**Exhibit        3**

**New        Articles of Association of NDS Group plc**

**Approved        by Shareholders on October 31, 2005**

**NEW**

**ARTICLES        OF ASSOCIATION**

**OF**

**NDS        GROUP PLC**

*Adopted        at the Annual General Meeting held on October 31, 2005*

**PRELIMINARY**

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

| **2.** | **Interpretation** |
|--------|--------------------|

| (1) | In                  these articles, unless the contrary intention                  appears: |
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|   | (a) | the                  following definitions apply: |
|--------|-----|---------------------------------------------------|

| Act                                        | ...    | means                    the Companies Act 1985;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|--------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                       |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| these                    articles          | ...    | means                    these articles of association, as from time to time                    altered;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|                                       |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| board                                      | ...    | means                    the board of directors for the time being of the Company;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                                       |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| communication                              | ...    | has                    the same meaning as in the Electronic Communications Act                    2000;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|                                       |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| Controlling                    Shareholder | ...    | means                    the holder of such number of the ordinary shares for the time                    being in                    issue as confer, on a poll, a majority of the voting rights exercisable                    at                    a general meeting of the Company and for this purpose any voting                    rights                    attached to any shares held by a company which is a holding company                    may be                    aggregated with any voting rights attached to any shares held                    by a company                    which is a subsidiary either of that holding company or of any                    company of                    which that holding company is itself a subsidiary, at the election                    of the                    holders of the relevant shares in accordance with paragraph (b)                    below; |

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|                                               |   |                                                                                                                                                                                                                                                                                                                                                                                                              |
|----------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| clear                    days                      | ...    | means,                    in relation to the period of a notice, that period excluding                    the day when                    the notice is given or deemed to be given and the day for which                    it is                    given or on which it is to take effect;                                                                                                                     |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                                                              |
| committee                                          | ...    | means                    a committee of the board;                                                                                                                                                                                                                                                                                                                                                                |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                                                              |
| director                                           | ...    | means                    a director for the time being of the Company;                                                                                                                                                                                                                                                                                                                                            |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                                                              |
| electronic                    communication        | ...    | has                    the same meaning as in the Electronic Communications Act                    2000;                                                                                                                                                                                                                                                                                                          |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                                                              |
| holder                                             | ...    | in                    relation to any share means the member whose name is entered                    in the                    register as the holder of that share;                                                                                                                                                                                                                                             |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                                                              |
| the                    office                      | ...    | means                    the registered office for the time being of the                    Company;                                                                                                                                                                                                                                                                                                              |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                                                              |
| paid                    up                         | ...    | means                    paid up or credited as paid up;                                                                                                                                                                                                                                                                                                                                                          |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                                                              |
| person                    entitled by transmission | ...    | means                    a person whose entitlement to a share in consequence of the death                    or                    bankruptcy of a member or of any other event giving rise to its                    transmission by operation of law has been noted in the                    register;                                                                                                        |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                                                              |
| register                                           | ...    | means                    the register of members of the Company;                                                                                                                                                                                                                                                                                                                                                  |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                                                              |
| seal                                               | ...    | means                    any common seal of the Company or any official seal or securities                    seal                    which the Company may have or be permitted to have under the                    Statutes;                                                                                                                                                                                   |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                                                              |
| secretary                                          | ...    | means                    the secretary of the Company or, if there are joint secretaries,                    any of                    the joint secretaries and includes an assistant or deputy secretary                    and                    any person appointed by                    the board to perform any of the duties of the secretary of the                    Company;                    and |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                                                              |
| Statutes                                           | ...    | means                    the Act and every other statute, statutory instrument, regulation                    or order                    for the time being in force concerning companies registered under                    the                    Act;                                                                                                                                                        |
|                                               |   |                                                                                                                                                                                                                                                                                                                                                                                                              |

|   | (b) | any                  election by two or more holders of shares to aggregate their voting                  rights                  for the purposes of the above definition of Controlling Shareholder                  shall                  be made in writing, shall specify the names of all relevant holders,                  the                  number of shares in respect of which voting rights are to be so                  aggregated, shall contain confirmation as to their being associated                  as                  mentioned in the above definition and shall be deposited at the                  office; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | (c) | any                  other words or expressions defined in the Act (as in force on the                  date of                  adoption of these articles) have the same meaning in these articles                  except                  that the word “company” includes any body                  corporate; |
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|   | (d) | any                  reference elsewhere in these articles to any statute or statutory                  provision includes a reference to any modification or re-enactment                  of it                  for the time being in force; |
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|   | (e) | words                  importing the singular number include the plural number and vice                  versa,                  words importing the masculine gender include the feminine gender                  and words                  importing persons include bodies corporate and unincorporated                  associations; |
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|   | (f) | any                  reference to writing includes a reference to any method of representing                  or                  reproducing words in a legible                  form; |
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|   | (g) | any                  reference to a document being sealed or executed under seal or                  under the                  common seal of any body corporate (including the Company) or any                  similar                  expression includes a reference to its being executed in any other                  manner                  which has the same effect as if it were executed under seal; |
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|   | (h) | any                  reference to a meeting shall not be taken as requiring more than                  one                  person to be present in person if any quorum requirement can be                  satisfied                  by one person; |
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|   | (i) | any                  reference to doing something by electronic means includes doing                  it by an                  electronic communication; and |
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|   | (j) | any                  reference to a signature or something being signed or executed                  includes an                  electronic signature or other means of verifying the authenticity                  of an                  electronic communication which the board may from time to time                  approve, a                  signature printed or reproduced by mechanical or other means, or                  any stamp                  or other distinctive marking made by or with the authority of the                  person                  required to sign the document to indicate it is approved by such                  person. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Subject                  to the provisions of the Statutes a special or extraordinary resolution                  shall be effective for any purpose for which an ordinary resolution                  is                  expressed to be required and a special resolution shall be effective                  for                  any purpose for which an extraordinary resolution is required under                  these                  articles. |
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| (3) | Headings                  to these articles are inserted for convenience only and shall not                  affect                  construction. |
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**SHARE        CAPITAL**

| **3.** | **Authorised                  share capital** |
|--------|----------------------------------------------------|

| (1) | The                  authorised share capital of the Company at the date of adoption                  of these                  articles is £42,000,002 and US$ 1,000,000 divided into 42,000,002 deferred                  shares of £1 each (“deferred shares”), 48,000,000 Series A ordinary shares                  of US$0.01 each (“A ordinary shares”) and 52,000,000 Series B ordinary                  shares of US$0.01 each (“B ordinary                  shares”). |
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***Ordinary        Shares***

| (2) | The                  A ordinary shares and the B ordinary shares (together referred                  to as                  “ordinary shares”) shall rank *pari                  passu*                  in                  all respects and shall carry the same rights, including as to                  participation in the profits and assets of the Company, as if they                  formed                  a single class of shares, except as otherwise expressly stated                  in these                  articles. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

*Voting*

| (3) | On                  any resolution put to the vote at a general meeting on a show of                  hands                  every holder of ordinary shares who is present in person or, not                  being                  himself a holder of ordinary shares, by proxy shall have one vote                  and on                  any resolution put to the vote on a                  poll: |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | every                  holder of an A ordinary share who is present in person or by proxy                  shall                  have one vote for every such share of which he is the holder; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | (b) | every                  holder of a B ordinary share who is present in person or by proxy                  shall                  have ten votes for every such share of which he is the holder. |
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*Voluntary        conversion of B ordinary shares*

| (4) | A                  holder of a B ordinary share may at any time convert that share                  into an A                  ordinary share by giving notice in writing (a “conversion notice”) to the                  Company at the office, accompanied by the certificate relating                  to the B                  ordinary share. If the certificate relates to more than one B ordinary                  share, the conversion notice shall specify the number of shares                  to be so                  converted. A conversion notice shall have effect on the date on                  which it                  is received at the office or on such later date as may be specified                  in the                  conversion notice. Once lodged a conversion notice may not be withdrawn                  without the consent in writing of the Company. Within 28 days                  after                  the date on which the conversion has effect, the Company shall                  send to the                  holder of the relevant shares, at his own risk, free of charge,                  a                  certificate for the appropriate number of A ordinary shares and                  a new                  certificate for any unconverted B ordinary shares comprised in                  any                  certificate surrendered by him. |
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*Mandatory        conversion of B ordinary shares*

| (5) | A                  B                  ordinary share shall automatically be converted into an A ordinary                  share                  on the occurrence of a Mandatory Conversion Event (as defined below)                  in                  relation to that share. The holder of a B ordinary share shall                  notify the                  Company in writing immediately on his becoming aware of such occurrence,                  but the directors may at any time determine that a Mandatory Conversion                  Event has occurred on a particular date in relation to any B ordinary                  share and if they do so their determination shall be conclusive.                  A holder                  of a B ordinary share shall promptly provide all such information                  as the                  directors may request in writing and is available to him for the                  purpose                  of determining whether a Mandatory Conversion Event has occurred                  and, if                  so, the date on which it occurred. If a Mandatory Conversion Event                  occurs                  in relation to any B ordinary share the holder shall surrender                  to the                  Company the certificate relating to that share. Within 28 days                  of                  surrender of the certificate, the Company shall send to the holder                  of the                  relevant shares, at his own risk, free of charge, a definitive                  certificate                  for the appropriate number of A ordinary                  shares. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

*Other        conversion provisions *

| (6) | On                  any conversion of a B ordinary share, that share shall be redesignated                  as                  an A ordinary share. On the conversion into A ordinary shares of                  all the B                  ordinary shares in issue immediately before such conversion all                  the A                  ordinary shares (both issued and unissued) and any B ordinary shares                  as                  then are unissued shall be automatically redesignated as “ordinary                  shares”. |
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*Provisions        applicable up to conversion*

| (7) | So                  long as any B ordinary shares are in                  issue: |
|-----|----------------------------------------------------------------------------------|

|   | (a) | the                  Company shall not consolidate, sub-divide or otherwise reorganise                  either                  the A ordinary shares or the B ordinary shares unless as a result                  of such                  consolidation, sub-division or other reorganisation the par value                  of each                  A ordinary share and each B ordinary share remains the                  same; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | any                  variation of the special rights attaching to the A ordinary shares                  or the                  B ordinary shares shall be deemed to be a variation of the special                  rights                  attaching to the other class of ordinary shares; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the                  Company shall not allot or issue, or grant (or permit any of its                  subsidiaries to grant) any right to subscribe for or to convert                  into, any                  B ordinary share except to (i) News Corporation or (ii) any company                  which                  is a successor to News Corporation by reason of one or more                  reorganisations or reconstructions or (iii) any undertaking which                  is for                  the time being a subsidiary undertaking of News Corporation or                  any such                  successor to it or (iv) a nominee for any such person as is referred                  to in                  (i) to (iii) of this sub-paragraph;                  and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (d) | without                  such consent or sanction on the part of the holders of the A ordinary                  shares as is required for a variation of the special rights attaching                  to                  those shares, the Company shall not allot or issue, or grant (or                  permit                  any of its subsidiaries to grant) any right to subscribe for or                  to convert                  into, any B ordinary share except as                  follows: |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | on                  any issue of additional ordinary shares to holders of ordinary                  shares                  under article 114 the Company shall issue B ordinary shares to                  the holders                  of B ordinary shares at the same time, on the same basis and in                  the same                  proportion as it issues A ordinary shares to the holders of A ordinary                  shares; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | if                  the Company offers on a *pro                  rata*                  basis (as nearly as practicable) to holders of ordinary shares                  any                  ordinary shares for subscription by way of a rights issue, open                  offer or                  similar offer, the Company may offer B ordinary shares to the holders                  of B                  ordinary shares at the same time, on the same basis and in the                  same                  proportion as it offers A ordinary shares to the holders of A ordinary                  shares; |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | if                  the Company or any of its subsidiaries issues or offers to issue                  on a                  *pro                  rata*                  basis (as nearly as practicable) to the holders of ordinary shares                  any                  securities which confer rights to subscribe for, or to convert                  into,                  additional ordinary shares, the Company may make the issue or offer                  of                  those securities (or procure the relevant subsidiary to do so)                  on terms                  that the additional ordinary shares which may be issued on exercise                  of                  such rights by a holder of B ordinary shares shall be B ordinary                  shares                  but otherwise such securities shall confer the same rights as those                  issued                  or offered to the holders of A ordinary shares and the issue or                  offer                  shall be made at the same time, on the same basis and in the same                  proportion as that made to the holders of A ordinary shares;                  or |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | pursuant                  to article 113. |
|--------|------|-------------------------------------------|

