|--------|------------------------------------------|

|  | • | the date and time of the General Meeting; |
|--|--------|-------------------------------------------|

|  | • | the general nature of the business of the General Meeting; |
|--|--------|------------------------------------------------------------|

|  | • | if any resolution will be proposed as a *special resolution* or *extraordinary resolution*; and |
|--|--------|-------------------------------------------------------------------------------------------------|

|  | • | in a reasonably prominent place that a **shareholder** entitled to attend and vote can appoint one or more *proxies* (who need not be **shareholder**s) to attend, speak and vote instead of that **shareholder**.      |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **56.3** | Notices of General Meetings must be      given to the **shareholders**, except in cases where the **Articles**      or the **rights** attached to the **shares** state that the holders      are not entitled to receive them from the **Company**. Notice must also      be given to the **Company’s** auditors. The day when the notice      is served (see Article 144), or is treated as served, and the day of the      General Meeting do not count towards the period of notice. In relation to      any class of **shares** some of which are in **uncertificated form**      the **Company** can decide that only people who are entered on the **Register**      at the close of business on a particular day are entitled to receive such      a notice. That day shall be a day chosen by the **Company** and falling      not more than 21 days before the notice is sent. |
|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **56.4** | Unless the **Companies Act 1985**      does not require it, the **Company** must, on the requisition in writing      of such number of **shareholders** as is specified in the **Companies      Act 1985**, send to **shareholders**: |
|----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | entitled to receive notice of the next Annual General Meeting notice of any resolution which may properly be proposed and is intended to be proposed at that meeting; and |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  | • | entitled to receive notice of any General Meeting any statement of not more than one thousand words with respect to the matter referred to in any proposed resolution or the business to be dealt with at that meeting. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Notice of any such resolution shall be given, and any such statement shall be circulated, to **shareholders** of the **Company** entitled to have notice of the General Meeting sent to them. The cost of this, unless the **Company** decides otherwise, must be borne by the *requisitionists*. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**PROCEEDINGS AT GENERAL MEETINGS**

| **57** | **The chairman of a General Meeting** |
|--------|---------------------------------------|

| **57.1** | The Chairman of the directors will be      the chairman at every General Meeting, if he is present and willing to take      the chair. |
|----------|----------------------------------------------------------------------------------------------------------------------------------------|

| **57.2** | If the **Company** does not have      a Chairman, or if the Chairman is not present and willing to chair the General      Meeting, a Deputy Chairman will chair the meeting if he is present and willing      to take the chair. |
|----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **57.3** | Where there is more than one Deputy      Chairman at a General Meeting and there is more than one present, and the      Chairman is not there, the Deputy Chairman to take the chair will be the      longest serving Deputy Chairman present*.* |
|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **57.4** | If the **Company** does not have      a Chairman or a Deputy Chairman, or if neither the Chairman or any Deputy      Chairman are present and willing to chair the General Meeting, after waiting      ten minutes from the time that a meeting is due to start, the directors      who are present will choose one of themselves to act as chairman. If there      is only one director present, he will be chairman if he is willing. |
|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **57.5** | If there is no director present and      willing to be chairman, then the **shareholders** who are personally      present at the General Meeting and entitled to vote will decide which one      of them is to be chairman. |
|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **57.6** | To avoid any doubt, nothing in these      **Articles** restricts or excludes any of the powers or rights of a chairman      of a meeting which are given by the general law. |
|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **58** | **Security, and other arrangements at General Meetings** |
|--------|----------------------------------------------------------|

|   | Either the chairman of a General Meeting, or the **Secretary**, can take any action he considers necessary (including *adjourning* the General Meeting) for: |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | the safety of people attending a General Meeting (for example, if there is not enough room for the **shareholders** and *proxies* who want to attend the General Meeting); or |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | proper and orderly conduct at a General Meeting (for example, where the behaviour of someone present could prevent the business of the General Meeting being carried out in an orderly way); or |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | any other reason to make sure that the business of the General Meeting can be properly carried out. |
|--|--------|-----------------------------------------------------------------------------------------------------|

|   | Where the chairman of a General Meeting or the **Secretary** decides to adjourn a General Meeting in this way, he can adjourn the General Meeting to a time, date and place he decides (or indefinitely). He does not need the agreement of those present at the General Meeting to do this. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| **59** | **Overflow meeting rooms** |
|--------|----------------------------|

|   | The directors can arrange for any people who they consider cannot be seated in the main meeting room, where the chairman will be, to attend and take part in a General Meeting in an overflow room or rooms. Any overflow room must have a live video and two way sound link with the main room for the General Meeting, where the chairman will be. The video and sound link must enable those in all the rooms to see and hear what is going on in the other rooms. The notice of the General Meeting does not have to give details of any arrangements under this Article. The directors can decide on how to divide people between the main room and any overflow room. If any overflow room is used, the General Meeting will be treated as being held, and taking place, inthe main room. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **60** | **The quorum needed for General Meetings** |
|--------|--------------------------------------------|

|   | Before a General Meeting starts      to conduct business, there must be a *quorum* present. If there is      not, the meeting cannot carry out any business. Unless other Articles say      otherwise, a *quorum* for all purposes is two people who are entitled      to vote. They can be personally present or *proxies* for **shareholders**      or duly authorised ***company representatives***      or a combination of **shareholders**, duly authorised ***company representatives***      for **companies** and *proxies*. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **61** | **The procedure if there is no quorum** |
|--------|-----------------------------------------|

| **61.1** | This Article 61 applies if a *quorum*      is not present either within 30 minutes of the time fixed for a General      Meeting to start or within any longer period (being no longer than an hour      from the time fixed for the General Meeting to start) on which the chairman      may decide. If the General Meeting was called by **shareholders** it      is cancelled. Any other General Meeting is *adjourned* to the same      day in the next week (or if that day is a public holiday, then the next      day which is not a Saturday, Sunday or public holiday) at the same time      and place or to any other day and time and place which the directors decide. |
|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **61.2** | If a *quorum* is not present within      15 minutes of the time fixed for the start of the *adjourned* meeting,      the *adjourned* General Meeting shall be cancelled. |
|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **62** | **Adjourning meetings** |
|--------|-------------------------|

| **62.1** | *Subject to* Article 58, the chairman      of a General Meeting can *adjourn* a meeting which has a *quorum*      present, if this is agreed by those present at the General Meeting. This      can be to a time, date and place proposed by the chairman or may be an indefinite      *adjournment*. The chairman must *adjourn* the General Meeting      if the General Meeting directs him to. In these circumstances the General      Meeting will decide how long the *adjournment* will be, and where it      will *adjourn* to. If a General Meeting is *adjourned* indefinitely,      the directors will fix the time, date and place of the *adjourned*      General Meeting. |
|----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **62.2** | General Meetings can be *adjourned*      more than once. But if a General Meeting is *adjourned* for more than      30 days or indefinitely, at least seven days’ notice must be given      of the *adjourned* General Meeting in the same way as was required      for the original General Meeting. If a General Meeting is *adjourned*      for less than 30 days, there is no need to give notice of the *adjourned*      General Meeting, or about the business to be considered there. |
|----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| **62.3** | An *adjourned* General Meeting can only deal with business that could have been dealt with at the original General Meeting before it was *adjourned*. |
|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| **63** | **Amending Resolutions** |
|--------|--------------------------|

|   | If the chairman of a General Meeting, acting in good faith, rules an amendment to a resolution out of order, any error in that ruling will not affect the validity of a vote on the original resolution. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**VOTING PROCEDURES**

| **64** | **How votes are taken** |
|--------|-------------------------|

| **64.1** | All **Substantive Resolutions** will      only be decided on a *poll*. All **Procedural Resolutions** will      be decided by a *show of hands* of the **shareholders** present      in person or by *proxy*, unless a *poll* is demanded when, or      before, the result of the *show of hands* is declared by the chairman.      A *poll* can be demanded by: |
|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | the chairman of the General Meeting; |
|--------|--------|--------------------------------------|

|   | • | at least two **shareholders** at the General Meeting (including *proxies* of **shareholders** entitled to vote) who are entitled to vote; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | one or more **shareholders** at the General Meeting who are entitled to vote (including *proxies* of **shareholders** entitled to vote) and who have, between them, at least 10 per cent of the total votes of all **shareholders** who have the right to vote at the General Meeting; or |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | one or more **shareholders** who have **shares** which allow them to vote at the General Meeting (including *proxies* of **shareholders** entitled to vote), where the total amount which has been **paid up** on their **shares** is at least 10 per cent of the total sum paid up on all **shares** which give the right to vote at the General Meeting. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **64.2** | A demand for a *poll* can be withdrawn if the chairman agrees to this. If a *poll* is demanded, and this demand is then withdrawn, any declaration by the chairman of the result of a vote on that resolution by a *show of hands*, which was made before the *poll* was demanded, will stand. |
|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **65** | **How a poll is taken** |
|--------|-------------------------|

| **65.1** | If a *poll* is demanded or held      in the way allowed by the **Articles**, the chairman of the General Meeting      can decide where, when and how it will be carried out. The result is treated      as the decision of the General Meeting where the *poll* was demanded,      even if the *poll* is carried out after the General Meeting. |
|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **65.2** | The chairman can: |
|----------|-------------------|

|   | • | decide that a ballot, voting papers or tickets will be used; |
|--------|--------|--------------------------------------------------------------|

|   | • | appoint one or more scrutineers (who need not be **shareholders**); |
|--------|--------|---------------------------------------------------------------------|

|   | • | decide to *adjourn* the General Meeting to such day, time and place as he decides for the result of the *poll* to be declared. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------|

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| **65.3** | If a *poll* is called, a **shareholder** can vote either personally or by his *proxy*. If a **shareholder** votes on a *poll*, he does not have to use all of his votes or cast all his votes in the same way. |
|----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **66** | **Where there cannot be a poll** |
|--------|----------------------------------|

|   | Notwithstanding any other provision in these **Articles**, a *poll* is not allowed on a vote to elect a chairman of a General Meeting, nor is a *poll* allowed on a vote to *adjourn* a General Meeting, unless the chairman of the General Meeting demands a *poll*. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **67** | **A General Meeting continues after a poll is demanded** |
|--------|----------------------------------------------------------|

|   | A demand for a *poll* on a particular matter does not stop a General Meeting from continuing and dealing with matters other than the question on which the *poll* was demanded. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **68** | **Timing of a poll** |
|--------|----------------------|

|   | A *poll* on a resolution to *adjourn* the General Meeting must be taken immediately at the General Meeting. Any other *poll* can either be taken immediately at the General Meeting or within 30 days from the date it was demanded and at a time and place decided on by the chairman. No notice is required for a *poll* which is not taken immediately if the time and place at which it is to be taken are announced at the General Meeting at which it is demanded. In any other case, at least seven clear days’ notice must be given specifying the time and place at which the *poll* is to be taken. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **69** | **The chairman’s casting vote** |
|--------|---------------------------------------|

|   | If the votes are equal, either on a *show of hands* or on a *poll*, the chairman of the General Meeting is entitled to a further, casting vote. This is in addition to any other votes which the chairman may have as a **shareholder**, or as a *proxy*. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **70** | **The effect of a declaration by the chairman** |
|--------|-------------------------------------------------|

|   | The following applies when there is a vote by a *show of hands*, and no *poll* is demanded, or any demand for a *poll* is withdrawn. A corresponding entry in the minute book is conclusive proof of the following declarations by the chairman of the General Meeting: |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | a resolution has been carried; |
|--|--------|--------------------------------|

|  | • | a resolution has been carried unanimously; |
|--|--------|--------------------------------------------|

|  | • | a resolution has been carried by a particular majority; |
|--|--------|---------------------------------------------------------|

|  | • | a resolution has been lost; or |
|--|--------|--------------------------------|

|  | • | a resolution has been lost by a particular majority. |
|--|--------|------------------------------------------------------|

|   | There is no need to prove the validity, number, or proportion of votes recorded for or against a resolution. |
|--------|--------------------------------------------------------------------------------------------------------------|

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**VOTING RIGHTS**

| **71** | **The votes of shareholders** |
|--------|-------------------------------|

|   | At a General Meeting, on a *show of hands* every **shareholder** who is present in person and every person present who has been duly appointed as a *proxy* shall have one vote, provided that each such person is entitled to attend and vote at that General Meeting. Where there is a *poll*, a **shareholder** who is present in person (or by *proxy*) who is entitled to be present and to vote has one vote for every **share** which he holds. This is *subject to* any *special rights* or restrictions which are given to any class of **shares** by, or in accordance with, the **Articles**. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **72** | **Shareholders who owe money to the Company** |
|--------|-----------------------------------------------|

|   | Unless the **Articles** provide otherwise, the only people who are entitled to attend and/or vote at General Meetings or to *exercise* any other right conferred by being a **shareholder** in relation to General Meetings, are **shareholders** who have paid the **Company** all *calls*, and all other sums, relating to their **shares** which are due at the time of the General Meeting. This applies both to attending the General Meeting personally and to appointing a *proxy*. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **73** | **Suspension of rights on non-disclosure of interest** |
|--------|--------------------------------------------------------|

| **73.1** | This Article applies if any **shareholder**,      or any person appearing to be interested in **shares** held by that **shareholder**,      has been properly served with a notice under Section 212 of the **Companies      Act 1985**, requiring information about interests in **shares**, and      has failed for a period of 14 days from the date of the notice to supply      to the **Company** the information required by that notice. Then*(subject      to* the provisions of this Article and unless the directors otherwise      decide) the **shareholder** is not (for so long as the failure continues)      entitled to attend or vote either personally or by *proxy* at a **shareholders’      meeting** or to *exercise* any other right in relation to a **shareholders’      meeting** as holder of: |
|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | the **shares** in relation to which the default occurred (called **default****shares**); |
|--------|--------|------------------------------------------------------------------------------------------|

|   | • | any further **shares** which are *issued* in respect of **default****shares**; and |
|--------|--------|------------------------------------------------------------------------------------|

|   | • | any other **shares** held by the **shareholder** holding the **default****shares**. |
|--------|--------|-------------------------------------------------------------------------------------|

| **73.2** | Any person who acquires **shares***subject to* restrictions under Article 73.1 is *subject to* the same restrictions, unless: |
|----------|-------------------------------------------------------------------------------------------------------------------------------|

|   | • | the transfer was an **approved transfer** (see Article 73.11); or |
|--------|--------|-------------------------------------------------------------------|

|   | • | the transfer was by a **shareholder** who was not himself in default in supplying the information required by the notice under Article 73.1 and a certificate in accordance with Article 73.3 is provided. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **73.3** | Where the **default****shares** represent 0.25 per cent or more of the existing **shares** of a class, the directors can in their absolute discretion by notice (a **direction notice**) to the **shareholder** direct that: |
|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | any dividend or part of a dividend or other money which would otherwise be payable on the **default****shares** shall be retained by the **Company** (without any *liability* to pay interest when that dividend or money is finally paid to the **shareholder**); |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  | • | the **shareholder** will not be allowed to choose to receive **shares** in place of dividends in accordance with Article 135; and/or |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------|

|  | • | *subject to* Article 73.4, no transfer of any of the **shares** held by the **shareholder** will be registered unless: |
|--|--------|------------------------------------------------------------------------------------------------------------------------|

|  |   | • | either the transfer is an **approved      transfer** (see Article 73.11); |
|--|--------|--------|---------------------------------------------------------------------------|

|  |   | • | or the **shareholder** is not himself      in default as regards supplying the information required; and (in this case) |
|--|--------|--------|-------------------------------------------------------------------------------------------------------------------------|

|  |   |   | • | the transfer is of part only of his      holding; and |
|--|--------|--------|--------|-------------------------------------------------------|

|  |   |   | • | when presented for registration, the      transfer is accompanied by a certificate by the **shareholder**. This      certificate must be in a form satisfactory to the directors and state that      after due and careful enquiry the **shareholder** is satisfied that none      of the **shares** included in the transfer are **default****shares**. |
|--|--------|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **73.4** | Any direction notice can treat **shares**      of a **shareholder** in **certificated** and **uncertificated form**      as separate shareholdings and either apply only to **shares** in **certificated      form** or to **shares** in **uncertificated form** or apply differently      to **shares** in **certificated** and **uncertificated form**.      In the case of **shares** in **uncertificated form** the directors      can only use their discretion to prevent a transfer if this is allowed by      the **CREST Regulations**. |
|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **73.5** | The **Company** must send a copy      of the **direction notice** to each other person who appears to be interested      in the **shares** covered by the notice, but if it fails to do so, this      does not invalidate the **direction notice**. |
|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **73.6** | A **direction notice** has the effect      which it states while the default resulting in the notice continues. It      then ceases to apply when the directors decide (which they must do within      one week of the default being cured). The **Company** must give the **shareholder**      immediate written notice of the directors’ decision. |
|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **73.7** | A **direction notice** also ceases      to apply to any **shares** which are transferred by a **shareholder**      in a transfer permitted under Article 73.3 even where a **direction notice**      restricts transfers. |
|----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **73.8** | Where a person who appears to be interested      in **shares** has been served with a notice under Section 212 of the      **Companies Act 1985** and the **shares** in which he appears to be      interested are held by an **Approved Depositary**, this **Article**      shall be treated as applying only to the **shares** which are held by      the **Approved Depositary** in which that person appears to be interested      and not (so far as that person’s apparent interest is concerned) to      any other **shares** held by the **Approved Depositary**. |
|----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **73.9** | Where the **shareholder** on which      a notice under Section 212 of the **Companies Act 1985** is served is      an **Approved Depositary**, the obligations of the **Approved Depositary**      as a **shareholder** will be limited to disclosing to the **Company**      any information relating to any person who appears to be interested in the      **shares** held by it which has been recorded by it in accordance with      the arrangement under which it was appointed as an **Approved Depositary**. |
|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| **73.10** | For the purposes of this Article a person is treated as appearing to be interested in any **shares** if the **shareholder** holding those **shares** has been served with a notice under Section 212 of the **Companies Act 1985** and: |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | the **shareholder** has named that person as being so interested; or |
|--|--------|----------------------------------------------------------------------|

|  | • | (after taking into account the response of the **shareholder** to the notice and any other relevant information) the **Company** knows or reasonably believes that the person in question is or may be interested in the **shares**. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **73.11** | For the purposes of this Article a transfer      of **shares** is an **approved transfer** if: |
|-----------|------------------------------------------------------------------------------------------------|

|  | • | it is a transfer of **shares** to an offeror under an acceptance of a **takeover offer**; or |
|--|--------|----------------------------------------------------------------------------------------------|

|  | • | the directors are satisfied that the transfer is made in connection with a sale in good faith of the whole of the *beneficial ownership* of the **shares** to a person unconnected with the **shareholder** or with any person appearing to be interested in the **shares**. This includes such a sale made through a **recognised investment exchange**or any other stock exchange outside the **United Kingdom** on which the **Company’s****shares** are normally traded. For this purpose any associate (as that word is defined in Section 435 of the Insolvency Act 1986) is included amongst the people who are connected with the **shareholder** or any person appearing to be interested in the **shares**. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **73.12** | Where a person who has an interest in      **American Depositary****Shares** receives a notice under this Article      73, that person is considered for the purposes of this Article 73 to have      an interest in the number of **shares** represented by those **American      Depositary****Shares** which is specified in the notice and not in      the remainder of the **shares** held by the **ADR Depositary**. |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **73.13** | Where the **ADR Depositary** receives      a notice under this Article 73, the **ADR Depositary** shall only be      required to supply information relating to any person who has an interest      in the **shares** held by the **ADR Depositary** which has been recorded      by the **ADR Depositary** under the arrangements made with the **Company**      (including in the **Proxy****Register** maintained under Article      163) when it was appointed as the **ADR Depositary**. |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **73.14** | This Article does not restrict in any      way the provisions of the **Companies Act** which apply to failures to      comply with notices under Section 212 of that Act. |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **74** | **Votes of shareholders who are of      unsound mind** |
|--------|--------------------------------------------------------|

