|  The      Companies Acts 1985-89 A      Public Company Limited by Shares                                             |
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| Articles      of AssociationSeven      Arts Pictures PLC (Company      No. 4276617) (Adopted       2 September 2004) |

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Contents

Preliminary

Share Capital 

Variation of Rights 

Share Certificates 

Lien 

Calls on Shares

Forfeiture and Surrender 

Transfer of Shares 

Transmission of Shares 

Alteration of Share Capital 

Purchase of own shares

General Meetings

Notice of General Meetings

Proceedings at General Meetings 

Votes of Members

Proxies and Corporate Representatives

Number of Directors

Appointment and Retirement ofDirectors 

Alternate Directors 

Powers of the Board 

Delegation of Powers of the Board

Borrowing Powers 

Disqualification and Removal ofDirectors

Remuneration of Non-ExecutiveDirectors 

Directors’ Expenses 

Executive Directors 

Directors’ Interests 

Gratuities, Pensions and Insurance 

Proceedings of Directors

Secretary 

Minutes 

The Seal 

Registers

Dividends

Capitalisation of Profits andReserves 

Record Dates

Accounts

Notices

Destruction of Documents 

Untraced Shareholders

Winding Up 

Indemnity

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|   | Preliminary |
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| 1. | The      regulations in Table A as in force at the date of the incorporation of the      Company shall not apply to theCompany. |
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| 2. | In      these Articles, except where the subject or context otherwise      requires: |
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|   | “Act” | means      The Companies Act 1985 including any modification or reenactment thereof      for the time being in force; |
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|   | “Armadillo Subscription      Agreement” a subscription agreement entered into between the      Company and Armadillo Investments plc dated _______  2004; |
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|   | “Articles” | means      these articles of association as altered from time to time by special      resolution; |
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|   | “auditors” | means      the auditors for the time being of theCompany; |
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|   | “the    board” | means      the directors or any of them acting as the board of directors of the      Company; |
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|   | “clear    days” | means      the period excluding the day when a notice is given or deemed to be given      and the day for which it is given or on which it is to take      effect; |
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|   | “Companies      Acts” | means      the meaning ascribed thereto by Section 744 of the Act and any      enactment passed after those Acts which may, by virtue of that or any      other such enactment, be cited together with those Acts as the “Companies      Acts” (with or without the addition of an indication of the date of any      such enactment); |
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|   | “CREST” | means      the relevant system operated by CrestCo Limited in terms of the      Regulations, which enables title to shares or other securities to be      evidenced and transferred without a written  instrument; |
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|   | “director” | means      a director of the Company; |
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|   | “dividend” | means      dividend or bonus; |
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| “employees’ share      scheme” | means      the meaning ascribed thereto by Section 743 of the    Act; |
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|   | “holder” | means      in relation to any shares the member whose name is entered in the register      as the holder of such shares; |
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|   | “member” | means      a member of the Company; |
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|   | “Memorandum” | means      the memorandum of association of the Company as amended from time to      time; |
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|   | “office” | means      the registered office of theCompany; |
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|   | “paid” | means      paid or credited as paid; |
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|   | “Preference      Shares” | 0%      Convertible Redeemable Preference Shares of £1.00 each with the rights      attached thereto more particularly set out in Clause  5; |
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|   | “register” | means      the register of members of theCompany; |
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|   | “the      Regulations” | means      the Uncertificated Securities Regulations 1995 and includes (i) any      enactment or subordinate legislation which amends or supersedes those      regulations and (ii) any applicable rules made under those regulations or      under any such enactment or subordinate legislation for the time being in      force; |
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|   | “seal” | means      the common seal of the Company and includes any official seal kept by the      Company by virtue of Section 39 or 40 of the  Act; |
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|   | “secretary” | means      the secretary of the Company and includes a joint, assistant, deputy or      temporary secretary and any other person appointed to perform the duties      of the secretary; |
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| “London Stock      Exchange” | means      London Stock Exchange plc; |
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|   | “United      Kingdom” | means      Great Britain and Northern Ireland. |
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| 3. | References      to a document being executed include references to its being executed      under hand or under seal or by any othermethod. |
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|   | Share Capital |
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| 4. | The      share capital of the Company on the adoption of these Articles is      £12,000,000 of which £9,000,000 is divided into 18,000,000 Ordinary Shares      of £0.50 each and £3,000,000 is divided into 3,000,000 Preference Shares      of £1.00 each. |
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| 5. | Subject      to the provisions of the Companies Acts and without prejudice to any      rights attached to any existing shares or class of shares, any share may      be issued with such rights or restrictions as the Company may by ordinary      resolution determine or, subject to and in default of such determination,      as the board shall determine. |
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|   | In      this respect and without limitation the registered holders of Preference      Shares shall have the followingrights: |
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|   | Allotment |
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| 6. | Subject      to the provisions of the Companies Acts relating to authority, pre-emption      rights or otherwise and of any resolution of the Company in general      meeting passed pursuant thereto, and, in the case of redeemable shares,      the provisions of Article 7, all unissued shares for the time being in the      capital of the Company shall be at the disposal of the board, and the      board may (subject as aforesaid) allot (with or without conferring a right      of renunciation), grant options over, or otherwise dispose of them to such      persons, on such terms and conditions, and at such times as it thinks      fit. |
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| 7. | Subject      to the provisions of the Companies Acts, and without prejudice to any      rights attached to any existing shares or class of shares, shares may be      issued which are to be redeemed or are to be liable to be redeemed at the      option of the Company or the holder on such terms and in such manner as      may be provided by these Articles. |
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| 8. | The      Company may exercise all powers of paying commissions or brokerage      conferred or permitted by the Companies Acts.  Subject to the      provisions of the Companies Acts, any such commission or brokerage may be      satisfied by the payment of cash or by the allotment of fully or partly      paid shares or partly in one way and partly in the  other. |
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| 9. | Except      as required by law, no person shall be recognised by the Company as      holding any share upon any trust and (except as otherwise provided by      these Articles or by law) the Company shall not be bound by or recognise      any interest in any share (or in any fractional part of a share) except an      absolute right to the entirety thereof in the  holder. |
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|   | Variation ofRights |
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| 10. | Subject      to the provisions of the Companies Acts, if at any time the capital of the      Company is divided into different classes of shares, the rights attached      to any class may (unless otherwise provided by the terms of issue of the      shares of that class) be varied or abrogated, whether or not the Company      is being wound up, either with the consent in writing of the holders of      three quarters in nominal value of the issued shares of the class or with      the sanction of an extraordinary resolution passed at a separate general      meeting of the holders of the shares of the class (but not      otherwise). |
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|   | ShareCertificates |
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| 11. | Every      member, upon becoming the holder of any shares (except a recognised      clearing house or a nominee of a recognised clearing house or of a      recognised investment exchange in respect of whom the Company is not      required by law to complete and have ready for delivery a certificate)      shall be entitled, without payment, to one certificate for all the shares      of each class held by him (and, upon transferring a part of his holding of      shares of any class, to a certificate for the balance of such holding) or      several certificates each for one or more of his shares upon payment for      every certificate after the first of such reasonable sum as the board may      from time to time determine.  Subject to Article 132 every      certificate shall be sealed with the seal or executed in accordance with      Article 134 and shall specify the number, class and distinguishing numbers      (if any) of the shares to which it relates and the amount or respective      amounts paid up thereon.  The Company shall not be bound to      issue more than one certificate for shares held jointly by several persons      and delivery of a certificate to one joint holder shall be a sufficient      delivery to all of them.  Shares of different classes may not be      included in the same certificate. |
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|   | (a) | the      Company shall not be obliged to issue a certificate evidencing title to      shares and all references to a certificate in respect of any shares or      securities held in uncertificated form in these Articles shall be deemed      inapplicable to such shares or securities which are in uncertificated form      and furthermore shall be interpreted as a reference to such form of      evidence of title to uncertificated shares or securities as the      Regulations prescribe or permit; |
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|   | (b) | the      registration of title to and transfer of any shares or securities in      uncertificated form shall be effected in accordance with the Regulations      and there shall be no requirement for a written instrument of      transfer; |
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|   | (c) | a      properly authenticated dematerialised instruction given in accordance with      the Regulations shall be given effect in accordance with the      Regulations; |
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|   | (d) | any      communication required or permitted by these Articles to be given by a      person to the Company may be given in accordance with and in any manner      (whether or not in writing) prescribed or permitted by the      Regulations; |
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|   | (e) | if      a situation arises where any provisions of these Articles are inconsistent      in any respect with the terms of the Regulations in relation to shares or      securities of the Company which are in uncertificated form      then:- |
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|   | (i) | the      Regulations will be given effect thereto in accordance with their terms;      and |
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|   | (ii) | the      directors shall have power to implement any procedures as they may think      fit and as may accord with the Regulations for the recording and      transferring of title to shares and securities in uncertificated form and      for the regulation of those proceedings and the persons responsible for or      involved in their operation. |
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| 12. | If      a share certificate is defaced, worn out, lost or destroyed, it may be      renewed on such terms (if any) as to evidence and indemnity (with or      without security) and payment of any exceptional out-of-pocket expenses      reasonably incurred by the Company in investigating evidence and preparing      the requisite form of indemnity as the board may determine but otherwise      free of charge, and (in the case of defacement or wearing out) on delivery      up of the old certificate. |
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|   | Lien |
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| 13. | The      Company shall have a first and paramount lien on every share (not being a      fully paid share) for all moneys payable to the Company (whether presently      or not) in respect of that share.  The board may at any time      (generally or in particular cases) waive any lien or declare any share to      be wholly or in part exempt from the provisions of this      Article.  The Company’s lien on a share shall extend to any      amount (including dividends) payable in respect of  it. |
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| 14. | The      Company may sell, in such manner as the board determines, any share on      which the Company has a lien if a sum in respect of which the lien exists      is presently payable and is not paid within fourteen clear days after      notice has been given to the holder of the share or to the person entitled      to it in consequence of the death or bankruptcy of the holder or otherwise      by operation of law, demanding payment and stating that if the notice is      not complied with the shares may besold. |
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|   | Calls on Shares |
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| 15. | Subject      to the terms of allotment, the board may from time to time make calls upon      the members in respect of any moneys unpaid on their shares (whether in      respect of nominal value or premium) and each member shall (subject to      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 required to be paid      by instalments.  A call may be revoked in whole or part and the      time fixed for payment of a call may be postponed in whole or part as the      board may determine.  A person upon whom a call is made shall      remain liable for calls made upon him notwithstanding the subsequent      transfer of the shares in respect whereof the call was    made. |
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| 16. | A      call shall be deemed to have been made at the time when the resolution of      the board authorising the call waspassed. |
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| 17. | The      joint holders of a share shall be jointly and severally liable to pay all      calls in respect thereof. |
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| 18. | If      a call or any instalment of a call remains unpaid in whole or in part      after it has become due and payable the person from whom it is due and      payable shall pay interest on the amount unpaid from the day it became due      and payable until it is paid at the rate fixed by the terms of allotment      of the share or in the notice of the call or, if no rate is fixed, such      rate, not exceeding 15 per cent. per annum or, if higher, the appropriate      rate (as defined by the Act), as may be determined by the board, but the      board may waive payment of such interest wholly or in  part. |
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| 19. | An      amount payable in respect of a share on allotment or at any fixed date,      whether in respect of nominal value or premium or as an instalment of a      call, shall be deemed to be a call duly made and notified and payable on      the date so fixed or in accordance with the terms of the allotment, and if      it is not paid the provisions of these Articles shall apply as if that      amount had become due and payable by virtue of a call duly made and      notified. |
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| 20. | Subject      to the terms of allotment, the board may make arrangements on the issue of      shares for a difference between the allottees and/or holders in the      amounts and times of payment of calls on their  shares. |
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| 21. | The      board may, if it thinks fit, receive from any member willing to advance      the same all or any part of the moneys uncalled and unpaid upon any shares      held by him and such payment in advance of calls shall extinguish pro tanto the liability      upon the shares in respect of which it is made, and may pay upon all or      any of the moneys so advanced (until the same would but for such advance      become presently payable) interest at such rate not exceeding (unless the      Company by ordinary resolution may otherwise direct) 15 per cent. per      annum or, if higher, the appropriate rate (as defined in the Act) as may      be agreed upon between the board and such  member. |