***Deferred        shares***

| (8) | The                  deferred shares shall have the following rights and be subject                  to the                  following restrictions: |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | a                  deferred share shall entitle its holder on a return of capital                  on a                  winding up (but not otherwise) to repayment of the amount paid                  up on that                  share but only after the payment or repayment to each holder of                  an                  ordinary share of a sum equal to the capital paid up on that share                  plus an                  additional sum of US$ 1,000,000 (or the sterling equivalent of                  that sum,                  calculated at the date of payment);                  and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | a                  deferred share shall not entitle its holder to receive any dividend                  or                  other distribution out of the profits or assets of the Company                  or to                  receive notice of, or to attend or vote at, any general meeting                  of the                  Company. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **4.** | **Rights attached to shares** |
|--------|----------------------------------------------|

| **5.** | **Unissued                  shares** |
|--------|--------------------------------------|

| **6.** | **Authority                  to allot relevant                  securities** |
|--------|------------------------------------------------------------------------------|

|   | (a) | on                  the passing of the resolution the board shall be generally and                  unconditionally authorised to allot relevant securities (as defined                  for                  the purposes of that section) up to the nominal amount specified                  in the                  resolution; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

| **7.** | **Dis-application                  of pre-emption rights** |
|--------|------------------------------------------------------------|

| (1) | Subject                  to the board being generally authorised to allot relevant securities                  in                  accordance with section 80 of the Act, the Company may from                  time to                  time resolve by a special resolution referring to this article                  that the                  board be given power to allot equity securities for cash and, on                  the                  passing of the resolution, the board shall have power to allot                  (pursuant                  to that authority) equity securities for cash as if section 89(1)                  of                  the Act did not apply to the allotment, and unless previously revoked                  that                  power shall expire on the date (if any) specified in the special                  resolution or, if no date is specified, at the conclusion of the                  next                  annual general meeting of the Company but the Company may before                  the power                  expires make an offer or agreement which would or might require                  equity                  securities to be allotted after it expires. |
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| (2) | For                  the purposes of this article “equity security” and “relevant share” have                  the meanings given to them in section 94 of the Act. |
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| **8.** | **Power                  to pay commission and                  brokerage** |
|--------|-----------------------------------------------------------------------------|

| **9.** | **Power to increase,                  consolidate, sub-divide and cancel shares** |
|--------|-----------------------------------------------------------------------------------------------------------------|

| (1) | Subject                  to any rights conferred on the holders of any class of shares,                  the Company                  may by ordinary resolution: |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | increase                  its capital by the creation of new shares of such amount as the                  resolution                  prescribes; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | consolidate                  and divide all or any of its share capital into shares of a larger                  amount                  than its existing shares; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | sub-divide                  its shares, or any of them, into shares of smaller amount than                  is fixed by                  the memorandum of association or these articles, but so that the                  proportion between the amount paid up and the amount (if any) not                  paid up                  on each reduced share shall be the same as it was in the case of                  the share                  from which the reduced share is derived;                  and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | cancel                  any shares which, at the date of the passing of the resolution,                  have not                  been taken or agreed to be taken by any person and diminish the                  amount of                  its share capital by the amount of the shares so                  cancelled. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | A                  resolution by which any share is sub-divided may determine that,                  as                  between the holders of the shares resulting from the sub-division,                  one or                  more of the shares may have such preferred or other special rights,                  or may                  have such qualified or deferred rights or be subject to such restrictions,                  as compared with the other or others, as the Company has power                  to attach                  to new shares. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | If                  as a result of any consolidation of shares any members would become                  entitled to fractions of a share, the board may deal with the fractions                  as                  it thinks fit and in particular may (on behalf of those members)                  sell the                  shares representing the fractions to any person (including, subject                  to the                  provisions of the Statutes, the Company) and distribute the net                  proceeds                  of sale in due proportion among those members (except that any                  proceeds                  less than a sum fixed by the board may be retained for the benefit                  of the                  Company). For the purpose of any such sale the board may authorise                  some                  person to transfer the shares to or as directed by the purchaser,                  who                  shall not be bound to see to the application of the purchase money;                  nor                  shall his title to the shares be affected by any irregularity in                  or                  invalidity of the proceedings relating to the sale. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **10.** | **Power                  to issue redeemable shares** |
|---------|-------------------------------------------------------|

----

| **11.** | **Power                  to purchase own shares** |
|---------|---------------------------------------------------|

| **12.** | **Power                  to reduce capital** |
|---------|----------------------------------------------|

| **13.** | **Trusts                  not recognised** |
|---------|--------------------------------------------|

**VARIATION OF RIGHTS**

| **14.** | **Variation of rights** |
|---------|-----------------------------------|

| (1) | Whenever                  the capital of the Company is divided into different classes of                  shares,                  all or any of the rights for the time being attached to any class                  of                  shares in issue may from time to time (whether or not the Company                  is being                  wound up) be varied with the consent in writing of the holders                  of                  three-fourths in nominal value of the issued shares of that class                  or with                  the sanction of an extraordinary resolution passed at a separate                  general                  meeting of the holders of those                  shares. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | All                  the provisions of these articles relating to general meetings of                  the                  Company or to the proceedings at general meetings shall apply,                  *mutatis                  mutandis*,                  to every such separate general meeting, except                  that: |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the                  necessary quorum at any such meeting (other than an adjourned meeting)                  shall be two persons holding or representing by proxy at least                  one-third                  in nominal amount of the issued shares of the class; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | at                  an adjourned meeting the necessary quorum shall be one person holding                  shares of the class or his proxy; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | every                  holder of shares of the class shall, on a poll, have one vote in                  respect                  of every share of the class held by him;                  and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | a                  poll may be demanded by any one holder of shares of the class whether                  present in person or by proxy. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Unless                  otherwise expressly provided by the terms of their issue, the rights                  attached to any class of shares shall not be deemed to be varied                  by the                  creation or issue of further shares ranking *pari                  passu*                  with them. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**SHARE        CERTIFICATES**

| **15.** | **Issue                  of certificates** |
|---------|--------------------------------------------|

| (1) | A                  person whose name is entered in the register as the holder of any                  shares                  shall be entitled (unless the conditions of issue otherwise provide)                  to                  receive one certificate for those shares, or one certificate for                  each                  class of those shares and, if he transfers part of the shares,                  represented                  by a certificate in his name, to receive a new certificate for                  the balance                  of those shares. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | In                  the case of joint holders, the Company shall not be bound to issue                  more                  than one certificate for all the shares in any particular class                  registered                  in their joint names, and delivery of a certificate for a share                  to any one                  of the joint holders shall be sufficient delivery to                  all. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Every                  share certificate shall be issued under seal (by affixing the seal                  to, or                  printing the seal or a representation of it on, the certificate)                  and shall                  specify the number and class of the shares to which it relates                  and the                  amount or respective amounts paid up on the                  shares. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **16.** | **Charges                  for and replacement of                  certificates** |
|---------|-----------------------------------------------------------------------------------|

| (1) | Except                  as expressly provided to the contrary in these articles, no fee                  shall be                  charged for the issue of a share                  certificate. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Any                  two or more certificates representing shares of any one class held                  by any                  member may at his request be cancelled and a single new certificate                  issued. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | If                  any member surrenders for cancellation a certificate representing                  shares                  held by him and requests the Company to issue two or more certificates                  representing those shares in such proportions as he may specify,                  the board                  may, if it thinks fit, comply with the request on payment of such                  fee (if                  any) as the board may decide. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | If                  a certificate is damaged or defaced or alleged to have been lost,                  stolen                  or destroyed, a new certificate representing the same shares may                  be issued                  on compliance with such conditions as to evidence and indemnity                  as the                  board may think fit and on payment of any exceptional expenses                  of the                  Company incidental to its investigation of the evidence and, if                  damaged or                  defaced, on delivery up of the old certificate. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | In                  the case of joint holders of a share a request for a new certificate                  under                  any of the preceding paragraphs of this article may be made by                  any one of                  the joint holders unless the certificate is alleged to have been                  lost,                  stolen or destroyed. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**LIEN ON SHARES**

| **17.** | **Lien on partly paid shares** |
|---------|----------------------------------------------------|

| (1) | The                  Company shall have a first and paramount lien on every share (not                  being a                  fully paid share) for all amounts payable (whether or not due)                  in respect                  of that share. The lien shall extend to every amount payable in                  respect of                  that share. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | The                  board may at any time either generally or in any particular case                  declare                  any share to be wholly or partly exempt from the provisions of                  this                  article. Unless otherwise agreed, the registration of a transfer                  of a                  share shall operate as a waiver of the Company’s lien (if any) on that                  share. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **18.** | **Enforcement                  of lien** |
|---------|-----------------------------------------------|

| (1) | The                  Company may sell any share subject to a lien in such manner as                  the board                  may decide if an amount payable on the share is due and is not                  paid within                  fourteen clear days after a notice has been served on the holder                  or any                  person entitled by transmission to the share demanding payment                  of that                  amount and giving notice of intention to sell in                  default. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | To                  give effect to any sale under this article, the board may authorise                  some                  person to transfer the share sold to, or in accordance with the                  directions                  of, the purchaser and the transferee shall not be bound to see                  to the                  application of the purchase money nor shall his title to the share                  be                  affected by any irregularity in or invalidity of the proceedings                  connected                  with the sale. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | The                  net proceeds of the sale, after payment of the costs, shall be                  applied in                  or towards satisfaction of the amount due and any residue shall                  (subject                  to a like lien for any amounts not presently due as existed on                  the share                  before the sale), on surrender of the certificate for the shares                  sold, be                  paid to the holder or person entitled by transmission to the share                  immediately before the sale. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**CALLS ON SHARES**

| **19.** | **Calls** |
|---------|-----------|

| (1) | Subject                  to the terms of allotment, the board may make calls on the members                  in                  respect of any moneys unpaid on their shares (whether in respect                  of                  nominal amount or premium) and each member shall (subject to his                  receiving                  at least fourteen clear days’ notice specifying when and where payment is                  to be made) pay to the Company as required by the notice the amount                  called                  on his shares. A call may be revoked or postponed as the board                  may decide. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (2) | Any                  call may be made payable in one sum or by instalments and shall                  be deemed                  to be made at the time when the resolution of the board authorising                  that                  call is passed. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | A                  person on whom a call is made shall remain liable for it notwithstanding                  the subsequent transfer of the share in respect of which the call                  is                  made. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | The                  joint holders of a share shall be jointly and severally liable                  for the                  payment of all calls in respect of that share. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **20.** | **Interest                  on calls** |
|---------|----------------------------------------|

| **21.** | **Sums                  treated as calls** |
|---------|--------------------------------------------|

| **22.** | **Power                  to differentiate** |
|---------|---------------------------------------------|

| **23.** | **Payment                  of calls in advance** |
|---------|--------------------------------------------------|

