EXHIBIT 1.1.2

Company No 107582

The Companies  Act 1985

Public Company  Limited by Shares

****NEW****

****ARTICLES OF ASSOCIATION****

(Adopted by Special  Resolution passed on 30th May 2002)

of

SkyePharma PLC

Incorporated  on 18th February 1910

1

----

**Interpretation**

|  1 |        In these Articles, if not inconsistent with the subject or context, the      following words and expressions shall have the meanings stated: |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------|
|    |                                                                                                                                                     |   |
|    |                                                                                                                                                     | “ACT” the Companies Act 1985 |
|    |                                                                                                                                                     |   |
|    |                                                                                                                                                     | “THESE ARTICLES” these Articles      of Association as from time to time altered |
|    |                                                                                                                                                     |   |
|    |                                                                                                                                                     | “AUDITORS” the auditors of the      Company |
|    |                                                                                                                                                     |   |
|    |                                                                                                                                                     | “BOARD” or “DIRECTORS”      the directors of the Company or a quorum of the directors present at a board      meeting |
|    |                                                                                                                                                     |   |
|    |                                                                                                                                                     | “DEBENTURE” and “DEBENTURE      HOLDER” include debenture stock and debenture stockholder |
|    |                                                                                                                                                     |   |
|    |                                                                                                                                                     | “ELECTRONIC COMMUNICATION” has      the same meaning as in the Electronic Communication Act 2000 |
|    |                                                                                                                                                     |   |
|    |                                                                                                                                                     | “LONDON STOCK EXCHANGE” The London      Stock Exchange Limited |
|    |                                                                                                                                                     |   |
|    |                                                                                                                                                     | “MONTH” calendar month |
|    |                                                                                                                                                     |   |
|    |                                                                                                                                                     | “OFFICE” the registered office      of the Company |
|    |                                                                                                                                                     |   |
|    |                                                                                                                                                     | “SEAL” the common seal of the      Company and, as appropriate, any official seal kept by the Company by virtue      of section 40 of the Act |
|    |                                                                                                                                                     |   |
|    |                                                                                                                                                     | “STATUTES” the Act and every      other Act or statutory instrument concerning limited companies and affecting      the Company |
|    |                                                                                                                                                     |   |
|    |                                                                                                                                                     | “UNITED KINGDOM” Great Britain      and Northern Ireland |
|    |                                                                                                                                                     |   |
|    |                                                                                                                                                     | “IN WRITING” written, printed,      typewritten, lithographed or expressed in any other mode representing or      reproducing words, or partly one and partly another |
|    |                                                                                                                                                     |   |
|    |                                                                                                                                                     | “YEAR” calendar year |

 Reference to a statutory provision  includes any amendment or re-enactment. 

 Except for the above definitions,  words or expressions defined in the Statutes shall, if not inconsistent with  the subject or context, bear the same meaning in these Articles. 

 The headings are inserted for  convenience and do not affect the construction of these Articles.

2

----

**Table A excluded**

| 2 | The regulations contained in Table A in      the Schedule to the Companies Act (Tables A to F) Regulations 1985 shall      not apply to the Company. |
|---|------------------------------------------------------------------------------------------------------------------------------------------------------|

**Business**

| 3 | Any branch or kind of business which the      Company is either expressly or by implication authorised to undertake may      be undertaken by the Directors at such times as they think fit, and may      be permitted by them to be in abeyance, whether the branch or kind of business      commenced or not, so long as the Directors deem it expedient not to commence      or proceed with it. |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Registered office**

| 4 | The Office shall be at such place in      England or Wales as the Directors appoint. |
|---|--------------------------------------------------------------------------------------|

**Capital**

| 5 | At the date of adoption of these Articles      the share capital of the Company is £111,400,000 divided into 1,090,000,000      ordinary shares of 10p each (“Ordinary Shares”) and 12,000,000      “A” Deferred Shares of 10p each and 12,000,000 “B”      Deferred Shares of 10p each. |
|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.1 | The “A” Deferred Shares (“the      “A” Shares”) shall have a nominal value of 10p (ten pence)      and shall confer upon the holders thereof the rights, and be subject to      the restrictions, as follows: |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.1.1 | Income |
|--------|-------|--------|

|   |   | The “A” Shares shall not confer      any right to participate in any profits of the Company. |
|--------|--------|--------------------------------------------------------------------------------------------------------|