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|   | Forfeiture andSurrender |
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| 22. | If      a call or any instalment of a call remains unpaid in whole or in part      after it has become due and payable, the board may give to the person from      whom it is due not less than fourteen clear days’ notice in writing      requiring payment of the amount unpaid together with any interest which      may have accrued and any costs, charges and expenses incurred by the      Company by reason of such non-payment.  The notice shall name      the place where payment is to be made and shall state that if the notice      is not complied with the shares in respect of which the call was made will      be liable to be forfeited. |
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| 23. | If      any such notice is not complied with, any share in respect of which it was      given may, at any time before the payment required by the notice has been      made, be forfeited by a resolution of the board and the forfeiture shall      include all dividends or other moneys payable in respect of the forfeited      shares and not paid before the forfeiture.  When any share has      been forfeited, notice of the forfeiture shall be served upon the person      who was before the forfeiture the holder of the share, and an entry of      such notice having been given and of the forfeiture with the date thereof      shall forthwith be made in the register opposite the entry of the share;      but no forfeiture shall be invalidated by any omission or neglect to give      such notice or to make suchentries. |
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| 24. | Subject      to the provisions of the Companies Acts, a forfeited share shall be deemed      to belong to the Company and may be sold, re-allotted or otherwise      disposed of on such terms and in such manner as the board determines,      either to the person who was before the forfeiture the holder or to any      other person, and at any time before sale, re-allotment or other disposal,      the forfeiture may be cancelled on such terms as the board thinks      fit.  Where for the purposes of its disposal a forfeited share      is to be transferred to any person the board may authorise some person to      execute an instrument of transfer of the share to that      person.  The Company may receive the consideration given for the      share on its disposal and may register the transferee as holder of the      share. |
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| 25. | A      person any of whose shares have been forfeited shall cease to be a member      in respect of them and shall surrender to the Company for cancellation the      certificate for the shares forfeited but shall remain liable to the      Company for all moneys which at the date of forfeiture were presently      payable by him to the Company in respect of those shares with interest      thereon at the rate at which interest was payable on those moneys before      the forfeiture or, if no interest was so payable, at such rate, not      exceeding 15 per cent. per annum or, if higher, the appropriate rate (as      defined in the Act) as the board may determine, from the date of      forfeiture until payment, but the board may waive payment wholly or in      part or enforce payment without any allowance for the value of the shares      at the time of forfeiture or for any consideration received on their      disposal. |
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| 26. | The      board may accept the surrender of any share which it is in a position to      forfeit upon such terms and conditions as may be agreed and, subject to      any such terms and conditions, a surrendered share shall be treated as if      it had been forfeited. |
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| 27. | The      forfeiture of a share shall involve the extinction at the time of      forfeiture of all interest in and all claims and demands against the      Company in respect of the share and all other rights and liabilities      incidental to the share as between the person whose share is forfeited and      the Company, except only such of those rights and liabilities as are by      these Articles expressly saved, or as are by the Companies Acts given or      imposed in the case of pastmembers. |
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| 28. | A      statutory declaration by a director or the secretary that a share has been      duly forfeited or surrendered on a specified date shall be conclusive      evidence of the facts stated in it as against all persons claiming to be      entitled to the share and the declaration shall (subject to the execution      of an instrument of transfer if necessary) constitute a good title to the      share and the person to whom the share is disposed of shall not be bound      to see to the application of the purchase money, if any, nor shall his      title to the share be affected by any irregularity in, or invalidity of,      the proceedings in reference to the forfeiture, surrender, sale,      re-allotment or disposal of theshare. |
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|   | Transfer ofShares |
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| 29. | The      instrument of transfer of a share may be in any usual form or in any other      form which the board may approve and shall be signed by or on behalf of      the transferor and, unless the share is fully paid, by or on behalf of the      transferee.  An instrument of transfer need not be under      seal. |
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| 30. | The      board may, in its absolute discretion and without giving any reason,      refuse to register the transfer of a share which is not fully paid or on      which the Company has a lien. |
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| 31. | The      board may also refuse to register the transfer of a share unless the      instrument of transfer:- |
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|   | (a) | is      lodged, duly stamped, at the office or at such other place as the board      may appoint accompanied by the certificate for the shares to which it      relates and such other evidence as the board may reasonably require to      show the right of the transferor to make the  transfer; |
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|   | (b) | is      in respect of only one class of shares;and |
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|   | (c) | is      in favour of not more than fourtransferees. |
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| 32. | If      the board refuses to register the transfer, it shall within two months      after the date on which the instrument of transfer was lodged with the      Company send to the transferee notice of the  refusal. |
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| 33. | The      registration of transfers of shares or of transfers of any class of shares      may be suspended at such times and for such periods (not exceeding thirty      days in any year) as the board maydetermine. |
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| 34. | No      fee shall be charged for the registration of any instrument of transfer or      other document relating to or affecting the title to any      share. |
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| 35. | The      Company shall be entitled to retain any instrument of transfer which is      registered, but any instrument of transfer which the board refuses to      register shall be returned to the person lodging it when notice of the      refusal is given. |
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|   | Transmission ofShares |
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| 36. | If      a member dies the survivor or survivors where he was a joint holder, and      his personal representatives where he was a sole holder or the only      survivor of joint holders, shall be the only persons recognised by the      Company as having any title to his interest; but nothing herein contained      shall release the estate of a deceased member (whether a sole or joint      holder) from any liability in respect of any share held by      him. |
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| 37. | A      person becoming entitled to a share in consequence of the death or      bankruptcy of a member or otherwise by operation of law may, upon such      evidence being produced as the board may properly require as to his      entitlement, elect either to become the holder of the share or to have      some person nominated by him registered as the transferee.  If      he elects to become the holder he shall give notice to the Company to that      effect.  If he elects to have another person registered, he      shall execute an instrument of transfer of the share to that      person.  All the provisions of these Articles relating to the      transfer of shares shall apply to any such notice or instrument of      transfer as if it were an instrument of transfer executed by the member      and the death or bankruptcy of the member or other event giving rise to      the transmission had not occurred. |
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| 38. | A      person becoming entitled to a share in consequence of the death or      bankruptcy of a member or otherwise by operation of law shall, upon such      evidence being produced as the board may properly require as to his      entitlement and subject to the requirements of Article 37, have the      same rights in relation to the share as he would have had if he were the      holder of the share, and may give a discharge for all dividends and other      moneys payable in respect of the share, but he shall not, before being      registered as the holder of the share, be entitled in respect of it to      receive notice of or to attend or vote at any meeting of the Company or to      receive notice of or to attend or vote at any separate meeting of the      holders of any class of shares in theCompany. |
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|   | Alteration of ShareCapital |
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| 39. | The      Company may by ordinaryresolution:- |
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|   | (a) | increase      its share capital by such sum to be divided into shares of such amount as      the resolution prescribes; |
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|   | (b) | consolidate      and divide all or any of its share capital into shares of larger amount      than its existing shares; |
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|   | (c) | subject      to the provisions of the Companies Acts, sub-divide its shares, or any of      them, into shares of smaller amount than is fixed by the Memorandum and      the resolution may determine that, as between the shares resulting from      the sub-division, any of them may have any preference or advantage as      compared with the others; and |
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|   | (d) | cancel      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. |
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| 40. | All      new shares shall be subject to the provisions of these Articles with      reference to payment of calls, lien, forfeiture, transfer, transmission      and otherwise, and, unless otherwise provided by these Articles, by the      resolution creating the new shares or by the conditions of issue, the new      shares shall be unclassifiedshares. |
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| 41. | Whenever      as a result of a consolidation or sub-division of shares any fractions      arise, the board may settle the matter in any manner it deems fit and in      particular may sell shares representing fractions to which any members      would otherwise become entitled to any person (including, subject to the      provisions of the Companies Acts, the Company) and distribute the net      proceeds of sale in due proportion among those members, and the board may      authorise some person to execute an instrument of transfer of the shares      to, or in accordance with the directions of, the purchaser.  The      transferee shall not be bound to see to the application of the purchase      moneys nor shall his title to the shares be affected by any irregularity      in or invalidity of the proceedings in relation to the    sale. |
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| 42. | Subject      to the provisions of the Companies Acts, the Company may by special      resolution reduce its share capital, any capital redemption reserve and      any share premium account in anyway. |
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|   | Purchase of ownshares |
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| 43. | Subject      to and in accordance with the provisions of the Companies Acts and without      prejudice to any relevant special rights attached to any class of shares,      the Company may purchase any of its own shares of any class (including      redeemable shares) at any price (whether at par or above or below par),      and so that any shares to be so purchased may be selected in any manner      whatsoever.  Every contract for the purchase of, or under which      the Company may become entitled or obliged to purchase, shares in the      Company shall be authorised by such resolution of the Company as may be      required by the Companies Acts and by an extraordinary resolution passed      at a separate general meeting of the holders of each class of shares (if      any) which, at the date on which the contract is authorised by the Company      in general meeting, entitle them, either immediately or at any time later      on, to convert all or any of the shares of that class held by them into      equity share capital of theCompany. |
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|   | General Meetings |
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| 44. | All      general meetings of the Company other than annual general meetings shall      be called extraordinary general meetings.  The board shall      convene and the Company shall hold general meetings as annual general      meetings in accordance with the requirements of the  Act. |
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| 45. | All      provisions of these Articles relating to general meetings of the Company      shall, mutatis      mutandis, apply to every separate general meeting of the holders of      any class of shares in the capital of the Company, except      that: |
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|   | (a) | the      necessary quorum shall be two persons holding or representing by proxy at      least one-third in nominal value of the issued shares of the class or, at      any adjourned meeting of such holders, one holder present in person or by      proxy, whatever the amount of his holding, who shall be deemed to      constitute a meeting; and |
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|   | (b) | any      holder of shares of the class present in person or by proxy may demand a      poll; and |
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|   | (c) | each      holder of shares of the class shall, on a poll, have one vote in respect      of every share of the class held byhim. |
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| 46. | Subject      to the provisions of Article 44, the board may call general meetings      whenever and at such times and places as it shall determine and, on the      requisition of members pursuant to the provisions of the Companies Acts,      shall forthwith proceed to convene an extraordinary general meeting in      accordance with the requirements of the Companies Acts.  If      there are not within the United Kingdom sufficient directors to call a      general meeting, any director of the Company may call a general      meeting. |
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|   | Notice of GeneralMeetings |
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| 47. | An      annual general meeting and an extraordinary general meeting called for the      passing of a special resolution or a resolution appointing a person as a      director shall be called by at least twenty-one clear days’      notice.  All other extraordinary general meetings shall be      called by at least fourteen clear days’notice. |
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| 48. | The      notice shall specify the time and place of the meeting and, in the case of      special business, the general nature of such business.  All      business shall be deemed special that is transacted at an extraordinary      general meeting and also all business that is transacted at an annual      general meeting with the exceptionof:- |
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|   | (a) | the      declaration of dividends; |
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|   | (b) | the      consideration and adoption of the accounts and balance sheet and the      reports of the directors and auditors and other documents required to be      annexed to the accounts; |
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|   | (c) | the      appointment and reappointment ofdirectors; |
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|   | (d) | the      appointment of auditors where special notice of the resolution for such      appointment is not required by the Companies Acts;  and |
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|   | (e) | the      fixing of, or the determining of the method of fixing, the remuneration of      the directors and/or auditors. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------|

| 49. | The      provisions of this Article shall apply if any general meeting is convened      at or adjourned to more than oneplace. |
|-----|--------------------------------------------------------------------------------------------------------------------------------|