**FORFEITURE        OF SHARES**

| **24.** | **Notice of unpaid calls** |
|---------|-------------------------------------------|

| (1) | If                  the whole or any part of any call or instalment remains unpaid                  on any                  share after the due date for payment, the board may serve a notice                  on the                  holder requiring him to pay so much of the call or instalment as                  remains                  unpaid, together with any accrued                  interest. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | The                  notice shall state a further day, being not less than fourteen                  clear days                  from the date of the notice, on or before which, and the place                  where,                  payment is to be made and shall state that, in the event of non-payment                  on                  or before the day and at the place appointed, the share in respect                  of                  which the call was made or instalment is payable will be liable                  to be                  forfeited. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | The                  board may accept a surrender of any share liable to be forfeited. |
|-----|----------------------------------------------------------------------------------------|

| **25.** | **Forfeiture                  on non-compliance with                  notice** |
|---------|--------------------------------------------------------------------------------|

| (1) | If                  the requirements of a notice served under the preceding article                  are not                  complied with, any share in respect of which it was given may (before                  the                  payment required by the notice is made) be forfeited by a resolution                  of                  the board. The forfeiture shall include all dividends declared                  and other                  moneys payable in respect of the forfeited share and not actually                  paid                  before the forfeiture. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | If                  a share is forfeited, notice of the forfeiture shall be given to                  the                  person who was the holder of the share or (as the case may be)                  the person                  entitled to the share by transmission and an entry that notice                  of the                  forfeiture has been given, with the relevant date, shall be made                  in the                  register; but no forfeiture shall be invalidated by any omission                  to give                  such notice or to make such entry. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **26.** | **Power                  to annul forfeiture or                  surrender** |
|---------|------------------------------------------------------------------------------|

| **27.** | **Disposal                  of forfeited or surrendered                  shares** |
|---------|-----------------------------------------------------------------------------------|

| (1) | Every                  share which is forfeited or surrendered shall become the property                  of the                  Company and (subject to the provisions of the Statutes) may be                  sold,                  re-allotted or otherwise disposed of, upon such terms and in such                  manner                  as the board shall decide either to the person who was before the                  forfeiture the holder of the share or to any other person and whether                  with                  or without all or any part of the amount previously paid up on                  the share                  being credited as so paid up. The board may for the purposes of                  a disposal                  authorise some person to transfer the forfeited or surrendered                  share to,                  or in accordance with the directions of, any person to whom the                  same has                  been sold or disposed of. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | A                  statutory declaration by a director or the secretary that a share                  has been                  forfeited or surrendered on a specified date shall, as against                  all persons                  claiming to be entitled to the share, be conclusive evidence of                  the facts                  stated in it and shall (subject to the execution of any necessary                  transfer) constitute a good title to the share. The new holder                  of the                  share shall not be bound to see to the application of the consideration                  for the disposal (if any) nor shall his title to the share be affected                  by                  any irregularity in or invalidity of the proceedings connected                  with the                  forfeiture, surrender, sale, re-allotment or disposal of the                  share. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **28.** | **Arrears                  to be paid notwithstanding forfeiture or                  surrender** |
|---------|--------------------------------------------------------------------------------------------------|

**UNTRACED        MEMBERS**

| **29.** | **Sale                  of shares of untraced                  members** |
|---------|--------------------------------------------------------------------------|

| (1) | The                  Company may sell any share of a member, or any share to which a                  person is                  entitled by transmission, if: |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | during                  a period of twelve years at least three cash dividends have become                  payable                  in respect of the share to be sold; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | during                  that period no cash dividend payable in respect of the share has                  been                  claimed, no warrant or cheque in respect of the share sent to the                  address                  and in the manner provided by these articles for sending such payments                  has                  been cashed and no communication has been received by the Company                  from the                  member or the person entitled by transmission to the                  share; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | on                  or after the expiry of that period of twelve years the Company                  has                  published an advertisement in a newspaper circulating in the area                  in which                  the address referred to in sub-paragraph (b) is located, giving                  notice of                  its intention to sell the share;                  and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | during                  the period of three months following the publication of that advertisement                  and after that period until the exercise of the power to sell the                  share,                  the Company has not received any communication from the member                  or the                  person entitled by transmission to the                  share. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | The                  Company’s power of sale shall extend to any further share which, on or                  before the date of publication of the advertisement pursuant to                  sub-paragraph (1)(c) above, is issued in right of a share                  to which                  paragraph (1) applies (or in right of any share to which this paragraph                  applies) if the conditions set out in sub-paragraphs (1)(b) to                  (d) are                  satisfied in relation to the further share (but as if the references                  to a                  period of twelve years were references to a period beginning on                  the date                  of allotment of the further share and ending on the date of publication                  of                  the first of the advertisements referred to                  above). |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (3) | To                  give effect to any sale, the board may authorise some person to                  transfer                  the share to, or in accordance with the directions of the purchaser                  and                  the new holder of the share shall not be bound to see to the application                  of the purchase money; nor shall his title to the share be affected                  by any                  irregularity in, or invalidity of, the proceedings connected with                  the                  sale. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **30.** | **Application                  of proceeds of sale** |
|---------|------------------------------------------------------|

| (1) | The                  Company shall account to the person entitled to the share at the                  date of                  sale for a sum equal to the net proceeds of sale and shall be deemed                  to be                  his debtor, and not a trustee for him, in respect of them. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Pending                  payment of the net proceeds of sale to such person, the proceeds                  may                  either be employed in the business of the Company or invested in                  such                  investments (other than shares of the Company or its holding company,                  if                  any) as the board may from time to time                  decide. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | No                  interest shall be payable in respect of the net proceeds and the                  Company                  shall not be required to account for any moneys earned on the net                  proceeds. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**TRANSFER        OF SHARES**

| **31.** | **Form                  of transfer** |
|---------|---------------------------------------|

| (1) | Subject                  to the restrictions in these articles, any member may transfer                  all or any                  of his shares by an instrument of transfer in any usual form or                  in any                  other form which the board may                  approve. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | The                  instrument of transfer of a share shall be signed by or on behalf                  of the                  transferor and (except in the case of a fully paid share) by or                  on behalf                  of the transferee. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | The                  transferor shall be deemed to remain the holder of the share until                  the                  name of the transferee is entered in the register in respect of                  the share. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **32.** | **Right                  to refuse to register                  transfers** |
|---------|-----------------------------------------------------------------------------|

| (1) | The                  board may, in its absolute discretion and without giving any reason                  for                  its decision, refuse to register any transfer of a share which                  is not                  fully paid up or on which the Company has a                  lien. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | The                  board may also refuse to register any transfer unless it                  is: |
|-----|----------------------------------------------------------------------------------------------------|

|   | (a) | in                  respect of only one class of                  shares; |
|--------|-----|---------------------------------------------------------------------------|

|   | (b) | in                  favour of no more than four                  transferees; |
|--------|-----|-------------------------------------------------------------------------------|

|   | (c) | left                  at the office, or at such other place as the board may decide,                  for                  registration; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | accompanied                  by the certificate for the shares to be transferred and such other                  evidence (if any) as the board may reasonably require to prove                  the title                  of the intending transferor or his right to transfer the                  shares. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | If                  the board refuses to register a transfer of a share, it shall,                  within two                  months after the date on which the transfer was lodged, send to                  the                  transferee notice of the refusal. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **33.** | **No                  fee payable** |
|---------|-------------------------------------|

----

| **34.** | **Retention                  of instruments** |
|---------|-----------------------------------------------|

| **35.** | **Power                  to suspend registration of                  transfers** |
|---------|----------------------------------------------------------------------------------|

| **36.** | **Renunciations** |
|---------|-------------------|

**TRANSMISSION        OF SHARES**

| **37.** | **Transmission                  on death** |
|---------|--------------------------------------------|

| **38.** | **Election                  of person entitled by                  transmission** |
|---------|-----------------------------------------------------------------------------------|

| (1) | A                  person becoming entitled to a share in consequence of the death                  or                  bankruptcy of a member or of any other event giving rise to a transmission                  by operation of law may, on producing such evidence as the board                  may                  require and subject as provided in this article, elect either to                  be                  registered himself as the holder of the share or to have some person                  nominated by him registered as the holder of the                  share. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | If                  he elects to be registered himself, he shall give to the Company                  a notice                  signed by him to that effect. If he elects to have another person                  registered, he shall execute a transfer of the share to that                  person. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | All                  the provisions of these articles relating to the transfer of shares                  shall                  apply to the notice or instrument of transfer as if it were an                  instrument                  of transfer signed by the person from whom the title by transmission                  is                  derived and the event giving rise to such transmission had not                  occurred. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **39.** | **Rights                  of person entitled by                  transmission** |
|---------|---------------------------------------------------------------------------------|

| (1) | A                  person becoming entitled to a share in consequence of a death or                  bankruptcy or of any other event giving rise to a transmission                  by                  operation of law shall have the right to receive and give a discharge                  for                  any dividends or other moneys payable in respect of the share and                  shall                  have the same rights in relation to the share as he would have                  if he were                  the holder except that, until he becomes the holder, he shall not                  be                  entitled to attend or vote at any meeting of the Company or any                  separate                  general meeting of the holders of any class of shares in the Company. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | The                  board may at any time give notice requiring any such person to                  elect                  either to be registered himself or to transfer the share and, if                  after                  ninety days the notice has not been complied with, the board may                  withhold                  payment of all dividends or other moneys payable in respect of                  the share                  until the requirements of the notice have been complied                  with. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**DISCLOSURE        OF INTERESTS IN SHARES**

| **40.** | **Disclosure                  of interests in shares** |
|---------|--------------------------------------------------------|

| (1) | This                  article applies where the Company gives to the holder of a share                  or to any                  person appearing to be interested in a share a notice requiring                  any of the                  information mentioned in section 212 of the Act (a “section 212                  notice”). |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (2) | If                  a section 212 notice is given by the Company to a person                  appearing to                  be interested in any share, a copy shall at the same time be given                  to the                  holder, but the accidental omission to do so or the non-receipt                  of the                  copy by the holder shall not prejudice the operation of the following                  provisions of this article. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | If                  the holder of, or any other person appearing to be interested in,                  any                  share has been served with a section 212 notice and, in respect                  of that                  share (a “default share”), has been in default for a period of 14 days                  after the date of service of the section 212 notice in supplying                  to the                  Company the information required by that notice, the board may                  decide that                  all or some of the restrictions referred to below shall apply in                  respect                  of the default share. Those restrictions shall continue                  until: |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | (b) | the                  board decides to waive those restrictions, in whole or in                  part. |
|--------|-----|-------------------------------------------------------------------------------------------------------|

| (4) | The                  restrictions referred to above are that the holder of a default                  share                  shall not be entitled, in respect of that                  share: |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | to                  attend or to vote, either personally or by proxy, at any general                  meeting                  or at any separate general meeting of the holders of any class                  of shares                  in the Company; or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | to                  receive any dividend or other distribution;                  or |
|--------|-----|-------------------------------------------------------------------------------------|

|   | (c) | to                  transfer or agree to transfer that share or any rights in                  it. |
|--------|-----|----------------------------------------------------------------------------------------------------|