| **74.1** | This Article 74 applies where a court      which claims jurisdiction to protect people who are unable to manage their      own affairs has made an order detaining a shareholder or appointing a person      to manage his property or affairs. |
|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **74.2** | The receiver or other person appointed      by the court order to act for the **shareholder** can vote for the **shareholder**      on a *show of hands* or on a *poll* at General Meetings. However,      this Article only applies if the receiver or other person appointed by the      court delivers to the **Transfer Office** (or the place stated      in the notice for the delivery of the ***proxy form***)      at least 48 hours before the relevant General Meeting (or *adjourned*      General Meeting) such evidence as the directors may require of such person’s      authority to act. |
|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| **74.3** | If the receiver or other person appointed by the court fails to deliver the appropriate evidence to the **Transfer Office** (or the place stated in the ***proxy form***) in accordance with Article 74.2, the right to vote shall not be exercisable. |
|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **75** | **The votes of joint holders** |
|--------|--------------------------------|

|   | Where a **share** is held by joint **shareholder**s any one joint **shareholder** can vote at any General Meeting (either personally or by *proxy*) in respect of such **share** as if he were the only **shareholder**. If more than one of the joint **shareholders** votes (either personally or by *proxy*), the only vote which will count is the vote of that one of them who is listed first on the **Register** for the **share**. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**PROXIES**

| **76** | **Appointment of proxies** |
|--------|----------------------------|

| **76.1** | Any **shareholder** may appoint another      person, who need not be another **shareholder**, as his *proxy*      to act at a General Meeting on his behalf. |
|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **76.2** | *Proxies* may also be appointed      to act at General Meetings in the circumstances, and in the manner, provided      for in Articles 158.2, 162, 164, 165 and 168, and Articles 76 to 80 should      be read *subject to*their terms. |
|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **76.3** | A **shareholder** can appoint more      than one *proxy* to attend on the same occasion. |
|----------|------------------------------------------------------------------------------------------|

| **77** | **Completing proxy forms** |
|--------|----------------------------|

| **77.1** | A ***proxy form***: |
|----------|---------------------|

|   | • | must be in writing; and |
|--------|--------|-------------------------|

|   | • | can be in any form which is commonly used, or in any other form which the directors approve. |
|--------|--------|----------------------------------------------------------------------------------------------|

| **77.2** | A ***proxy form*** given by: |
|----------|------------------------------|

|   | • | an individual must be signed by the **shareholder** appointing the *proxy*, or by an *agent* who has been properly appointed in writing; or |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | a **company** must be sealed with the **company’s** seal or signed by an officer who is authorised to act on behalf of the **company**. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | Unless the contrary is shown, the directors are entitled to assume that where a ***proxy form*** purports to have been signed by an officer on behalf of a **company** that such officer was duly authorised by such **company** without requiring any further evidence. Signatures need not be witnessed. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **77.3** | All notices convening General Meetings which are sent to **shareholders** entitled to vote at the General Meeting, must, at the expense of the **Company**, be accompanied by a ***proxy form***. The ***proxy form*** must make provision for two-way voting on all resolutions intended to be proposed, other than resolutions which are merely procedural. |
|----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **77.4** | The accidental omission to send out a ***proxy form*** to a **shareholder** entitled to it (or non receipt by him of the ***proxy form***) will not invalidate any resolution passed or proceedings at the General Meeting to which the ***proxy form*** relates. |
|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| **78** | **Delivering proxy forms** |
|--------|----------------------------|

| **78.1** | A ***proxy form*** must be delivered      to the place stated in the notice of the General Meeting, or in the ***proxy      form***, or, if no place is stated, to the **Transfer Office** or,      if the directors decide to accept *proxies* by **electronic mail**,      in the way and to the **address** that they specify. It must be delivered      at least: |
|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | 48 hours before a General Meeting, an *adjourned* General Meeting or a *poll* taken on the same day as the meeting; or |
|--------|--------|------------------------------------------------------------------------------------------------------------------------|

|   | • | 24 hours before a *poll* is taken, if the *poll* is not taken on the same day as the General Meeting or *adjourned* General Meeting. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------|

| **78.2** | To the extent that the **Companies Acts** permit, directors can decide to accept *proxies* delivered by **electronic mail**, *subject to* any limitations, restrictions or conditions they decide to apply and Articles 77.1 and 77.2 may be disapplied in relation to a***proxy form***delivered in this way. |
|----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **78.3** | If a ***proxy form*** is signed by an *agent*, the *power of attorney*or other authority relied on to sign it, or a copy which has been certified by a notary, or certified in some other way specified by the directors, must (if required by the **Company**) be delivered with the ***proxy form*** in accordance with the instructions for delivery of ***proxy forms*** which are set out in the notice of General Meeting or on the ***proxy form***, unless the *power of attorney* or other form of authority has already been registered with the **Company**. |
|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **78.4** | If this Article 78 is not complied with, the *proxy* will not be able to act for the person who appointed him. |
|----------|----------------------------------------------------------------------------------------------------------------|

| **78.5** | A ***proxy form*** delivered by an **Approved Depositary** except in respect of a person appointed in accordance with Article 190 may be delivered to the appropriate place referred to in Article 78.1 by **electronic mail** or in any other way the directors decide. |
|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **78.6** | If a ***proxy form*** which relates to several General Meetings has been properly delivered for one General Meeting or *adjourned* General Meeting, it does not need to be delivered again for any later General Meeting which the ***proxy form*** covers. |
|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **78.7** | Unless the ***proxy form*** says otherwise, it will be valid at an *adjourned* General Meeting as well as for the original General Meeting to which it relates. |
|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **78.8** | A **shareholder** can attend and vote at a General Meeting on a *show of hands* or on a *poll* even if he has appointed a *proxy* to attend and vote at that meeting. However, if he votes in person on a resolution, then as regards that resolution his appointment of a *proxy* will not be valid. |
|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **79** | **Cancellation of proxy’s authority** |
|--------|---------------------------------------------|

| **79.1** | Any vote cast in the way a*****proxy form*** authorises, or any demand for a *poll* made by a      *proxy*, will be valid even though: |
|----------|----------------------------------------------------------------------------------------------------------------------------------------|

|   | • | the **shareholder** who appointed the *proxy* has died or is of unsound mind; |
|--------|--------|-------------------------------------------------------------------------------|

|   | • | the ***proxy**********form***      has been *revoked*; or |
|--------|--------|-----------------------------------------------------------|

|   | • | the authority of the person who signed the      ***proxy**********form*** for the **shareholder**      has been *revoked*. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------|

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| **79.2** | However, this does not apply if written      notice of the fact has been received at the****Transfer Office****(or      at such other place within the **United Kingdom** which is specified      for the deposit of ***proxy**********forms*** in accordance      with these **Articles**) before: |
|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | the General Meeting or *adjourned* General Meeting starts; or |
|--|--------|---------------------------------------------------------------|

|  | • | the time fixed on a later day to take a *poll*, |
|--|--------|-------------------------------------------------|

|   | when the vote is taken or *poll* demanded. |
|--------|--------------------------------------------|

| **80** | **Authority of**********proxies** |
|--------|-----------------------------------|

| **80.1** | A *proxy* is entitled to speak      at a General Meeting. |
|----------|-----------------------------------------------------------|

| **80.2** | A ***proxy form*** gives the      *proxy* the authority to demand a *poll*, or to join others in      demanding one. A demand for a *poll* made by a *proxy* for a **shareholder**      is treated in the same way as a demand by the **shareholder** himself. |
|----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **80.3** | Unless the ***proxy form***      provides otherwise, a ***proxy form*** entitles a *proxy* to      vote on any amendment to a resolution put to the General Meeting for which      it was given as the *proxy* thinks fit. |
|----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **81** | **Representatives of companies** |
|--------|----------------------------------|

| **81.1** | A **company** which is a **shareholder**      can authorise any person to act as its representative at any General Meeting      which it is entitled to attend. This person is called a ***company********representative***.      The directors of that **company** must pass a resolution to appoint the      ***company********representative***. If the governing      body of that **company** is not a board of directors, the resolution      can be passed by its governing body. A ***company********representative***      can *exercise* all the powers on behalf of the **company** which      the **company** could *exercise* if it were an individual **shareholder**      present at the General Meeting in person. This includes the power to vote      on a *show of hands* when the ***company********representative***      is present in person at a General Meeting. |
|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **81.2** | Any vote cast by a ***company********representative***, and any demand he makes for a *poll*, is valid      even if he is, for any reason, no longer authorised to represent the **company**.      However, this does not apply if written notice of the fact that he is no      longer authorised has been received at the **Transfer Office** (or at      such other place within the **United Kingdom** which is specified for      the deposit of ***proxy forms*** in accordance with these **Articles**)      before the deadlines which apply to notice of cancellation of *proxies*      under Article 79. |
|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **82** | **Challenging votes** |
|--------|-----------------------|

|   | Any objection to the right of any person to vote or the way in which the votes have been counted must be made at the General Meeting (or *adjourned* General Meeting) at which the vote is cast. If a vote is not disallowed at the General Meeting, it is valid for all purposes. Any such objection must be raised with the chairman of the General Meeting and will only change the decision of the General Meeting on any resolution if the chairman of the General Meeting decides that the vote cast may have affected the decision of the General Meeting. His decision on matters referred to him under this Article is final. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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**DIRECTORS**

| **83** | **The number of directors** |
|--------|-----------------------------|

|   | There must be at least three directors (other than **alternate directors**), but the **shareholders** can vary the number of directors by passing an *ordinary resolution*. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **84** | **Qualification to be a director** |
|--------|------------------------------------|

|   | A director need not be a **shareholder**, but a director who is not a **shareholder** is entitled to attend and speak at **shareholders’****meetings**. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **85** | **Directors’ fees and expenses** |
|--------|----------------------------------------|

| **85.1** | Each of the directors shall be paid      a fee for his services. The directors can decide on the amount, timing and      manner of payment of directors’ fees, but the total of the fees paid      to all of the directors (excluding amounts paid as special **pay** under      Article 86, amounts paid as expenses under Article 87 and any payments under      Article 88) must not exceed: |
|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | £1.5 million a year; or |
|--------|--------|-------------------------------|

|   | • | any higher sum decided on by an *ordinary resolution* at a General Meeting. |
|--------|--------|-----------------------------------------------------------------------------|

|   | This remuneration shall*accrue* from day to day. |
|--------|--------------------------------------------------|

| **85.2** | Unless an *ordinary resolution* is passed which provides otherwise, the fees will be divided between some or all of the directors in the way that they decide. If they fail to decide, the fees will be shared equally by the directors, except that any director holding office as a director for only part of the period covered by the fee is only entitled to a pro rata share covering that broken period. |
|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **86** | **Special pay** |
|--------|-----------------|

| **86.1** | The directors can award special **pay**      if any director performs extra or special services of any kind including: |
|----------|------------------------------------------------------------------------------------------------------------------------|

|   | • | holding any executive post; |
|--------|--------|-----------------------------|

|   | • | acting as chairman or deputy chairman (whether or not this office is executive or non-executive); |
|--------|--------|---------------------------------------------------------------------------------------------------|

|   | • | travelling or staying outside his main residence for any business or purposes of the **Company**; and |
|--------|--------|-------------------------------------------------------------------------------------------------------|

|   | • | serving on any committee of the directors. |
|--------|--------|--------------------------------------------|

| **86.2** | Special **pay** can take the form of salary, commission or other benefits or expenses or more than one of such forms or can be paid in some other way. This is decided on by the directors and may be a fixed sum or percentage of profits or otherwise. Such special **pay** can be either in addition to or instead of any other fees, expenses and other benefits a director may be entitled to receive. |
|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| **87** | **Directors’ expenses** |
|--------|-------------------------------|

|   | In addition to any fees and expenses paid under Articles 85 and 86, the **Company** will repay to a director all expenses properly incurred in: |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | attending and returning from **shareholders’ meetings**; |
|--|--------|----------------------------------------------------------------|

|  | • | attending and returning from directors’ meetings; |
|--|--------|---------------------------------------------------------|

|  | • | attending and returning from meetings of committees of the directors; or |
|--|--------|--------------------------------------------------------------------------|

|  | • | in or with a view to the performance of their duties. |
|--|--------|-------------------------------------------------------|

| **88** | **Directors’ pensions and other      benefits** |
|--------|-------------------------------------------------------|

| **88.1** | The directors may **pay** or provide: |
|----------|---------------------------------------|

|  | • | pensions; |
|--|--------|-----------|

|  | • | annual payments; |
|--|--------|------------------|

|  | • | gratuities; or |
|--|--------|----------------|

|  | • | other allowances or benefits |
|--|--------|------------------------------|

|   | to any people who are, or who were, directors who had a salary or place of profit with the **Company** or with any **company** which is or has been a ***subsidiary*** of the **Company** or a predecessor in business of the **Company** or any such ***subsidiary***. The directors can decide to extend these arrangements to any member of his family (including a spouse and a former spouse) or to any person who was or is dependent on him. The directors can also decide to contribute (before as well as after he ceases to receive a salary or occupy a place of profit) to any scheme or fund or to pay premiums to a third party for these purposes. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **88.2** | No director or former director is accountable to the **Company** or its **shareholders** for a benefit of any kind given in accordance with this Article. The receipt of a benefit of any kind given in accordance with this Article does not prevent a person from being or becoming a director. |
|----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **89** | **Appointing directors to various posts** |
|--------|-------------------------------------------|

| **89.1** | The directors can appoint any director      as chairman, or a deputy chairman, or to any executive position on which      they decide. So far as the **Companies Acts** allow, they can decide      on how long these appointments will be for, and on their terms. *Subject      to* the terms of any contract with the **Company**, they can also      vary or end these appointments. |
|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **89.2** | A director will automatically stop being      chairman, deputy chairman, managing director, deputy managing director,      joint managing director or assistant managing director if he is no longer      a director. Other executive appointments will only stop if the contract      or resolution appointing the director to a post says so. If a director’s      appointment ends because of this Article, this does not prejudice any claim      for breach of contract against the **Company** which may otherwise apply. |
|----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **89.3** | The directors can delegate to a director      appointed to an executive post any of the powers which they jointly have      as directors. These powers can be delegated on such terms and conditions      as decided by the directors either in parallel with, or in place of, the      powers of the directors acting as a board. The directors can change the      basis on which these powers are given or withdraw them from the executive. |
|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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**CHANGING DIRECTORS**

| **90** | **Age limits** |
|--------|----------------|

| **90.1** | Provisions of the **Companies Acts**      which, together with these **Articles**, would restrict the appointment      of a director or require him to stop being a director because he has reached      a particular age do not apply to the **Company**. This includes restrictions      and requirements involving special formalities once an age limit is reached. |
|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **90.2** | However, if it is proposed that a director      who has reached the age of 70 be elected or re-elected in a notice convening      a General Meeting, the director’s age must be stated in the notice      (or document accompanying such notice). However, the accidental failure      to state this will not invalidate the election or re-election of the director      or any other proceedings at the General Meeting. |
|----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **91** | **Retiring directors** |
|--------|------------------------|

|   | At each Annual General Meeting all those directors who were elected or last re-elected at or before the Annual General Meeting held in the third calendar year before the current year shall automatically retire. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **92** | **Eligibility for re-election** |
|--------|---------------------------------|

|   | A retiring director is eligible for re-election. |
|--------|--------------------------------------------------|

| **93** | **Re-electing a director who is retiring** |
|--------|--------------------------------------------|

| **93.1** | At a General Meeting at which a director      retires (whether at an Annual General Meeting or otherwise), he may be re-elected      (as long as the director has not told the **Company** in writing that      he does not wish to be re-elected) if the **shareholders**pass an *ordinary      resolution* to re-elect him. |
|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **93.2** | A director retiring at a General Meeting      retires at the end of that meeting (or *adjourned* meeting). Where      a retiring director is re-elected he continues as a director without a break. |
|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **94** | **Election of two or more directors** |
|--------|---------------------------------------|

|   | A single resolution for the election of two or more directors is void unless the **shareholders** first approve the putting of a resolution in this form by an earlier procedural vote taken at the General Meeting, with no votes cast against. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **95** | **People who can be directors** |
|--------|---------------------------------|

| **95.1** | Only the following people can be elected      as directors at a General Meeting: |
|----------|----------------------------------------------------------------------------------|

|   | • | A director who is retiring at the General Meeting; |
|--------|--------|----------------------------------------------------|

|   | • | A person who is recommended by the directors; and |
|--------|--------|---------------------------------------------------|

|   | • | A person who has been proposed by a **shareholder** who is entitled to attend and vote at the General Meeting. |
|--------|--------|----------------------------------------------------------------------------------------------------------------|