----

| 50. | The      accidental omission to give notice of a meeting, or to send a form of      proxy with a notice where required by these Articles, to any person      entitled to receive the same, or the non-receipt of a notice of meeting or      form of proxy by any such person, shall not invalidate the proceedings at      that meeting. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| 51. | No      business shall be transacted at any general meeting unless a quorum is      present, but the absence of a quorum shall not preclude the choice or      appointment of a chairman, which shall not be treated as part of the      business of the meeting.  Save as otherwise provided by these      Articles, two persons present in person or by proxy and entitled to vote      upon the business to be transacted shall be a  quorum. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 52. | If      such a quorum is not present within five minutes (or such longer time not      exceeding thirty minutes as the chairman of the meeting may decide to      wait) from the time appointed for the meeting, or if during a meeting such      a quorum ceases to be present, the meeting, if convened on the requisition      of members, shall be dissolved, and in any other case shall stand      adjourned to such time and place as the chairman of the meeting may      determine.  If at the adjourned meeting a quorum is not present      within fifteen minutes after the time appointed for holding the meeting,      the meeting shall be dissolved. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 53. | The      chairman, if any, of the board or, in his absence, any deputy chairman of      the Company or, in his absence, some other director nominated by the      board, shall preside as chairman of the meeting, but if neither the      chairman, deputy chairman nor such other director (if any) is present      within five minutes after the time appointed for holding the meeting or is      not willing to act as chairman, the directors present shall elect one of      their number to be chairman.  If there is only one director      present and willing to act, he shall be chairman.  If no      director is willing to act as chairman, or if no director is present      within five minutes after the time appointed for holding the meeting, the      members present and entitled to vote shall choose one of their number to      be chairman. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 54. | A      director shall, notwithstanding that he is not a member, be entitled to      attend and speak at any general meeting and at any separate meeting of the      holders of any class of shares in theCompany. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 55. | The      chairman may, with the consent of a meeting at which a quorum is present      (and shall if so directed by the meeting), adjourn the meeting from time      to time and from place to place, but no business shall be transacted at an      adjourned meeting other than business which might properly have been      transacted at the meeting had the adjournment not taken      place.  In addition, the chairman may adjourn the meeting to      another time and place without such consent if it appears to him that it      is likely to be impracticable to hold or continue that meeting because of      the number of members wishing to attend who are not      present.  When a meeting is adjourned for thirty days or more or      for an indefinite period, at least seven clear days’ notice shall be given      specifying the time and place of the adjourned meeting and the general      nature of the business to be transacted.  Otherwise it shall not      be necessary to give any notice of an adjournment or of the business to be      transacted at an adjourned meeting. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 56. | If      an amendment shall be proposed to any resolution under consideration but      shall in good faith be ruled out of order by the chairman of the meeting,      the proceedings on the substantive resolution shall not be invalidated by      any error in such ruling.  With the consent of the chairman of      the meeting, an amendment may be withdrawn by its proposer before it is      voted upon.  In the case of a resolution duly proposed as a      special or extraordinary resolution, no amendment thereto (other than a      mere clerical amendment to correct a patent error) may in any event be      considered or voted upon. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 57. | A      resolution put to the vote of a general meeting shall be decided on a show      of hands unless, before or on the declaration of the result of a vote on      the show of hands or on the withdrawal of any other demand for a poll, a      poll is duly demanded.  Subject to the provisions of the      Companies Acts, a poll may be demandedby: |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

----

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

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

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

| 58. | Unless      a poll is duly demanded a declaration by the chairman that a resolution      has been carried or carried unanimously, or by a particular majority, or      lost, or not carried by a particular majority and an entry to that effect      in the minutes of the meeting shall be conclusive evidence of the fact      without proof of the number or proportion of the votes recorded in favour      of or against the resolution. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 59. | The      demand for a poll may, before the poll is taken, be withdrawn but only      with the consent of the chairman and a demand so withdrawn shall not be      taken to have invalidated the result of a show of hands declared before      the demand was made.  If the demand for a poll is withdrawn, the      chairman or any other member entitled may demand a  poll. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 60. | A      poll shall be taken as the chairman directs and he may appoint scrutineers      (who need not be members) and fix a time and place for declaring the      result of the poll.  The result of the poll shall be deemed to      be the resolution of the meeting at which the poll was      demanded. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 61. | In      the case of an equality of votes, whether on a show of hands or on a poll,      the chairman shall be entitled to a casting vote in addition to any other      vote he may have. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 62. | A      poll demanded on the election of a chairman or on a question of      adjournment shall be taken forthwith.  A poll demanded on any      other question shall be taken either forthwith or at such time and place      as the chairman directs not being more than thirty days after the poll is      demanded.  The demand for a poll shall not prevent the      continuance of a meeting for the transaction of any business other than      the question on which the poll was demanded.  If a poll is      demanded before the declaration of the result of a show of hands and the      demand is duly withdrawn, the meeting shall continue as if the demand had      not been made. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 63. | No      notice need be given of a poll not taken forthwith if the time and place      at which it is to be taken are announced at the meeting at which it is      demanded.  In any other case at least seven clear days’ notice      shall be given specifying the time and place at which the poll is to be      taken. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 64. | Where      for any purpose an ordinary resolution of the Company is required, a      special or extraordinary resolution shall also be effective and where for      any purpose an extraordinary resolution is required a special resolution      shall also be effective. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 65. | A      resolution in writing executed by or on behalf of each member who would      have been entitled to vote upon it if it had been proposed at a general      meeting at which he was present shall be as effectual as if it had been      passed at a general meeting properly convened and held and may consist of      several instruments in the like form each executed by or on behalf of one      or more of the members. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Votes of Members |
|--------|------------------|

| 66. | Subject      to any rights or restrictions attached to any shares, on a show of hands      every member who is present in person shall have one vote and on a poll      every member present in person or by proxy shall have one vote for every      share of which he is the holder. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 67. | In      the case of joint holders of a share the vote of the senior who tenders a      vote, whether in person or by proxy, shall be accepted to the exclusion of      the votes of the other joint holders and for this purpose seniority shall      be determined by the order in which the names of the holders stand in the      register. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 68. | A      member in respect of whom an order has been made by any court or official      having jurisdiction (whether in the United Kingdom or elsewhere) in      matters concerning mental disorder may vote, whether on a show of hands or      on a poll, by his receiver, curator bonis or other person authorised in      that behalf appointed by that court or official, and any such receiver,      curator bonis or other person may, on a poll, vote by      proxy.  Evidence to the satisfaction of the board of the      authority of the person claiming to exercise the right to vote shall be      deposited at the office, or at such other place as is specified in      accordance with these Articles for the deposit of instruments of proxy,      not less than 48 hours before the time appointed for holding the meeting      or adjourned meeting at which the right to vote is to be exercised and in      default the right to vote shall not be  exercisable. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 69. | No      member shall be entitled to vote at any general meeting or at any separate      meeting of the holders of any class of shares in the Company, either in      person or by proxy, in respect of any share held by him unless all moneys      presently payable by him in respect of that share have been      paid. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 70. | If      at any time the board is satisfied that any member, or any other person      appearing to be interested in shares held by such member, has been duly      served with a notice under Section 212 of the Act (a “Section 212 notice”) and      is in default for the prescribed period in supplying to the Company the      information thereby required, or, in purported compliance with such a      notice, has made a statement which is false or inadequate in a material      particular, then the board may, in its absolute discretion at any time      thereafter by notice (a “directionnotice”) to such member      direct that: |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | in      respect of the shares in relation to which the default occurred (the “default shares”) the      member shall not be entitled to vote at a general meeting either      personally or by proxy or to exercise any other right conferred by      membership in relation to meetings of the  Company; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | where      the default shares represent at least 1/4 per      cent. of the class of shares concerned, then the direction notice may      additionally direct that: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | except      in a liquidation of the Company, no payment shall be made of any sums due      from the Company on the default shares, whether in respect of capital or      dividend or otherwise, and the Company shall not meet any liability to pay      interest on any such payment when it is finally paid to the      member; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | no      other distribution shall be made on the default  shares; |
|--------|------|------------------------------------------------------------------|

|   | (iii) | no      transfer of any of the shares held by such member shall be registered      unless: |
|--------|-------|--------------------------------------------------------------------------------------------|

|   | (A) | the      member is not himself in default as regards supplying the information      requested and the transfer when presented for registration is accompanied      by a certificate by the member in such form as the board may in its      absolute discretion require to the effect that after due and careful      enquiry the member is satisfied that no person in default as regards      supplying such information is interested in any of the shares the subject      of the transfer; or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | the      transfer is an approved transfer. |
|--------|-----|--------------------------------------------|

|   | (1) | in      relation to any shares which are transferred by such member by means of an      approved transfer; or |
|--------|-----|---------------------------------------------------------------------------------------------------------------|

|   | (2) | when      the board is satisfied that such member and any other person appearing to      be interested in shares held by such member, has given to the Company the      information required by the relevant Section 212  notice. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 71. | For      the purposes of Article 70:- |
|-----|---------------------------------------|

|   | (a) | a      person shall be treated as appearing to be interested in any shares if the      member holding such shares has given to the Company a notification under      the said Section 212 which either (i) names such person as being so      interested or (ii) fails to establish the identities of all those      interested in the shares and (after taking into account the said      notification and any other relevant Section 212 notification) the      Company knows or has reasonable cause to believe that the person in      question is or may be interested in theshares; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      prescribed period is 28 days from the date of service of the said notice      under the Section 212 notice unless the default shares represent at least      1/4 per      cent. of the issued shares of that class, when the prescribed period is 14      days from that date; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | a      transfer of shares is an approved transfer if but only  if: |
|--------|-----|--------------------------------------------------------------------|