| (5) | If                  any dividend or other distribution is withheld under paragraph                  (4)(b)                  above, the member shall be entitled to receive it as soon as practicable                  after the restrictions contained in paragraph (4)(b) cease to                  apply. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | If,                  while any of the restrictions referred to above apply to a share,                  another                  share is allotted in right of it (or in right of any share to which                  this                  paragraph applies), the same restrictions shall apply to that other                  share                  as if it were a default share. For this purpose, shares which the                  Company                  allots, or procures to be offered, *pro                  rata*                  (disregarding fractional entitlements and shares not offered to                  certain                  members by reason of legal or practical problems associated with                  issuing                  or offering shares outside the United Kingdom) to holders of shares                  of the                  same class as the default share shall be treated as shares allotted                  in                  right of existing shares from the date on which the allotment is                  unconditional or, in the case of shares so offered, the date of                  the                  acceptance of the offer. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7) | For                  the purposes of this article a person shall be treated as appearing                  to be                  interested in any share if the Company has given to the member                  holding                  such share a section 212 notice and either (i) the                  member has                  named the person as being interested in the share or (ii) (after                  taking into account any response to any section 212 notice and                  any other                  relevant information) the Company knows or has reasonable cause                  to believe                  that the person in question is or may be interested in the                  share. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (8) | The                  provisions of this article are without prejudice to the provisions                  of                  section 216 of the Act and, in particular, the Company may apply                  to the                  court under section 216(1) whether or not these provisions apply                  or have                  been applied. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**GENERAL MEETINGS**

| **41.** | **Annual                  general meetings** |
|---------|----------------------------------------------|

| **42.** | **Extraordinary                  general meetings** |
|---------|-----------------------------------------------------|

| **43.** | **Convening                  of extraordinary general                  meetings** |
|---------|-----------------------------------------------------------------------------------|

| (1) | The                  board may convene an extraordinary general meeting whenever it                  thinks fit. |
|-----|------------------------------------------------------------------------------------------------------------------|

| (2) | An                  extraordinary general meeting may also be convened in accordance                  with                  article 83. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------|

----

| (3) | An                  extraordinary general meeting shall also be convened by the board                  on the                  requisition of members pursuant to the provisions of the Statutes                  or, in                  default, may be convened by such requisitionists, as provided by                  the                  Statutes. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | The                  board shall comply with the provisions of the Statutes regarding                  the                  giving and the circulation, on the requisition of members, of notices                  of                  resolutions and of statements with respect to matters relating                  to any                  resolution to be proposed or business to be dealt with at any general                  meeting of the Company. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**NOTICE        OF GENERAL MEETINGS**

| **44.** | **Length                  and form of notice** |
|---------|------------------------------------------------|

| (1) | An                  annual general meeting and an extraordinary general meeting called                  for the                  passing of a special resolution or a resolution of which special                  notice is                  required by the Statutes or a resolution appointing any person                  (other than                  a retiring director) as a director shall be called by not less                  than                  twenty-one clear days’ notice. All other extraordinary general meetings                  shall be called by not less than fourteen clear days’                  notice. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | The                  notice shall specify the place, day and time of the meeting, and                  the                  general nature of the business to be                  transacted. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Notice                  of every general meeting shall be given to all members other than                  any who,                  under the provisions of these articles or the terms of issue of                  the shares                  they hold, are not entitled to receive such notices from the Company,                  and                  also to the auditors (or, if more than one, each of them) and to                  each                  director. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **45.** | **Omission                  or non-receipt of notice** |
|---------|--------------------------------------------------------|

**PROCEEDINGS        AT GENERAL MEETINGS**

| **46.** | **Quorum** |
|---------|------------|

| (1) | No                  business shall be transacted at any general meeting unless the                  requisite                  quorum is present when the meeting proceeds to business. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Except                  as otherwise provided by these articles two members present in                  person or                  by proxy shall be a quorum. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | If                  within fifteen minutes from the time appointed for the holding                  of a                  general meeting a quorum is not present, the meeting, if convened                  on the                  requisition of members, shall be dissolved. In any other case,                  it shall                  stand adjourned to the same day in the next week (or, if that day                  is a                  holiday, to the next working day) and at the same time and place,                  as the                  original meeting, or, subject to article 51(4), to such other day,                  and at                  such other time and place, as the board may decide. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | If                  at an adjourned meeting a quorum is not present within fifteen                  minutes                  from the time fixed for holding the meeting, the meeting shall                  be                  dissolved. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **47.** | **Security** |
|---------|--------------|

| **48.** | **Chairman** |
|---------|--------------|

----

| **49.** | **Directors                  entitled to attend and                  speak** |
|---------|------------------------------------------------------------------------------|

| **50.** | **Resolutions                  and amendments** |
|---------|-------------------------------------------------|

| (1) | Subject                  to the Statutes, a resolution may only be put to the vote at a                  general                  meeting if the chairman of the meeting in his absolute discretion                  decides                  that the resolution may properly be regarded as within the scope                  of the                  meeting. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | In                  the case of a resolution to be proposed as a special or extraordinary                  resolution no amendment may be made, at or before the time at which                  the                  resolution is put to the vote, to the form of the resolution as                  set out in                  the notice of meeting, except to correct a patent error or as may                  otherwise be permitted by law. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | In                  the case of a resolution to be proposed as an ordinary resolution                  no                  amendment may be made, at or before the time at which the resolution                  is                  put to the vote, unless: |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | in                  the case of an amendment to the form of the resolution as set out                  in the                  notice of meeting, written notice of the intention to move the                  amendment                  is lodged at the office no later than 48 hours before the time                  fixed for                  the holding of the relevant meeting;                  or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | in                  any case, the chairman of the meeting in his absolute discretion                  otherwise                  decides that the amendment or amended resolution may properly be                  put to                  the vote. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | With                  the consent of the chairman of the meeting, a person who proposes                  an                  amendment to a resolution may withdraw it before it is put to the                  vote. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | If                  the chairman of the meeting rules a resolution or an amendment                  to a                  resolution admissible or out of order (as the case may be), the                  proceedings of the meeting or on the resolution in question shall                  not be                  invalidated by any error in his ruling. Any ruling by the chairman                  of the                  meeting in relation to a resolution or an amendment to a resolution                  shall                  be final and conclusive. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **51.** | **Adjournment** |
|---------|-----------------|

| (1) | With                  the consent of any meeting at which a quorum is present the chairman                  of                  the meeting may (and shall if so directed by the meeting) adjourn                  the                  meeting from time to time and from place to place. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | In                  addition, the chairman of the meeting may at any time without the                  consent                  of the meeting adjourn the meeting (whether or not it has commenced                  or a                  quorum is present) to another time and/or place if, in his opinion,                  it                  would facilitate the conduct of the business of the meeting to                  do                  so. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Nothing                  in this article shall limit any other power vested in the chairman                  to                  adjourn the meeting. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Whenever                  a meeting is adjourned for thirty days or more or *sine                  die*,                  at least fourteen clear days’ notice of the adjourned meeting shall be                  given in the same manner as in the case of the original meeting                  but                  otherwise no person shall be entitled to any notice of an adjourned                  meeting or of the business to be transacted at an adjourned meeting. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | No                  business shall be transacted at any adjourned meeting other than                  the                  business which might have been transacted at the meeting from which                  the                  adjournment took place. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **52.** | **Accommodation                  of persons at meeting** |
|---------|----------------------------------------------------------|

| **53.** | **Method                  of voting and demand for                  poll** |
|---------|----------------------------------------------------------------------------|

| (1) | At                  a general meeting a resolution put to the vote of the meeting shall                  be                  decided on a show of hands, unless (before, or immediately after                  the                  declaration of the result of, the show of hands or on the withdrawal                  of                  any other demand for a poll) a poll is demanded by: |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | (b) | at                  least five members present in person or by proxy having the right                  to vote                  on the resolution; or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

| (2) | No                  poll may be demanded on the appointment of a chairman of the meeting. |
|-----|-------------------------------------------------------------------------------------------|

| (3) | A                  demand for a poll may, before the poll is taken, be withdrawn but                  only                  with the consent of the chairman of the meeting and the demand                  so                  withdrawn shall not be taken to have invalidated the result of                  a show of                  hands declared before the demand was made. If a poll is demanded                  before                  the declaration of the result of a show of hands and the demand                  is duly                  withdrawn, the meeting shall continue as if the demand had not                  been                  made. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Unless                  a poll is demanded (and the demand is not withdrawn), a declaration                  by the                  chairman of the meeting that a resolution has been carried, or                  carried                  unanimously, or has been carried by a particular majority, or lost,                  or not                  carried by a particular majority, shall be conclusive, and an entry                  to                  that effect in the minutes of the meeting shall be conclusive evidence                  of                  that fact, without proof of the number or proportion of the votes                  recorded                  in favour of or against the                  resolution. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | The                  demand for a poll shall not prevent the continuance of a meeting                  for the                  transaction of any business other than the question on which a                  poll has                  been demanded. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **54.** | **How                  poll to be taken** |
|---------|-------------------------------------------|

| (1) | If                  a poll is demanded (and the demand is not withdrawn), it shall                  be taken at                  such time (either at the meeting at which the poll is demanded                  or within                  thirty days after the meeting), at such place and in such manner                  (including by electronic means) as the chairman of the meeting                  shall                  direct and he may appoint scrutineers (who need not be members). |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | A                  poll demanded on a question of adjournment shall be taken at the                  meeting                  without adjournment. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | It                  shall not be necessary (unless the chairman of the meeting otherwise                  directs) for notice to be given of a poll whether taken at or after                  the                  meeting at which it was demanded. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | On                  a poll votes may be given either personally or by proxy and a member                  entitled to more than one vote need not use all his votes or cast                  all the                  votes he uses in the same way. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | The                  result of the poll shall be deemed to be a resolution of the meeting                  at                  which the poll was demanded. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **55.** | **Chairman’s                  casting vote** |
|---------|----------------------------------------------------|

**VOTES        OF MEMBERS**

| **56.** | **Voting                  rights** |
|---------|------------------------------------|

|   | (a) | on                  a show of hands, every member who is present in person or by proxy,                  not                  being himself a member, shall have one vote;                  and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | on                  a poll, every member who is present in person or by proxy shall                  have one                  vote for every share of which he is the                  holder. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **57.** | **Representation                  of corporations** |
|---------|-----------------------------------------------------|

| **58.** | **Voting                  rights of joint holders** |
|---------|-----------------------------------------------------|

| **59.** | **Voting                  rights of members incapable of managing their                  affairs** |
|---------|----------------------------------------------------------------------------------------------------|

*curator        bonis*
*curator        bonis*
*curator        bonis*

| **60.** | **Voting                  rights suspended where sums                  overdue** |
|---------|----------------------------------------------------------------------------------|

| **61.** | **Objections                  to admissibility of votes** |
|---------|-----------------------------------------------------------|