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| **95.2** | A **shareholder** proposing a director in accordance with Article 95.1 must deliver to the **Registered****Office** at least seven days before the General Meeting, but not more than 42 days before the meeting (this period includes the date on which the notice is given): |
|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | a signed letter stating that he intends to propose another person for election as director; and |
|--|--------|-------------------------------------------------------------------------------------------------|

|  | • | written confirmation from the person to be proposed that he is willing to be elected. |
|--|--------|---------------------------------------------------------------------------------------|

| **96** | **The power to fill vacancies and appoint      extra directors** |
|--------|------------------------------------------------------------------|

| **96.1** | The directors can appoint any person      as an extra director or to fill a *casual vacancy*. Any director appointed      in this way automatically retires at the next General Meeting after his      appointment. At this General Meeting he can be elected by the **shareholders**      as a director. |
|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **96.2** | At a General Meeting the **shareholders**      can also pass an *ordinary resolution* to fill a *casual vacancy*      or to appoint an extra director. |
|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| **96.3** | Extra directors can only be appointed      under this Article up to the limit (if any) on the total number of directors      under the **Articles** (or any variation of the limit approved by the      **shareholders** in accordance with the **Articles**). |
|----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **97** | **Removing and appointing directors      by an ordinary resolution** |
|--------|----------------------------------------------------------------------|

| **97.1** | The **shareholders** can pass an      *ordinary resolution* to remove a director, even though his time in      office has not ended. This applies despite anything else in the **Articles**,      or in any agreement between him and the **Company**. *Special notice*      of the *ordinary resolution* must be given to the **Company** as      required by the **Companies Acts**. But if a director is removed in this      way, it will not affect any claim which he may have for damages for breach      of any contract of service between him and the **Company**. |
|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **97.2** | *Subject to* Article 95, the **shareholders**      can pass an *ordinary resolution* to elect a person to replace a director      who has been removed in the way described in Article 97.1. If no director      is appointed under this Article, the vacancy can be filled under Article      96. |
|----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **97.3** | Any person appointed under Article 97.2      will be treated, for the purpose of determining the time at which he is      to retire, as if he had become a director on the day on which the director      he replaced was last elected. |
|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **98** | **When directors are disqualified** |
|--------|-------------------------------------|

| **98.1** | Any director automatically ceases to      be a director in any of the following circumstances if: |
|----------|---------------------------------------------------------------------------------------------------|

|  | • | a bankruptcy order is made against him; |
|--|--------|-----------------------------------------|

|  | • | he makes any arrangement or composition with his creditors or applies for an interim order under Section 253 of the Insolvency Act 1986 in connection with a voluntary arrangement under that Act; |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | a court which claims jurisdiction to protect people who are unable to manage their own affairs has made an order detaining him or appointing a person to manage his property or affairs; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  | • | he has missed directors’ meetings for a continuous period of six months, without permission from the directors, and the directors pass a resolution removing him from office; |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | he is prohibited from being a director under the **Companies Acts** or any power conferred on the directors or **shareholders** under these **Articles**; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | except where his contract of service prevents him from resigning, he: |
|--|--------|-----------------------------------------------------------------------|

|  |   | (i) | delivers to the **Company** a written      notice of resignation signed by him or on his behalf; or |
|--|--------|-----|-----------------------------------------------------------------------------------------------------|

|  |   | (ii) | offers to resign and the directors pass      a resolution accepting the offer; |
|--|--------|------|--------------------------------------------------------------------------------|

|  | • | all the other directors sign a notice requiring him to resign. He will cease to be a director when the notice is served on him. Such a notice can consist of several documents in the same form signed by one or more directors. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **98.2** | When a director stops being a director      for any reason, he will also automatically cease to be a member of any committee.      Removal from office will be without prejudice to any claim which he or the      **Company** might bring in relation to any contract of service between      him and the **Company**. |
|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**DIRECTORS’ MEETINGS**

| **99** | **Directors’ meetings** |
|--------|-------------------------------|

|   | The directors can decide when and where to have directors’ meetings and how they shall be conducted, and on the *quorum*. They can also *adjourn* their meetings. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **100** | **Who can call directors’ meetings** |
|---------|--------------------------------------------|

|   | A directors’ meeting can be called by any director. The **Secretary** must also call a directors’ meeting if a director asks him to. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------|

| **101** | **How directors’ meetings are called** |
|---------|----------------------------------------------|

|   | Directors’ meetings are called by giving notice to all the directors. This notice may be given to a director personally, by word of mouth, by notice in writing (sent to him at his last known address) or by **electronic mail** (sent to him at his last known electronic address or fax number). Any director can waive notice of any directors’ meeting, including one which has already taken place. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **102** | **Quorum** |
|---------|------------|

| **102.1** | If no other *quorum* is fixed by      the directors, three directors are a *quorum*. A directors’ meeting      at which a *quorum* is present can *exercise* all the powers,      authorities and discretions of the directors whether by or under these **Articles**      or *exercisable* by the directors generally. |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **102.2** | A person who holds office only as an      **alternate director** shall, if his appointor is not present, be counted      in the *quorum*. |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------|

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| **102.3** | A director who ceases to be a director at a directors’ meeting can continue to be present and act as a director and be counted in the *quorum* until the end of that meeting if no other director objects and a *quorum* would not otherwise be present. |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **103** | **The Chairman of directors’ meetings** |
|---------|-----------------------------------------------|

| **103.1** | The directors can elect any director      as Chairman or as one or more Deputy Chairmen for such periods as the directors      decide. If the Chairman is at a directors’ meeting, he will chair      it. In his absence, the chair will be taken by a Deputy Chairman, if one      is present. If there is no Chairman or Deputy Chairman present within five      minutes of the time when the directors’ meeting is due to start, the      directors who are present can choose which one of them will be the Chairman      of the directors’ meeting. |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **103.2** | Where there is more than one Deputy      Chairman present at a meeting, and the Chairman is not there, the Deputy      Chairman to take the chair will be the longest serving Deputy Chairman present. |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **104** | **Voting at directors’ meetings** |
|---------|-----------------------------------------|

|   | Matters for decision which arise at a directors’ meeting will be decided by a majority vote. The chairman of the meeting will not have a second, casting vote. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **105** | **Directors can act even if there are vacancies** |
|---------|---------------------------------------------------|

| **105.1** | The remaining directors can continue      to act even if one or more of them ceases to be a director. But if the number      of directors falls below the minimum which applies under Article 83 (including      any variation of that minimum approved by an *ordinary resolution*      of **shareholders**), the remaining director(s) can only: |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | either appoint further directors to make up the shortfall; or |
|--------|--------|---------------------------------------------------------------|

|   | • | call a General Meeting. |
|--------|--------|-------------------------|

| **105.2** | If no director or directors are willing or able to act under this Article, any two **shareholders** can call a General Meeting to appoint extra directors. |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **106** | **Directors’ meetings by video conference and telephone** |
|---------|-----------------------------------------------------------------|

| **106.1** | Any or all of the directors, or members      of a committee, can take part in a directors’ meeting of the directors      or of a committee by way of a video conference or conference telephone,      or similar equipment, designed to allow everybody to take part in the directors’      meeting. |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **106.2** | Taking part in this way will be counted      as being present at the directors’ meeting. A directors’ meeting      which takes place by way of video conference, conference telephone or similar      equipment will be treated as taking place where most of the participants      are. If there is no largest group, directors’ meetings will be treated      as taking place where the Chairman is. |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **106.3** | A directors’ meeting held in the      way described in Article 106.1 will be valid as long as in one single place,      or in places connected by way of video conference, telephone conference,      or similar equipment, a *quorum* is present. |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| **107** | **Resolutions in writing** |
|---------|----------------------------|

| **107.1** | This Article applies to a written resolution      which is signed by all of the directors or members of a committee who would      be entitled to vote on the resolution at a directors’ meeting or at      a committee meeting. This kind of resolution is just as valid and effective      as a resolution passed by those directors at a directors’ meeting      which is properly called and held. |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **107.2** | The resolution can be passed using several      copies of a document, if each copy is signed by one or more directors. These      copies can be faxed copies. |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **107.3** | A written resolution signed by an**alternate director**does not need also to be signed by his appointor.      If the written resolution is signed by a director who has appointed an **alternate      director**, it does not need to be signed by the **alternate director**      acting in that capacity. |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **107.4** | A written resolution will be valid at      the time it is signed by the last director. |
|-----------|----------------------------------------------------------------------------------------|

| **108** | **The validity of directors’ actions** |
|---------|----------------------------------------------|

|   | Everything which is done by any directors’ meeting, or by a committee of the directors, or by a person acting as a director, or as a member of a committee, will, in favour of anyone dealing with the **Company** in good faith, be valid even though it is discovered later that any director, or person acting as a director, was not properly appointed or elected. This also applies if it is discovered later that anyone was disqualified from being a director, or had ceased to be a director, or was not entitled to vote. In any of these cases, in favour of anyone dealing with the **Company** in good faith, anything done will be as valid as if there was no defect or irregularity of the kind referred to in this Article. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**DIRECTORS’ INTERESTS**

| **109** | **Directors’ interests in transactions with the Company** |
|---------|-----------------------------------------------------------------|

| **109.1** | If the **Companies Acts** allow,      and if he has disclosed to the directors the nature and extent of his interest,      a director can, notwithstanding his being a director: |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | be a party to, or otherwise interested in, any existing or proposed contract, transaction or arrangement with the **Company** or in which the **Company** is otherwise interested; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | be a director of, or occupy an office or place of profit (other than as auditor) in, and in any such case on terms (including pay) which the directors can decide, or be employed by, or be a party to any existing or proposed contract, transaction or arrangement with, or otherwise be interested in, any **company** promoted by the **Company** or in which the **Company** is otherwise interested; or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | alone (or any firm of which he is a partner, employee or member can) act in a professional capacity for the **Company** (other than as auditor) and be paid for this. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **109.2** | A director will not, unless he agrees otherwise, have to hand over to the **Company** any benefit which he derives from any of the interests described above, and no contract, transaction or arrangement of the type described above will be liable to be avoided on the grounds of any director’s interest or benefit. |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| **109.3** | If the **Company** holds or owns **shares** in another **company**, the directors can exercise votes attached to such **shares** or if any of the directors are directors of such other **company**, they may vote as directors of that other **company** in such manner as they think fit. |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **110** | **When directors can vote on things in which they are interested** |
|---------|--------------------------------------------------------------------|

| **110.1** | Unless the **Articles** say otherwise,      a director cannot vote on a resolution about a contract or any other kind      of proposal in which he has a material interest. For this purpose, any interest      of a person who is connected with a director under Section 346 of the **Companies      Act 1985** will be treated as if it were an interest of the director himself.      However, the director can vote if the interest is only an interest in the      **Company’s****shares**, *debentures* or other *securities*.      If a director cannot vote on a resolution, the director cannot be counted      in the *quorum* when the directors vote on that resolution. |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **110.2** | However, if the **Companies Acts**      permit, a director can (in the absence of a material interest other than      one which is listed below) vote, and be counted in the *quorum*, on      any resolution about any of the following matters, namely: |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | giving him, or any other person, any guarantee, security or *indemnity* for any money which he, or that other person, has lent at the request of, or for the benefit of, the **Company** or any of its ***subsidiary undertakings***; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | giving him, or any other person, any security or an *indemnity* for any *liability* which he, or that other person, has incurred at the request, or for the benefit of, the **Company** or any of its ***subsidiary undertakings***; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | giving any guarantee, security or *indemnity*, to him, or any other person, for a debt or obligation which is owed by the **Company**, or any of its ***subsidiary undertakings***, if the director has taken responsibility by giving a guarantee, *indemnity* or security for some or all of that debt or obligation; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | any proposal relating to an offer of any **shares**, *debentures* or other *securities*, of or by the **Company**, or any of its ***subsidiary undertakings***, if the director takes part because he is a holder of **shares**, *debentures* or other *securities*, or if he takes part in the *underwriting* or *sub-underwriting* of the offer; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | any proposal involving any other **company** in which the director (together with any person connected with the director under section 346 of the **Companies Act 1985**), has any kind of interest (including holding any position in that **company**, or being a **shareholder** of that **company**). But this exemption does not apply if he knows that he, and any people connected with him, hold an interest in **shares** (as defined for sections 198 to 211 of the **Companies Act 1985**) representing 1 per cent or more of: |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | • | any class of equity share capital**of such **company** (or any third **company** through which his interest is derived); or |
|--------|--------|--------|-----------------------------------------------------------------------------------------------------------------------------|

|   |   | • | the voting rights in that **company**. |
|--------|--------|--------|----------------------------------------|

|   |   | Any such interest of 1 per cent or more is treated for the purposes of this Article as being material interest; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------|

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|  | • | any proposal relating to an arrangement      for the benefit of employees of the **Company**, or any of its *****subsidiary      undertakings***, which only gives him benefits which are also generally      given to the employees to whom the arrangement relates; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | any proposal relating to any insurance which the **Company** proposes to buy or renew for the benefit of directors, or of a group of people which includes directors; or |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | any proposal relating to: (i) the granting of an *indemnity* to directors; or (ii) the funding of reasonable expenditure by one or more directors in defending civil or criminal proceedings, or in connection with any application under the provisions of the **Companies Act 1985** referred to in Section 337A(2) of that Act; or (iii) the doing of anything to enable such a director or directors to avoid incurring such expenditure, by the **Company** or any of its ***subsidiary undertakings***. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **110.3** | A director cannot vote or be counted      in the *quorum* on a resolution relating to appointing that director      to a position within the **Company** or any **company** in which the      **Company** has an interest or the terms and termination of the appointment. |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **110.4** | This Article applies if the directors      are considering proposals about appointing two or more directors to positions      with the **Company** or any **company** in which the **Company**      has an interest. It also applies if the directors are considering the terms      or termination of such appointments. These proposals can be split up to      deal with each director separately. If this is done, each director can vote      and be included in the *quorum* for each resolution, except the one      concerning him. But he cannot vote if the resolution relates to appointing      him to a **company** in which the **Company** is interested in if      he has an interest of 1 per cent or more in that **company** of the nature      described in Article 110.2. |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **110.5** | If any question comes up at a directors’      meeting about whether a director has a material interest, or whether he      can vote or be counted in the *quorum*, and the director does not agree      to abstain from voting on the issue or not be counted in the *quorum*,      the question must be referred to the chairman of the directors’ meeting      (unless the Chairman is the director in question, in which case the other      directors will choose another amongst them to act as chairman in dealing      with this question). The Chairman’s ruling about any other director      is final and conclusive, unless the nature and extent of the director’s      interest has not been fairly disclosed to the other directors. |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **111** | **More about directors’ interests** |
|---------|-------------------------------------------|

|   | For the purpose of Articles 109 and 110 and this Article, a director who is in any way interested shall state the nature of his interest at a directors’ meeting in accordance with the **Companies Acts**, and: |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | a general notice given to the directors that a director has an interest of the kind stated in the notice in any contract, transaction or arrangement which involves any **company** or person identified in the notice is treated as a standing disclosure that the director has that interest; |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | an interest of a person who is connected with the director under section 346 of the **Companies Act 1985** will be treated as an interest of the director; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  | • | interests (whether his or of any person connected with the director under section 346 of the **Companies Act 1985**) which are unknown to the director and which it is unreasonable to expect him to know about are ignored. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**DIRECTORS’ COMMITTEES**

| **112** | **Delegating powers to committees** |
|---------|-------------------------------------|

|   | The directors can delegate any of their powers, or discretions, to committees of one or more directors. This includes powers or discretions relating to directors’ **pay** or giving benefits to directors*.*If the directors have delegated any power or discretion to a committee, any references in these **Articles** to using that power or discretion include its use by the committee. Any committee must comply with any regulations laid down by the directors. These regulations can require or allow people who are not directors to be co-opted onto the committee, and can give voting rights to co-opted members. But: |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | there must be more directors on a committee than co-opted members; and |
|--|--------|------------------------------------------------------------------------|

|  | • | a resolution of the committee is only effective if a majority of the members of the committee present at the time of the resolution were directors. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| **113** | **Committee procedure** |
|---------|-------------------------|

|   | If a committee includes two or more people, the Articles which regulate directors’ meetings and their procedure will also apply to committee meetings (if possible), unless these are inconsistent with any regulations for the committee which have been laid down under Article 112. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**DIRECTORS’ POWERS**

| **114** | **The directors’ management powers** |
|---------|--------------------------------------------|

| **114.1** | The **Company’s** business      will be managed by the directors. They can use all the **Company’s**      powers except where the **Articles**, or the **Companies Acts**, provide      that powers can only be used by the **shareholders** voting to do so      at a General Meeting. The general management powers under this Article are      not limited in any way by specific powers given to the directors by other      Articles. |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **114.2** | The directors are, however, *subject      to*: |
|-----------|------------------------------------------------|

|   | • | the provisions of the **Companies Acts**; |
|--------|--------|-------------------------------------------|

|   | • | the requirements of the **Memorandum** or these **Articles**; and |
|--------|--------|-------------------------------------------------------------------|

|   | • | any other requirements (whether or not consistent with these **Articles**) which are approved by the **shareholders** by passing a *special resolution* at a General Meeting. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | However, if any change is made to the **Memorandum** or these **Articles** or if the **shareholders** approve a requirement relating to something which the directors have already done which was within their powers, this will not invalidate any prior act of the directors which would otherwise have been valid. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| **115** | **The power to establish local boards** |
|---------|-----------------------------------------|

| **115.1** | The directors can set up local committees,      local boards or local agencies to manage any of the **Company’s**      business. These can be either in or outside the **United Kingdom**. The      directors can appoint, remove and re-appoint anybody (who need not be a      director) to be: |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | members of any local committee, board or agency; or |
|--------|--------|-----------------------------------------------------|

|   | • | managers or *agents* of the **Company**. |
|--------|--------|------------------------------------------|

| **115.2** | The directors can: |
|-----------|--------------------|

|   | • | decide on the **pay** and other benefits of people appointed under this Article; |
|--------|--------|----------------------------------------------------------------------------------|

|   | • | delegate any of their authority, powers or discretions to: |
|--------|--------|------------------------------------------------------------|

|   |   | (i) | any local board or committee; or |
|--------|--------|-----|----------------------------------|

|   |   | (iii) | any manager, or *agent* of the **Company**; |
|--------|--------|-------|---------------------------------------------|

|   | • | allow local committees or boards, managers or *agents* to delegate to another person; |
|--------|--------|---------------------------------------------------------------------------------------|

|   | • | allow the members of local committees, boards or agencies to fill any vacancies on them; |
|--------|--------|------------------------------------------------------------------------------------------|

|   | • | allow the members of local committees, boards or agencies to continue to act even though there are vacancies on them; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------|

|   | • | remove any people they have appointed under this Article; and |
|--------|--------|---------------------------------------------------------------|

|   | • | cancel or change an appointment or delegation made under this Article, although this will not affect anybody who acts in good faith who has not had any notice of any cancellation or variation. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Any appointment or delegation by the directors which is referred to in this Article can be on any terms and conditions decided on by the directors. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| **115.3** | A person who is employed by, or occupies an office with, the **Company** may be given a title which includes the words “Associate Director”. This will not imply that such person is a director of the **Company** or that he is entitled to act as a director or be deemed to be a director for the purposes of these **Articles**. |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **116** | **The power to appoint attorneys** |
|---------|------------------------------------|

| **116.1** | The directors can appoint anyone (including      the members of a group which changes over time) as the **Company’s***attorney* or *attorneys* by granting a *power of attorney*      or by authorising him or them in some other way. The *attorney* or      *attorneys* can either be appointed directly by the directors,**or      the directors can give someone else the power to select *attorneys*.      The directors can decide on the purposes, powers, authorities and discretions      of *attorneys*. |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **116.2** | The directors can decide for how long      a *power of attorney* will last and they can apply any terms and conditions      to it. The *power of attorney*can also include any provisions which      the directors decide on for the protection and convenience of anybody dealing      with the *attorney*. The *power of attorney* can also allow the      *attorney* to sub-delegate any or all of his power, authority or discretion      to any other person. |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| **117** | **Borrowing powers** |
|---------|----------------------|

|   | So far as the **Companies Acts** allow, the directors can *exercise* all the powers of the **Company** to: |
|--------|------------------------------------------------------------------------------------------------------------|

|  | • | borrow money; |
|--|--------|---------------|

|  | • | *issue*(subject to the provisions of the **Companies Acts** regarding authority to *allot debentures*convertible into **shares***) debentures* and other *securities*; and |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | give any form of: |
|--|--------|-------------------|

|  |   | • | guarantee; and |
|--|--------|--------|----------------|

|  |   | • | security, either outright or as collateral      and over all or any of the **Company’s** undertaking, property      and uncalled capital, |
|--|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | for any debt, *liability* or obligation of the **Company** or of any third party. |
|--------|--------|-----------------------------------------------------------------------------------|

| **118** | **Borrowing restrictions** |
|---------|----------------------------|

| **118.1** | The directors must: |
|-----------|---------------------|

|   | • | limit the **Borrowings** of the **Company** and |
|--------|--------|-------------------------------------------------|

|   | • | *exercise* all voting and other rights      or powers of control exercisable by the **Company** in relation to its*****subsidiary undertakings*** |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | to ensure that the total amount of all **Borrowings** by the **Group** outstanding at any time will not exceed 1.5 times the **Adjusted Total of Capital and Reserves** at such time. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | This limitation on **Borrowings** will only affect ***subsidiary undertakings*** to the extent that the directors can restrict the borrowings of the ***subsidiary undertakings*** by exercising the rights or powers of control which the **Company** has over its ***subsidiary undertakings***. The **Company** may consent in advance to exceeding the borrowing limit by passing an *ordinary resolution* at a General Meeting. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **118.2** | In this Article: |
|-----------|------------------|