|   | (i) | it      is a transfer of shares to an offeror by way or in pursuance of acceptance      of a take-over offer (as defined in Section 428 of the Act);      or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the      board is satisfied that the transfer is made pursuant to a sale of the      whole of the beneficial ownership of the shares the subject of the      transfer to a party uncon­nected with the member and with other      persons appearing to be interested in such shares;  or |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | the      transfer results from a sale made through a recognised investment exchange      as defined in the Financial Services Act 1986 or any other stock exchange      outside the United Kingdom on which the Company’s shares are normally      traded. |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 72. | If      any votes are counted which ought not to have been counted, or might have      been rejected, the error shall not vitiate the result of the voting unless      it is pointed out at the same meeting, or at any adjournment thereof, and      it is in the opinion of the chairman of the meeting of sufficient      magnitude to vitiate the result of thevoting. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 73. | No      objection shall be raised to the qualification of any voter except at the      meeting or adjourned meeting or poll at which the vote objected to is      tendered, and every vote not disallowed at such meeting shall be valid and      every vote not counted which ought to have been counted shall be      disregarded.  Any objection made in due time shall be referred      to the chairman whose decision shall be final and    conclusive. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 74. | On      a poll votes may be given either personally or by proxy.  A      member entitled to more than one vote need not, if he votes, use all his      votes or cast all the votes he uses in the same  way. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Proxies and Corporate  Representatives |
|--------|----------------------------------------|

| 75. | An      instrument appointing a proxy shall be in writing under the hand of the      appointor or his attorney or, if the appointor is a corporation, either      under its common seal or the hand of a duly authorised officer, attorney      or other person authorised to signit. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 76. | Instruments      of proxy shall be in any usual form or in any other form which the board      may approve (which shall include provision for two-way voting) and the      board may, if it thinks fit, but subject to the provisions of the Act, at      the Company’s expense send out with the notice of any meeting forms of      instrument of proxy for use at the meeting.  Delivery of an      instrument appointing a proxy shall not preclude a member from attending      and voting in person at the meeting or poll concerned.  A member      may appoint more than one proxy to attend on the same      occasion. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 77. | The      instrument appointing a proxy and any power of attorney or other written      authority under which it is executed or an office or notarially certified      copy or a copy certified in accordance with the Powers of Attorney Act      1971 of such power or written authorityshall: |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | be      deposited by personal delivery, post or facsimile transmission at the      office or at such other place within the United Kingdom as is specified in      the notice convening the meeting or in any instrument of proxy sent out by      the Company in relation to the meeting not less than 48 hours before the      time appointed for holding the meeting or adjourned meeting at which the      person named in the instrument proposes to vote;  or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | in      the case of a poll taken more than 48 hours after it is demanded, be      deposited as aforesaid after the poll has been demanded and not less than      24 hours before the time appointed for the taking of the poll;      or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | where      the poll is not taken forthwith but is taken not more than 48 hours      after it was demanded, be delivered at the meeting at which the poll was      demanded to the chairman or to the secretary or to any      director; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 78. | The      instrument of proxy shall be deemed to confer authority to vote on any      amendment of a resolution put to the meeting for which it is given as the      proxy thinks fit.  The instrument of proxy shall, unless the      contrary is stated therein, be valid as well for any adjournment of the      meeting as for the meeting to which itrelates. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 79. | Any      corporation or corporation sole which is a member of the Company may (in      the case of a corporation, by resolution of its directors or other      governing body or by authority to be given under seal or under the hand of      an officer duly authorised by it) authorise such person as it thinks fit      to act as its representative at any meeting of the Company or at any      separate meeting of the holders of any class of shares.  A      person so authorised shall be entitled to exercise the same power on      behalf of the grantor of the authority as the grantor could exercise if it      were an individual member of the Company and the grantor shall for the      purposes of these Articles be deemed to be present in person at any such      meeting if a person so authorised is present at  it. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 80. | A      vote given or poll demanded by proxy or by the duly authorised      representative of a corporation shall be valid notwithstanding the      previous determination of the authority of the person voting or demanding      a poll unless notice of the determination was received by the Company at      the office or at such other place at which the instrument of proxy was      duly deposited at least 3 hours before the commencement of the      meeting or adjourned meeting at which the vote is given or the poll      demanded or (in the case of a poll taken otherwise than on the same day as      the meeting or adjourned meeting) the time appointed for taking the      poll. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| 81. | Unless      otherwise determined by ordinary resolution, the number of directors      (other than alternate directors) shall be not less than two but shall not      be subject to any maximum innumber. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Appointment and Retirement of    Directors |
|--------|--------------------------------------------|

| 82. | At      the first annual general meeting all the directors shall retire from      office, and at every subsequent annual general meeting one-third of the      directors who are subject to retirement by rotation or, if their number is      not three or a multiple of three, the number nearest to, but greater      than,  one-third shall retire from office; but, if there is only      one director who is subject to retirement by rotation, he shall      retire. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 83. | Subject      to the provisions of the Companies Acts and these Articles, the directors      to retire by rotation shall be those who 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.  The directors to retire on each occasion (both as to      number and identity) shall be determined by the composition of the board      at the date of the notice convening the annual general meeting and no      director shall be required to retire or be relieved from retiring or be      retired by reason of any change in the number or identity of the directors      after the date of the notice but before the close of the      meeting. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 84. | If      the Company, at the meeting at which a director retires by rotation or      otherwise, does not fill the vacancy, the retiring director shall, if      willing to act, be deemed to have been re-appointed unless at the meeting      it is resolved not to fill the vacancy or unless a resolution for the      re-appointment of the director is put to the meeting and    lost. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 85. | No      person other than a director retiring by rotation shall be appointed a      director at any general meetingunless:- |
|-----|-----------------------------------------------------------------------------------------------------------------------------|

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

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

| 86. | Except      as otherwise authorised by the Companies Acts, the appointment of any      person proposed as a director shall be effected by a separate      resolution. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 87. | Subject      as aforesaid, the Company may by ordinary resolution appoint a person who      is willing to act to be a director either to fill a vacancy or as an      additional director and may also determine the rotation in which any      additional directors are to retire.  The appointment of a person      to fill a vacancy or as an additional director shall take effect from the      end of the meeting. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 88. | The      board may appoint a person who is willing to act to be a director, either      to fill a vacancy or as an additional director in either case whether or      not for a fixed term, provided that the appointment does not cause the      number of directors to exceed the number, if any, fixed by or in      accordance with these Articles as the maximum number of      directors.  Irrespective of the terms of his appointment, a      director so appointed shall hold office only until the next following      annual general meeting and shall not be taken into account in determining      the directors who are to retire by rotation at the meeting.  If      not reappointed at such annual general meeting, he shall vacate office at      the conclusion thereof. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 89. | A      director who retires at an annual general meeting may, if willing to first      act, be re-appointed.  If he is not re-appointed, he shall      retain office until the meeting appoints someone in his place, or if it      does not do so, until the end of themeeting. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 90. | No      person shall be disqualified from being appointed or reappointed a      director, and no director shall be required to vacate that office, by      reason only of the fact that he has attained the age of seventy years or      any other age nor shall it be necessary by reason of his age to give      special notice under the Companies Acts of any      resolution.  Where the board convenes any general meeting of the      Company at which (to the knowledge of the board) a director will be      proposed for appointment or re-appointment who at the date for which the      meeting is convened will have attained the age of seventy years or more,      the board shall give notice of his age in years in the notice convening      the meeting or in any document accompanying the notice, but the accidental      omission to do so shall not invalidate any proceedings, or any appointment      or re-appointment of that director, at that  meeting. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 91. | A      director shall not be required to hold any shares of the Company by way of      qualification. |
|-----|-------------------------------------------------------------------------------------------------------|

|   | AlternateDirectors |
|--------|--------------------|

| 92. | Any      director (other than an alternate director) may appoint any other      director, or any other person approved by resolution of the board and      willing to act, to be an alternate director and may remove from office an      alternate director so appointed byhim. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 93. | An      alternate director shall be entitled to receive notice of all meetings of      the board and of all meetings of committees of the board of which his      appointor is a member, to attend and vote at any such meeting at which his      appointor is not personally present, and generally to perform all the      functions of his appointor (except as regards power to appoint an      alternate) as a director in his absence.  It shall not be      necessary to give notice of such a meeting to an alternate director who is      absent from the United Kingdom. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 94. | A      director or any other person may act as alternate director to represent      more than one director, and an alternate director shall be entitled at      meetings of the board or any committee of the board to one vote for every      director whom he represents (and who is not present) in addition to his      own vote (if any) as a director, but he shall count as only one for the      purpose of determining whether a quorum is  present. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 95. | An      alternate director may be repaid by the Company such expenses as might      properly have been repaid to him if he had been a director but shall not      in respect of his services as an alternate director be entitled to receive      any remuneration from the Company except such part (if any) of the      remuneration otherwise payable to his appointer as such appointer may by      notice in writing to the Company from time to time direct.  An      alternate director shall be entitled to be indemnified by the Company to      the same extent as if he were adirector. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 96. | An      alternate director shall cease to be an alternate    director:- |
|-----|-------------------------------------------------------------------------|

|   | (a) | if      his appointor ceases to be a director; but, if a director retires by      rotation or otherwise but is re-appointed or deemed to have been      re-appointed at the meeting at which he retires, any appointment of an      alternate director made by him which was in force immediately prior to his      retirement shall continue after his  re-appointment; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | on      the happening of any event which, if he were a director, would cause him      to vacate his office as director;or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------|

|   | (c) | if      he resigns his office by notice to theCompany. |
|--------|-----|--------------------------------------------------------|

| 97. | Any      appointment or removal of an alternate director shall be by notice to the      Company signed by the director making or revoking the appointment and      shall take effect in accordance with the terms of the notice (subject to      an approval required by Article 92) upon receipt of such notice at the      office. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 98. | Save      as otherwise expressly provided in these Articles, an alternate director      shall be deemed for all purposes to be a director and, accordingly, except      where the context otherwise requires, references to a director shall be      deemed to include a reference to an alternate director.  An      alternate director shall alone be responsible for his own acts and      defaults and he shall not be deemed to be the agent of the director      appointing him. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| 99. | Subject      to the provisions of the Companies Acts, the Memorandum and these Articles      and to any directions given by special resolution, the business of the      Company shall be managed by the board which may exercise all the powers of      the Company, including the power to dispose of all or any part of the      undertaking of the Company.  No alteration of the Memorandum or      Articles and no such direction shall invalidate any prior act of the board      which would have been valid if that alteration had not been made or that      direction had not been given.  The powers given by this Article      shall not be limited by any special power given to the board by these      Articles and a meeting of the board at which a quorum is present may      exercise all powers exercisable by theboard. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | Delegation of Powers of the  Board |
|--------|------------------------------------|