----

**PROXIES**

| **62.** | **Proxies** |
|---------|-------------|

| (1) | A                  proxy need not be a member of the Company and a member may appoint                  more                  than one proxy to attend on the same                  occasion. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Deposit                  of an instrument of proxy shall not preclude a member from attending                  and                  voting in person at the meeting or on the poll concerned. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | No                  instrument of proxy shall be valid except for the meeting mentioned                  in it                  and any adjournment of that meeting (including on any poll demanded                  at the                  meeting or any adjourned meeting). |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **63.** | **Form                  of proxy** |
|---------|------------------------------------|

| (1) | An                  instrument appointing a proxy shall be in any usual or common form                  or any                  other form which the board shall from time to time approve or                  accept. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | The                  instrument appointing a proxy shall be in writing signed by the                  appointor,                  or his agent duly authorised in writing, or, if the appointor is                  a                  corporation, shall either be executed under its common seal or                  be signed                  by some agent or officer authorised for that purpose. The board                  may, but                  shall not be bound to, require evidence of the authority of any                  such agent                  or officer. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | The                  signature on the instrument of proxy need not be                  witnessed. |
|-----|---------------------------------------------------------------------------------------------------|

| **64.** | **Deposit                  of proxy** |
|---------|---------------------------------------|

| (1) | The                  instrument appointing a proxy: |
|-----|-----------------------------------------------------|

|   | (a) | shall                  be deposited at the office (or at such other place as may be specified                  in                  the notice convening the meeting or in any instrument of proxy                  sent out by                  the Company in relation to the meeting) at least 48 hours before                  the time                  for holding the meeting at which the person named in the instrument                  proposes to vote; or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | in                  the case of a poll taken more than 48 hours after it is demanded                  or in the                  case of an adjourned meeting to be held more than 48 hours                  after the                  time fixed for holding the original meeting, shall be deposited                  at the                  office (or at such other place as may be specified in the notice                  convening                  the meeting or in any instrument of proxy sent out by the Company                  in                  relation to the meeting) at least 24 hours before the time                  appointed                  for the taking of the poll or, as the case may be, the time fixed                  for                  holding the adjourned meeting; or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | in                  the case of a poll which is not taken at the meeting at which it                  is                  demanded but is taken 48 hours or less after it is demanded,                  or in                  the case of an adjourned meeting to be held 48 hours or                  less after                  the time fixed for holding the original meeting, shall be delivered                  at the                  meeting at which the poll is demanded or, as the case may be, at                  the                  original meeting, to the chairman of the meeting or to the secretary                  or to                  any director or as directed at the meeting by the chairman of the                  meeting. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | In                  the case of an instrument signed by an agent of a member who is                  not a                  corporation, there shall also be deposited, in the manner set out                  in                  paragraph (1) above, the authority under which the instrument                  is                  signed or an office copy of it or a copy of it certified in accordance                  with section 3 of the Powers of Attorney Act 1971. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | In                  the case of an instrument signed by an officer or agent of a corporation,                  the directors may also require there to be deposited, in the manner                  set                  out in paragraph (1) above, the authority under which the                  instrument                  is signed, or a notarially certified copy of it, or such other                  authorities                  or documents as shall be specified in the notice of the relevant                  meeting                  or in any instrument of proxy issued by the Company in connection                  with the                  relevant meeting. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | The                  board may decide, either generally or in any particular case, to                  treat an                  instrument of proxy or any of the documents required under paragraph                  (2)                  or (3) above as properly deposited for the purposes of this article                  if a                  copy of the instrument or other document is transmitted by facsimile                  process. Except as aforesaid, if the instrument of proxy and any                  of the                  documents required under paragraph (2) or (3) above are not deposited                  in                  the manner required above, the person named in the instrument of                  proxy                  shall not be entitled to vote in respect of the shares in question. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (5) | If                  two or more valid but differing instruments of proxy are deposited                  in                  respect of the same share for use at the same meeting or on the                  same poll,                  the one which is last deposited (regardless of its date or of the                  date of                  its execution) shall be treated as replacing and revoking the others                  as                  regards that share and if the Company is unable to determine which                  was                  last deposited, none of them shall be treated as valid in respect                  of that                  share. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **65.** | **Notice                  of revocation of proxy** |
|---------|----------------------------------------------------|

**DIRECTORS**

| **66.** | **Number                  of directors** |
|---------|------------------------------------------|

| **67.** | **Directors                  need not be members** |
|---------|----------------------------------------------------|

| **68.** | **Age                  of directors** |
|---------|---------------------------------------|

**APPOINTMENT,        RETIREMENT AND REMOVAL OF DIRECTORS**

| **69.** | **Appointment                  of directors by the                  Company** |
|---------|-------------------------------------------------------------------------------|

| (1) | Subject                  to the provisions of these articles, the Company may by ordinary                  resolution appoint any person who is willing to act to be a director,                  either to fill a vacancy or as an additional director, but so that                  the                  total number of directors shall not exceed any maximum number fixed                  by or                  in accordance with these articles. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | No                  person (other than a director retiring by rotation or otherwise)                  shall be                  appointed or reappointed a director at any general meeting                  unless: |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | (b) | not                  less than seven nor more than forty-two days before the date appointed                  for                  the meeting there has been given to the Company, by a member (other                  than                  the person to be proposed) entitled to vote at the meeting, notice                  of his                  intention to propose a resolution for the appointment of that person,                  stating the particulars which would, if he were so appointed, be                  required                  to be included in the Company’s register of directors and a notice                  executed by that person of his willingness to be                  appointed. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **70.** | **Separate                  resolutions for appointment of each                  director** |
|---------|---------------------------------------------------------------------------------------------|

----

| **71.** | **Other                  powers to appoint                  directors** |
|---------|-------------------------------------------------------------------------|

| (1) | Either                  the board or the Controlling Shareholder may appoint any person                  who is                  willing to act to be a director, either to fill a vacancy or by                  way of                  addition to the number of directors but so that the total number                  of                  directors shall not exceed any maximum number which may be fixed                  by or in                  accordance with these articles. Any director so appointed by the                  board                  shall retire from office at the next annual general meeting of                  the                  Company, but shall then be eligible for                  re-appointment. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Any                  such appointment by the Controlling Shareholder shall be made in                  writing                  signed by the Controlling Shareholder and, in the case of a body                  corporate                  which is a Controlling Shareholder, the signature of any officer                  or other                  duly appointed representative shall suffice. Any such appointment                  shall                  take effect when lodged at the office or produced at any meeting                  of the                  directors. Every director in office at the date of adoption of                  these                  articles shall be deemed to have been appointed pursuant to this                  article. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **72.** | **Retirement                  of directors** |
|---------|----------------------------------------------|

| (1) | At                  each annual general meeting any director who has been appointed                  by the                  board since the previous annual general meeting and any director                  selected                  to retire by rotation shall retire from                  office. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | A                  retiring director shall be eligible for re-appointment and (unless                  he is                  removed from office or his office is vacated in accordance with                  these                  articles) shall retain office until the close of the meeting at                  which he                  retires or (if earlier) when a resolution is passed at that meeting                  not to                  fill the vacancy or to appoint another person in his place or the                  resolution to re-appoint him is put to the meeting and                  lost. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | If                  at any meeting at which the appointment of a director ought to                  take place                  the office vacated by a retiring director is not filled up, the                  retiring                  director, if willing to act, shall be deemed to be re-appointed,                  unless at                  the meeting a resolution is passed not to fill the vacancy or to                  appoint                  another person in his place or unless the resolution to re-appoint                  him is                  put to the meeting and lost. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **73.** | **Selection                  of directors to retire by                  rotation** |
|---------|------------------------------------------------------------------------------------|

| (1) | Neither                  a director holding the office of chairman or chief executive nor                  a                  director appointed (or deemed to have been appointed) by a Controlling                  Shareholder under article 71 shall be subject to retirement by                  rotation                  and in selecting the directors who are to retire by rotation at                  an annual                  general meeting any such director and any director who has been                  appointed                  by the board since the previous annual general meeting shall be                  disregarded. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | At                  each annual general meeting one-third of the directors who are                  subject to                  retirement by rotation or, if their number is not an integral multiple                  of                  three, the number nearest to one-third but not exceeding one-third,                  shall                  retire from office but so that if there are fewer than three directors                  who                  are subject to retirement by rotation, one shall                  retire. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | The                  directors to retire by rotation at each annual general meeting                  shall                  include (so far as is necessary to obtain the number required)                  any                  director who wishes to retire and not to offer himself for re-election                  and                  otherwise shall be the directors who, at the date of the notice                  of the                  meeting, have been longest in office since their last appointment                  or                  re-appointment, but as between persons who became or were last                  re-appointed directors on the same day those to retire shall (unless                  they                  otherwise agree among themselves) be determined by                  lot. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | The                  names of the directors to retire by rotation shall be stated in                  the notice                  of the annual general meeting or in any document accompanying the                  notice.                  The directors to retire on each occasion (both as to number and                  identity)                  shall be determined by the composition of the board at the start                  of                  business on the date of the notice convening the annual general                  meeting                  and no director shall be required to retire or be relieved from                  retiring                  by reason of any change in the number or identity of the directors                  after                  that time but before the close of the meeting. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **74.** | **Removal                  of directors** |
|---------|-------------------------------------------|

| (1) | The                  Company may by extraordinary resolution, or by ordinary resolution                  of                  which special notice has been given in accordance with the Statutes,                  remove any director before his period of office has expired                  notwithstanding anything in these articles or in any agreement                  between him                  and the Company. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | The                  Controlling Shareholder may also remove any director. Any such                  removal                  shall be made in writing signed by the Controlling Shareholder                  and, in the                  case of a body corporate which is a Controlling Shareholder, the                  signature                  of any officer or other duly appointed representative shall suffice.                  Any                  such removal shall take effect when lodged at the office or produced                  at                  any meeting of the directors. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (3) | A                  director may also be removed from office by the service on him                  of a notice                  to that effect signed by all the other directors. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Any                  removal of a director under this article shall be without prejudice                  to any                  claim which such director may have for damages for breach of any                  agreement                  between him and the Company. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **75.** | **Vacation                  of office of director** |
|---------|--------------------------------------------------------------------|

|   | (a) | if                  he is prohibited by law from being a director;                  or |
|--------|-----|----------------------------------------------------------------------------------------|

|   | (b) | if                  he becomes bankrupt or he makes any arrangement or composition                  with his                  creditors generally; or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | if                  he is, or may be, suffering from mental disorder and in relation                  to that                  disorder either he is admitted to hospital for treatment or an                  order is                  made by a court (whether in the United Kingdom or elsewhere) for                  his                  detention or for the appointment of some person to exercise powers                  with                  respect to his property or affairs and, in either case, the board                  resolves                  that his office be vacated; or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | if                  for more than six months he is absent (whether or not an alternate                  director attends in his place), without special leave of absence                  from the                  board, from meetings of the board held during that period and the                  board                  resolves that his office be vacated;                  or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | if                  he serves on the Company notice of his wish to resign, in which                  event he                  shall vacate that office on the service of that notice on the Company                  or                  at such later time as is specified in the notice;                  or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | if                  he is removed under article 74. |
|--------|-----|-----------------------------------------------------|

| **76.** | **Executive                  directors** |
|---------|------------------------------------------|

| (1) | The                  board may appoint one or more directors to hold any executive office                  under                  the Company (including that of chairman, chief executive or managing                  director) for such period (subject to the provisions of the Statutes)                  and                  on such terms as it may decide and may revoke or terminate any                  appointment                  so made without prejudice to any claim for damages for breach of                  any                  contract of service between the director and the                  Company. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | The                  remuneration of a director appointed to any executive office shall                  be                  fixed by the board and may be by way of salary, commission, participation                  in profits or otherwise and either in addition to or inclusive                  of his                  remuneration as a director. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | A                  director appointed to any executive office shall automatically                  cease to                  hold that office if he ceases to be a director but without prejudice                  to                  any claim for damages for breach of any contract of service between                  him                  and the Company. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**ALTERNATE DIRECTORS**

| **77.** | **Power                  to appoint alternate directors** |
|---------|--------------------------------------------------------------------------|