|   | 5.1.2 | Capital |
|--------|-------|---------|

|   |   | 5.1.2.1 | On a winding up or other return of capital      payable by reference to a record date on or after 4 May 2006 each “A”      Share shall entitle the holder thereof to receive the nominal value thereof      if and only if the holders of ordinary shares in the capital of the Company      have received the sum of £1,000,000 (One Million Pounds Sterling)      per ordinary share. |
|--------|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | 5.1.2.2 | On a return of capital (whether on a      liquidation or otherwise) payable by reference to a record date on or before      3 May 2006 and prior to the First Relevant Event then the “A”      Shares shall provisionally rank pari passu with the ordinary shares save      that no distribution shall be made to the holders of the “A” Shares      until the happening on or prior to 3 May 2006 of the First Relevant Event.      If the First Relevant Event shall not have happened on or prior to 3 May      2006 then the rights of the “A” Shares shall revert to those set      out in paragraph 5.1.2.1 above and the capital provisionally allocated to      the “A” Shares shall belong to the holders of the ordinary shares. |
|--------|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.1.3 | Voting |
|--------|-------|--------|

|   |   | The “A” Shares shall not confer      upon the holders thereof the right to receive notice of or attend or vote      at any general meeting of the Company. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

3

----

|   | 5.1.4 | Redesignation |
|--------|-------|---------------|

|   |   | Each “A” Share shall (unless theCompany has previously served an “A” Redemption Notice) be automaticallyredesignated as an ordinary share on the date failing 30 days after the firstcommercial sale of Paroxetine/Paxil in combination with GEOMATRIX Technology bySmithKline Beecham PLC (“SB”) or any sub licensee or contract partnerof SB under a licence agreement dated 20 March 1996 (“the First RelevantEvent”). |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.1.5 | Redemption |
|--------|-------|------------|

|   |   | 5.1.5.1 | Within 14 days of the occurrence of the      First Relevant Event the Company may serve written notice (“an “A”      Redemption Notice”) on the holders of the “A” Shares that      it intends to redeem all (and not part only) of such shares in accordance      with the following provisions and that it requires the delivery to it of      all certificates for the “A” Shares. |
|--------|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | 5.1.5.2 | Upon receipt of an “A” Redemption      Notice each registered holder of “A” Shares shall surrender at      the holder’s risk to the Company the certificate for the shares held by      him which are to be redeemed so that they may be cancelled. |
|--------|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | 5.1.5.3 | Upon the later of surrender of the relevant      share certificates or the date 30 days after the First Relevant Event the      Company will pay to the holder of those shares the amount payable in respect      of the redemption. |
|--------|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | 5.1.5.4 | Upon the redemption of the “A”      Shares the Company will pay in respect of each share so redeemed an amount      per “A” Share equal to the average of the middle market closing      price of an ordinary share as traded on the London Stock Exchange over the      period of the ten trading days ending on the day 30 days after the First      Relevant Event, as taken from the Daily Official List published by the UK      Listing Authority for those days. |
|--------|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.1.6 | Takeover offers |
|--------|-------|-----------------|

|   |   | In the event that prior to the First Relevant      Event and prior to 3 May 2006 more than fifty per cent in nominal value      of the issued ordinary share capital of the Company is acquired by a person      or persons acting in concert pursuant to an offer for such shares (“the      Ordinary Offer”) then the following provisions shall apply: |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | 5.1.6.1 | If the consideration for the Ordinary      Offer is the issue of ordinary shares of the purchaser listed on a recognised      investment exchange (as defined in Section 285 Financial Services and      Markets Act 2000) then the holders of the “A” Shares shall      be entitled to receive an offer (at the election of the purchaser) under      which the purchaser either |
|--------|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |   | 5.1.6.1.1 | offers to acquire the “A” Shares      as if they had already been redesignated as ordinary shares of the Company      on the same terms as the Ordinary Offer; |
|--------|--------|--------|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