| 100. | The      board may delegate any of its powers to any committee consisting of one or      more directors.  The board may also delegate to any director      holding any executive office such of its powers as the board considers      desirable to be exercised by him.  Any such delegation shall, in      the absence of express provision to the contrary in the terms of      delegation, be deemed to include authority to sub-delegate to one or more      directors (whether or not acting as a committee) or to any employee or      agent of the Company all or any of the powers delegated and may be made      subject to such conditions as the board may specify, and may be revoked or      altered.  The board may co-opt on to any such committee persons      other than directors, who may enjoy voting rights in the      committee.  The co-opted members shall be less than one-half of      the total membership of the committee and a resolution of any committee      shall be effective only if a majority of the members present are      directors.  Subject to any conditions imposed by the board, the      proceedings of a committee with two or more members shall be governed by      these Articles regulating the proceedings of directors so far as they are      capable of applying. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 101. | The      board may establish local or divisional boards or agencies for managing      any of the affairs of the Company, either in the United Kingdom or      elsewhere, and may appoint any persons to be members of the local or      divisional boards, or any managers or agents, and may fix their      remuneration.  The board may delegate to any local or divisional      board, manager or agent any of the powers, authorities and discretions      vested in or exercisable by the board, 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.  Any      appointment or delegation made pursuant to this Article may be made upon      such terms and subject to such conditions as the board may decide and the      board may remove any person so appointed and may revoke or vary the      delegation but no person dealing in good faith and without notice of the      revocation or variation shall be affected byit. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 102. | The      board may, by power of attorney or otherwise, appoint any person or      persons to be the agent or agents of the Company for such purposes, with      such powers, authorities and discretions (not exceeding those vested in      the board) and on such conditions as the board determines, including      authority for the agent or agents to delegate all or any of his or their      powers, authorities and discretions, and may revoke or vary such      delegation. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 103. | The      board may appoint any person to any office or employment having a      designation or title including the word “director” or attach to any      existing office or employment with the Company such a designation or title      and may terminate any such appointment or the use of any such designation      or title.  The inclusion of the word “director” in the      designation or title of any such office or employment shall not imply that      the holder is a director of the Company, nor shall the holder thereby be      empowered in any respect to act as, or be deemed to be, a director of the      Company for any of the purposes of these  Articles. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| 104. | The      board may exercise all the powers of the Company to borrow money, to      guarantee, to indemnify, to mortgage or charge its undertaking, property,      assets (present and future) and uncalled capital, and to issue debentures      and other securities whether outright or as collateral security for any      debt, liability or obligation of the Company or of any third      party. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | the      amount paid up (or credited as or deemed to be paid up) on the issued      share capital of the Company; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      amount standing to the credit of the reserves of the Group (including,      without limitation, any share premium account, capital redemption reserve      or revaluation reserve) after adding thereto or deducting therefrom any      balance standing to the credit or debit of the profit and loss account of      the Group; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (1) | making      such adjustments as may be appropriate in respect of any variation in the      amount of such paid up share capital or any such reserves subsequent to      the relevant balance sheet date and so that for this    purpose: |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (A) | if      any issue or proposed issue of shares by the Company for cash has been      underwritten then such shares shall be deemed to have been issued and the      amount (including any premium) of the subscription moneys payable in      respect thereof (not being moneys payable later than six months after the      date of allotment) shall to the extent so underwritten be deemed to have      been paid up on the date when the issue of such shares was underwritten      (or, if such underwriting was conditional, on the date when it became      unconditional); and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (B) | share      capital (including any premium) shall be deemed to have been paid up as      soon as it has been unconditionally agreed to be subscribed or taken up      (within six months of such agreement) by any  person; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | making      such adjustments as may be appropriate in respect of any distributions      declared, recommended, made or paid by the Company or its subsidiaries      (otherwise than attributable directly or indirectly to the Company) out of      profits earned up to and including the date of the latest audited balance      sheet of the Company or subsidiary (as the case may be) to the extent that      such distribution is not provided for in such balance    sheet; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (3) | making      such adjustments as may be appropriate in respect of any variation in the      interests of the Company in its subsidiaries since the date of the latest      audited balance sheet of theCompany; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (4) | making      all such adjustments, if the calculation is required for the purposes of      or in connection with a transaction under or in connection with which any      body corporate is to become or cease to be a subsidiary, as would be      appropriate if such transaction had been carried into    effect; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (5) | excluding      minority interests in subsidiaries; |
|--------|-----|----------------------------------------------------|

|   | (6) | deducting      sums equivalent to the book values of any goodwill or other intangible      assets shown in such the latest audited balance  sheet; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (7) | treating      as an investment any shareholding in a subsidiary undertaking of the      Company included in the consolidation which is not a subsidiary of the      Company; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | in      addition to borrowings, there shall be deemed, subject as provided below,      to have been borrowed and to be outstanding as moneys borrowed of the      Group (but only to the extent that the same would not otherwise fall to be      taken into account): |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the      principal amount of all debentures of any member of the Group, whether      issued or incurred in whole or in part for cash or otherwise, which are      not for the time being beneficially owned within the  Group; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the      nominal amount of any issued and paid up share capital (other than equity      share capital which as regards capital has rights no more favourable than      those attached to its ordinary share capital) of any subsidiary of the      Company not for the time being beneficially owned by any member of the      Group; |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | the      nominal amount of any other issued and paid up share capital and the      principal amount of any other debentures or other moneys borrowed (not      being shares or debentures which are, or moneys borrowed the indebtedness      in respect of which is for the time being beneficially owned within the      Group) the redemption or repayment whereofis: |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (A) | guaranteed      by any member of the Group; or |
|--------|-----|------------------------------------------------|

|   | (B) | wholly      or (to the extent of the part secured) partly secured on assets or the      undertaking of any member of theGroup; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | any      fixed or minimum premium payable on final redemption or repayment of any      debentures, share capital or other moneys borrowed falling to be taken      into account; |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | the      outstanding amount of acceptances (not being acceptances of trade bills in      respect of the purchase or sale of goods in the ordinary course of      trading) by any bank or accepting house under any acceptance credit opened      on behalf of and in favour of any member of the  Group; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vi) | any      fixed amount in respect of any Finance Lease payable by any member of the      Group which would be shown at the material time as an obligation in a      balance sheet prepared in accordance with the accounting principles used      in the preparation of the latest audited balance  sheet; |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | moneys      borrowed by any member of the Group for the purposes of repaying or      redeeming (with or without premium) in whole or in part any other moneys      borrowed falling to be taken into account and intended to be applied for      such purpose within six months after the borrowing thereof shall not,      during such period, except to the extent so applied, themselves fall to be      taken into account; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | any      amounts borrowed by any member of the Group for the purpose of financing      any contract up to an amount not exceeding those moneys receivable under      such contract which are guaranteed or  insured by the Export      Credits Guarantee Department or other  institution or body      carrying on a similar business shall be deemed not to be moneys      borrowed; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | moneys      borrowed by a partly owned subsidiary of the Company and not owing to the      Company or any of its wholly owned subsidiaries shall be taken into      account subject to the exclusion of a proportion thereof equal to the      Minority Proportion of the borrower; moneys borrowed by the Company or any      of its wholly owned subsidiaries from and owing to a partly owned      subsidiary of the Company shall be taken into account to the extent of a      proportion thereof equal to the Minority Proportion of the lender; where      moneys have been borrowed by one partly owned subsidiary of the Company      and are owing to another partly owned subsidiary of the Company, the      amount to be taken into account shall be reduced in accordance with the      foregoing provisions of this sub-paragraph to take account of the Minority      Proportion of the borrower and that of the  lender; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | an      amount equal to the moneys borrowed by a body corporate which were      outstanding at the time it becomes a subsidiary of the Company shall, for      a period of six months after that date be deemed not to be moneys      borrowed; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | if      any fixed amount payable by the Company or any of its subsidiaries in      respect of any Finance Lease increases as a result of any change in      legislation relating to or affecting taxation matters, for a period of six      months after the date on which the board become aware of the increase an      amount equal to the increase shall be deemed not to be moneys      borrowed; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (g) | there      shall be deducted from the amount of any moneys borrowed any amounts      beneficially owned by any member of the Group which are deposited with any      bank or other person (whether on current account or otherwise) not being a      member of the Group and which are repayable to any member of the Group on      demand or within three months of any demand, subject, in the case of money      deposited by a partly owned subsidiary, to the exclusion of a proportion      thereof equal to the MinorityProportion; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | moneys      borrowed shall not include any moneys borrowed which are for the time      being deposited with any governmental authority or body in any part of the      world in connection with import deposits or any similar governmental      scheme to the extent that the member of the Group making such deposit      retains its interest therein; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | where      at any material time the amount of money which, under the terms of any      borrowing, would be required, if it fell to be repaid (whether at the      option of the borrower or by reason of default) at such material time, to      discharge in full the principal amount of moneys  borrowed      thereunder, is less than the amount which would otherwise be taken into      account in respect of such moneys borrowed for the purposes of this      Article, the amount of such moneys borrowed to be taken into account shall      be such lesser amount; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | when      the aggregate amount of moneys borrowed at any material time is being      ascertained, any moneys borrowed by any member of the Group denominated or      repayable in a currency other than sterling shall be translated for the      purposes of calculating the sterlingequivalent: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | with      the exception of Excepted Foreign Currency Borrowings, at the lower      of: |
|--------|-----|----------------------------------------------------------------------------------------|

|   | (A) | the      rate of exchange used for the purposes of translating assets and      liabilities in the latest audited balance sheet;  and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | the      middle market rate at approximately 11 a.m. in London on the business      day preceding the relevant day, as supplied by such person or calculated      on such basis as the auditors may determine or  approve; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | in      the case of any Excepted Foreign Currency Borrowings, at the rate of      exchange which would be applicable to such moneys borrowed on their      repayment to the extent that such rate of exchange is fixed under any      Exchange Cover Scheme in connection with such moneys borrowed, unless the      Auditors determine that it is not practicable to determine the rate of      exchange applicable at the time of repayment of any such moneys borrowed,      when they shall be translated into sterling on such other basis as the      auditors may determine reasonably reflects the effect of the Exchange      Cover Scheme or, if no such basis is determined, in accordance with the      provisions of paragraph (j)(i)above; |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (k) | for      the avoidance of doubt, the following shall be deemed not to      be  moneys borrowed of theGroup: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------|

|   | (i) | sums      advanced or paid to any member of the Group (or its agent or nominee) by      customers of any member of the Group as prepayments or progress payments      or payments on account or by way of deposit or security in respect of      products or services or any guarantees or indemnities given by any member      of the Group in relation thereto; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | sums      which otherwise would fall to be treated as moneys borrowed of any member      of the Group which: |
|--------|------|--------------------------------------------------------------------------------------------------------------|

|   | (A) | were      outstanding at the date of the latest audited balance sheet and were      treated therein, with the concurrence of the auditors and in accordance      with any current Statement of Standard Accounting Practice, Financial      Reporting Standard or other accountancy principle or practice generally      accepted for the time being in the United Kingdom, as otherwise than      borrowings; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | were      incurred after the date of the latest audited balance sheet and, in the      reasonable opinion of the board, would have been so treated had they been      outstanding at that date; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | Disqualification and Removal of      Directors |
|--------|------------------------------------------------|

| 105. | The      office of a director shall be vacatedif:- |
|------|----------------------------------------------------|

|   | (a) | he      ceases to be a director by virtue of any provisions of the Companies Acts      or these Articles or he becomes prohibited by law from being a director;      or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | he      becomes bankrupt or makes any arrangement or composition with his      creditors generally or shall apply to the court for an interim order under      Section 253 of the Insolvency Act 1986 in connection with a voluntary      arrangement under that Act; or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | he      is, or may be, suffering from mental disorder and  either:- |
|--------|-----|---------------------------------------------------------------------|