| (1) | Each                  director may appoint another director or any other person who is                  willing                  to act as his alternate and may remove him from that office. The                  appointment as an alternate director of any person who is not himself                  a                  director shall be subject to the approval of a majority of the                  directors                  or a resolution of the board. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | An                  alternate director shall be entitled to receive notice of, and                  to attend                  and vote at, any meeting of the board (or of a committee of which                  the                  director appointing him is a member) at which the director appointing                  him                  is not personally present and at the meeting to exercise and discharge                  all                  the functions, powers and duties of his appointor as a director                  and for                  the purposes of the proceedings at the meeting the provisions of                  these                  articles shall apply as if he were a                  director. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (3) | Every                  person acting as an alternate director shall (except as regards                  power to                  appoint an alternate and remuneration) be subject in all respects                  to the                  provisions of these articles relating to directors and shall alone                  be                  responsible to the Company for his acts and defaults and shall                  not be                  deemed to be the agent of the director appointing him. An alternate                  director may be paid expenses and shall be entitled to be indemnified                  by                  the Company to the same extent as if he were a director but shall                  not be                  entitled to receive from the Company any fee in his capacity as                  an                  alternate director. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Every                  person acting as an alternate director shall have one vote for                  each                  director for whom he acts as alternate, in addition to his own                  vote if he                  is also a director, but he shall count as only one for the purpose                  of                  determining whether a quorum is                  present. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Any                  person appointed as an alternate director shall vacate his office                  as                  alternate director if the director by whom he has been appointed                  vacates                  his office as director (otherwise than by retirement at a general                  meeting                  of the Company at which he is re-elected) or removes him by notice                  to the                  Company or on the happening of any event which, if he is or were                  a                  director, causes or would cause him to vacate that                  office. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | Every                  appointment or removal of an alternate director shall be by notice                  in                  writing signed by the appointor (or in any other manner approved                  by the                  board) and shall be effective (subject to paragraph (1) above)                  on delivery                  at the office, to the secretary or at a meeting of the                  board. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**REMUNERATION,        EXPENSES AND PENSIONS**

| **78.** | **Remuneration                  of directors** |
|---------|------------------------------------------------|

| **79.** | **Special                  remuneration** |
|---------|-------------------------------------------|

| (1) | The                  board may grant special remuneration to any director who performs                  any                  special or extra services to or at the request of the Company. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Such                  special remuneration may be paid by way of lump sum, salary, commission,                  participation in profits or otherwise as the board may decide in                  addition                  to any remuneration provided for by or pursuant to any other                  article. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **80.** | **Expenses** |
|---------|--------------|

| **81.** | **Pensions                  and other benefits** |
|---------|--------------------------------------------------|

----

**POWERS OF THE        BOARD**

| **82.** | **General                  powers of the board to manage Company’s                  business** |
|---------|-------------------------------------------------------------------------------------------------------------------------------|

| (1) | The                  business of the Company shall be managed by the board which may                  exercise                  all the powers of the Company, subject to the provisions of the                  Statutes,                  the memorandum, these articles and any ordinary resolution of the                  Company.                  No resolution or alteration of the memorandum or these articles                  shall                  invalidate any prior act of the board which would have been valid                  if the                  resolution had not been passed or the alteration had not been                  made. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | The                  powers given by this article shall not be limited by any special                  authority                  or power given to the board by any other article or any resolution                  of the                  Company. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **83.** | **Power                  to act notwithstanding vacancy** |
|---------|--------------------------------------------------------------------------|

| **84.** | **Provisions                  for employees** |
|---------|-----------------------------------------------|

| **85.** | **Power                  to borrow money** |
|---------|-------------------------------------------------|

**DELEGATION        OF BOARD’S POWERS**

| **86.** | **Delegation                  to individual directors** |
|---------|---------------------------------------------------------|

| **87.** | **Committees** |
|---------|----------------|

| (1) | The                  board may delegate any of its powers, authorities and discretions                  (with                  power to sub-delegate) to any committee consisting of such person                  or                  persons (whether directors or not) as it thinks fit, provided that                  the                  majority of the members of the committee are directors and that                  no meeting                  of the committee shall be quorate for the purpose of exercising                  any of its                  powers, authorities or discretions unless a majority of those present                  are                  directors. The board may make any such delegation on such terms                  and                  conditions as it thinks fit and may revoke or vary any such delegation                  and                  discharge any committee wholly or in part, but no person dealing                  in good                  faith shall be affected by any revocation or variation. Any committee                  so                  formed shall, in the exercise of the powers, authorities and discretions                  so delegated, conform to any regulations that may be imposed on                  it by the                  board. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | The                  proceedings of a committee with two or more members shall be governed                  by                  any regulations imposed on it by the board and (subject to such                  regulations) by the provisions of these articles regulating the                  proceedings of the board so far as they are capable of applying. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **88.** | **Local                  boards** |
|---------|-----------------------------------|

| (1) | The                  board may establish any local or divisional board or agency for                  managing                  any of the affairs of the Company whether in the United Kingdom                  or                  elsewhere and may appoint any persons to be members of a local                  or                  divisional board, or to be managers or agents, and may fix their                  remuneration. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | The                  board may delegate to any local or divisional board, manager or                  agent any                  of its powers, authorities and discretions (with power to sub-delegate)                  and may authorise the members of any local or divisional board                  or any of                  them to fill any vacancies and to act notwithstanding                  vacancies. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Any                  appointment or delegation under this article may be made on such                  terms and                  subject to such conditions as the board thinks fit and the board                  may                  remove any person so appointed, and may revoke or vary any delegation,                  but                  no person dealing in good faith shall be affected by the revocation                  or                  variation. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **89.** | **Powers                  of attorney** |
|---------|-----------------------------------------|

**DIRECTORS’ INTERESTS**

| **90.** | **Directors’                  interests and voting** |
|---------|------------------------------------------------------------|

| (1) | Subject                  to the provisions of the Statutes a director shall not be disqualified                  by                  his office from entering into any contract with the Company, either                  with                  regard to his tenure of any office or position in the management,                  administration or conduct of the business of the Company or as                  vendor,                  purchaser or otherwise. Subject to the interest of the director                  being duly                  declared, a contract entered into by or on behalf of the Company                  in which                  any director is in any way interested shall not be liable to be                  avoided,                  nor shall any director so interested be liable to account to the                  Company                  for any benefit resulting from the contract, by reason of the director                  holding that office or of the fiduciary relationship established                  by his                  holding that office. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | A                  director may hold any other office or place of profit with the                  Company                  (except that of auditor) in conjunction with his office of director                  for                  such period (subject to the provisions of the Statutes) and upon                  such                  terms as the board may decide and may be paid such extra remuneration                  for                  so doing (whether by way of salary, commission, participation in                  profits                  or otherwise) as the board may decide, either in addition to or                  in lieu of                  any remuneration under any other provision of these                  articles. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | A                  director may be or become a member or director of, or hold any                  other                  office or place of profit under, or otherwise be interested in,                  any other                  company in which the Company may be interested and shall not be                  liable to                  account to the Company for any benefit received by him as a member                  or                  director of, or holder of any other office or place of profit under,                  or                  his other interest in, that company. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | The                  board may cause the voting rights conferred by the shares in any                  other                  company held or owned by the Company or exercisable by them as                  directors                  of that other company to be exercised in such manner in all respects                  as it                  thinks fit (including the exercise of voting rights in favour of                  any                  resolution appointing the directors or any of them as directors                  or                  officers of the other company or voting or providing for the payment                  of                  any benefit to the directors or officers of the other                  company). |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | A                  director may act by himself or his firm in a professional capacity                  for the                  Company (except as auditor) and he or his firm shall be entitled                  to                  remuneration for professional services as if he were not a                  director. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | The                  board may purchase and maintain for or for the benefit of any person                  who                  holds or has at any time held a relevant office insurance against                  any                  liability incurred by him in respect of any act or omission in                  the actual                  or purported discharge of his duties or in the exercise or purported                  exercise of his powers or otherwise in relation to his holding                  of a                  relevant office; and for this purpose “relevant office” means that of                  director, officer, employee or auditor in relation to the Company                  or any                  company which is or was a subsidiary undertaking of or associated                  with the                  Company or any predecessor in business of the Company or any such                  subsidiary undertaking or associated company, or that of trustee                  of any                  pension fund or retirement, death or disability scheme for the                  benefit of                  any employee of the Company or any such subsidiary undertaking                  or                  associated company. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (7) | A                  director who to his knowledge is in any way, whether directly or                  indirectly, interested in a contract with the Company shall declare                  the                  nature of his interest at the meeting of the board at which the                  question                  of entering into the contract is first taken into consideration,                  if he                  knows his interest then exists, or in any other case at the first                  meeting                  of the board after he knows that he is or has become so interested.                  For                  the purposes of this article, a general notice given to the board                  by a                  director to the effect that: |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | he                  is a member of a specified company or firm and is to be regarded                  as                  interested in any other contract which may after the date of the                  notice be                  made with that company or firm; or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | he                  is to be regarded as interested in any contract which may after                  the date                  of the notice be made with a specified person who is connected                  with him, |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (8) | A                  director shall not vote (or be counted in the quorum at a meeting)                  in                  respect of any resolution concerning his own appointment (including                  fixing                  or varying its terms), or the termination of his own appointment,                  as the                  holder of any office or place of profit with the Company or any                  other                  company in which the Company is interested but, where proposals                  are under                  consideration concerning the appointment (including fixing or varying                  its                  terms), or the termination of the appointment, of two or more directors                  to                  offices or places of profit with the Company or any other company                  in which                  the Company is interested, those proposals may be divided and a                  separate                  resolution may be put in relation to each director and in that                  case each                  of the directors concerned shall be entitled to vote (and be counted                  in                  the quorum) in respect of each resolution unless it concerns his                  own                  appointment or the termination of his own                  appointment. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (9) | Subject                  to paragraph (8) above and provided that he has disclosed any interest                  of                  his in accordance with paragraph (7) above, a director may vote                  (and be                  counted in the quorum at a meeting) in relation to any resolution                  relating                  to any contract in which he has an                  interest. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (10) | In                  this article references to a contract include references to any                  proposed                  contract and to any transaction or arrangement whether or not constituting                  a contract. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**PROCEEDINGS        OF THE BOARD**

| **91.** | **Board                  meetings** |
|---------|-------------------------------------|

| **92.** | **Notice                  of board meetings** |
|---------|-----------------------------------------------|

| **93.** | **Quorum** |
|---------|------------|

| **94.** | **Chairman                  or deputy                  chairman to preside** |
|---------|---------------------------------------------------------------------------------------------|

| (1) | The                  board may appoint a chairman and one or more deputy chairman or                  chairmen                  and may at any time revoke any such                  appointment. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (2) | The                  chairman, or failing him any deputy chairman (the senior in office                  taking                  precedence, if more than one is present), shall, if present and                  willing,                  preside at all meetings of the directors but, if no chairman or                  deputy                  chairman has been appointed, or if he is not present within five                  minutes                  after the time fixed for holding the meeting or is unwilling to                  act as                  chairman of the meeting, the directors present shall choose one                  of their                  number to act as chairman of the                  meeting. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **95.** | **Competence                  of meetings** |
|---------|---------------------------------------------|

| **96.** | **Voting** |
|---------|------------|

| **97.** | **Telephone                  meetings** |
|---------|-----------------------------------------|

| (1) | A                  meeting of the board may consist of a conference between directors                  some or                  all of whom are in different places provided that each director                  who                  participates is able: |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | to                  hear each of the other participating directors addressing the meeting;                  and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------|

|   | (b) | if                  he so wishes, to address all of the other participating directors                  simultaneously, |
|--------|-----|------------------------------------------------------------------------------------------------------------------------|

| (2) | A                  quorum is deemed to be present if those conditions are satisfied                  in                  respect of at least the number of directors required to form a                  quorum,                  subject to the provisions of                  article 90(8). |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | A                  meeting held in this way is deemed to take place at the place where                  the                  largest group of participating directors is assembled or, if no                  such group                  is readily identifiable, at the place from where the chairman of                  the                  meeting participates. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **98.** | **Resolutions                  in writing**** ** |
|---------|-------------------------------------------------------|

| **99.** | **Validity                  of acts of directors in spite of formal                  defect** |
|---------|----------------------------------------------------------------------------------------------------------------------------------|