4

----

|   |   |   | 5.1.6.1.2 | offers to acquire the “A” Shares      in exchange for a new class of deferred share in the purchaser with the      same rights (mutatis mutandis) as those of the “A” Shares (including      this provision and including in particular the right for each such share      to be redesignated as an ordinary share in the purchaser on the happening      of the First Relevant Event on or prior to 3 May 2006). The number of such      shares of the purchaser to be issued shall be calculated by applying the      same factor which applied in the Ordinary Offer. |
|--------|--------|--------|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |   | 5.1.6.1.3 | In the event that a holder of “A”      Shares shall fail to accept either offer then the Redemption Value for each      such share following the happening of the First Relevant Event on or prior      to 3 May 2006 shall be the value attributed to an ordinary share of the      Company in the Ordinary Offer. |
|--------|--------|--------|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | 5.1.6.2 | In any other case the holders of the      “A” Shares shall be entitled to receive an offer that the purchaser      will pay or otherwise give value to the holders of the “A” Shares      as if they had already been redesignated as ordinary shares on the same      terms as the Ordinary Offer SAVE THAT such consideration shall be contingent      upon the happening of the First Relevant Event on or prior to 3 May 2006.      If a holder of “A” Shares shall fail to accept such offer, the      Redemption Value for each such share following the happening of the First      Relevant Event on or prior to 3 May 2006 shall be the value attributed to      an ordinary share of the Company in the Ordinary Offer. |
|--------|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.2 |        The “B” Deferred Shares (“the “B” Shares”)      shall have a nominal value of 10p (ten pence) and shall confer upon the      holders thereof the rights, and be subject to the restrictions, as follows: |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.2.1 | Income |
|--------|-------|--------|

|   |   | The “B” Shares shall not confer      any right to participate in any profits of the Company. |
|--------|--------|--------------------------------------------------------------------------------------------------------|

|   | 5.2.2 | Capital |
|--------|-------|---------|

|   |   | 5.2.2.1 | On a winding up or other return of capital      payable by reference to a record date on or after 4 May 2006 each “B”      Share shall entitle the holder thereof the right to receive the nominal      value thereof if and only if the holders of ordinary shares in the capital      of the Company have received the sum of £1,000,000 (One Million Pounds      Sterling) per ordinary share. |
|--------|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | 5.2.2.2 | On a return of capital (whether on a      liquidation or otherwise) payable by reference to a record date on or before      3 May 2006 and prior to the Second Relevant Event then the “B”      Shares shall provisionally rank pari passu with the ordinary shares save      that no distribution shall be made to the holders of the “B” Shares      until the happening on or prior to 3 May 2006 of the Second Relevant Event.      If the Second Relevant Event shall not have happened on or prior to 3 May      2006 then the rights of the “B” Shares shall revert to those set      out in paragraph 5.2.2.1 above and the capital provisionally allocated to      the “B” Shares shall belong to the holders of the ordinary shares. |
|--------|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

5

----

|   | 5.2.3 | Voting |
|--------|-------|--------|

|   |   | The “B” Shares shall not confer      upon the holders thereof the right to receive notice of or attend or vote      at any general meeting of the Company. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.2.4 | Redesignation |
|--------|-------|---------------|

|   |   | Each “B” Share shall (unless theCompany has previously served a “B” Redemption Notice) be automaticallyredesignated as an ordinary share on the date thirty days after receipt by theCompany of a royalty statement from SB stating that the reported sales of Paroxetine/Paxilin combination with the Geomatrix Technology marketed by SB or a sub-licenseeor contract partner of SB during any calendar year ending prior to 1 January 2006exceed US$1,000,000,000 (One Billion US Dollars) or during the period 1 January2006 to 3 May 2006 (both dates inclusive) exceed US$337,000,000 (Three Hundredand Thirty Seven Million US Dollars) (“the Second Relevant Event”). |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.2.5 | Redemption |
|--------|-------|------------|

|   |   | 5.2.5.1 | Within 14 days of the occurrence of the      Second Relevant Event the Company may serve written notice (“a “B”      Redemption Notice”) on the holders of the “B” Shares that      it intends to redeem all (and not part only) of such shares in accordance      with the following provisions and that it requires the delivery to it of      all certificates for the “B” Shares. |
|--------|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | 5.2.5.2 | Upon receipt of a “B” Redemption      Notice each registered holder of “B” Shares shall surrender at      the holder’s risk to the Company the certificate for the shares held by      him which are to be redeemed so that they may be cancelled. |
|--------|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | 5.2.5.3 | Upon the later of surrender of the relevant      share certificates or the date 30 days after the Second Relevant Event the      Company will pay to the holder of those shares the amount payable in respect      of the redemption. |
|--------|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | 5.2.5.4 | Upon the redemption of the “B”      Shares the Company will pay in respect of each share so redeemed an amount      per “B” Share equal to the average of the middle market closing      price of an ordinary share as traded on the London Stock Exchange over the      period of the ten trading days ending on the day 30 days after the Second      Relevant Event, as taken from the Daily Official List published by the UK      Listing Authority for those days. |
|--------|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.2.6 | Takeover offers |
|--------|-------|-----------------|

|   |   | In the event that prior to the Second      Relevant Event and prior to 3 May 2006 more than fifty per cent in nominal      value of the issued ordinary share capital of the Company is acquired by      a person or persons acting in concert pursuant to an offer for such shares      (“the Ordinary Offer”) then the following provisions shall apply: |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