|   | (i) | he      is admitted to hospital in pursuance of an application for admission for      treatment under the Mental Health Act 1983 or, in Scotland, an      application for admission under the Mental Health (Scotland)      Act 1960; or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | an      order is made by a court having jurisdiction (whether in the United      Kingdom or elsewhere) in matters concerning mental disorder for his      detention or for the appointment of a receiver, curator bonis or other      person to exercise powers with respect to his property or affairs;      or |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | he      resigns his office by notice to the Company or, having been appointed for      a fixed term, the term expires or his office as a director is vacated      pursuant to Article 88; or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | he      shall for more than six consecutive months have been absent without      permission of the board from meetings of the board held during that period      and his alternate director (if any) shall not during such period have      attended in his stead and the board resolves that his office be      vacated; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (f) | he      is requested to resign in writing by not less than three quarters of the      other directors.  In calculating the number of directors who are      required to make such a request to the director, (i) there shall be      excluded any alternate director appointed by him acting in his capacity as      such; and (ii) a director and any alternate director appointed by him and      acting in his capacity as such shall constitute a single director for this      purpose, so that the signature of either shall be    sufficient. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 106. | The      Company may, in accordance with and subject to the provisions of the      Companies Acts, by ordinary resolution of which special notice has been      given remove any director from office (notwithstanding any provision of      these Articles or of any agreement between the Company and such director,      but without prejudice to any claim he may have for damages for breach of      any such agreement) and, by ordinary resolution, appoint another person in      place of a director so removed from office and any person so appointed      shall be treated for the purpose of determining the time at which he or      any other director is to retire by rotation as if he had become a director      on the day on which the director in whose place he is appointed was last      elected a director. In default of such appointment the vacancy arising      upon the removal of a director from office may be filled as a casual      vacancy. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Remuneration of Non-Executive    Directors |
|--------|--------------------------------------------|

| 107. | The      ordinary remuneration of the directors who do not hold executive office      for their services (excluding amounts payable under any other provision of      these Articles) shall not exceed in aggregate £250,000 per annum or such      higher amount as the Company may from time to time by ordinary resolution      determine.  Subject thereto, each such director shall be paid a      fee (which shall be deemed to accrue from day to day) at such rate as may      from time to time be determined by theboard. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 108. | Any      director who does not hold executive office and who serves on any      committee of the directors, by the request of the board goes or resides      abroad for any purpose of the Company or otherwise performs special      services which in the opinion of the directors are outside the scope of      the ordinary duties of a director, may (without prejudice to the      provisions of Article 107) be paid such extra remuneration by way of      salary, commission or otherwise as the board may  determine. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | Directors’Expenses |
|--------|--------------------------|

| 109. | The      directors may be paid all travelling, hotel, and other expenses properly      incurred by them in connection with their attendance at meetings of the      board or committees of the board or general meetings or separate meetings      of the holders of any class of shares or of debentures of the Company or      otherwise in connection with the discharge of their  duties. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ExecutiveDirectors |
|--------|--------------------|

| 110. | Subject      to the provisions of the Companies Acts, the board may appoint one or more      of its body to be the holder of any executive office (except that of      auditor) under the Company and may enter into an agreement or arrangement      with any director for his employment by the Company or for the provision      by him of any services outside the scope of the ordinary duties of a      director.  Any such appointment, agreement or arrangement may be      made upon such terms, including terms as to remuneration, as the board      determines, and any remuneration which is so determined may be in addition      to or in lieu of any ordinary remuneration as a director.  The      board may revoke or vary any such appointment but without prejudice to any      rights or claims which the person whose appointment is revoked or varied      may have against the Company by reasonthereof. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 111. | Any      appointment of a director to an executive office shall terminate if he      ceases to be a director but without prejudice to any rights or claims      which he may have against the Company by reason of such      cesser.  A director appointed to an executive office shall not      ipso facto cease to be a director if his appointment to such executive      office terminates. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 112. | The      emoluments of any director holding executive office for his services as      such shall be determined by the board, and may be of any description, and      (without limiting the generality of the foregoing) may include admission      to or continuance of membership of any scheme (including any share      acquisition scheme) or fund instituted or established or financed or      contributed to by the Company for the provision of pensions, life      assurance or other benefits for employees or their dependants, or the      payment of a pension or other benefits to him or his dependants on or      after retirement or death, apart from membership of any such scheme or      fund. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

| 113. | Subject      to the provisions of the Companies Acts, and provided that he has disclosed to the      board the nature and extent of any material interest of his, a director      notwithstanding his office:- |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

|   | (c) | may      be a director or other officer of, or employed by, or a party to any      transaction or arrangement with, or otherwise interested in, any body      corporate promoted by the Company or in which the Company is otherwise      interested; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | shall      not, by reason of his office, be accountable to the Company for any      benefit which he derives from any such office or employment or from any      such transaction or arrangement or from any interest in any such body      corporate and no such transaction or arrangement shall be liable to be      avoided on the ground of any such interest or  benefit. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (1) | a      general notice given to the board that a director is to be regarded as      having an interest of the nature and extent specified in the notice in any      transaction or arrangement in which a specified person or class of persons      is interested shall be deemed to be a disclosure that the director has an      interest in any such transaction of the nature and extent so specified;      and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | an      interest of which a director has no knowledge and of which it is      unreasonable to expect him to have knowledge shall not be treated as an      interest of his. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 114. | The      board may exercise the voting power conferred by the shares in any body      corporate held or owned by the Company in such manner in all respects as      it thinks fit (including the exercise thereof in favour of any resolution      appointing its members or any of them directors of such body corporate, or      voting or providing for the payment of remuneration to the directors of      such body corporate). |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Gratuities, Pensions and  Insurance |
|--------|-------------------------------------|

| 115. | The      board may (by establishment of or maintenance of schemes or otherwise)      provide benefits, whether by the payment of gratuities or pensions or by      insurance or otherwise, for any past or present director or employee of      the Company or any of its subsidiaries or any body corporate associated      with, or any business acquired by, any of them, and for any member of his      family (including a spouse and a former spouse) or any person who is or      was dependent on him, and may (as well before as after he ceases to hold      such office or employment) contribute to any fund and pay premiums for the      purchase or provision of any suchbenefit. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 116. | Pursuant      to Section 719 of the Act, the board is hereby authorised to make such      provision as may seem appropriate for the benefit of any persons employed      or formerly employed by the Company or any of its subsidiaries in      connection with the cessation or the transfer of the whole or part of the      undertaking of the Company or any subsidiary.  Any such      provision shall be made by a resolution of the board in accordance with      the said section. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Proceedings of  Directors |
|--------|---------------------------|

| 117. | Subject      to the provisions of these Articles, the board may regulate its      proceedings as it thinks fit.  A director may, and the secretary      at the request of a director shall, call a meeting of the      board.  Notice of a board meeting shall be deemed to be properly      given to a director if it is given to him personally or by word of mouth      or sent in writing to him at his last known address or any other address      given by him to the Company for this purpose.  A director absent      or intending to be absent from the United Kingdom may request the board      that notices of board meetings shall during his absence be sent in writing      to him at an address given by him to the Company for this purpose, but      such notices need not be given any earlier than notices given to directors      not so absent and, if no such request is made to the board, it shall not      be necessary to give notice of a board meeting to any director who is for      the time being absent from the United Kingdom.  Questions      arising at a meeting shall be decided by a majority of      votes.  In the case of an equality of votes, the chairman shall      have a second or casting vote.  Any director may waive notice of      a meeting and any such waiver may be  retrospective. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 118. | The      quorum for the transaction of the business of the board may be fixed by      the board and unless so fixed at any other number shall be      two.  A person who holds office only as an alternate director      shall, if his appointor is not present, be counted in the      quorum.  Any director who ceases to be a director at a board      meeting may continue to be present and to act as a director and be counted      in the quorum until the termination of the board meeting if no director      objects. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 119. | The      continuing directors or a sole continuing director may act notwithstanding      any vacancies in their number, but, if the number of directors is less      than the number fixed as the quorum, the continuing directors or director      may act only for the purpose of filling vacancies or of calling a general      meeting. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 120. | The      board may appoint one of their number to be the chairman, and one of their      number to be the deputy chairman, of the board and may at any time remove      either of them from such office.  Unless he is unwilling to do      so, the director appointed as chairman, or in his stead the director      appointed as deputy chairman, shall preside at every meeting of the board      at which he is present.  If there is no director holding either      of those offices, or if neither the chairman nor the deputy chairman is      willing to preside or neither of them is present within five minutes after      the time appointed for the meeting, the directors present may appoint one      of their number to be chairman of themeeting. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 121. | All      acts done by a meeting of the board, or of a committee of the board, or by      a person acting as a director or alternate director, shall,      notwithstanding that it be afterwards discovered that there was a defect      in the appointment of any director or any member of the committee or      alternate director or that any of them were disqualified from holding      office, or had vacated office or were not entitled to vote, be as valid as      if every such person had been duly appointed and was qualified and had      continued to be a director or, as the case may be, an alternate director      and had been entitled to vote. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 122. | A      resolution in writing signed by all the directors entitled to receive      notice of a meeting of the board or of a committee of the board (not being      less than the number of directors required to form a quorum of the board)      shall be as valid and effectual as if it had been passed at a meeting of      the board or (as the case may be) a committee of the board duly convened      and held and for this purpose: |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | a      resolution may consist of several documents to the same effect each signed      by one or more directors; |
|--------|-----|------------------------------------------------------------------------------------------------------------------|

|   | (b) | a      resolution signed by an alternate director need not also be signed by his      appointor; and |
|--------|-----|------------------------------------------------------------------------------------------------------|

|   | (c) | a      resolution signed by a director who has appointed an alternate director      need not also be signed by the alternate director in that      capacity. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 123. | Without      prejudice to the first sentence of Article 117, a meeting of the board or      of a committee of the board may consist of a conference between directors      who are not all in one place, but of whom each is able (directly or by      telephonic communication) to speak to each of the others, and to be heard      by each of the others simultaneously.  A director taking part in      such a conference shall be deemed to be present in person at the meeting      and shall be entitled to vote or be counted in a quorum      accordingly.  Such a meeting shall be deemed to take place where      the largest group of those participating in the conference is assembled,      or, if there is no such group, where the chairman of the meeting then      is.  The word “meeting” in these Articles      shall be construed accordingly. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 124. | Save      as otherwise provided by these Articles, a director shall not vote at a      meeting of the board or a committee of the board on any resolution of the      board concerning a matter in which he has an interest which together with      any interest of any person connected with him is to his knowledge a      material interest (other than by virtue of his interests in shares or      debentures or other securities of or otherwise in or through the Company)      unless his interest arises only because the case falls within one or more      of the following paragraphs: |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | (b) | the      resolution relates to the giving of any guarantee, security, or indemnity      in respect of a debt or obligation of the Company or any of its      subsidiaries for which the director has assumed responsibility in whole or      part and whether alone or jointly with others under a guarantee or      indemnity or by giving of security; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | his      interest arises by virtue of his being, or intending to become, a      participant in the underwriting or sub-underwriting of an offer of any      shares, debentures, or other securities by the Company or any of its      subsidiaries for subscription, purchase or  exchange; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | his      interest arises in relation to the subscription or purchase by him of      shares, debentures or other securities of the Company pursuant to an offer      or invitation to members or debenture holders of the Company, or any class      of them; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | any      proposal concerning any other company in which he and any persons      connected with him do not to his knowledge hold an interest in shares (as      that term is used in sections 198 to 211 of the Act) representing one per      cent or more of either any class of the equity share capital, or the      voting rights, in such company; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | the      resolution relates to an arrangement for the benefit of employees of the      Company or of any of its subsidiaries and does not provide in respect of      the director any privilege or benefit not awarded to the employees to whom      such arrangement relates; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | any      proposal concerning any insurance which the Company is empowered to      purchase or maintain for the benefit of any directors of the Company or      for the benefit of persons who include directors of the Company provided      that for the purposes of this paragraph insurance shall mean only      insurance against liability incurred by a director in respect of any such      act or omission by him as is referred to in Article 115 or any other      insurance which the Company is empowered to purchase or maintain for or      for the benefit of any groups of persons consisting of or including      directors of the Company. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 125. | A      director shall not be counted in the quorum present at a meeting in      relation to a resolution on which he is not entitled to    vote. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------|