*bona        fide*

| **100.** | **Minutes** |
|----------|-------------|

|   | (a) | of                  all appointments of officers made by the                  board; |
|--------|-----|--------------------------------------------------------------------------------------|

|   | (b) | of                  the names of all the directors present at each meeting of the board                  and of                  any committee; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | of                  all resolutions and proceedings of all meetings of the Company                  and of any                  class of members, and of the directors and of any                  committee. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**SECRETARY**
**        AND OTHER OFFICERS**

| **101.** | **Secretary** |
|----------|---------------|

| **102.** | **Other                  officers** |
|----------|-------------------------------------|

| (1) | The                  board may from time to time appoint any person to any honorary                  or                  executive office designated by it, including but not limited to                  the office                  of president, vice-president, chief financial officer and treasurer,                  for                  such term, at such remuneration (if any) and on such conditions                  as it                  thinks fit, and the board may remove from office any person so                  appointed                  (without prejudice to any claim for damages for breach of any contract                  between him and the Company). |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | A                  person appointed to any such office need not be a director and                  shall not,                  by reason of his holding that office, be deemed to be a director                  or other                  officer of the company for the purposes of the Statutes or any                  other                  provision of these articles. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**SEAL**

| **103.** | **Seal** |
|----------|----------|

| (1) | The                  Company may exercise the powers conferred by the Statutes with                  regard to                  having official seals and those powers shall be vested in the                  board. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | The                  board shall provide for the safe custody of every seal of the                  Company. |
|-----|--------------------------------------------------------------------------------------------------------------|

| (3) | A                  seal shall be used only by the authority of the board or a duly                  authorised                  committee but that authority may consist of an instruction or approval                  given by letter, facsimile, telegram, telex, telephone or electronic                  means                  by a majority of the directors or of the members of a duly authorised                  committee. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | The                  board may determine who shall sign any instrument to which a seal                  is                  applied, either generally or in relation to a particular instrument                  or                  type of instrument, and may also determine, either generally or                  in any                  particular case, that such signatures shall be dispensed with or                  affixed                  by some mechanical means. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Unless                  otherwise decided by the board: |
|-----|---------------------------------------------------------|

|   | (a) | certificates                  for shares, debentures or other securities of the Company issued                  under                  seal need not be signed; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | every                  other instrument to which a seal is applied shall be signed by                  at least                  one director and the secretary or by at least two                  directors. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**DIVIDENDS**

| **104.** | **Declaration                  of dividends by the Company**** ** |
|----------|-----------------------------------------------------------------------------|

| **105.** | **Fixed                  and interim dividends**** ** |
|----------|----------------------------------------------------------------------|

----

| **106.** | **Calculation                  and currency of dividends** |
|----------|------------------------------------------------------------|

| (1) | Except                  insofar as the rights attaching to, or the terms of issue of, any                  share                  otherwise provide: |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | all                  dividends shall be declared and paid according to the amounts paid                  up on                  the shares in respect of which the dividend is paid, but no amount                  paid up                  on a share in advance of calls shall be treated for the purposes                  of this                  article as paid up on the share; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | all                  dividends shall be apportioned and paid *pro                  rata*                  according to the amounts paid up on the shares during any portion                  or                  portions of the period in respect of which the dividend is paid;                  and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | dividends                  may be declared or paid in any                  currency. |
|--------|-----|--------------------------------------------------------------------------------------|

| (2) | The                  board may agree with any member that dividends which may at any                  time or                  from time to time be declared or become due on his shares in one                  currency                  shall be paid or satisfied in another, and may agree the basis                  of                  conversion to be applied and how and when the amount to be paid                  in the                  other currency shall be calculated and paid and for the Company                  or any                  other person to bear any costs                  involved. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **107.** | **Method                  of payment** |
|----------|----------------------------------------|

| (1) | The                  Company may pay any dividend or other sum payable in respect of                  a share in                  cash or by cheque, dividend warrant, or money order and may send                  the same                  by post to the registered address of the holder or in the case                  of joint                  holders to the registered address of that person whose name stands                  first                  in the register, or to such person and address as the holder or                  joint                  holders may direct in writing. Every cheque, warrant, or order                  is sent at                  the risk of the person or persons entitled to the money represented                  by it                  and shall be made payable to such person or persons or as he or                  they may                  direct in writing and the payment of the cheque, warrant or order                  shall be                  a good discharge to the Company. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | In                  addition, any such dividend or other sum may be paid by any bank                  or other                  funds transfer system or by such other means and to or through                  such person                  as the holder or joint holders may direct in writing, and the Company                  shall have no responsibility for any sums lost or delayed in the                  course of                  any such transfer or when it has acted on any such direction. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Any                  joint holder or other person jointly entitled to any share may                  give an                  effective receipt for all dividends and other moneys paid in respect                  of                  the share. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Any                  dividend or other sum payable in respect of a share may be paid                  to a                  person or persons entitled by transmission to that share as if                  he or they                  were the holder or joint holders of that share and his address                  (or the                  address of the first named of two or more persons jointly entitled)                  noted                  in the register were the registered address. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **108.** | **Dividends                  not to bear interest** |
|----------|-----------------------------------------------------|

| **109.** | **Calls                  or debts may be deducted from                  dividends** |
|----------|-------------------------------------------------------------------------------------|

| **110.** | **Unclaimed                  dividends etc** |
|----------|----------------------------------------------|

----

| **111.** | **Uncashed                  dividends** |
|----------|-----------------------------------------|

| **112.** | **Dividends*****in specie*** |
|----------|-----------------------------------|

| (1) | With                  the sanction of an ordinary resolution of the Company and on the                  recommendation of the board payment of any dividend may be satisfied                  wholly or in part by the distribution of specific assets and in                  particular                  of paid up shares or debentures of any other                  company. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Where                  any difficulty arises in regard to the distribution, the board                  may settle                  the difficulty as it thinks fit and in particular may issue fractional                  certificates or ignore fractions, and may fix the value for distribution                  of the specific assets or any part of them, and may determine that                  cash                  payments be made to any members upon the footing of the value so                  fixed in                  order to secure equality of distribution, and may vest any of the                  specific                  assets in trustees upon such trusts for the persons entitled to                  the                  dividend as the board may think                  fit. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **113.** | **Scrip                  dividends** |
|----------|--------------------------------------|

| (1) | The                  board may, if authorised by an ordinary resolution of the Company,                  offer                  any holders of ordinary shares the right to elect to receive further                  ordinary shares credited as fully paid, instead of cash in respect                  of all                  (or some part) of any dividend specified by the ordinary resolution                  (a                  “scrip dividend”) in accordance with the following provisions of this                  article. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | So                  long as the ordinary shares are divided into A ordinary shares                  and B                  ordinary shares, the further ordinary shares offered to every A                  ordinary                  shareholder in respect of his holding of such shares shall be A                  ordinary                  shares and the further ordinary shares offered to every B ordinary                  shareholder in respect of his holding of such shares shall be B                  ordinary                  shares. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | The                  ordinary resolution may specify a particular dividend (whether                  or not                  already declared) or may specify all or any dividends declared                  within a                  specified period. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | The                  basis of allotment shall be decided by the board so that, as nearly                  as may                  be considered convenient, the value of the further ordinary shares,                  including any fractional entitlement, is equal to the amount of                  the cash                  dividend which would otherwise have been paid. The basis of allotment                  of A                  ordinary shares and B ordinary shares shall be the                  same. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | For                  the purposes of paragraph (4) above the value of the further ordinary                  shares shall be calculated by reference to the closing market price                  for a                  fully paid ordinary share (or any certificate or depositary receipt                  representing or evidencing an entitlement to such a share), adjusted                  if                  necessary for the proposed dividend, on any stock exchange or other                  securities market on which those shares (or such certificates or                  receipts)                  are listed or regularly traded for the five business days immediately                  preceding or following the announcement of the cash dividend to                  which the                  scrip dividend relates, as the board may                  decide. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | The                  board shall give notice to the ordinary shareholders of their rights                  of                  election in respect of the scrip dividend and shall specify the                  procedure                  to be followed in order to make an                  election. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7) | The                  dividend or that part of it in respect of which an election for                  the scrip                  dividend is made shall not be paid and instead further ordinary                  shares                  shall be allotted in accordance with elections duly made and the                  board                  shall capitalise a sum equal to the aggregate nominal amount of                  the shares                  to be allotted out of such sums available for the purpose as the                  board may                  consider appropriate. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (8) | The                  further ordinary shares so allotted shall rank*pari passu*                  in                  all respects with the fully paid ordinary shares (or ordinary shares                  of                  the relevant class) then in issue except as regards participation                  in the                  relevant dividend. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (9) | The                  board may decide that the right to elect for any scrip dividend                  shall not                  be made available to shareholders resident in any territory where,                  in the                  opinion of the board, compliance with local laws or regulations                  would be                  unduly onerous. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (10) | The                  board may do all acts and things considered necessary or expedient                  to give                  effect to the provisions of a scrip dividend election and the issue                  of any                  ordinary shares in accordance with the provisions of this article,                  and may                  make such provisions as they think fit for the case of shares becoming                  distributable in fractions (including provisions under which, in                  whole or                  in part, the benefit of fractional entitlements accrues to the                  Company                  rather than to the members concerned). To the extent that the entitlement                  of any holder of ordinary shares in respect of any dividend is                  less than                  the value of one new ordinary share (as determined for the basis                  of any                  scip dividend) the board may also from time to time establish or                  vary a                  procedure for such entitlement to be accrued and aggregated with                  any                  similar entitlement for the purposes of any subsequent scrip                  dividend. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (11) | The                  board may from time to time establish or vary a procedure for election                  mandates, under which a holder of ordinary shares may, in respect                  of any                  future dividends for which a right of election pursuant to this                  article is                  offered, elect to receive ordinary shares in lieu of such dividend                  on the                  terms of such mandate. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (12) | The                  board shall not make a scrip dividend available unless the Company                  has                  sufficient unissued shares and undistributed profits or reserves                  to give                  effect to elections which could be made to receive that scrip                  dividend. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**CAPITALISATION        OF RESERVES**

| **114.** | **Capitalisation                  of reserves** |
|----------|------------------------------------------------------|