6

----

|   |   | 5.2.6.1 | If the consideration for the Ordinary      Offer is the issue of ordinary shares of the purchaser listed on a recognised      investment exchange (as defined in Section 285 Financial Services and      Markets Act 2000) then the holders of the “B” Shares shall      be entitled to receive an offer (at the election of the purchaser) under      which the purchaser either: |
|--------|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |   | 5.2.6.1.1 | offers to acquire the “B” Shares      as if they had already been redesignated as ordinary shares of the Company      on the same terms as the Ordinary Offer; |
|--------|--------|--------|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |   | 5.2.6.1.2 | offers to acquire the “B”      Shares in exchange for a new class of deferred share in the purchaser with      the same rights (mutatis mutandis) as those of the “B” Shares      (including this provision and including in particular the right for each      such share to be redesignated as an ordinary share in the purchaser on the      happening of the Second Relevant Event on or prior to 3 May 2006). The number      of such shares of the purchaser to be issued shall be calculated by applying      the same factor which applied in the Ordinary Offer. |
|--------|--------|--------|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |   | 5.2.6.1.3 | In the event that a holder of “B”      Shares shall fail to accept either offer then the Redemption Value for each      such share following the happening of the Second Relevant Event on or prior      to 3 May 2006 shall be the value attributed to an ordinary share of the      Company in the Ordinary Offer. |
|--------|--------|--------|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | 5.2.6.2 | In any other case the holders of the      “B” Shares shall be entitled to receive an offer that the purchaser      will pay or otherwise give value to the holders of the “B” Shares      as if they had already been redesignated as ordinary shares on the same      terms as the Ordinary Offer SAVE THAT such consideration shall be contingent      upon the happening of the Second Relevant Event on or prior to 3 May 2006.      If a holder of “B” Shares shall fail to accept such offer, the      Redemption Value for each such share following the happening of the Second      Relevant Event on or prior to 3 May 2006 shall be the value attributed to      an ordinary share of the Company in the Ordinary Offer. |
|--------|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | 5.2.6.3 | With effect from 4 May 2006, or, if later,      the date on which any dispute as to whether the First Relevant Event or      the Second Relevant Event respectively has occurred is resolved pursuant      to paragraph 5.2.6.4 below (“the Repurchase Date”) the following      provisions shall apply to such of the “A” Shares and “B”      Shares as shall not have been redesignated as ordinary shares (such shares      being referred to in this paragraph as “Deferred Shares”): |
|--------|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

7

----

|   |   |   | 5.2.6.3.1 | The Company shall have irrevocable authority      to appoint any person to execute on behalf of the holders of the Deferred      Shares a transfer/cancellation of the Deferred Shares and/or an agreement      to transfer/cancel the same, without making any payment to the holders of      the Deferred Shares to such person or persons as the Company may determine      as custodian thereof and, pending such transfer and/or cancellation and/or      purchase, to retain the certificate for such shares. The Company may, at      its option at any time after 4 May 2006 or, if later, the Repurchase Date,      purchase all or any of the Deferred Shares then in issue, at a price not      exceeding one penny for all the Deferred Shares so purchased or may cancel      such shares by way of reduction of capital for no consideration. |
|--------|--------|--------|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |   | 5.2.6.3.2 | Neither the passing by the Company of      any resolution for the cancellation of the Deferred Shares for no consideration      by means of a reduction of capital requiring the confirmation of the Court      nor the obtaining by the Company nor the making by the Court of any order      confirming any such reduction of capital nor the becoming effective of any      such order shall constitute a variation, modification or abrogation of the      rights attaching to the Deferred Shares and accordingly the Deferred Shares      may at any time be cancelled for no consideration by means of a reduction      of capital effected in accordance with the Act without sanction of the part      of the holders of the Deferred Shares. |
|--------|--------|--------|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | 5.2.6.4 | Any dispute between the Company and any      holder of the “A” Shares or the “B” Shares as to whether,      and if so when, the First Relevant Event or the Second Relevant Event has      occurred or as to the amount payable on redemption thereof shall be referred      at the request of either party to such dispute to the auditors of the Company      for the time being for determination. The Company shall provide the auditors      with all necessary information to enable them to make their determination      and in reaching their decision the auditors shall act as experts and not      as arbitrators. The finding of the auditors shall be final and binding on      the parties and the costs of the auditors shall be borne by the parties      to the dispute in such proportion as the auditors shall in their absolute      discretion determine. |
|--------|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | 5.2.6.5 | For the purposes of the foregoing provisions      “Geomatrix Technology” shall have the meaning ascribed thereto      in a Stock Purchase Agreement dated 18 March 1996 between Dr J Gonella (1)      and the Company (2). |
|--------|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | 5.2.6.6 | If the Company’s ordinary shares shallbe subdivided or consolidated between the issue of the “A” Shares andthe “B” Shares and their respective redesignation as ordinary sharesthen the rights of the “A” Shares and the “B” Shares shallbe adjusted in such manner as the auditors of the Company (acting as experts andnot as arbitrators) shall determine. |
|--------|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6 | Without prejudice to any special rights      previously conferred on the holders of any shares or class of shares already      issued (which special rights shall not be modified or abrogated except with      such consent or sanction as is provided in the Company’s memorandum of association      and in the next following Article), a share (whether forming part of the      original capital or not) may be issued with such preferred, deferred or      other special rights or such restrictions, whether in regard to dividend,      return of capital, voting or otherwise, as the Company by ordinary resolution      determines. |
|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