| 126. | The      Company may by ordinary resolution suspend or relax to any extent, either      generally or in respect of any particular matter, any provision of these      Articles prohibiting a director from voting at a meeting of the board or      of a committee of the board, or ratify any transaction not duly authorised      by reason of a contravention of any such  provision. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 127. | Where      proposals are under consideration concerning the appointment (including      fixing or varying the terms of appointment) of two or more directors to      offices or employments with the Company or any body corporate in which the      Company is interested, the proposals may be divided and considered in      relation to each director separately and in such cases each of the      directors concerned shall, subject as otherwise provided in these      Articles, be entitled to vote and be counted in the quorum in respect of      each resolution except that concerning his own  appointment. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 128. | If      a question arises at a meeting of the board or of a committee of the board      as to the entitlement of a director to vote or be counted in a quorum, the      question may, before the conclusion of the meeting, be referred to the      chairman of the meeting and his ruling in relation to any director other      than himself shall be final and conclusive except in a case where the      nature or extent of the interests of the director concerned have not been      fairly disclosed.  If any such question arises in respect of the      chairman of the meeting, it shall be decided by resolution of the board      (on which the chairman shall not vote) and such resolution will be final      and conclusive except in a case where the nature and extent of the      interests of the chairman have not been fairly  disclosed. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Secretary |
|--------|-----------|

| 129. | Subject      to the provisions of the Companies Acts, the secretary shall be appointed      by the board for such term, at such remuneration and upon such conditions      as it may think fit; and any secretary so appointed may be removed by the      board, but without prejudice to any claim for damages for breach of any      contract of service between him and theCompany. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | Minutes |
|--------|---------|

| 130. | The      board shall cause minutes to be made in books kept for the      purpose:- |
|------|------------------------------------------------------------------------------------|

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

|   | (b) | of      all proceedings at meetings of the Company, of the holders of any class of      shares in the Company, of the board, and of committees of the board,      including the names of the directors present at each such      meeting. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The      Seal |
|--------|---------------|

| 131. | The      seal shall only be used by the authority of a resolution of the board or      of a committee of the board.  The board may determine who shall      sign any instrument to which the seal is affixed and unless otherwise so      determined it shall be signed by at least one director and the secretary      or by at least two directors. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 132. | The      board may by resolution determine either generally or in any particular      case that any certificates for shares or debentures or representing any      other form of security to which the seal is affixed may have signatures      affixed to them by some mechanical means, or printed thereon or that such      certificates need not bear anysignature. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 133. | The      Company may exercise the powers conferred by Section 39 of the Act with      regard to having an official seal for use  abroad. |
|------|------------------------------------------------------------------------------------------------------------------------------------------|

----

| 134. | Where      the Act so permits, any instrument signed, with the authority of a      resolution of the board or of a committee of the board, by one director      and the secretary or by two directors and expressed to be executed by the      Company as a deed shall have the same effect as if executed under the      seal, provided that no instrument which makes it clear on its face that it      is intended by the persons making it to have effect as a deed shall be      signed without the authority of theboard. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 135. | A      document which is executed by the Company as a deed shall not be deemed to      be delivered by the Company solely as a result of its having been executed      by the Company. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Registers |
|--------|-----------|

| 136. | Subject      to the provisions of the Companies Acts, the Company may keep an overseas      or local or other register in any place, and the board may make, amend and      revoke any such regulations as it may think fit respecting the keeping of      the register. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 137. | Any      director or the secretary or any person appointed by the board for the      purpose shall have power to authenticate any documents affecting the      constitution of the Company and any resolutions passed by the Company or      the holders of any class of shares of the Company or the board or any      committee of the board, and any books, records, documents and accounts      relating to the business of the Company, and to certify copies thereof or      extracts therefrom as true copies or extracts.  A document      purporting to be a copy of a resolution, or the minutes of or an extract      from the minutes of a meeting of the Company or the holders of any class      of shares of the Company or of the board or any committee of the board      that is certified as aforesaid shall be conclusive evidence in favour of      all persons dealing with the Company upon the faith thereof that such      resolution has been duly passed or, as the case may be, that such minutes      or extract is a true and accurate record of proceedings at a duly      constituted meeting. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | Dividends |
|--------|-----------|

| 138. | Subject      to the provisions of the Companies Acts, the Company may by ordinary      resolution declare dividends in accordance with the respective rights of      the members, but no dividend shall exceed the amount recommended by the      board. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 139. | Subject      to the provisions of the Companies Acts, the board may pay interim      dividends if it appears to the board that they are justified by the      profits of the Company available for distribution.  If the share      capital is divided into different classes, the board may pay interim      dividends on shares which confer deferred or non-preferred rights with      regard to dividend as well as on shares which confer preferential rights      with regard to dividend, but no interim dividend shall be paid on shares      carrying deferred or non-preferred rights if, at the time of payment, any      preferential dividend is in arrear.  The board may also pay at      intervals settled by it any dividend payable at a fixed rate if it appears      to the board that the profits available for distribution justify the      payment.  Provided the board acts in good faith it shall not      incur any liability to the holders of shares conferring preferred rights      for any loss they may suffer by the lawful payment of an interim dividend      on any shares having deferred or non-preferred  rights. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 140. | Except      as otherwise provided by the rights attached to shares, all dividends      shall be declared and paid according to the amounts paid up on the shares      on which the dividend is paid; but no amount paid on a share in advance of      the date on which a call is payable shall be treated for the purposes of      this Article as paid on the share.  All dividends shall be      apportioned and paid proportionately to the amounts paid up on the shares      during any portion or portions of the period in respect of which the      dividend is paid; but, if any share is issued on terms providing that it      shall rank for dividend as from a particular date, that share shall rank      for dividend accordingly. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 141. | A      general meeting declaring a dividend may, upon the recommendation of the      board, by ordinary resolution direct that it shall be satisfied wholly or      partly by the distribution of assets, and in particular of paid up shares      or debentures of any other body corporate.  Where any difficulty      arises in regard to the distribution, the board may settle the same as it      thinks fit and, in particular, may fix the value for distribution of any      assets and may determine that cash shall be paid to any member upon the      footing of the value so fixed in order to adjust the rights of members and      may vest any assets in trustees. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 142. | The      directors may, if authorised by an ordinary resolution of the Company,      offer any holders of shares the right to elect to receive shares, credited      as fully paid, instead of cash in respect of the whole (or some part, to      be determined by the directors) of all or any dividends specified by the      ordinary resolution.  The following provisions shall      apply: |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | An      ordinary resolution may specify a particular dividend, or may specify all      or any dividends declared within a specified  period. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      entitlement of each holder of shares to new shares shall be such that the      relevant value of the entitlement (calculated by reference to the average      quotation) shall be as nearly as possible equal to (but not greater than)      the cash amount (disregarding any tax credit) of the dividend that such      holder elects to forego.  For this purpose the “average quotation” of a      share shall be the average of the middle market quotations for those      shares on the London Stock Exchange, as derived from the Daily Official      List, on the day on which the shares are first quoted “ex” the relevant      dividend and the four subsequent dealing days, or in such other manner as      may be determined by or in accordance with the ordinary resolution but      shall never be less than the par value of the  share. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | On      or as soon as practicable after announcing that any dividend is to be      declared or recommended, the directors, if they intend to offer an      election in respect of that dividend, shall also announce that      intention.  If, after determining the basis of allotment, the      directors decide to proceed with the offer, they shall notify the holders      of shares in writing of the terms and conditions of the right of election      offered to them, specifying the procedure to be followed and place at      which, and the latest time by which, elections or notices amending or      terminating existing elections must be lodged in order to be      effective. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | The      directors shall not proceed with any election unless the Company has      sufficient unissued shares authorised for issue and sufficient reserves or      funds that may be appropriated to give effect to it after the basis of      allotment is determined. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (e) | The      directors may exclude from any offer any holders of shares where the      directors believe the making of the offer to them would or might involve      the contravention of the laws of any territory or that for any other      reason the offer should not be made tothem. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | The      dividend (or that part of the dividend in respect of which a right of      election has been offered) shall not be payable in cash on shares in      respect of which an election has been made (the “elected shares”) and      instead additional shares shall be allotted to the holders of the elected      shares on the basis stated in (b) above.  For such purpose the      directors shall appropriate out of any amount for the time being standing      to the credit of any reserve or fund (including the profit and loss      account) whether or not the same is available for distribution as the      directors may determine a sum equal to the aggregate nominal amount of the      additional shares to be allotted and apply it in paying up in full the      appropriate number of unissued shares for allotment and distribution to      the holders of the elected shares on the basis stated in (b)      above. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | The      additional shares when allotted shall rank pari passu in all respects with      the fully paid shares of the same class then in issue except that they      will not be entitled to participation in the relevant      dividend. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | No      fraction of a share shall be allotted.  The directors may make      such provision as they think fit for any fractional entitlements including      provision whereby, in whole or in part, the benefit thereof accrues to the      Company and/or under which fractional entitlements are accrued and/or      retained and in each case accumulated on behalf of any holder and such      accruals or retentions are applied to the allotment of fully paid shares      to such holder and/or provision whereby cash payments  may be      made to holders in respect of their fractional    entitlements. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | The      directors may do all acts and things considered necessary or expedient to      give effect to the allotment and issue of any shares pursuant to this      Article or otherwise in connection with any offer made pursuant to this      Article and may authorise any person, acting on behalf of the holders      concerned, to enter into an agreement with the Company providing for such      allotment and incidental matters and any agreement made under such      authority shall be effective and binding on all  concerned. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | The      directors may, in their discretion, amend, suspend or terminate any offer      which is in operation. |
|--------|-----|----------------------------------------------------------------------------------------------------------------|