|   | **Group** means the **Company** and its ***subsidiary undertakings*** for the time being; |
|--------|-------------------------------------------------------------------------------------------|

|   | **Adjusted Total of Capital and Reserves** means the aggregate of the share capital and *reserves* as shown in the latest audited consolidated balance sheet of the **Group** (including the amount **paid up** or credited as **paid up** on the *issued* share capital of the **Company**, the *share premium account*, *capital redemption reserve*, profit and loss account and other *reserves* included within the **Group’s** equity **shareholders’** funds) (the “**Reserves**”) but: |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | adjusted as appropriate in respect of any variation to the **paid up** share capital or *reserves* since the date of the latest audited consolidated balance sheet as recorded within the monthly management accounting records of the **Group** prepared in accordance with the accounting bases and principles applied in the preparation of its latest audited consolidated balance sheet; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  | • | adding any amount which has been deducted at any time from the **Reserves** of the **Group** for goodwill arising on consolidation either by direct charge to **Reserves** or by charge to the **Group’s** consolidated profit and loss account; and |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | making such other adjustments (if any) as the auditors of the **Company** consider appropriate. |
|--|--------|-------------------------------------------------------------------------------------------------|

|   | **Borrowings** means the aggregate amount of all *liabilities* and obligations of the **Group** which in accordance with the accounting bases and principles of the **Group** are treated as borrowings in the latest audited consolidated balance sheet of the **Group** but: |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | adjusted as appropriate in respect of any variation to borrowings since the date of the latest audited consolidated balance sheet as recorded within the monthly management accounting records of the **Group** prepared in accordance with the accounting bases and principles applied in its latest audited consolidated balance sheet; |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | excluding any borrowings under finance or structured tax lease arrangements to the extent matched as part of those arrangements by deposits of cash or cash equivalent investments which are treated by the creditor concerned as available to reduce its net exposure; and |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | making such other adjustments (if any) as the auditors of the **Company** consider appropriate. |
|--|--------|-------------------------------------------------------------------------------------------------|

| **118.3** | The determination of the **Company’s**      auditors as to the amount of the **Adjusted Total of Capital and Reserves**      and the total amount of **Borrowings** at any time shall be conclusive      and binding on all concerned and for the purposes of their computation the      **Company’s** auditors may at their discretion make such further      or other adjustments (if any) or determinations as they think fit. Nevertheless      the directors may act in reliance on a bona fide estimate of the amount      of the **Adjusted Total of Capital and Reserves** and the total amount      of **Borrowings** at any time and if in consequence the borrowing limit      is inadvertently exceeded an amount of borrowings equal to the excess may      be disregarded until the expiration of three months after the date on which      by reason of a determination of the **Company’s** auditors or otherwise      the directors became aware that such a situation has or may have arisen. |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **118.4** | No lender or other person dealing with      the **Group** need be concerned whether the borrowing limit is observed.      No debt incurred or security given in breach of the borrowing limit will      be invalid or ineffective unless the lender or the recipient of the security      had express notice at the time when the debt was incurred or security given,      that the limit had been or would as a result be breached. |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**ALTERNATE DIRECTORS**

| **119** | **Alternate directors** |
|---------|-------------------------|

| **119.1** | Any director may appoint any person      (including another director) to act in his place (such person is called      an **alternate director**). Such appointment requires the approval of      the directors, unless the proposed **alternate****director** is another      director. A director appoints an **alternate director** by delivering      a signed appointment (or in any other manner which has been approved by      the directors) to the **Registered Office**. An **alternate director**      need not be a **shareholder**. |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| **119.2** | The appointment of an **alternate director** ends if the director appointing him ceases to be a director, unless that director retires at a General Meeting at which he is re-elected under Article 93.1. A director can also remove his alternate by delivering a signed notice (or doing something else which has been approved by the directors) delivered to the **Registered Office**. An **alternate****director** can also be removed as an alternate by a resolution of the directors. |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **119.3** | An **alternate director** is entitled to receive notices of directors’ meetings once he has given the **Company** an address, electronic address or fax number**to which notices may be served on him. He is entitled to attend and vote as a director at any such meeting at which the director appointing him is not personally present and generally at such meeting to perform all functions of the director appointing him as a director. If he is himself a director or attends any such meeting as an alternate for more than one director, he will have one vote for each director for whom he acts as an alternate, in addition to his own vote as a director. However, he may not be counted more than once for the purposes of the *quorum*. If his appointor istemporarily unable to act through ill health or disability his signature to any resolution in writing of the directors is as effective as the signature of his appointor. |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **119.4** | If the directors decide to allow this, Article 119.3 also applies in a similar fashion to any meeting of a committee of which his appointor is a member. |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| **119.5** | An **alternate director** shall be an officer of the **Company** and shall alone be responsible to the **Company** for his own actions and mistakes. Except as said in this Article 119, an **alternate director**: |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | does not have power to act as a director; |
|--|--------|-------------------------------------------|

|  | • | is not considered to be a director for the purposes of the **Articles***;* |
|--|--------|----------------------------------------------------------------------------|

|  | • | is not considered to be the *agent* of his appointor; and |
|--|--------|-----------------------------------------------------------|

|  | • | cannot appoint an **alternate director**. |
|--|--------|-------------------------------------------|

| **119.6** | *Subject to* the **Companies Acts**,      an **alternate director** is entitled to contract and be interested in      and benefit from contracts or arrangements or transactions and to be repaid      expenses and to be *indemnified* to the same extent as if he were a      director. However, he is**not entitled to receive from the **Company**      as **alternate director** any **pay**, except only such part (if any)      of the **pay** otherwise payable to his appointor as such appointor may      direct the **Company** in writing to pay to his alternate. |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**THE SECRETARY**

| **120** | **The Secretary and Deputy and Assistant Secretaries** |
|---------|--------------------------------------------------------|

| **120.1** | The **Secretary** is appointed by      the directors. The directors decide on the terms and period of his appointment      so long as allowed to do so by the **Companies Acts**. The directors      can also remove the **Secretary**, but this does not affect any claim      for damages against the **Company** for breach of any contract between      him and the **Company**. |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **120.2** | The directors can also appoint one or      more people to be deputy or assistant secretary. Anything which the **Companies      Acts** allow to be done by or to the **Secretary** can, if there is      no **Secretary**, or he is for any reason not capable of doing what is      required of him, also be done by or to any deputy or assistant secretary.      If there is no deputy or assistant secretary capable of acting, the directors      can appoint any officer to do what would be required of the deputy or assistant      secretary. |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| **120.3** | Anything which the **Companies Acts** allow to be done by or to a director and the **Secretary**, cannot be done by or to one person acting as both a director and a **Secretary**. |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**THE SEAL**

| **121** | **The Seal** |
|---------|--------------|

| **121.1** | The directors are responsible for arranging      for the **Common Seal** and any ***Securities Seal*** to be kept      safely. The **Common Seal** and any ***Securities Seal*** can      only be used with the authority of the directors or of a committee authorised      by the directors to use it. The ***Securities Seal*** can be used      only for sealing *securities issued* by the **Company** in **certificated      form** and sealing documents creating or evidencing *securities**issued* by the **Company**. |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **121.2** | Subject to the provisions of these **Articles**      which relate to share certificates, every document which is sealed using      the **Common Seal** must be signed personally by: |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | one director and the **Secretary**; or |
|--------|--------|----------------------------------------|

|   | • | two directors; or |
|--------|--------|-------------------|

|   | • | any other persons who are authorised to do so by the directors. |
|--------|--------|-----------------------------------------------------------------|

| **121.3** | Where a signature is required to witness the **Common Seal**, the directors may decide that the individual need not sign the document personally but that his signature may be printed on it mechanically, electronically or in any other way the directors approve. |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **121.4** | *Securities* and documents which have the ***Securities Seal*** stamped on them do not need to be signed unless the directors or the **Companies Acts** require this. |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **121.5** | The directors can use all the powers given by the **Companies Acts** relating to official seals for use abroad. |
|-----------|-----------------------------------------------------------------------------------------------------------------|

| **121.6** | Certificates for *debentures*or other *securities* of the **Company** may be printed in any way and may be sealed and/or signed for in any manner allowed by these **Articles**. |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **121.7** | As long as it is allowed by the **Companies Acts**, any document signed by one director and the **Secretary** or by two directors and expressed to be entered into by the **Company** shall have the same effect as if it had been made effective by using the **Common Seal**. However no document which states that it is intended to have effect as a deed shall be signed in this way without the authority of the directors or of a committee authorised by the directors to give such authority. |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**AUTHENTICATING DOCUMENTS**

| **122** | **Establishing that documents are genuine** |
|---------|---------------------------------------------|

| **122.1** | Any director, or the **Secretary**,      has power to identify as genuine any of the following and to certify copies      or extracts from them as true copies or extracts: |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | any documents relating to the **Company’s** constitution; |
|--------|--------|-----------------------------------------------------------------|

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|  | • | any resolutions passed by the **shareholders** or any class of **shareholders**, or by the directors or by a committee of the directors; and |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | any books, documents, records or accounts which relate to the **Company’s** business. |
|--|--------|---------------------------------------------------------------------------------------------|

|   | The directors can also delegate this power to other people. |
|--------|-------------------------------------------------------------|

| **122.2** | When any books, documents, records or accounts are not kept at the **Registered****Office**, the officer of the **Company** who has custody of them is treated as a person who has been authorised by the directors to identify them as genuine and to provide certified copies or extracts from them. |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **122.3** | A document which appears to be a copy of a resolution or an extract from the minutes of any meeting, and which is certified as a copy or extract as described in Article 122.1 or 122.2 is conclusive evidence for anyone who deals with the **Company** on the strength of the document that: |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | the resolution has been properly passed; or |
|--|--------|---------------------------------------------|

|  | • | the extract is a true and accurate record of the proceedings of a valid meeting. |
|--|--------|----------------------------------------------------------------------------------|

**RESERVES**

| **123** | **Setting up reserves** |
|---------|-------------------------|

|   | The directors can, before recommending any dividend, set aside any profits of the **Company** and hold them in a *reserve*. The directors can decide to use these sums for any purpose for which the profits of the **Company** can lawfully be used. Sums held in a *reserve* can either be employed in the business of the **Company** or be invested. The directors can divide the *reserve* into separate funds for particular purposes and alter the funds into which the *reserve* is divided. The directors can also carry forward any profits without holding them in a *reserve*. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**DIVIDENDS**

| **124** | **No dividends are payable except out of profits** |
|---------|----------------------------------------------------|

| **124.1** | No dividend can be paid otherwise than      out of profits available for distribution under the **Companies Acts**. |
|-----------|---------------------------------------------------------------------------------------------------------------------|

| **124.2** | The profits of the **Company** which      are determined to be distributed will be used in the payment of dividends      to **shareholders** in accordance with their respective rights and priorities. |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **125** | **Final dividends** |
|---------|---------------------|

|   | The directors may recommend the amount of any final dividend. The **shareholders** can then *declare* dividends by passing an *ordinary resolution*, but the amount *declared* cannot exceed the amount recommended by the directors. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| **126** | **Fixed and interim dividends** |
|---------|---------------------------------|

| **126.1** | If the directors consider that the profits      of the **Company** justify such payments, they can pay: |
|-----------|---------------------------------------------------------------------------------------------------------|

|   | • | fixed dividends on any class of **shares** carrying a fixed dividend on the dates fixed for the payment of those dividends; and |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------|

|   | • | interim dividends on **shares** of any class of any amounts and on any dates and for any period which they decide. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------|

| **126.2** | If the directors act in good faith, they are not liable to any **shareholders** for any loss they may suffer because a lawful dividend has been paid under this Article on other **shares** which rank equally with or behind their **shares**. |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **127** | **Dividends not in cash** |
|---------|---------------------------|

|   | If the directors recommend this, **shareholder**s can pass an *ordinary resolution* to direct all or part of a dividend to be paid by distributing specific *assets*(and in particular **paid-up****shares** or *debentures* of any other **company**) rather than cash. The directors must give effect to that resolution. Where any difficulty arises on the distribution and valuation of the *assets*, the directors can settle it as they decide. In particular, they can: |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | issue fractional certificates; |
|--|--------|--------------------------------|

|  | • | value *assets* for distribution purposes; |
|--|--------|-------------------------------------------|

|  | • | pay cash of a similar value to adjust the rights of persons entitled to the dividend; and/or |
|--|--------|----------------------------------------------------------------------------------------------|

|  | • | transfer any *assets* to *trustees* for persons entitled to the dividend. |
|--|--------|---------------------------------------------------------------------------|

| **128** | **Calculation and currency of dividends** |
|---------|-------------------------------------------|

| **128.1** | All dividends will be divided and paid      in proportions based on the amounts which have been **paid-up** on the      **shares** during any period for which the dividend is paid. Sums which      have been **paid-up** in advance of *calls* do not count in calculating      the amount of a dividend to be paid on a **share**. If the terms on which      any **share** is *issued* provide that such **share** will be      entitled to a dividend as if it were a *fully****paid-up***,      or *partly****paid-up***, **share** from a particular date      (in the past or the future), it will be entitled to a dividend on this basis.      This Article applies unless the **rights** attached to any **shares**,      or the terms of any **shares**, provide otherwise. |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **128.2** | Unless the **rights** attached to      any **shares**, or the terms of any **shares**, or the **Articles**      provide otherwise, a dividend, or any other money payable in respect of      any **share**, can be paid to a **shareholder** in whatever currency      the directors decide, using an appropriate exchange rate selected by the      directors for any currency conversions which are required. |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **128.3** | The directors can decide that a particular      **Approved Depositary** should be able to receive dividends in a currency      other than the currency in which it is declared and can make arrangements      accordingly. In particular, if an**Approved Depositary** has chosen      or agreed to receive dividends in another currency, the directors can make      arrangements with the **Approved Depositary** for payment to be made      to the **Approved Depositary** for value on the date on which the relevant      dividend is paid, or a later date decided on by the directors. |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| **129** | **Deducting amounts owing from dividends and other money** |
|---------|------------------------------------------------------------|

|   | If a **shareholder** owes any money for *calls* on **shares**, or money relating in any other way to **shares**, the directors can deduct any of this money (as long as it is immediately payable) from: |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | any dividend on any **shares** held by the **shareholder**; or |
|--|--------|----------------------------------------------------------------|

|  | • | any other money payable by the **Company** in connection with the **shares**. |
|--|--------|-------------------------------------------------------------------------------|

|   | Money deducted in this way can be used to pay amounts owed to the **Company** in connection with the **shares**. |
|--------|------------------------------------------------------------------------------------------------------------------|

| **130** | **Payments to shareholders** |
|---------|------------------------------|

| **130.1** | Any dividend or other money payable      in cash (whether in **sterling** or foreign currency) relating to a **share**      can be paid: |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | by cheque or *warrant* or any other similar financial instrument made payable to the **shareholder** who is entitled to it and sent direct to his registered address or, in the case of joint **shareholders**, to the **shareholder** who is first named in the **Register** and sent direct to his registered address, or to someone else named in a written instruction from the **shareholder** (or from all joint **shareholders**); |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | in the case of **shares** in **uncertificated      form**, by the use of a*****relevant system***; |
|--------|--------|----------------------------------------------------------------------------------------------------|

|   | • | by inter-bank transfer or other electronic means to an account named in a written instruction from the person receiving the payment; and/or |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | in some other way agreed between the **shareholder** (or all joint **shareholders**) and the **Company**. |
|--------|--------|-----------------------------------------------------------------------------------------------------------|

| **130.2** | For joint **shareholders**, the **Company** can rely on a receipt for a dividend or other money paid on **shares** from any one of them. |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------|

| **130.3** | Cheques and *warrants* are sent, and payment in any other way is made, at the risk of the people who are entitled to the money. The **Company** is treated as having paid a dividend if such a cheque or *warrant* is cleared or if a payment using a ***relevant system*** or bank transfer or other electronic means is made in accordance with instructions given by the **Company**. The **Company** will not be responsible for a payment which is lost or delayed. |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **130.4** | The **Company** will not pay interest on any dividend or other money due to a **shareholder** in respect of his **shares**, unless the **rights** of the **shares** provide otherwise. |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **131** | **Record dates for payments and other matters** |
|---------|-------------------------------------------------|

|   | Any dividend or distribution on **shares** of any class can be paid to the holder or holders of the **shares** shown on the **Register**, at the close of business on whatever day may be provided in the resolution declaring the dividend or providing for the distribution. The dividend or distribution will be based on the number of **shares** registered on that day. This Article applies whether what is being done is the result of a resolution of the directors or a resolution passed at a General Meeting. The date can be before any relevant resolution was passed. This Article does not affect the rights to the dividend or distribution as between past and present **shareholders**. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| **132** | **Dividends which are not claimed** |
|---------|-------------------------------------|

| **132.1** | If a dividend has not been claimed for      one year after the passing of either the resolution passed at a General      Meeting declaring that dividend or the resolution of the directors providing      for payment of that dividend, the directors may invest the dividend or use      it in some other way for the benefit of the **Company** until the dividend      is claimed. If the directors pay unclaimed dividends into a separate account,      the **Company** will not be a *trustee* of the money and will not      be liable to pay any interest on it. If a dividend has not been claimed      for 12 years after either the passing of the relevant resolution either      declaring that dividend or providing for payment of that dividend, it will      be *forfeited* and belong to the **Company** again. |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **132.2** | The **Company** can stop paying dividends      by cheque, *warrant* or other payment order if cheques, *warrants*      or other payment orders for two dividends in a row are sent back or not      cashed. The **Company** must start paying dividends in this way again      if the **shareholder** or a person *automatically entitled to the****shares****by law*: |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | claims those dividends in writing (before they are forfeited under Article 132.1); and |
|--------|--------|----------------------------------------------------------------------------------------|

|   | • | does not tell the **Company** to start paying future dividends in some other way. |
|--------|--------|-----------------------------------------------------------------------------------|

| **133** | **Waiver of dividends** |
|---------|-------------------------|

|   | Where a **shareholder** wants to waive his entitlement to all or any part of a dividend, he may do so by delivering a letter to that effect, signed by him, to the **Company**. If appropriate, the letter may be signed by whoever has become *automatically entitled to the****shares****by law*. For the waiver to be effective, the **Company** must accept the letter and act on it. The **Company** may, however, decline to act on the letter and continue to pay dividends to the **shareholder** accordingly. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**CAPITALISING RESERVES**

| **134** | **Capitalising reserves** |
|---------|---------------------------|

| **134.1** | *Subject to* any *special rights*      attaching to any class of **shares**, the **shareholder**s can pass      an *ordinary resolution* to allow the directors to change into capital      any sum which: |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | is part of any of the **Company’s***reserves* (including *premiums* received when any **shares** were *issued, capital redemption reserves* or other undistributable *reserves*); or |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | the **Company** is holding as undistributed profits. |
|--------|--------|------------------------------------------------------|