8

----

**Modification of rights**

| 7 | Whenever the capital of the Company is dividedinto different classes of shares or groups and either whilst the Company is agoing concern or during or in contemplation of a winding up, the special rightsattached to any class or group may be modified or abrogated, subject to the provisionsof the Company’s Memorandum of Association and unless otherwise providedby the terms of issue of the shares of that class or group, either with the consentIn Writing of the holders of three-quarters of the issued shares of the classor group, or with the sanction of any extraordinary resolution passed at a separategeneral meeting of the holders (but not otherwise). The consent or resolutionshall be binding upon all the holders of shares of the class or group. To everyseparate general meeting all the provisions of these Articles relating to, orto the proceedings at, general meetings shall, mutatis mutandis, apply, exceptthat (a) the necessary quorum shall be two persons at least holding or representingby proxy one-third in nominal amount of the issued shares of the class or group(but, if at any adjourned meeting of the holders a quorum as above defined isnot present, those members who are present shall be a quorum); (b) any holderof shares in the class or group present in person or by proxy may demand a poll;and (c) the holders of shares of the class or group shall, on a poll, have onevote in respect of every share of the class or group held by them respectively.The special rights conferred upon the holders of any shares or class or groupof shares issued with preferred or other rights shall not, unless otherwise expresslyprovided by the conditions of issue, be deemed to be modified by the creationor issue of further shares ranking pari passu with them. |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Shares**

| 8 | Subject to the provisions of the Statutes      and any restrictions contained in these Articles and to any direction to      the contrary given by the Company in general meeting, the Directors may      allot, grant options over, or otherwise dispose of shares or rights to subscribe      for, or to convert any security into, shares to such persons (including      a Director) and on such terms as they think fit, but no share shall be issued      at a discount. |
|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9 | The Company, in connection with the issue      of any share, may exercise the powers of paying commissions conferred or      permitted by the Statutes provided that the percentage rate or the amount      of the commission paid or agreed to be paid is disclosed as required by      law and does not exceed the rate of 10 per cent of the issue price of the      shares in respect of which it is paid. Where permitted by the Statutes,      the commission may be satisfied wholly or partly by the allotment of fully      or partly paid shares. The Company may also on an issue of shares pay such      brokerage as is lawful. |
|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10 | Except as required by law, no person      shall be recognised by the Company as holding any share upon any trust.      The Company shall not be bound by or be compelled in any way to recognise      (even when having notice) any equitable, contingent, future or partial interest      in any share, or any interest in any fractional part of a share, or (except      as otherwise provided by these Articles or as by law required or under an      order of court) any other rights in respect of any share except an absolute      right to the entirety of it in the registered holder. The Company shall      not be bound to register more than four persons as the joint holders of      a share (except in the case of executors or trustees of a deceased member). |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