----

| 143. | The      board may deduct from any dividend or other moneys payable to any member      in respect of a share any moneys presently payable by him to the Company      in respect of that share. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 144. | Any      dividend or other moneys payable in respect of a share may be paid by      cheque or warrant sent by post to the registered address of the holder or      person entitled or, if two or more persons are the holders of the share or      are jointly entitled to it by reason of the death or bankruptcy of the      holder or otherwise by operation of law, to the registered address of that      one of those persons who is first named in the register or to such person      and to such address as the person or persons entitled may in writing      direct.  Every such cheque or warrant shall be made payable to      the order of the person or persons entitled or to such other person as the      person or persons entitled may in writing direct and shall be sent at the      risk of the person entitled, and payment of the cheque shall be a good      discharge to the Company.  Any joint holder or other person      jointly entitled to a share as aforesaid may give receipts for any      dividend or other moneys payable in respect of the share.  Any      such dividend or other money may also be paid by any other method      (including direct debit, bank or other funds transfer system and dividend      warrant) which the board considers appropriate, and to or through such      person as the holder or joint holders may in writing      direct.  The Company shall have no responsibility for any sums      lost or delayed in the course of any such transfer, or where it has acted      on any such directions. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 145. | No      dividend or other moneys payable in respect of a share shall bear interest      against the Company unless otherwise provided by the rights attached to      the share. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 146. | Any      dividend which has remained unclaimed for twelve years from the date when      it became due for payment shall, if the board so resolves, be forfeited      and cease to remain owing by the Company.  The payment by the      board of any unclaimed dividend or other moneys payable in respect of a      share into a separate account shall not constitute the Company a trustee      thereof.  The Company shall be entitled to cease sending      dividend warrants and cheques by post or otherwise to a member if such      instruments have been returned undelivered to, or left uncashed by, that      member on at least two consecutive occasions.  The entitlement      conferred on the Company by this Article in respect of any member shall      cease if such member claims a dividend or cashes a dividend warrant or      cheque. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | Capitalisation of Profits and    Reserves |
|--------|-------------------------------------------|

| 147. | The      board may with the authority of an ordinary resolution of the      Company:- |
|------|---------------------------------------------------------------------------------------|

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

|   | (b) | appropriate      the sum resolved to be capitalised to the members or any class of members      on the record date specified in the relevant resolution who would have      been entitled to it if it were distributed by way of dividend and in the      same proportions and apply such sum on their behalf either in or towards      paying up the amounts, if any, for the time being unpaid on any shares      held by them respectively, or in paying up in full unissued shares,      debentures or other obligations of the Company of a nominal amount equal      to that sum, and allot the shares debentures or other obligations credited      as fully paid to those members, or as they may direct, in those      proportions, or partly in one way and partly in the other; but the share      premium account, the capital redemption reserve, and any profits which are      not available for distribution may, for the purposes of this Article, only      be applied in paying up unissued shares to be allotted to members credited      as fully paid; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | make      such provision by authorising the sale and transfer to any person of      fractions to which any members would become entitled or resolve that the      distribution be made as nearly as practicable in the correct proportion      but not exactly so or may ignore fractions altogether or resolve that cash      payments be made to any members in order to adjust the rights of all      parties or otherwise as (in each case) the board determines where shares      or debentures become, or would otherwise become, distributable under this      Article in fractions; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

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

|   | (ii) | the      payment up by the Company on behalf of such members (by the application      thereto of their respective proportions of the profits resolved to be      capitalised) of the amounts, or any part of the amounts, remaining unpaid      on their existing shares, and any agreement made under such authority      shall be binding on all such members;and |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | generally      do all acts and things required to give effect to such resolution as      aforesaid. |
|--------|-----|-----------------------------------------------------------------------------------------------------|

|   | Record Dates |
|--------|--------------|

| 148. | Notwithstanding      any other provision of these Articles, the Company or the board may fix      any date as the record date for any dividend, distribution, allotment or      issue, and such record date may be on or at any time before or after any      date on which the dividend, distribution, allotment or issue is declared,      paid or made. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Accounts |
|--------|----------|

| 149. | No      member shall (as such) have any right of inspecting any accounting records      or other book or document of the Company except as conferred by statute or      authorised by the board or by ordinary resolution of the Company or order      of a court of competentjurisdiction. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 150. | A      copy of every balance sheet and profit and loss account (including any      documents required by law to be annexed thereto) which is to be laid      before the Company in general meeting and of the directors’ and auditors’      reports shall, at least twenty-one days previously to the meeting, be      delivered or sent by post to every member and to every debenture holder of      the Company of whose address the Company is aware, and to every other      person who is entitled to receive notice of meetings from the Company      under the provisions of the Companies Acts or of these Articles or, in the      case of joint holders of any share or debenture, to one of the joint      holders, provided that the requirements of this Article shall be deemed      satisfied in relation to an member by sending to such member, where      permitted by the Companies Acts and instead of such copies, a summary      financial statement derived from the Company’s annual accounts and the      report of the directors and prepares in the form and containing the      information prescribed by the Companies Act and any regulations made      thereunder. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | Notices |
|--------|---------|

| 151. | Any      notice to be given to or by any person pursuant to these Article shall be      in writing except that a notice calling a meeting of the board need not be      in writing. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 152. | The      Company may serve or deliver any notice or other document to a member      either personally or by sending it by post in a prepaid envelope addressed      to the member at his registered address or by leaving it at that      address.  In the case of joint holders of a share, all notices      or other documents shall be served on or delivered to the joint holder      whose name stands first in the register in respect of the joint holding      and any notice or other document so served or delivered shall be deemed      for all purposes sufficient service on or delivery to all the joint      holders.  A member whose registered address is not within the      United Kingdom and who gives to the Company an address within the United      Kingdom at which notices may be given to him shall be entitled to have      notices given to him at that address, but  otherwise: |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | no      such members shall be entitled to receive any notice from the Company;      and |
|--------|-----|-----------------------------------------------------------------------------------------|

|   | (b) | without      prejudice to the generality of the foregoing, any notice of general      meeting of the Company which is in fact given or purports be given to such      members shall be ignored for the purpose of determining the validity of      the proceedings at such generalmeeting. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 153. | A      notice or other document may be served or delivered by the Company on or      to the persons entitled by transmission to a share, whether in consequence      of the death or bankruptcy of a member or otherwise by sending or      delivering it, in any manner authorised by these Articles for the service      or delivery of a notice or other document on or to a member addressed to      them by name, or by the title of representatives of the deceased or      trustee of the bankrupt or by any like description at the address, if any      within the United Kingdom supplied for that purpose by the person claiming      to be so entitled.  Until such an address has been supplied, a      notice or other document may be served or delivered in any manner in which      it might have been served or delivered if the death or bankruptcy or other      event giving rise to the transmission had not  occurred. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 154. | Every      person who becomes entitled to a share shall be bound by any notice in      respect of that share which, before his name is entered in the register,      has been duly given to a person from whom he derives his title, provided      that no person who becomes entitled by transmission to a share shall be      bound by any direction notice issued under Article 70 to a person from      whom he derives his title. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 155. | Proof      that an envelope containing a notice was properly addressed, prepaid and      posted shall be conclusive evidence that the notice was      given.  A notice sent by post shall be deemed to be      given:- |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | if      sent by first class post from an address in the United Kingdom or another      country to another address in the United Kingdom or, as the case may be,      that other country, on the day following that on which the envelope      containing it was posted; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | if      sent by airmail from an address in the United Kingdom to an address      outside the United Kingdom, on the day following that on which the      envelope containing it was posted;and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | in      any other case, on the second day following that on which the envelope      containing it was posted. |
|--------|-----|---------------------------------------------------------------------------------------------------------------|

----

| 156. | If      at any time the Company is unable effectively to convene a general meeting      by notices sent through the post in the United Kingdom as a result of the      suspension or curtailment of postal services, notice of such general      meeting may be sufficiently given by advertisement in the United      Kingdom.  Any notice given by advertisement for the purpose of      this Article shall be advertised on the same date in at least two daily      newspapers having a national circulation and such notice shall be deemed      to have been served on all persons who are entitled to have notice of      meetings served on them at noon on the day when the advertisement      appears.  In any such case the Company shall send confirmatory      copies of the notice by post if at least seven days prior to the meeting      the posting of notices to addresses throughout the United Kingdom again      becomes practicable. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Destruction ofDocuments |
|--------|-------------------------|

| 157. | The      Company shall be entitled to destroy all instruments of transfer of shares      which have been registered, and all other documents on the basis of which      any entry is made in the register, at any time after the expiration of six      years from the date of registration thereof and all dividend mandates or      variations or cancellations thereof and notifications of change of address      at any time after the expiration of two years from the date of recording      thereof and all share certificates which have been cancelled at any time      after the expiration of one year from the date of the cancellation thereof      and all paid dividend warrants and cheques at any time after the      expiration of one year from the date of actual payment thereof and all      instruments of proxy which have been used for the purpose of a poll at any      time after the expiration of one year from the date of such use and all      instruments of proxy which have not been used for the purpose of a poll at      any time after one month from the end of the meeting to which the      instrument of proxy relates and at which no poll was      demanded.  It shall conclusively be presumed in favour of the      Company that 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, that every instrument of transfer so destroyed was      a valid and effective instrument duly and properly registered, that every      share certificate so destroyed was a valid and effective certificate duly      and properly cancelled and that every other document hereinbefore      mentioned so destroyed was a valid and effective document in accordance      with the recorded particulars thereof in the books or records of the      Company, provided always that: |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | the      provisions aforesaid shall apply only to the destruction of a document in      good faith and without notice of any claim (regardless of the parties      thereto) to which the document might be  relevant; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | nothing      herein contained shall be construed as imposing upon the Company any      liability in respect of the destruction of any such document earlier than      as aforesaid or in any other circumstances which would not attach to the      Company in the absence of this Article;and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | references      herein to the destruction of any document include references to the      disposal thereof in any manner. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------|

|   | UntracedShareholders |
|--------|----------------------|

| 158. | The      Company shall be entitled to sell, at the best price reasonably      obtainable, the shares of a member or the shares to which a person is      entitled by virtue of transmission on death, bankruptcy, or otherwise by      operation of law if and providedthat: |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | during      the period of twelve years prior to the date of the publication of the      advertisements referred to in paragraph (b) below (or, if published on      different dates, the first thereof) at least three dividends in respect of      the shares in question have been declared and all dividend warrants and      cheques which have been sent in the manner authorised by these Articles in      respect of the shares in question have remained uncashed;    and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      Company shall as soon as practicable after expiry of the said period of      twelve years have inserted advertisements both in a national daily      newspaper and in a newspaper circulating in the area of the last known      address of such member or other person giving notice of its intention to      sell the shares; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | during      the said period of twelve years and the period of three months following      the publication of the said advertisements the Company shall have received      no indication either of the whereabouts or of the existence of such member      or person. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | Winding Up |
|--------|------------|

| 159. | If      the Company is wound up, the liquidator may, with the sanction of an      extraordinary resolution of the Company and any other sanction required by      the Insolvency Act 1986, divide among the members in specie the whole or      any part of the assets of the Company and may, for that purpose, value any      assets and determine how the division shall be carried out as between the      members or different classes of members.  The liquidator may,      with the like sanction, vest the whole or any part of the assets in      trustees upon such trusts for the benefit of the members as he with the      like sanction determines, but no member shall be compelled to any assets      upon which there is a liability. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 160. | The      power of sale of a liquidator shall include a power to sell wholly or      partially for shares or debentures or other obligations of another body      corporate, either then already constituted or about to be constituted for      the purpose of carrying out thesale. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | Indemnity |
|--------|-----------|

| 161. | Subject      to the provisions of the Companies Acts but without prejudice to any      indemnity for which a director may otherwise be entitled, every director      or other officer or auditor of the Company shall be indemnified out of the      assets of the Company against all costs, charges, losses, expenses and      liabilities incurred by him in the execution or discharge of his duties or      the exercise of his powers or otherwise in relation thereto, including      (but without limitation) any liability incurred by him in defending any      proceedings, whether civil or criminal, in which judgment is given in his      favour (or the proceedings are otherwise disposed of without any finding      or admission of any material breach of duty on his part) or in which he is      acquitted or in connection with any application in which relief is granted      to him by the court from liability for negligence, default, breach of duty      or breach of trust in relation to the affairs of the    Company. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----