| **134.2** | Unless the *ordinary resolution* states otherwise**the directors will use the sum which is changed into capital for the **Ordinary****Shareholders** on the **Register** at the close of business on the day the resolution is passed (or another date stated in the resolution or fixed as stated in the resolution). The sum set aside must be used to pay up in full **shares** of the **Company** and to *allot* such **shares** and distribute them to holders of **Ordinary Shares** as bonus **shares** in proportion to their holdings of **Ordinary Shares** at the time. The **shares** can be **Ordinary Shares** or, if the rights of other existing **shares** allow this, **shares** of some other class. |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **134.3** | If any difficulty arises in operating this Article, the directors can resolve it in any way which they decide. For example they can deal with entitlements to fractions of a **share**. They can decide that the benefit of fractions of a **share** belongs to the **Company** or that fractions of a **share** are ignored or deal with fractions of a **share** in some other way. |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| **134.4** | The directors can appoint any person to sign any contract with the **Company** on behalf of those who are entitled to **shares** under the resolution. Such a contract is binding on all concerned. |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**SCRIP DIVIDENDS**

| **135** | **Ordinary Shareholders can be offered the right to receive extra shares instead of cash dividends** |
|---------|------------------------------------------------------------------------------------------------------|

| **135.1** | The directors can offer **Ordinary****Shareholders** the right to choose to receive extra **Ordinary Shares**,      which are credited as *fully****paid-up***, instead of some      or all of their cash dividend. Before they can do this, the **shareholders**      must have passed an *ordinary resolution* authorising the directors      to make this offer. |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **135.2** | The *ordinary resolution* can apply      to a particular dividend or dividends (whether *declared* or not).      Alternatively, it can apply to some or all of the dividends which may be      *declared* or paid in a specified period. The specified period must      end no later than five years after the *ordinary resolution* is passed. |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **135.3** | The directors can offer **Ordinary****Shareholders** or persons *automatically entitled by operation of      law* the right to request new **Ordinary Shares** instead of cash      for: |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | the next dividend; or |
|--------|--------|-----------------------|

|   | • | all future dividends (if **shares** are made available as an alternative to a cash dividend), until they tell the **Company** that they no longer wish to receive new **Ordinary Shares**. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The directors can also allow **Ordinary****Shareholders** to choose between these alternatives. |
|--------|-------------------------------------------------------------------------------------------------|

| **135.4** | An **Ordinary****Shareholder** opting for new **shares** is entitled to **Ordinary Shares** whose total **relevant value** is as near as possible to the cash dividend (disregarding any tax credit) he would have received, but no greater than such cash dividend. |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **135.5** | The **relevant value** of an **Ordinary****Share** is a value calculated in the manner set out in the *ordinary resolution* or, if the *ordinary resolution* does not set out how the **relevant value** of an **Ordinary****Share** is to be calculated, then the **relevant value** of an **Ordinary****Share** is the average value of the **Ordinary Shares** for the five dealing days starting from, and including, the day when the **shares** are first quoted “*ex dividend*”. This average value is worked out from the average middle market quotations for the **Ordinary Shares** on the **London Stock Exchange**, as published in its Daily Official List. A certificate or report from the**Company’s** auditors as to the amount of the **relevant value** will be conclusive evidence of that amount. |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **135.6** | After the directors have decided to apply this Article to a dividend, they must notify eligible **Ordinary****Shareholders** in writing (or where the **Companies Acts** permit, by **electronic mail**) of their right to choose new **Ordinary Shares**. This notice should also set out the procedure by which the **Ordinary****Shareholders** must notify the **Company** if they wish to receive new **Ordinary Shares**. Where **Ordinary****Shareholders** have already chosen to receive new **Ordinary Shares** in place of all cash future dividends, if new **Ordinary Shares** are available, the **Company** will not notify them of a right to receive new **Ordinary Shares**. Instead, the **Company** will remind them thatthey have already chosen to receive new **Ordinary Shares** and explain to them how to tell the **Company** if they wish to start receiving cash dividends again. |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| **135.7** | The directors can set a minimum number of      **Ordinary Shares** in respect of which the right to choose new **Ordinary      Shares** can be *exercised*. No **Ordinary****Shareholder**      or person who is *automatically entitled to an****Ordinary********Share****by law* will receive a fraction of a **share**. The      directors can decide how to deal with any fractions left over and the **Company**      can, if the directors decide, receive the benefit of any or all of these. |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **135.8** | The directors can exclude or restrict the right to choose new **Ordinary Shares**, or make any other arrangements where they decide that: |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | this is necessary or convenient to deal with any legal or practical problems in relation to holders of **Ordinary Shares** with registered addresses in any particular territory under the laws of any territory, or requirements of any recognised regulatory body or stock exchange in any territory; or |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | special formalities would otherwise apply in connection with the offer of new **Ordinary Shares** (including **Ordinary Shares** being represented by **American Depositary****Shares**); or |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | it would be impractical or unduly onerous to give the right to any **Ordinary****Shareholder** or that for some other reason the offer should not be made to them. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **135.9** | The directors can exclude or restrict      the right to choose new **Ordinary Shares** in the case of any shareholder      who is an **Approved Depositary** or a nominee for an **Approved Depositary**.      They can do this if the offer or exercise of the right to or by the people      on whose behalf the **Approved Depositary** holds the **shares** would      suffer from legal or practical problems of the kind mentioned in Article      135.8. If other **Ordinary Shareholders** (other than those excluded      under Article 135.8) have the right to choose new **Ordinary Shares**,      the directors must be satisfied that an appropriate dividend reinvestment      plan or similar arrangement is available to a substantial majority of the      people on whose behalf the **Approved Depositary** holds shares or that      such arrangements will be available promptly. The first sentence of this      Article 135.9 does not apply until the directors are satisfied of this. |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **135.10** | If an **Ordinary****Shareholder**      chooses to receive new **Ordinary Shares**, no dividend on the **Ordinary      Shares** for which he has chosen to receive new **Ordinary Shares**      (which are called the **elected****shares**), will be *declared*      or payable. Instead, new **Ordinary Shares** will be *allotted*      on the basis set out earlier in this Article. To do this the directors will      convert into capital a sum equal to the total *nominal value* of the      new **Ordinary Shares** to be *allotted*. They will use this sum      to pay up in full the appropriate number of new **Ordinary Shares**.      These will then be *allotted* and distributed to the holders of the      **elected****shares** as set out above. The sum to be converted into      capital can be taken from any amount which is then in any *reserve*      or fund (including the *share premium account*, any *capital redemption      reserve* and the profit and loss account). Article 134 applies to this      process, so far as it is consistent with this Article 135. |
|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **135.11** | The new **Ordinary Shares***rank*      equally in all respects with the existing *fully****paid-up*****Ordinary Shares** at the time the new **Ordinary Shares** are *allotted*.      The new **Ordinary Shares** are not entitled to share in the dividend      from which they arose or any other dividend or distribution or other entitlement      which has been *declared*, made or paid or is payable by reference      to such record date or earlier record date. |
|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| **135.12** | Unless the directors decide otherwise or the **CREST Regulations** or the rules of a ***relevant system*** require otherwise, any new **Ordinary Shares** which an **Ordinary****Shareholder** has chosen to receive instead of some or all of his cash dividend will be: |
|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | **shares** in **uncertificated form** if the corresponding elected **shares** were **uncertificated****shares** on the record date for that dividend; and |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | **shares** in **certificated form** if the corresponding elected **shares** were **shares** in **certificated form** on the record date for that dividend. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **135.13** | The directors can decide that new **Ordinary      Shares** will not be available in place of any cash dividend. They can      decide this at any time before new **Ordinary Shares** are *allotted*      in place of such dividend, whether before or after **Ordinary****Shareholders**      have chosen to receive new **Ordinary Shares**. |
|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **135.14** | The directors have the power to do all      acts and things they consider necessary to give effect to this Article. |
|------------|---------------------------------------------------------------------------------------------------------------------|

**ACCOUNTS**

| **136** | **Accounting and other records** |
|---------|----------------------------------|

| **136.1** | The directors must make sure that proper      accounting records that comply with the **Companies Acts** are kept.      These records must explain the **Company’s** transactions and show      its financial position at any time with reasonable accuracy. |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **136.2** | The directors must, in accordance with      the **Companies Acts**, ensure that the profit and loss accounts, balance      sheets, group accounts (if any) and reports specified in the **Companies      Acts** are prepared and laid before the **Company** at a General Meeting. |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **136.3** | The auditors’ report must be laid      before the **Company** in General Meeting and must be open for inspection      as required by the **Companies Acts**. |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **137** | **Location and inspection of records** |
|---------|----------------------------------------|

| **137.1** | The accounting records must be kept: |
|-----------|--------------------------------------|

|   | • | at the **Registered Office**; or |
|--------|--------|----------------------------------|

|   | • | at any other place which the **Companies Acts** allow and the directors decide on. |
|--------|--------|------------------------------------------------------------------------------------|

| **137.2** | The **Company’s** officers always have the right to inspect the accounting records. |
|-----------|-------------------------------------------------------------------------------------------|

| **137.3** | No **shareholder** (other than a **shareholder** who is also an officer) has any right to inspect any books or papers of the **Company** unless: |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | the **Companies Acts** or a proper court order give him that right; or |
|--------|--------|------------------------------------------------------------------------|

|   | • | the directors authorise him to do so; or |
|--------|--------|------------------------------------------|

|   | • | he is authorised by an *ordinary resolution* to do so. |
|--------|--------|--------------------------------------------------------|

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| **138** | **Sending copies of accounts and other documents** |
|---------|----------------------------------------------------|

| **138.1** | This Article applies to every directors’      and auditors’ report and balance sheet and profit and loss account      to be laid before the **shareholders** at a General Meeting with any      other document which the **Companies Acts** requires to be attached to      these. |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **138.2** | Copies of the documents set out in Article      138.1 must be delivered or sent by post to the **shareholders** and *debenture*      holders at their registered addresses and to all other people to whom the      **Articles**, or the **Companies Acts** or the requirements of the      **UK Listing Authority** or the **London Stock Exchange** (or of any      other stock exchange on which all or any of the **shares** of the **Company**      have been admitted for listing) require the **Company** to send them.      This must be done at least 21 days before the relevant General Meeting.      However, the **Company** need not send these documents to **shareholders**      who are sent summary financial statements in accordance with the **Companies      Acts**. |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **138.3** | **Shareholders** or *debenture*      holders who are not sent copies of the above documents in Article 138.2      can receive a copy free of charge by applying to the **Company** at the      **Registered Office**. |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **138.4** | If permitted by the **Companies Acts**      and agreed to by the **shareholder**, the documents set out in this Article      may be delivered by **electronic mail**. |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**AUDITORS**

| **139** | **Acts of auditors** |
|---------|----------------------|

|   | The directors must appoint auditors for the **Company**. The duties of the auditors will be regulated in accordance with the **Companies Acts**. So far as the **Companies Acts** allow, the actions of a person acting as an auditor are valid in favour of anyone dealing with the **Company** in good faith, even if there was some defect in the person’s appointment or qualification to act as an auditor. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **140** | **Auditors at General Meetings** |
|---------|----------------------------------|

|   | The **Company’s** auditor can attend any General Meeting. He can speak at General Meetings on any business which is relevant to him as auditor. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

**NOTICES**

| **141** | **Serving and delivering notices and other documents** |
|---------|--------------------------------------------------------|

| **141.1** | The **Company** can serve or deliver      any offer, notice or other document, including a share certificate, on or      to a **shareholder**: |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | personally; |
|--------|--------|-------------|

|   | • | by posting it in a letter (with postage paid) to the **shareholder’s** registered address or by causing it to be left at that address in some other way; or |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | so far as the **Companies Acts** allow (and except in relation to share certificates), by **electronic mail** to an electronic **address** or fax number in the **United Kingdom** notified by the **shareholder** in writing. This includes notifying the **shareholder** by **electronic mail** that the offer, notice or other document has been published and is available at a specified web site address with details of how it may be accessed. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| **141.2** | If the **Company** cannot effectively call a General Meeting by sending notices through the post, because the post is suspended or restricted in the **United Kingdom**, the directors can call the General Meeting by publishing a notice in at least one **United Kingdom** national newspaper. Notice published in this way will be treated as being properly served on **shareholders** who are entitled to receive it at noon on the day when the advertisement first appears. If it becomes possible to use the post again more than seven days before the General Meeting, the **Company** must send confirmation of the notice by post. |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **141.3** | Any notice given by the **Company** to its **shareholders** (except for a notice convening a **shareholders’****meeting**) can (if it is not possible to send a notice by post) be sufficiently given by placing an advertisement of the notice once in at least one national newspaper. |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **141.4** | However, Articles 141 to 146 do not affect any provision of the **Companies Acts** requiring offers, notices or documents to be served in a particular way. |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **142** | **Notices to joint holders** |
|---------|------------------------------|

|   | When a notice or document is to be given to joint **shareholders** it must be given to the joint **shareholder** who is listed first on the **Register** for the **share** or **shares**, but ignoring any joint **shareholder** without a **United Kingdom** address under Article 143. A notice given in this way is treated as given to all of the joint holders. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **143** | **Notices for shareholders with foreign addresses** |
|---------|-----------------------------------------------------|

|   | This Article applies to a **shareholder** whose address on the **Register** is outside the **United Kingdom**. He can give the **Company** a **United Kingdom** address where notices or documents can be served on him. If he does, he is entitled to have notices or documents served on him at that address. Otherwise, he is not entitled to receive any notices from the **Company**. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **144** | **When notices are served** |
|---------|-----------------------------|

| **144.1** | If a notice or document is delivered      or served by hand, it is treated as being delivered or served at the time      it is handed to the **shareholder** or left at his registered address. |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **144.2** | If a notice or document is sent through      the post, it is treated as being served or delivered at the expiration of      24 hours after it was posted in the **United Kingdom**. |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **144.3** | It can be proved conclusively that a      notice or other document was served by post by showing that the envelope      containing the notice or document was: |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | properly addressed and |
|--------|--------|------------------------|

|   | • | put into the post and sent with postage prepaid. |
|--------|--------|--------------------------------------------------|

| **144.4** | To the extent permitted by the **Companies Acts** and these **Articles** a notice or document sent by **electronic mail** is treated as being served or delivered at the expiration of two hours from the time on the day it was sent. It can be proved, subject to the **Companies Acts**, that a notice or other document was served or delivered by the **Company** by **electronic mail** by showing that it was sent in accordance with the formal recommendations of best practice contained in the guidance issued by the Institute of Chartered Secretaries and Administrators. |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| **144.5** | If a notice is given by advertisement, it is treated as being served or delivered on the day on which the advertisement appears. |
|-----------|----------------------------------------------------------------------------------------------------------------------------------|

| **145** | **Serving notices and documents on shareholders who have died or are bankrupt** |
|---------|---------------------------------------------------------------------------------|

|   | This Article applies where a **shareholder** has died, or become bankrupt or has become of unsound mind, but is still registered as a **shareholder**. It applies whether he is registered as a sole or joint **shareholder**. If any notice, or other document, is served on the **shareholder** named on the **Register**, or sent to him in accordance with the **Articles**, this will be valid despite his death or bankruptcy or becoming of unsound mind. This applies even if the **Company** knew about these things. If notices or documents are served or sent in accordance with this Article, there is no need to send them to, or serve them in any other way on any other people who may be involved. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **146** | **If documents are accidentally not sent** |
|---------|--------------------------------------------|

|   | If any notice, or other document relating to any meeting or other proceeding, is accidentally not sent, or is not received, the meeting or other proceeding will not be invalid as a result. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**MINUTES AND RECORDS**

| **147** | **Minutes** |
|---------|-------------|

| **147.1** | The directors must ensure that minutes      are entered in books kept for the purpose of: |
|-----------|-------------------------------------------------------------------------------------------|

|   | • | all appointments of officers made by the directors; |
|--------|--------|-----------------------------------------------------|

|   | • | the names of the directors present at each directors’ meeting and of any committee of the directors; |
|--------|--------|------------------------------------------------------------------------------------------------------------|

|   | • | all resolutions and proceedings at all General Meetings of the **Company**, the holders of any class of **shares** in the **Company**, the directors and any committees of the directors; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | and every director present at any directors’ meeting or committee meeting must sign his name in a book to be kept for that purpose. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------|

| **147.2** | If any such minute purports to be signed by the chairman of the meeting at which the proceedings took place or by the chairman of the next succeeding meeting this shall be conclusive evidence of the proceedings. |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **148** | **Availability of records for inspection and notifying the Registrar of Companies** |
|---------|-------------------------------------------------------------------------------------|

| **148.1** | The **Company** must keep and make      available for inspection as required by the **Companies Acts**: |
|-----------|---------------------------------------------------------------------------------------------------------|

|   | • | a register of the directors and **Secretary** which must include all information required by the **Companies Acts** (and from time to time the **Company** must notify the registrar of companies of changes to the register and the date of the change in the manner required by the Acts); |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  | • | copies and memoranda of directors’ service contracts with the **Company** and any of its ***subsidiaries***; |
|--|--------|--------------------------------------------------------------------------------------------------------------------|

|  | • | a register of directors’ interests in **shares** or *debentures* of the **Company** or any other body corporate, being the **Company’s*****subsidiary*** or *holding company* or a ***subsidiary*** of the **Company’s***holding company*. This register must be produced and remain open at each Annual General Meeting; and |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | a register for recording information relating to interests in the share capital of the **Company**. |
|--|--------|-----------------------------------------------------------------------------------------------------|

| **148.2** | The directors must ensure that a register      is kept in accordance with the **Companies Acts** of all *charges*      specifically affecting property of the **Company** and of all floating      *charges* relating to *assets* or property of the **Company**,      and the directors must comply with the **Companies Acts** in relation      to registration of *charges*. |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**WINDING UP**

| **149** | **Directors’ power to petition** |
|---------|----------------------------------------|

|   | The directors can present a petition to the Court in the name and on behalf of the **Company** for the **Company** to be *wound up*. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------|

| **150** | **Distribution of assets in kind** |
|---------|------------------------------------|

|   | If the **Company** is *wound up* (whether the liquidation is voluntary, under supervision of the Court, or by the Court) the liquidator can, with the authority of an *extraordinary resolution* passed by the **shareholders** and any other sanction required by the **Companies Acts**, divide among the **shareholders** the whole or any part of the *assets* of the **Company**. This applies whether the *assets* consist of property of one kind or different kinds. For this purpose, the liquidator can place whatever value he considers fair upon any property and decide how the division is carried out as between **shareholders** or different classes of **shareholders**. The liquidator can also, with the authority ofan *extraordinary resolution* passed by the **shareholders** and any other sanction required by the **Companies Acts**, transfer any part of the *assets* to *trustees* upon any trusts for the benefit of **shareholders** which the liquidator decides. However no past or present **shareholder** can be compelled to accept any **shares** or other *securities* under this Article which carry a *liability*. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**DESTROYING DOCUMENTS**

| **151** | **Destroying documents** |
|---------|--------------------------|

| **151.1** | The **Company** can destroy all: |
|-----------|----------------------------------|

|   | • | forms of transfer of **shares**, and documents sent to support a transfer, and any other documents which were the basis for making an entry on the **Register**, after six years from the date of registration; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | dividend payment instructions and notifications of a change of address or name, after two years from the date these were registered; and |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------|