| (1) | The                  board may, with the authority of an ordinary resolution of the                  Company                  (but subject to article 3 so long as the ordinary shares are divided                  into                  A ordinary shares and B ordinary                  shares): |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | resolve                  to capitalise any sum standing to the credit of any reserve account                  of the                  Company (including share premium account and capital redemption                  reserve)                  or any sum standing to the credit of profit and loss account not                  required                  for the payment of any preferential dividend (whether or not it                  is                  available for distribution); and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | appropriate                  that sum as capital to the ordinary shareholders in proportion                  to the                  nominal amount of the ordinary share capital held by them respectively                  and                  apply that sum on their behalf in paying up in full any unissued                  shares or                  debentures of the Company of a nominal amount equal to that sum                  and allot                  the shares or debentures credited as fully paid to those members,                  or as                  they may direct, in those proportions or in paying up the whole                  or part of                  any amounts which are unpaid in respect of any issued shares in                  the                  Company held by them respectively, or otherwise deal with such                  sum as                  directed by the resolution provided that the share premium account                  and the                  capital redemption reserve and any sum not available for distribution                  in                  accordance with the Statutes may only be applied in paying up unissued                  shares to be allotted credited as fully paid                  up. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Where                  any difficulty arises in respect of any distribution of any capitalised                  reserve or other sum, the board may settle the difficulty as it                  thinks fit                  and in particular may make such provisions as it thinks fit in                  the case of                  shares or debentures becoming distributable in fractions (including                  provisions under which, in whole or in part, the benefit of fractional                  entitlements accrues to the Company rather than the members concerned)                  or                  ignore fractions and may fix the value for distribution of any                  fully paid                  up shares or debentures and may determine that cash payments be                  made to                  any members on the footing of the value so fixed in order to secure                  equality of distribution, and may vest any shares or debentures                  in                  trustees upon such trusts for the persons entitled to share in                  the                  distribution as the board may think                  fit. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | The                  board may also authorise any person to sign on behalf of the persons                  entitled to share in the distribution a contract for the acceptance                  by                  those persons of the shares or debentures to be allotted to them                  credited                  as fully paid under a capitalisation and any such contract shall                  be                  binding on all those persons. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **115.** | **Capitalisation                  of reserves - employees’ share                  schemes** |
|----------|---------------------------------------------------------------------------------------------------|

| (1) | This                  article (which is without prejudice to the generality of the provisions                  of                  the immediately preceding article)                  applies: |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | where                  a person is granted pursuant to an employees’ share scheme a right to                  subscribe for shares in the Company in cash at a subscription price                  less                  than their nominal value; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | where,                  pursuant to an employees’ share scheme, the terms on which any person is                  entitled to subscribe in cash for shares in the Company are adjusted                  as a                  result of a capitalisation issue, rights issue or other variation                  of                  capital so that the subscription price is less than their nominal                  value. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | In                  any such case the board: |
|-----|----------------------------------------------|

|   | (a) | shall                  transfer to a reserve account a sum equal to the deficiency between                  the                  subscription price and the nominal value of the shares (the “cash                  deficiency”) from the profits or reserves of the Company which are                  available for distribution and not required for the payment of                  any                  preferential dividend; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | (subject                  to paragraph (4) below) shall not apply that reserve account                  for any                  purpose other than paying up the cash deficiency upon the allotment                  of                  those shares. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Whenever                  the Company is required to allot shares pursuant to such a right                  to                  subscribe, the board shall (subject to the Statutes) appropriate                  to                  capital out of the reserve account an amount equal to the cash                  deficiency                  applicable to those shares, apply that amount in paying up the                  deficiency                  on the nominal value of those shares and allot those shares credited                  as                  fully paid to the person entitled to                  them. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | If                  any person ceases to be entitled to subscribe for shares as described                  above, the restrictions on the reserve account shall cease to apply                  in                  relation to such part of the account as is equal to the amount                  of the cash                  deficiency applicable to those                  shares. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | No                  right shall be granted under any employees’ share scheme under                  paragraph (1)(a) and no adjustment shall be made as mentioned                  in                  paragraph (1)(b) unless there are sufficient profits or                  reserves of                  the Company available for distribution and not required for the                  payment of                  any preferential dividend to permit the transfer to a reserve account                  in                  accordance with this article of an amount sufficient to pay up                  the cash                  deficiency applicable to the shares                  concerned. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**RECORD        DATES**

| **116.** | **Fixing                  of record dates** |
|----------|---------------------------------------------|

| (1) | Notwithstanding                  any other provision of these articles, but without prejudice to                  any rights                  attached to any shares, the Company or the board may fix a date                  as the                  record date by reference to which a dividend will be declared or                  paid or a                  distribution, allotment or issue made, and that date may be before,                  on or                  after the date on which the dividend, distribution, allotment or                  issue is                  declared, paid or made. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | In                  the absence of a record date being fixed, entitlement to any dividend,                  distribution, allotment or issue shall be determined by reference                  to the                  date on which the dividend is declared or the distribution, allotment                  or                  issue is made. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**ACCOUNTS**

| **117.** | **Accounting                  records** |
|----------|-----------------------------------------|

| (1) | The                  board shall cause accounting records of the Company to be kept                  in                  accordance with the provisions of the                  Statutes. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | No                  member (as such) shall have any right of inspecting any account,                  book or                  document of the Company, except as conferred by law or authorised                  by the                  board or by any ordinary resolution of the                  Company. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | The                  Company may send summary financial statements to members instead                  of copies                  of its full accounts and reports. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**NOTICES**

| **118.** | **Notices                  to be in writing** |
|----------|-----------------------------------------------|

| (1) | Any                  notice to be served on or given to any person or by any person                  pursuant to                  these articles shall be in writing or, subject to paragraph (2),                  contained                  in an electronic communication except where otherwise expressly                  stated.                  The signature on any notice given by the Company may be printed                  or                  reproduced by mechanical means. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | The                  board may from time to time specify the form and manner in which                  a notice                  may be given to the Company by electronic means, including one                  or more                  addresses for the receipt of an electronic communication and may                  prescribe                  such procedure as it thinks fit for verifying the authenticity                  or                  integrity of any such electronic communication. A notice may be                  given to                  the Company by electronic means only if it is given in accordance                  with the                  requirements specified by the                  board. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **119.** | **Service                  of notices** |
|----------|----------------------------------------------|

| (1) | A                  notice in writing, document or other communication may be served                  by the                  Company on any member either personally or by sending it through                  the post                  addressed to the member at his registered address or by leaving                  it at that                  address addressed to the member or by any other means authorised                  by the                  member concerned. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Subject                  to the Statutes, a notice, document or other communication may                  be given by                  the Company to any member by electronic means to such address as                  may from                  time to time be authorised by the member concerned or by publishing                  it on                  a website and notifying the member concerned, in such a manner                  as he may                  from time to time authorise, that it has been so published. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | In                  the case of joint holders of a share service or delivery of any                  notice or                  other document on or to the joint holder who is named first in                  the                  register in respect of the joint holders shall be sufficient service                  on or                  delivery to all the holders of the                  share. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **120.** | **Notice                  by advertisement** |
|----------|----------------------------------------------|

| **121.** | **Evidence                  of service** |
|----------|-----------------------------------------------|

| (1) | Any                  notice in writing, document or other communication, if served by                  first                  class post within the United Kingdom, shall be deemed to have been                  served                  on the day following that on which the envelope containing it is                  put into                  the post, or, if served by airmail on a person with an address                  outside the                  United Kingdom, shall be deemed to have been served on the third                  day                  following that on which the envelope containing it was put into                  the post                  and in proving such service it shall be sufficient to prove that                  the                  letter, envelope or wrapper containing the notice or document was                  properly                  addressed, prepaid and put into the                  post. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Any                  notice in writing, document or other communication not sent by                  post but                  left at a registered address or address for service shall be deemed                  to                  have been served or delivered on the day it was so                  left. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Any                  notice, document or other communication, if sent by electronic                  means                  (including through any relevant system), shall be deemed to have                  been                  given on the day following that on which the electronic communication                  was                  sent by or on behalf of the Company. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Where                  notice is given by way of newspaper advertisement, such notice                  shall be                  deemed to have been duly served on each member or person entitled                  to                  receive it at noon on the day when the advertisement appears or,                  if it                  appears on different days, at noon on the first of the days when                  the                  advertisement appears. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | A                  member present, either in person or by proxy, at any meeting of                  the                  Company or class of members of the Company shall be deemed to have                  received notice of the meeting and, where requisite, of the purposes                  for                  which the meeting was convened. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (6) | Every                  person who becomes entitled to a share shall be bound by every                  notice in                  respect of that share which before his name is entered in the register                  was                  given to the person from whom he derives his title to the                  share. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **122.** | **Record                  date for service** |
|----------|----------------------------------------------|

| **123.** | **Service                  of notice on person entitled by                  transmission** |
|----------|--------------------------------------------------------------------------------------------|

| **124.** | **Returned                  notices** |
|----------|---------------------------------------|

**DESTRUCTION        OF DOCUMENTS**

| **125.** | **Destruction                  of documents** |
|----------|-----------------------------------------------|

| (1) | The                  board may authorise or arrange the destruction of documents held                  by the                  Company as follows: |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | at                  any time after the expiration of six years from the date of registration,                  all instruments of transfer of shares and all other documents transferring                  or purporting to transfer shares or representing or purporting                  to                  represent the right to be registered as the holder of shares on                  the faith                  of which entries have been made in the                  register; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | at                  any time after the expiration of one year from the date of cancellation,                  all registered share certificates which have been                  cancelled; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | at                  any time after the expiration of two years from the date of recording                  them, all dividend mandates and notifications of change of address;                  and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | at                  any time after the expiration of one year from the date of actual                  payment,                  all paid dividend warrants and cheques. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | It                  shall conclusively be presumed in favour of the Company                  that: |
|-----|----------------------------------------------------------------------------------------------------|

|   | (a) | every                  entry in the register purporting to have been made on the basis                  of an                  instrument of transfer or other document so destroyed was duly                  and                  properly made; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | every                  instrument of transfer so destroyed was a valid and effective instrument                  duly and properly registered; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | every                  share certificate so destroyed was a valid certificate duly and                  properly                  cancelled; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | every                  other document mentioned in paragraph (1) above so destroyed was                  a valid                  and effective document in accordance with the particulars of it                  recorded                  in the books and records of the Company; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (e) | every                  paid dividend warrant and cheque so destroyed was duly paid. |
|--------|-----|-------------------------------------------------------------------------------------|

| (3) | The                  provisions of paragraph (2) above shall apply only to the                  destruction                  of a document in good faith and without notice of any claim (regardless                  of                  the parties to it) to which the document might be relevant. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Nothing                  in this article shall be construed as imposing on the Company or                  the board                  any liability in respect of the destruction of any document earlier                  than                  as stated in paragraph (1) above or in any other circumstances                  in which                  liability would not attach to the Company or the board in the absence                  of                  this article. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | References                  in this article to the destruction of any document include references                  to                  its disposal in any manner. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**WINDING UP**

| **126.** | **Powers                  to distribute*****in                  specie*** |
|----------|---------------------------------------------------------------------------|

|   | (a) | divide                  among the members *in                  specie*                  the whole or any part of the assets of the Company and, for that                  purpose,                  value any assets and determine how the division shall be carried                  out as                  between the members or different classes of members;                  or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | vest                  the whole or any part of the assets in trustees upon such trusts                  for the                  benefit of members as the liquidator, with the like sanction, shall                  think                  fit but no member shall be compelled to accept any assets upon                  which there                  is any liability. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**INDEMNITY**

| **127.** | **Indemnity                  of officers** |
|----------|-------------------------------------------------|

|   | (a) | such                  indemnity shall not apply to any liability to the extent that it                  is                  recovered from any other person;                  and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | such                  indemnity is subject to such officer taking all reasonable steps                  to effect                  such recovery, to the intent that the indemnity shall not apply                  where an                  alternative right of recovery is available and capable of being                  enforced. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----