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|  | • | cancelled share certificates, one year after the date they were cancelled. |
|--|--------|----------------------------------------------------------------------------|

| **151.2** | A document destroyed in accordance      with Article 151.1 is conclusively treated as having been a valid and effective      document in accordance with the **Company’s** records relating      to the document. Any action of the **Company** in dealing with the document      in accordance with its terms before it was destroyed is conclusively treated      as properly taken. |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **151.3** | Articles 151.1 and 151.2 only apply      to documents which are destroyed in good faith and if the **Company**      has not been informed that keeping the documents is relevant to any claim. |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **151.4** | For documents relating to **shares**      in **uncertificated form**, the **Company** must also comply with      any rules (as defined in the **CREST Regulations**) which limit its ability      to destroy these documents. |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **151.5** | This Article does not make the **Company**      liable if it: |
|-----------|---------------------------------------------------------------|

|  | • | destroys a document earlier than referred to in Article 151.1; or |
|--|--------|-------------------------------------------------------------------|

|  | • | would not be liable if this Article did not exist. |
|--|--------|----------------------------------------------------|

| **151.6** | This Article applies whether a document      is destroyed or disposed of in any other manner. |
|-----------|-----------------------------------------------------------------------------------------------|

**INDEMNITY AND INSURANCE**

| **152** | **Indemnity** |
|---------|---------------|

| **152.1** | So far as the **Companies Acts**      allow, every director, **Secretary** or other officer of the **Company**      shall be *indemnified* by the **Company** out of its own funds against      all costs, charges, losses, expenses and *liabilities* incurred by      him: |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | in performing or omitting to perform his duties; and/or |
|--------|--------|---------------------------------------------------------|

|   | • | in *exercising* or omitting to *exercise* his powers; and/or |
|--------|--------|--------------------------------------------------------------|

|   | • | in purporting to do any of these things; and/or |
|--------|--------|-------------------------------------------------|

|   | • | otherwise in relation to or in connection with his duties, powers or office. |
|--------|--------|------------------------------------------------------------------------------|

| **152.2** | So far as the **Companies Acts** allow, the **Secretary** and other officers of the **Company** are exempted from any *liability* to the **Company** where that *liability* would be covered by the *indemnity* in Article 152.1. |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **152.3** | So far as the **Companies Acts** allow, the **Company** or any of its ***subsidiary undertakings*** may: (i) provide a director with funds to meet expenditure incurred or to be incurred by him in defending any civil or criminal proceedings, or in connection with any application under the provisions of the **Companies Act 1985** referred to in Section 337A(2) of that Act; and (ii) do anything to enable a director to avoid incurring such expenditure, but so that the terms set out in Section 337A(4) of that Act shall apply to any such provision of funds or other things done. |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **153** | **Insurance** |
|---------|---------------|

| **153.1** | For the purpose of this Article each      of the following is a **Relevant****Company**: |
|-----------|------------------------------------------------------------------------------------------|

|   | • | the **Company**; |
|--------|--------|------------------|

|   | • | any *holding company* of the **Company**; |
|--------|--------|-------------------------------------------|

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|  | • | any **company** in which the **Company** or its *holding company* or any of the predecessors of the **Company** or of its *holding company* has or had any interest, whether direct or indirect; and |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | any **company** which is in any way allied to or associated with the **Company**, or any ***subsidiary undertaking*** of the **Company** or such other **company**. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **153.2** | Without limiting Article 152 in any      way, the directors can arrange for the **Company** to purchase and maintain      insurance for or for the benefit of any persons who are or were at any time: |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | directors, officers or employees of any **Relevant****Company**; or |
|--|--------|---------------------------------------------------------------------|

|  | • | *trustees* of any pension fund or employees’ share scheme in which employees of any **Relevant****Company** are interested. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------|

|   | This includes, for example, insurance against any *liability* incurred by them for any act or omission: |
|--------|---------------------------------------------------------------------------------------------------------|

|  | • | in performing or omitting to perform their duties; and/or |
|--|--------|-----------------------------------------------------------|

|  | • | in *exercising* or omitting to *exercise* their powers; and/or |
|--|--------|----------------------------------------------------------------|

|  | • | in claiming to do any of these things; and/or |
|--|--------|-----------------------------------------------|

|  | • | otherwise in relation to their duties, powers or offices. |
|--|--------|-----------------------------------------------------------|

**SHARE WARRANTS**

| **154** | **Issue of Share Warrants** |
|---------|-----------------------------|

| **154.1** | The **Company** can *issue***Share****Warrants** which state that the bearer of the **Share****Warrant** (“**Bearer**”) is entitled to the **shares**      specified in the **Share****Warrant**. The **Company** can only      do this in a way which is allowed under the **Companies Acts** and in      Articles 154 to 161. **Share****Warrants** can provide for the payment      of future dividends and other distributions relating to the **shares**.      Payment can be made by exchanging coupons which can be attached to the **Share****Warrants**, or in any other way which the directors determine. |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **154.2** | The **Bearer** of a **Share****Warrant** is entitled to the number of **shares** which are specified      in it. These **shares** can be transferred by one person delivering the      **Share****Warrant** to another. |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **154.3** | *Subject to* Article 154.2, the      provisions of the **Articles** relating to share certificates and transferring      **shares** do not apply to **Share****Warrants**. |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **154.4** | Each **Share****Warrant** must      be *issued* under the **Seal**. |
|-----------|---------------------------------------------------------------------|

| **154.5** | The directors can decide on the language      and form of, and the number of **shares** represented by, each **Share****Warrant**. |
|-----------|------------------------------------------------------------------------------------------------------------------------------------|

| **155** | **Directors can accept a certificate instead of a Share Warrant** |
|---------|-------------------------------------------------------------------|

| **155.1** | The directors can accept a certificate      from the persons referred to in Article 155.2 stating that they hold **Share****Warrants** on behalf of someone named in the certificate as proof of      matters set out in such certificate. The certificate will be in such form      as the directors decide (including details of the number of **shares**      to which the **Share****Warrant** relates). |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| **155.2** | The only people who may deliver a certificate to the **Company** are the **ADR Depositary** or any bank or *agent* which has been appointed by the **Company**. For the purposes of Articles 154 to 160, the **Company** can treat the deposit of the certificate as though the **Share****Warrant** itself had been deposited at the **Transfer Office**. |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **155.3** | As long as the certificate is in a form agreed by the directors, the **Company** does not need to make any further enquiry into the accuracy of the information contained in the certificate. |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **156** | **Requesting a Share Warrant** |
|---------|--------------------------------|

| **156.1** | A **Share****Warrant** will only      be *issued* if a **shareholder** requests in writing that a **Share****Warrant** is *issued* for some or all of the **shares** which      are registered in his name. |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **156.2** | The request must be addressed to the      directors at the **Transfer Office**. The directors can specify the form      of the request, and can require that evidence is sent with the request to      prove the identity of the person making the request and his right to the      **shares**. The directors do not have to agree to this request. |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **156.3** | Where a **shareholder** requests      that **Share****Warrants** are *issued* in relation to **shares**      registered in his name, and there are share certificates in respect of those      **shares**, a **Share****Warrant** will only be *issued*      once the share certificates have been delivered to the **Transfer Office**      for cancellation. |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **156.4** | A person who requests a **Share****Warrant** (including a person requesting a **Share****Warrant**      in the circumstances described in Article 157) is responsible (and will      re-imburse the **Company**) for all and any stamp duties, stamp duty      reserve tax, bearer instrument duty, taxes, charges, fees, interest and      penalties payable in connection with the issue of the **Share****Warrants**.      This Article 156.4 applies unless the person requesting the **Share****Warrant** agrees otherwise with the **Company**. |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **157** | **Replacing Share Warrants** |
|---------|------------------------------|

| **157.1** | If a **Share****Warrant** is      damaged or defaced, the **Bearer** can request a new one, once he returns      the damaged or defaced **Share****Warrant** to the directors at the      **Transfer Office**. Once any payments of the types described in Article      156.4 are made (if any), a new **Share****Warrant** will be issued. |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **157.2** | If a **Share****Warrant** is      said to have been lost, stolen or destroyed, the directors can issue a replacement      (although they do not have to do so). The directors can require satisfactory      evidence of the loss, theft or destruction, an *indemnity*, the payment      of any exceptional out of pocket expenses, and payments of the types described      in Article 156.4 before issuing a replacement. |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **157.3** | The Bearer can ask the directors to      cancel his existing **Share****Warrant** and replace it with two      (or more) **Share****Warrants** which together represent the same      number of **shares** which the original single **Share****Warrant**      represented. The directors do not have to comply with this request. If they      do, the **Bearer** will have to surrender his original **Share****Warrant**      and can be required by the directors to make any payments of the types described      in Article 156.4 before the new **Share****Warrants** are issued. |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| **158** | **Rights of the Bearer** |
|---------|--------------------------|

| **158.1** | The **Bearer** (or a person who has      deposited his **Share****Warrant** in accordance with Article 158.2      or if the directors so decide, Article 155.2) shall be entitled to the same      rights and be *subject to* the same obligations as those to which he      would be entitled or subject if he were the registered holder of the **shares**      to which the **Share****Warrant** relates. This is subject to the      provisions of Articles 154 to 161. |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **158.2** | Where a **Bearer** deposits his **Share****Warrant**, together with a written declaration giving his name and      address, at the **Transfer Office** (or some other place specified by      the directors) he has certain rights at any General Meeting provided that      such **Share****Warrant** is deposited at least 48 hours in advance      of such meeting. For as long as the **Share** Warrant remains so deposited,      the person who deposited it will have the following rights as if he were      the registered holder from the time of deposit of the **shares** specified      in the **Share****Warrant** at a General Meeting: |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | the right to sign a form requiring a General Meeting; |
|--------|--------|-------------------------------------------------------|

|   | • | the right to give notice of his intention to submit a resolution at a General Meeting; |
|--------|--------|----------------------------------------------------------------------------------------|

|   | • | the right to attend, speak and vote, appoint a *proxy* and *exercise* the other rights of a **shareholder** at a General Meeting. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------|

| **158.3** | Any **Share****Warrant** which is deposited in accordance with Article 158.2 must remain deposited until the end of the General Meeting at which the person who deposited the **Share****Warrant** desires to attend or be represented. |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **158.4** | If a person presents a **Share****Warrant** at the **Transfer Office**, the **Company** is entitled to assume that this person is the owner of the **Share****Warrant**. The **Company** can pay dividends or moneys relating to the **shares** specified in the **Share****Warrant** which are due to this person either to such person or to an account specified by him. If the **Company** does this, it shall have performed its obligation to pay that dividend or those moneys. |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **159** | **Bearers of Share Warrants participating in securities offers** |
|---------|------------------------------------------------------------------|

| **159.1** | In the case of a **securities offer**,      there is no need to contact any Bearer individually. Instead, all the **Company**      need do is advertise the details of the **securities offer** in a leading      **United Kingdom** national daily newspaper (and any other newspapers      the directors decide on). |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **159.2** | If, following the publication of the      advertisement referred to above, the **Bearer** deposits the **Share****Warrant** (or, if appropriate, the coupon attached to the **Share****Warrant**) at the **Transfer Office** (or some other place mentioned      in the advertisement), within the time limit set out in the **securities****offer**, he shall have the same right to participate in the **securities      offer** as if he were the registered holder of the **shares** specified      in the **Share****Warrant**. |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **159.3** | For the purposes of this Article, a      **securities offer** means an offer of **shares**, *securities*      or *debentures* to **shareholders** or any class of **shareholders**,      or a proposed *issue* of **shares** pursuant to Article 134. |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **160** | **Communications with Bearers of Share Warrants** |
|---------|---------------------------------------------------|

| **160.1** | In the case of any communication (for      example, a notice of General Meeting, a circular or annual report) with      **shareholders**, there is no need for the **Company** to contact      any **Bearer** individually. Instead, all the **Company** need do      is advertise the communication in a leading **United Kingdom** national      daily newspaper (and any other newspapers the directors decide on), giving      an address where copies of the communication may be obtained by the **Bearer**. |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| **160.2** | The **Company** must communicate with the **Bearer** in a different way, if the **London Stock Exchange** requires this. |
|-----------|--------------------------------------------------------------------------------------------------------------------------|

| **161** | **Issuing shares to which the Share Warrant relates******** |
|---------|-------------------------------------------------------------|

| **161.1** | The **Bearer** can ask to be registered      as a **shareholder** (or that another person be so registered) in respect      of all or any of the **shares** specified in the **Share****Warrant**.      In order to do so he must deposit at the **Transfer Office** (or another      place specified by the directors): |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | the **Share****Warrant**; and |
|--------|--------|-------------------------------|

|   | • | a signed declaration in a form agreed by the directors which sets out the names and addresses of the persons, and the numbers of **shares**, in whose name he wishes such **shares** to be registered. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **161.2** | The **Company** will comply with a request made in accordance with Article 161.1 only upon the payment (or reimbursement) by the **Bearer** of all and any stamp duties, stamp duty reserve tax, bearer instrument duty, taxes, charges, fees, interest and penalties payable in connection with the *issue* of the **shares**. The **Company** may, however, agree that any such taxes or costs do not have to be paid by the **Bearer**. |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **161.3** | If the **Company** complies with a request made in accordance with Article 161.1, the person named in the declaration will be entitled to have his name entered as a *member* in the **Register** in respect of the **shares** specified in the declaration and to receive a share certificate for them. |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **161.4** | If the declaration does not deal with all the **shares** to which the **Share****Warrant** relates, a new **Share****Warrant** for the remaining **shares** will be issued, without charge, to the person who deposited the old **Share****Warrant**. The new **Share****Warrant** will only be issued upon the cancellation of the old **Share****Warrant**. |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**ADR DEPOSITARY**

| **162** | **ADR Depositary can appoint proxies** |
|---------|----------------------------------------|

| **162.1** | The **ADR Depositary** can appoint      more than one person to be its *proxy*. As long as the appointment      complies with the requirements in Article 162.2, the appointment can be      made in any way and on any terms which the **ADR Depositary** thinks      fit. Each person appointed in this way is called an **Appointed Proxy**. |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **162.2** | The appointment must set out the number      of **shares** in relation to which an **Appointed Proxy** is appointed.      This number is called the **Appointed Number**. The **Appointed****Numbers** of all **Appointed Proxies** appointed by the **ADR Depositary**,      when added together, must not be more than the number of **Depositary****Shares** (as calculated in Article 162.3). |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **162.3** | The **Depositary****Shares**      attributable to the **ADR Depositary** consist of the total of the number      of **shares**: |
|-----------|---------------------------------------------------------------------------------------------------------------------------------|

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|  | • | registered in the name of the **ADR Depositary**; |
|--|--------|---------------------------------------------------|

|  | • | represented by **Share****Warrants** which have been deposited by the **ADR Depositary** with the **Company** in accordance with Article 158; and |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | represented by **Share****Warrants** which are set out in a certificate from the **ADR Depositary** accepted by the directors in accordance with Article 155. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **163** | **The ADR Depositary must keep a Proxy      Register** |
|---------|--------------------------------------------------------|

| **163.1** | The **ADR Depositary** must keep      a register of the names and addresses of all the **Appointed Proxies**.      This is called the **Proxy****Register**. The **Proxy****Register**      will also set out the **Appointed Number** of **shares** of each **Appointed      Proxy***.*This can be shown by setting out the number of **American      Depositary Receipts** which each **Appointed Proxy** holds and stating      that the **Appointed Number** of **shares** can be ascertained by      multiplying the said number of **American Depositary Receipts** by such      number which for the time being is equal to the number of **shares**      which any one **American****Depositary****Receipt** represents. |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **163.2** | The **ADR Depositary** must let anyone      whom the directors nominate inspect the **Proxy****Register** during      usual business hours on a **working day**. The **ADR Depositary**      must also provide, as soon as possible, any information contained in the      **Proxy****Register** if it is demanded by the **Company** or      its *agents*. |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **164** | **Appointed Proxies can only attend      General Meetings if properly appointed** |
|---------|-----------------------------------------------------------------------------------|

|   | An Appointed Proxy may only attend a General Meeting if he provides the **Company** with written evidence of his appointment by the **ADR Depositary** for that General Meeting. This must be in a form agreed between the directors and the **ADR Depositary**. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **165** | **Rights of Appointed Proxies** |
|---------|---------------------------------|

|   | Subject to the **Companies Acts** and these **Articles** and so long as the **Depositary****Shares** are sufficient to include an **Appointed Proxy’s****Appointed Number**: |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | at a General Meeting which an **Appointed Proxy** is entitled to attend, he is entitled to the same rights and has the same obligations in relation to his **Appointed Number** of **shares** as if the **ADR Depositary** was the registered holder of such **shares** and he had been validly appointed in accordance with Articles 76, 77 and 78 by the **ADR Depositary** as its *proxy* in relation to those **shares**; and |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | an **Appointed Proxy** can himself appoint another person to be his proxy in relation to his **Appointed Number** of **shares**, as long as the appointment is made and deposited in accordance with Articles 76, 77 and 78 and, if it is, the provisions of these **Articles** will apply to such an appointment as though the **Appointed Proxy** was the registered holder of such **shares** and the appointment was made by him in that capacity. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **166** | **Sending information to an Appointed      Proxy** |
|---------|----------------------------------------------------|

|   | The **Company** can send to an **Appointed Proxy** at his address in the **Proxy****Register** all the same documents which are sent to **shareholders**. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

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| **167** | **The Company can pay dividends to an Appointed Proxy** |
|---------|---------------------------------------------------------|

|   | The **Company** can pay to an **Appointed Proxy** at his address in the **Proxy****Register** all dividends or other moneys relating to the **Appointed Proxy’s****Appointed Number** of **shares** instead of paying this amount to the **ADR Depositary**. If the **Company** does this, it will not have any obligation to make this payment to the **ADR Depositary** as well. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **168** | **The Proxy Register may be fixed at a certain date** |
|---------|-------------------------------------------------------|

| **168.1** | In order to determine which persons      are entitled as **Appointed Proxies** to: |
|-----------|------------------------------------------------------------------------------------|

|   | • | exercise the rights conferred by Article 165; |
|--------|--------|-----------------------------------------------|

|   | • | receive documents sent pursuant to Article 166; and |
|--------|--------|-----------------------------------------------------|

|   | • | be paid dividends pursuant to Article 167 |
|--------|--------|-------------------------------------------|

|   | and the **Appointed Number** of **shares** in respect of which a person is to be treated as having been appointed as an **Appointed Proxy** for such purpose, the **ADR Depositary** may determine that the **Appointed Proxies** who are entitled are the persons entered in the **Proxy****Register** at the close of business on a date (a “**Record Date**”) determined by the **ADR Depositary** in consultation with the **Company**. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **168.2** | When a **Record Date** is determined for a particular purpose: |
|-----------|----------------------------------------------------------------|

|  | • | the **Appointed Number** of **shares** in respect of an **Appointed Proxy** will be treated as the number appearing against his name in the **Proxy****Register** as at the close of business on the **Record Date**; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | this can be shown by setting out the number of **American Depositary Receipts** which each **Appointed Proxy** holds and stating that the number of **shares** can be ascertained by multiplying the said number of **American Depositary Receipts** by such number which for the time being is equal to the number of **shares** which any one **American Depositary Receipt** represents; and |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | changes to entries in the **Proxy****Register** after the close of business on the **Record Date** will be ignored in determining the entitlement of any person for the purpose concerned. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **169** | **The nature of an Appointed Proxy’s      interest** |
|---------|------------------------------------------------------------|

|   | Except as required by the **Companies Acts**, no **Appointed Proxy** will be recognised by the **Company** as holding any interest in **shares** upon any trust. Except for recognising the rights given in relation to General Meetings by appointments made by **Appointed Proxies** pursuant to Article 165, the **Company** is entitled to treat any person entered in the **Proxy****Register** as an **Appointed Proxy** as the only person (other than the **ADR Depositary**) who has any interest in the **shares** in respect of which the **Appointed Proxy** has been appointed. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **170** | **Validity of the appointment of Appointed Proxies** |
|---------|------------------------------------------------------|

| **170.1** | If any question arises as to whether      any particular person or persons has or have been validly appointed to vote      (or *exercise* any other right) in respect of any **shares** (for      example because the total number of **shares** in respect of which appointments      are recorded in the **Proxy****Register** is more than the number      of **Depositary****Shares**) this question will, if it arises at      or in relation to a General Meeting be determined by the chairman of the      General Meeting. His decision (which can include declining to recognise      a particular appointment or appointments as valid) will, if made in good      faith, be final and binding on all persons interested. |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| **170.2** | If a question of the type described in Article 170.1 arises in any circumstances other than at or in relation to a General Meeting, the question will be determined by the directors. Their decision (which can include declining to recognise a particular appointment or appointments as valid) will also, if made in good faith, be final and binding on all persons interested. |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Rights and Restrictions Attached to the B Shares**

| **171** | **Definitions** |
|---------|-----------------|

|   | The following definitions will apply solely in Articles 171 to 188: |
|--------|---------------------------------------------------------------------|

|  | • | **B Share Continuing Dividend**means the non-cumulative preferential dividend payable on a **Dividend Payment Date** in relation to each **B Share** at the rate (on the nominal value thereof) of 75 per cent. of **Sterling LIBOR** calculated in accordance with these Articles; |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | **B Share Dividend Calculation Period** means each 6 month period within the **Future Redemption Period** ending on either 4 February or 4 August used for the calculation of the **B Share Continuing Dividend** on the **B Shares**, the first such period commencing on 5 August 2006 and ending on 4 February 2007 provided that **B Shares** which are redeemed on the **First Redemption Date** or converted into **Deferred Shares** on 7 August 2006 will not qualify for the payment of any **B Share Continuing Dividend**; |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | **B Shares** means redeemable non-cumulative preference shares of 15 pence each in the capital of the **Company**; |
|--|--------|--------------------------------------------------------------------------------------------------------------------|

|  | • | **Business Day** means a day (other than a Saturday, Sunday or public holiday) on which pounds sterling deposits may be dealt in on the London inter-bank market and commercial banks are open for general business in London; |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | **CREST** means the relevant system (as defined in the Uncertificated Securities Regulations 2001) in respect of which CRESTCo Limited is the Operator (as defined in such regulations); |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | **Deferred Shares**means the unlisted deferred shares of 15 pence each, the rights and restrictions attached to which are set out in Articles 181 to 187; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | **Dividend Payment Dates** means 5 February and 5 August in each year within the **Future Redemption Period** (or, if not a **Business Day**, the next **Business Day** (without any interest or payment in respect of the delay)) and **Dividend Payment Date** will be construed accordingly; |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | **Election** means an election by **shareholders** in relation to their **B Shares** to (i) accept an initial redemption of the **B Shares**; (ii) receive an initial dividend on the **B Shares**; or (iii) accept a future redemption of the**B Shares**, either by completing, signing and returning the election form which was enclosed with the circular to **shareholders** dated 13 June 2006, or by submitting an Unmatched Stock Event instruction through **CREST**; |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  | • | **First Redemption Date**means 4 August 2006; |
|--|--------|-----------------------------------------------|

|  | • | **Future Redemption Date** means 5 February and/or 5 August in any calendar year within the **Future Redemption Period**; |
|--|--------|---------------------------------------------------------------------------------------------------------------------------|

|  | • | **Future Redemption Form**means the form, printed on the reverse of each **B Share** certificate, by means of which **shareholders** holding their **B Shares** in certificated form may elect to have their **B Shares** redeemed on a **Future Redemption Date**; |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | **Future Redemption Period** means the period beginning on 5 August 2006 and ending on 4 August 2008; |
|--|--------|-------------------------------------------------------------------------------------------------------|

|  | • | **Sterling LIBOR**means the rate for 6–month deposits in pounds sterling for a period of designated maturity which appears on the Reuters screen ISDA page (or such other page or service as may replace it for the purpose of displaying London inter-bank offered rates of leading banks for pounds sterling deposits as determined by the **Company**) as at 11.00 a.m. on the first **Business Day** of each **B Share Dividend Calculation Period**; |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | **US Shareholders**means **shareholders** (beneficial or otherwise) who have an address in the United States on the **Company’s** register of members or who are physically located in the United States**.** |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **172** | **Income** |
|---------|------------|

| **172.1** | If the **Company** has profits which      are available for distribution and the **Directors** resolve that these      should be distributed, the holders of the **B Shares** will be entitled,      before the payment of dividends or other distributions to the holders of      **Ordinary Shares** but after the payment of the preferential dividend      on the **Fixed Rate Shares**, to be paid the **B Share Continuing Dividend**.      The **B Share Continuing Dividend** will be paid at the rate (on the      nominal value of the **B Shares** which is paid up or treated as paid      up) of 75 per cent. of **Sterling LIBOR**, in arrears half yearly on      the **Dividend Payment Dates**. The first **Dividend Payment Date**      will be 5 February 2007 which will cover the period from 5 August 2006 to      4 February 2007. **B Shares** which are redeemed on the **First Redemption      Date** or which are converted into **Deferred Shares** will not qualify      for the payment of any **B Share Continuing Dividend**. |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **172.2** | Payments of **B Share Continuing Dividends**      will be made to holders of **B Shares** whose names appear on the relevant      register of members of the **Company**, if the relevant **Dividend Payment      Date** is 5 February at the close of business on 21 January in the same      calendar year and if the relevant **Dividend Payment Date** is 5 August      at the close of business on 21 July in the same calendar year. The aggregate      entitlement on a **Dividend Payment Date** of each holder of **B Shares**      in respect of the **B Share Continuing Dividend** on all **B Shares**      held by him will be rounded down to the nearest whole penny. |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **172.3** | The **B Shares** will not confer      any other right to share in the **Company’s** profits. |
|-----------|----------------------------------------------------------------------------------------------------|

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| **173** | **Capital** |
|---------|-------------|

| **173.1** | If the **Company** is wound up (but      in no other circumstances involving a repayment of capital or distribution      of assets to **shareholders** whether by reduction of capital, redeeming      or buying back shares or otherwise), the holders of **B Shares** will      be entitled, before any payment to the holders of **Ordinary Shares**      but after any payment to the holders of **Fixed Rate Shares**, to repayment      of the amount paid up or treated as paid up on the nominal value of each      **B Share**, together with any outstanding entitlement to the **B Share      Continuing Dividend** up to the **Dividend Payment Date** immediately      before the winding-up. The aggregate entitlement of each holder of **B      Shares** on a winding-up in respect of all of the **B Shares** held      by him will be rounded down to the nearest whole penny. |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **173.2** | The holders of **B Shares** will      not have any other right to share in the **Company’s** surplus      assets. If there is a winding-up to which Article 173.1 applies and there      is not enough to pay the amounts due on the **B Shares**, the holders      of the **B Shares** will share what is available in proportion to the      amounts to which they would otherwise be entitled. |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **174** | **Redemption** |
|---------|----------------|

|   | The **Company** may (in accordance with the **Companies Acts**and the provisions of these **Articles**) redeem the **B Shares** in accordance with the following provisions: |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **174.1** | Unless redeemed earlier, on 5 August 2008. |
|-----------|--------------------------------------------|

| **174.2** | Holders of **B Shares** who have made an **Election** by 3.00 p.m. on 3 August 2006 (or any later date the **Directors** may decide) to have some or all of their **B Shares** redeemed will be able to have that number of **B Shares** redeemed on the **First Redemption Date**. |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **174.3** | After the **First Redemption Date**, holders of **B Shares** will be able to elect to have any outstanding **B Shares** redeemed on a **Future Redemption Date** (or, if not a **Business Day**, the next**Business Day** (without any interest or payment in respect of the delay)) by returning a **Future Redemption Form** or submitting an Unmatched Stock Event instruction, as applicable. If a **Future Redemption Form** or an Unmatched Stock Event instruction is returned for settlement for all or part of their **B Shares** then in issue by: |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | 5.00 p.m. on 21 January (or any later date the **Directors** may decide) in the calendar years 2007 and/or 2008, the relevant **B Shares** will be redeemed on 5 February (or, if not a **Business Day**, the next **Business Day** (without any interest or payment for the delay)) in such calendar year; and |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | 5.00 p.m. on 21 July (or any later date the **Directors** may decide) in the calendar years 2007 and/or 2008, the relevant **B Shares** will be redeemed on 5 August (or, if not a **Business Day**, the next **Business Day** (without any interest or payment for the delay)) in such calendar year. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **174.4** | Each holder of a **B Share** that      is redeemed (excluding **B Shares** that are redeemed on the **First      Redemption Date**), will be paid a sum equal to the nominal value of that      **B Share**, plus the **B Share Continuing Dividend** for the relevant      **B Share Dividend Calculation Period**. Each holder of a **B Share**      that is redeemed on the **First Redemption Date** will be paid a sum      equal to the nominal value of that **B Share** but no **B Share Continuing      Dividend** will be payable on such **B Share**. The total entitlement      of a holder of **B Shares** to the nominal value of the **B Shares**      being redeemed, plus any **B Share Continuing Dividend** payable on those      **B Shares**, will be rounded down to the nearest whole penny. |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| **174.5** | On or after the redemption of any **B Shares** (in accordance with these **Articles**), the **Directors** may (in accordance with the **Companies Acts**) consolidate and/or subdivide and/or convert and/or reclassify the authorised **B Share** capital of the **Company** (including any unissued authorised **B Share** capital) (i) into shares of another class (provided the authorised share capital of the **Company** now or at that time includes shares of that class) and/or (ii) into unclassified shares. |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **174.6** | **US Shareholders** and holders of **American Depositary Receipts** are not eligible to participate in any redemption of the **B Shares**. Any purported **Elections** to redeem **B Shares** by **US Shareholders** or holders of **American Depositary Receipts** will be treated as invalid and disregarded. |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **175** | **Initial B Share Dividend** |
|---------|------------------------------|

| **175.1** | The holders of **B Shares** will      be entitled to a dividend of 15 pence per **B Share**(the**Initial      B Share Dividend**) provided their names are entered on the register of      members of the **Company** on issue of the **B Shares** and they have      notified the **Company’s**registrar by validly making an **Election**      on or before 3.00 p.m. on 3 August 2006 (or any later date the **Directors**      may decide) indicating that they wish to receive the **Initial B Share      Dividend**. Each **B Share**, in respect of which the **Initial B      Share Dividend** is payable, will at 9.00 a.m. on 7 August 2006 (or any      other date the **Directors** may decide) be converted into a **Deferred      Share** of 15 pence nominal value. The rights and restrictions attaching      to the **Deferred Shares** are set out in Articles 181 to 187. |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **175.2** | **US Shareholders** and holders of      **American Depositary Receipts** will automatically receive the **Initial      B Share Dividend** without making an **Election**. |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **176** | **Voting at General Meetings** |
|---------|--------------------------------|

| **176.1** | The holders of **B Shares** will      only receive notice of general meetings of the **Company** and will only      be able to attend, speak and vote at such general meetings if a resolution      is to be proposed at the general meeting to wind up the **Company**,      in which case the holders of **B Shares**will receive notice of the      general meeting and will have the right to attend, speak and vote on that      resolution only. |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **176.2** | If the holders of the **B Shares**      are entitled to vote at a general meeting of the **Company**, each holder      present in person or by proxy (or, being a company, by representative) will      have one vote on a show of hands, and on a poll every holder who is present      in person or by proxy (or, being a company, by a company representative)      will have one vote for each fully paid **B Share**. |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **177** | **Purchase of Shares** |
|---------|------------------------|

|   | The **Company** will not require the sanction or the consent of the holders of **B Shares** for the purchase or redemption of shares of any class in the **Company** (including, without limitation, **Fixed Rate Shares**, **Ordinary Shares** and/or **B Shares**). |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **178** | **Class Rights** |
|---------|------------------|

| **178.1** | The **Company** may from time to      time issue new shares which have rights or restrictions attaching to them.      The rights of the new shares can take priority over the rights of the **B      Shares**. The issue of any such new shares will be in accordance with      the rights attaching to the **B Shares** and will not involve a variation      of those rights or require the consent of holders of the **B Shares**. |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| **178.2** | The **Company** may reduce the share capital paid up or treated as paid up on the **B Shares** in any way (in accordance with the **Companies Acts**). Any such reduction will be in accordance with the rights attaching to the **B Shares** and will not involve a variation of those rights. The **Company** can reduce its capital (in accordance with the **Companies Acts**) at any time without the consent of the holders of the **B Shares** including by paying to the holders of **B Shares** the preferential amounts they are entitled to as set out in Article 173. |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **179** | **Form** |
|---------|----------|

|   | The holders of **B Shares** cannot renounce their **B Shares**. Any transfer of **B Shares** must be effected in writing and either in the usual or standard form or in any other form approved by the **Directors**. Every transfer of uncertificated **B Shares** must be carried out using a relevant system (e.g. **CREST**). For the avoidance of doubt B Shares will be redeemed in accordance with Article 174. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **180** | **Deletion of Articles 171 to 180 when no B Shares in existence** |
|---------|-------------------------------------------------------------------|

| **180.1** | Articles 171 to 180 shall remain in      force until there are no longer any **B Shares** in existence whether      by way of conversion into **Deferred Shares** or redemption and cancellation      or until 31 December 2008, whichever is earlier, notwithstanding any provision      in these **Articles** to the contrary. Thereafter Articles 171 to 180      shall be and shall be deemed to be of no effect (save to the extent that      the provisions of 171 to 180 are referred to in other Articles) and shall      be deleted and replaced with the wording “Articles 171 to 180 have      been deleted”, and the separate register for the holders of **B Shares**      shall no longer be required to be maintained by the **Company**; but      the validity of anything done under Articles 171 to 180 before that date      shall not otherwise be affected and any actions taken under Articles 171      to 180 before that date shall be conclusive and shall not be open to challenge      on any grounds whatsoever. |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Rights and Restrictions Attached to the Deferred Shares**

| **181** | **Income** |
|---------|------------|

|   | The **Deferred Shares** will confer no right to share in the **Company’s** profits. |
|--------|-------------------------------------------------------------------------------------------|

| **182** | **Capital** |
|---------|-------------|

| **182.1** | If the **Company** is wound up (but      in no other circumstances involving a repayment of capital or distribution      of assets to **shareholders** whether by reduction of capital, redeeming      or buying back shares or otherwise), the holders of **Deferred Shares**      will be entitled to the amount paid up or treated as paid up on the nominal      value of each **Deferred Share** after: |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | first, paying to the holders of **Fixed Rate Shares** the amount paid up or treated as paid up on the nominal value of each **Fixed Rate Share**, together with any dividend, arrears of dividend or proportion of any dividend to which they are entitled under these Articles; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  | • | secondly, paying to the holders of **B Shares** the amount paid up or treated as paid up on the nominal value of each **B Share** together with any outstanding entitlement to the **B Share Continuing Dividend** up to the **Dividend Payment Date** immediately before the winding-up; and |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | thirdly, paying to the holders of **Ordinary Shares** the amount paid up or treated as paid up on the nominal value of each **Ordinary Share** together with the sum of £1,000 on each **Ordinary Share**. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **182.2** | The holders of **Deferred Shares**      have no further right to share in the **Company’s**surplus assets. |
|-----------|------------------------------------------------------------------------------------------------------------------|

| **183** | **Redemption** |
|---------|----------------|

| **183.1** | The **Company** may, at any time      (in accordance with the **Companies Acts** and the provisions of these      **Articles**) without prior notice, redeem all **Deferred Shares**      for a total price of not more than one penny for all **Deferred Shares**      redeemed. |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **184** | **Attendance and voting at general      meetings** |
|---------|----------------------------------------------------|

|   | The holders of the **Deferred Shares** will not receive notice of any general meeting of the **Company** or be able to attend, speak or vote at any general meeting. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **185** | **Form** |
|---------|----------|

|   | The **Deferred Shares** will not be listed on any stock exchange and no share certificates will be issued for the **Deferred Shares**. The **Deferred Shares** will not be transferable except in accordance with Article 187 or with the written consent of the **Directors**. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **186** | **Class rights** |
|---------|------------------|

| **186.1** | The **Company** may from time to      time issue new shares which have rights or restrictions attaching to them.      The rights of the new shares can take priority over the rights of the **Deferred      Shares**. The issue of any such new shares will be in accordance with      the rights attaching to the **Deferred Shares** and will not involve      a variation of those rights or require the consent of the holders of the      **Deferred Shares**. |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **186.2** | The **Company** may reduce the share      capital paid up or treated as paid up on the **Deferred Shares** in any      way (in accordance with the **Companies Acts**). Any such reduction will      be in accordance with the rights attaching to the **Deferred Shares**      and will not involve a variation of those rights. The **Company** can      reduce its capital (in accordance with the **Companies Act**) at any      time without the consent of the holders of the **Deferred Shares**. |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **187** | **Transfer and purchase** |
|---------|---------------------------|

|   | The**Company** can at any time (in accordance with the **Companies****Acts**) without the consent of the holders of the **Deferred****Shares**: |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | appoint any person to sign (on behalf of the holders of the **Deferred Shares**) a transfer of all or any part of their holding to the **Company** or any other person the **Directors** decide (whether or not an officer of the **Company**), for a total price of not more than one penny for all **Deferred****Shares** transferred; and |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  | • | cancel all the **Deferred Shares** purchased by the **Company** (in accordance with the **Companies Acts**). |
|--|--------|--------------------------------------------------------------------------------------------------------------|

| **188** | **Deletion of Article 181 to 188 when      no Deferred Shares in existence** |
|---------|------------------------------------------------------------------------------|

|   | Articles 181 to 188 shall remain in force until there are no longer any **Deferred Shares** in existence or until 31 December 2008, whichever is earlier, notwithstanding any provision in these **Articles** to the contrary. Thereafter Articles 181 to 188  shall be and shall be deemed to be of no effect (save to the extent that the provisions of Articles 181 to 188 are referred to in other Articles) and shall be deleted and replaced with the wording “Articles 181 to 188 have been deleted”, and the separate register for the holders of **Deferred Shares** shall no longer be required to be maintained by the **Company**; but the validity of anything done under Articles 181 to 188 before that date shall not otherwise be affectedand any actions taken under Articles 181 to 188 before that date shall be conclusive and shall not be open to challenge on any grounds whatsoever. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Approved Depositaries**

| **189** | **Appointments** |
|---------|------------------|

| **189.1** | Subject to these **Articles** and      the legislation, an **Approved Depositary** can appoint as its proxy      or proxies in relation to any **Ordinary Shares** which it holds, anyone      it thinks fit and can decide how and on what terms to appoint them. Each      appointment must state the number of **Ordinary Shares** it relates to      and the total number of **Ordinary Shares** in respect of which appointments      exist at any time must not be more than the total number of **Depositary      Shares** which are registered in the name of the **Approved Depositary**      or its nominee at that time. |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **189.2** | The **Approved Depositary** must      keep a register (the**Nominated Proxy Register**) of each person it      has appointed as a **Nominated Proxy** under Article 189.1 and the **Appointed      Number**. The directors will decide what information about each **Nominated      Proxy** is to be recorded in the **Nominated Proxy Register**. Any      person authorised by the **Company** may inspect the **Nominated Proxy      Register** during usual business hours and the **Approved Depositary**      will give such person any information which he requests as to the contents      of the **Nominated Proxy Register**. |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **190** | **Rights of Nominated Proxies** |
|---------|---------------------------------|

| **190.1** | A **Nominated Proxy** may only attend      a **General Meeting**if he provides the **Company** with written      evidence of his appointment as such. This must be in a form agreed between      the directors and the **Approved Depositary.** |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **190.2** | Subject to the legislation and to these      Articles, and so long as the **Approved Depositary** or a nominee of      the **Approved Depositary** holds at least his **Appointed Number**      of **Ordinary Shares**, a **Nominated Proxy** is entitled to attend      a **General Meeting** which holders of **Ordinary Shares** are entitled      to attend, and he is entitled to the same rights, and subject to the same      obligations, in relation to his **Appointed Number** of **Depositary      Shares** as if he had been validly appointed in accordance with Articles      76 to 80 by the registered holder of these shares as its proxy in relation      to those shares. |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **190.3** | A **Nominated Proxy** may appoint      another person as his proxy for his **Appointed Number** of **Depositary      Shares**, as long as the appointment is made and deposited in accordance      with Articles 76 to 82, and these **Articles** apply to that appointment      and to the person so appointed as though those **Depositary Shares**      were registered in the name of the **Nominated Proxy** and the appointment      was made by him in that capacity. The directors may require such evidence      as they think appropriate to decide that such appointment is effective. |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| **190.4** | For the purposes of determining who is entitled as a **Nominated Proxy** to exercise the rights conferred by Articles 190.2 and 190.3 and the number of **Depositary Shares** in respect of which a person is to be treated as having been appointed as a **Nominated Proxy** for these purposes, the **Approved Depositary** can decide that the **Nominated Proxies** who are so entitled are the people entered in the **Nominated Proxy Register** at a time and on a date (a **Record Time**) agreed between the **Approved Depositary**and the **Company**. |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **190.5** | When a **Record Time** is decided for a particular purpose:- |
|-----------|--------------------------------------------------------------|

|  | • | a **Nominated Proxy** is to be treated as having been appointed for that purpose for the number of shares appearing against his name in the **Nominated Proxy Register** as at the **Record Time**; and |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | changes to entries in the **Nominated Proxy Register** after the **Record Time** will be ignored for this purpose. |
|--|--------|--------------------------------------------------------------------------------------------------------------------|

| **190.6** | Except for recognising the rights given      in relation to **General Meetings** by appointments made by **Nominated      Proxies**pursuant to Article 190.3, the **Company** is entitled to      treat any person entered in the **Nominated Proxy Register** as a **Nominated      Proxy** as the only person (other than the **Approved Depositary**)      who has any interest in the **Depositary Shares** in respect of which      the **Nominated Proxy** has been appointed. |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **190.7** | At a **General Meeting** the **Chairman**      has the final decision as to whether any person has the right to vote or      exercise any other right relating to any **Depositary Shares**. In any      other situation, the **Directors** have the final decision as to whether      any person has the right to exercise any right relating to any **Depositary      Shares**. |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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**Glossary**

**About the glossary**

This glossary is to help readers understand the **Company’s** Articles of Association. Words are explained as they are used in the **Articles**- they might mean different things in other documents. The glossary is not legally part of the **Articles**, and it does not affect their meaning. The definitions are intended to be a general guide – they are not precise.

**abrogate**  If the *special rights* of a **share** are *abrogated*, they are cancelled or withdrawn.

**accrue**  If interest is *accruing*, it is running or mounting up, day by day.

**adjourned**  In relation to a **shareholders’ meeting**, means that the meeting has come to an end for the time being, to be continued at a later time or day, at the same or a different place and *adjourned* and *adjourn* shall be construed accordingly.

**agent** A person who has been appointed to act for another person.

**allot**  When new **shares** are *allotted*, they are set aside for the person they are intended for. This will normally be after the person has agreed to pay for a new **share**, or has become entitled to a new **share** for any other reason. As soon as a **share** is *allotted*, that person gets the right to have his name put on the register of **shareholders**. When he has been registered, the **share** has also been *issued*.

**allottee** A person to whom a **share** is *allotted* (see *renunciation*).

**asset**  Any property of any description which is of any value to its owner.

**attorney**  An*attorney* is a person who has been appointed to act for another person in a particular way. The person is appointed by a formal document, called a *power of attorney*.

**automatically****entitled****to****a****share****by law**  In some situations, a person will be entitled to have **shares** which are registered in somebody else’s name registered in his own name. Or he can require the **shares** to be transferred to another person. When a **shareholder** dies, or the sole survivor of joint **shareholders** dies, his *personal representatives* have this right. If a **shareholder** is made bankrupt, his *trustee* in bankruptcy has the right.

**beneficial interest**  A person on whose behalf or for whose benefit a *trustee* holds **shares** has a *beneficial interest* in those **shares**.

**brokerage**  Commission which is paid to a broker by a **company***issuing***shares**, where the broker’s clients have applied for **shares**.

**call**  A *call* to pay money which is due on **shares** which has not yet been paid. This happens if the **Company***issues***shares** which are *partly paid*, where money remains to be paid to the **Company** for the **shares**. The money which has not been paid can be “*called*” for. If all the money to be paid on a **share** has been paid, the **share** is called a *fully paid****share***.

**capitalise**  To convert some or all of the *reserves* of a **company** into capital (such as **shares**).

**capital redemption reserve**  A *reserve* of funds which a **company** may have to set up to ensure that the **Company’s** capital base remains the same when **shares** are *redeemed* or bought back. It is equivalent to the amount by which the **Company’s** issued share capital is reduced by the *redemption* or purchase. 

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**casual vacancy** A vacancy amongst the directors which occurs by reason of the death, resignation or disqualification of a director, or from the failure of an elected director to accept his appointment, or for any other reason except the retirement of a director in accordance with the **Articles**.

**charge**  See *lien and charge*.

**company representative**  If  a **company** owns **shares**, it can appoint a ***company********representative*** to attend a **shareholders’ meeting** to speak  and vote for it.

**consolidate**  When **shares** are *consolidated*, they are combined with other **shares**. For example, every three £1 **shares** might be *consolidated* into one new £3 **share**.

**cumulative dividends**  If a dividend which is cumulative cannot be paid in one year because the **company** does not have enough profits to cover the payment, the **shareholder** has the right to receive the dividend in a future year, when the **company** has enough profits to pay the dividend. Compare this with a *non-cumulative dividend*.

**debenture**  A typical *debenture* is a type of long-term borrowing by a **company**. The loan usually has to be repaid at a fixed date in the future, and carries a fixed rate of interest.

**declare**  Generally, when a final dividend is *declared*, it becomes due to be paid.

**dividend arrears**  Any *dividend arrears*. This includes any dividends on **shares** with *cumulative* rights which could not be paid, but which have been carried forward.

**dividend warrant**  A *dividend warrant* is similar to a cheque for a dividend.

**documents of title**  The documents which show that a person owns something (for example, a share certificate).

**ex-dividend**  When a **share** goes *“ex-dividend”*, a person who buys it will not be entitled to the dividend which has been *declared* shortly before he bought it. When a **share** has gone *“ex-dividend”*, the seller is entitled to this dividend, even though it will be paid after he has sold his **share**.

**executed**  A document is *executed* when it is signed, or sealed or made valid in some other way.

**exercise**  When a power is *exercised*, it is put to use.

**extraordinary resolution** A decision reached by a majority of at least 75 per cent. of votes cast. The **Companies Act** requires *extraordinary resolutions* to be passed in certain situations.

**forfeit**  When a **share** is *forfeited* it is taken away from the **shareholder** and becomes the property of the **Company** which can do with it as it likes. This process is called “forfeiture”. This can happen if a *call* on a *partly-paid***share** is not paid on time.

**fully-paid****shares**  When all of the money which is due to the **Company** for a **share** has been paid, a **share** is called a *fully paid****share***.

**good title**  If a person has *good title* to a **share**, he owns it outright.

**holding****Company**  A **company** which controls another **company** (for example by owning a majority of its **shares**) is called the *holding company* of that other **company**. The other **company** is the ***subsidiary*** of the *holding company*.

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**indemnity**  If a person gives another person an *indemnity*, he promises to make good any losses or damage which the other might suffer. The person who gives the *indemnity* is said to *“indemnify”* the other person.

**in issue**  See *issue*.

**instruments**  Formal legal documents.

**issue**  When a share has been *issued*, everything has been done to make the **shareholder** the owner of the **share**. In particular, the **shareholder’s** name has been put on the **Register** of **shareholders**. Existing **shares** which have been *issued* are “*in issue*”.

**liabilities**  Debts and other obligations.

**liable jointly and severally** Where more than one person is *liable jointly and severally* it means that any one of them may be sued, or they can all be sued together.

**lien and charge**  Where the **Company** has a *lien and charge* over **shares**, it can take the dividends, and any other payments relating to the **shares** which it has a *charge* over, or it can sell the **shares**, to repay the debt and so on.

**members**  means **shareholders**.

**negotiable instrument**  A document such as a cheque, which can be freely transferred from one person to another.

**nominal value**  The *nominal**value* of the **share**. The *nominal**value* of the US$0.10 **Ordinary Shares** is US$0.10. This value is shown on the share certificate for a **share**, if there is one. When the **Company***issues* new **shares** this can be for a price which is at a *premium* to the *nominal**value*. When **shares** are bought and sold on the stock market this can be for more, or less, than the *nominal**value*. The *nominal**value* is sometimes also called the “*par value*”.

**non-cumulative dividends**  If a dividend which is *non-cumulative* cannot be paid in one year because the **Company** does not have enough profits available to cover the payment, the **shareholder** does not have the right to receive the dividend in a future year. This is the opposite to a *cumulative dividend.*

**objects of a Company**  The business activities that the **Company** is authorised to carry on. The **Company’s***objects* are set out in Clause 4 of its **Memorandum**.

**office copy**  An exact copy of an official document, supplied by the office which holds, or issued, the original.

**ordinary resolution**  A decision reached by a simple majority of votes – that is by more than 50 per cent. of the votes cast.

**par value**  See *nominal value*.

**partly paid****shares**  If any money remains to be paid on a **share**, it is said to be *partly paid*. The unpaid money can be *“called”* for.

**personal representatives**  A person who is entitled to deal with the property (“the estate”) of a person who has died. If the person who has died left a valid will, the will appoints “executors” who are *personal representatives*. If the person died without a will, the courts will appoint one or more “administrators” to be the *personal representatives*.

**poll**  A *poll* vote is usually a card vote but to the extent permitted by the **Companies Acts** may be an electronic vote. On a *poll* vote, the number of votes which a **shareholder** has will depend on the number of **shares** which he owns. An **Ordinary****Shareholder** has one vote for each **share** he owns. A *poll* vote is different to a *show of hands* vote, where each person who is entitled to vote has just one vote, however many **shares** he owns.

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**power of attorney**  A formal document which legally appoints one or more persons to act on behalf of another person.

**pre-emption rights**  The right of some **shareholders** which is given by the **Companies Act** to be offered a proportion of certain classes of newly *issued***shares** and other *securities* before they are offered to anyone else. This offer must be made on terms which are at least as favourable as the terms offered to anyone else.

**premium**  If the **Company***issues* a new **share** for more than its *nominal value*(for example because the market value is more than the *nominal value*), the amount above the *nominal value* is the *premium*.

**proxy**  A *proxy* is a person who is appointed by a **shareholder** to attend a **shareholders’****meeting** and vote for that **shareholder**. A *proxy* is appointed by using a ***proxy form***. A *proxy* does not have to be a **shareholder**. At a **shareholders’****meeting** a *proxy* can vote on a *poll* and, if the **Articles** permit, he can also vote on a *show of hands* and speak.

**proxy form**  A form which a **shareholder** uses to appoint a *proxy* to attend a **shareholders’ meeting** and vote for him. The ***proxy form*** must be delivered to the **Company** before the meeting to which it relates.

**quorum**  The minimum number of **shareholders** or directors who must be present before a meeting can start. When this number is reached, the meeting is said to be “quorate”.

**rank & ranking**  When either capital or income is distributed to **shareholders**, it is paid out according to the *rank* (or *ranking*) of the **shares**. For example, a **share** which *ranks* before (or ahead of) another **share** in sharing in the **Company’s** income is entitled to have its dividends paid first, before any dividends are paid on **shares** which *rank* behind (or after) it. If there is not enough income to pay dividends on all **shares**, the available income must be used first to pay dividends on **shares** which *rank* ahead, and then to **shares** which *rank* behind. The same applies for repayments of capital. Capital must be paid first to**shares** which *rank* ahead in sharing in the **Company’s** capital, and then to **shares** which *rank* behind. The **Company’s****Fixed Rate Shares***rank* ahead of its **Ordinary Shares**. Where certain **shares***rank* equally with other **shares**, both types of **shares** have the same rights as each other.

**recognised clearing house**  A “clearing house” which has been authorised to carry on business by the UK authorities. A clearing house is a central computer system for settling transactions between members of the clearing house.

**recognised investment exchange**  An “investment exchange” which has been officially recognised by the UK authorities. An investment exchange is a place where investments, such as **shares**, are traded. The **London Stock Exchange** is a*recognised investment exchange*.

**redeem and redemption**  When a **share** is *redeemed*, it is effectively bought back by the **Company** in return for a sum of money (the “redemption price”) which was fixed before the **share** was *issued*. This process is called *redemption*. A **share** which can be *redeemed* is called a “*redeemable*” **share**.

**relevant system**  This is a term used in the **CREST Regulations** for a computer-based system which allows **shares** without share certificates to be transferred without using transfer forms. The CREST system for paperless share dealing is a “***relevant system***”.

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**renunciation**  Where a **share** has been *allotted*, but no one has been entered on the share register as the holder of the **share**, it can be *renounced* by the *allottee* to another person. This transfers the right to be registered as the holder of the share to another person. This process is called *renunciation*.

**requisition a meeting**  A formal process which **shareholders** can use to call a **shareholders’ meeting.** Generally speaking the **shareholders** who want to call a meeting must hold at least 10 per cent of the *issued***shares**.

**reserve fund or reserves**  A fund which has been set aside in the accounts of a **company**. Profits which are not paid out to **shareholders** as dividends, or used up in some other way, are held in a *reserve fund* by the **company**. The *capital redemption reserve* and ***share****premium account* are also *reserve funds*.

**revoke**  To withdraw, or cancel.

**rights issue**  A way by which **companies** raise extra share capital. Usually the existing **shareholders** will be offered the chance to buy a certain number of new **shares**, depending on how many they already have. For example, **shareholders** may be offered the chance to buy one new **share** for every four they already have.

**securities** All **shares**, bonds and other investment *instruments* issued by a **company** which entitle the holder to a **share** in the profits or *assets* of that **company**, to receive a cash payment from a **company** or to subscribe for such a *security*.

**securities seal** A seal used to stamp the **Company’s***securities* as evidence that the **Company** has *issued* them. The **Company’s*****Securities********Seal*** is like the **Company’s****Common****Seal** but with the addition of the word “*securities*”. 

**share****premium account**  If a new **share** is *issued* by the **Company** for more than its *nominal value* (generally because the market value is more than the *nominal value*) then the amount above the *nominal value* is the *premium*, and the total of these *premiums* is held in a *reserve fund*(which cannot be used to pay dividends) called the *share premium account*.

**show of hands**  A **shareholder** raises his hand to vote at a **shareholders’ meeting** (unless there is a *poll*). Each person who is entitled to vote has just one vote, however many **shares** he holds.

**special notice** This term is defined in Section 379 **Companies Act 1985**. Broadly, if *special notice* of a resolution is required by the **Companies Acts**, the resolution is not valid unless the **Company** has been told about the intention to propose it at least 28 days before the **shareholders’ meeting** at which it is proposed (although in certain circumstances the meeting can be on a date less than 28 days from the date of the notice).

**special resolution**  A decision reached by a majority of at least 75 per cent of votes cast. **Shareholders** must be given at least 21 days’ notice of any *special resolution*.

**special rights**  These are the **rights** of a particular class of **shares**, as distinct from **rights** which apply to all **shares** generally. Typical examples of *special rights* are where the **shares***rank*, their rights to sharing in income and *assets* and voting rights.

**statutory declaration**  A formal way of declaring something in writing. Particular words and formalities must be used – these are laid down by the Statutory Declarations Act of 1835.

**stock**  When **shares** are converted into *stock* the holder’s interest in the **Company** is expressed by reference to a sum of money divided into transferable units. For example, the interest of a **shareholder** with one hundred £1 **shares** might be converted into £100 worth of *stock* transferable in units of £1 each.

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**subdividing****shares**  When **shares** are subdivided they are split into **shares** which have a smaller *nominal value*. For example, a £1 **share** might be subdivided into two 50p **shares**.

**subject to**  Means that something else has priority, or prevails, or must be taken into account. When a statement is *subject to* another statement this means that the first statement must be read in the light of the other statement, which will prevail if there is any conflict.

**subordinate**  Where a right or interest is subordinated to something else, it *ranks* behind it.

**subscribe for****shares**  To agree to take new **shares** in a **company** (usually for a cash payment).

**subscribers to****shares**  The people who first acquire the **shares**.

**subsidiary**  A **company** which is controlled by another **company** (for example because the other **Company** owns a majority of its **shares**) is called a ***subsidiary*** of that **company**.

**subsidiary****undertaking**  This is a term used by the **Companies****Act**. It is a wider definition than ***subsidiary***. Generally speaking it is a **company** which is controlled by another **company** because the other **company**:

| • | has a majority of the votes in the **company** either alone, or acting with others; |
|--------|-------------------------------------------------------------------------------------|

| • | is a **shareholder** who can appoint or remove a majority of the directors; or |
|--------|--------------------------------------------------------------------------------|

| • | can *exercise* dominant influence over the **company** because of anything in the **Company’s****Memorandum** or **Articles**, or because of a certain kind of contract. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**takeover offer** An offer to acquire all the **shares**, or all the **shares** of any class, in a **company** (except **shares** already held by the person making the offer). The terms of the offer must be the same for all the **shares** to which the offer relates. This is defined in more detail in the **Companies Act 1985**.

**trustees**  People who hold property of any kind for the benefit of one or more other people under a kind of arrangement which the law treats as a “trust”. The people whose property is held by the *trustees*are called the beneficiary.

**underwrite**  A person who agrees to buy new **shares** if they are not bought by other people *underwrites* the share offer.

**unincorporated associations**  Associations, partnerships, societies and other bodies which the law does not treat as a separate legal person to their members.

**warrant**  See the definition of *dividend warrant*.

**wider-range investments**  The law restricts the investments which some *trustees* can invest in. Where this restriction applies, the *trustees* can invest up to three quarters of their funds in *wider-range investments*. These are, generally speaking, **shares** which are quoted on the **London Stock Exchange**, and which are earning dividends.

**wind up**  The formal process to put an end to a **company**. When a **company** is *wound up* its *assets* are distributed. The *assets* go first to creditors, and then to **shareholders**. **Shares** which *rank* first in sharing in the **Company’s***assets* will receive any funds which are left over before any **shares** which *rank* after (or behind) them.

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