9

----

**Certificates**

| 11 | Every person, 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 by law required to complete      and have ready for delivery a certificate, whose name is entered as a member      in the register of members shall be entitled without payment to receive      within two months after allotment or lodgment of transfer (or within such      other period as the conditions of issue provide) one certificate for all      his shares of each class of shares held by him or, upon payment of such      sum not exceeding £1 for every certificate after the first as the      Directors determine, several certificates, each for one or more of his shares.      Shares of different classes may not be included in the same certificate.      Where a member who is entitled to a certificate has transferred part of      the shares comprised in his holding he shall be entitled to a certificate      for the balance of his holding free of charge. Every certificate for shares      shall be issued under the Seal or in such other manner as the Directors,      having regard to the terms of issue, the Statutes and any applicable regulations      of the London Stock Exchange, may authorise. The certificate shall specify      the shares or securities to which it relates and the amount paid up and      (subject as provided below) shall bear the autographic signatures of at      least one Director and the Secretary provided that the Directors may by      resolution determine that such signatures, or either of them, shall be dispensed      with or shall be affixed by such other person as may be authorised by the      Directors or some method or system of mechanical signature. In the case      of a share held jointly by several persons, the Company shall not be bound      to issue more than one certificate. Delivery of a certificate for a share      to one of several joint holders shall be sufficient delivery to all. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12 | If a share certificate is defaced, lost      or destroyed it may be replaced without fee but on such terms (if any) as      to evidence and indemnity and to payment of the costs and any exceptional      out-of-pocket expenses of the Company in investigating the evidence and      preparing the indemnity as the Board thinks fit and, in case of defacement,      on delivery of the old certificate to the Company. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Lien**

| 13 | Subject to the provisions of section      150 of the Act the Company shall have a first and paramount lien on every      share (not being a fully paid share) for all moneys, whether presently payable      or not, called or payable at a fixed time in respect of the share whether      the period for the payment has actually arrived or not, and notwithstanding      that it is the joint debt or liability of the member or his estate and any      other person, whether a member of the Company or not. The Company’s lien      (if any) on a share shall extend to all dividends or other moneys payable      on or in respect of it, together with any interest or expenses which may      have accrued. The Directors may resolve that any share is wholly or in part      exempt from the provisions of this Article. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14 | The Company may sell, in such manner      as the Directors think fit, any shares on which the Company has a lien,      but no sale shall be made unless some sum in respect of which the lien exists      is presently payable, nor until the expiration of 14 days after a notice      in writing, stating and demanding payment of the sum presently payable,      and giving notice of intention to sell in default, has been given to the      holder of the share or the person entitled to it by reason of his death      or bankruptcy. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

10

----

| 15 | To give effect to the sale the Directors      may authorise some person to transfer the shares sold to, or in accordance      with the directions of, the purchaser. The purchaser shall be registered      as the holder of the shares and he shall not be bound to see to the application      of the purchase money and his title to the shares shall not be affected      by any irregularity or invalidity in the proceedings in reference to the      sale. The net proceeds of sale, after payment of the costs of sale, shall      be applied in or towards payment or satisfaction of the debt or liability      in respect of which the lien exists, so far as it is presently payable.      Any residue shall (subject to a like lien for sums not presently payable      as existed upon the shares before the sale) be paid to the person entitled      to the shares at the time of the sale. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Calls on shares**

| 16 | The Directors may make calls upon the      members in respect of any moneys (whether on account of the nominal value      of the shares or by way of premium) unpaid on their shares and not by the      conditions of allotment made payable at fixed times, provided that (except      as otherwise fixed by the conditions of application or allotment) no call      on any share may exceed one-quarter of the nominal amount of the share or      be payable within 14 days from the last call. Each member shall (subject      to receiving at least 14 days’ notice specifying the time and place of payment)      pay to the Company at the time and place specified the amount called on      his shares. A call may be revoked or postponed as the Directors determine. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17 | A call shall be deemed to have been made      at the time when the resolution of the Directors authorising it was passed.      A call may be made payable by instalments. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18 | The joint holders of a share shall be      jointly and severally liable to pay all calls in respect of it. |
|----|------------------------------------------------------------------------------------------------------------|

| 19 | If a call or instalment payable in respect      of a share is not paid before or on the day appointed for payment, the person      from whom the sum is due shall pay interest on it from the day appointed      for payment to the time of actual payment at such rate, not exceeding 15      per cent per annum, as the Directors determine. He shall also pay all costs,      charges and expenses which the Company has incurred or become liable for      in order to procure payment of or in consequence of the non-payment of the      call or instalment. The Directors shall be at liberty to waive payment of      the interest, costs, charges and expenses, wholly or in part. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 20 | Any sum which by the terms of issue of      a share becomes payable upon allotment or at any fixed date, whether on      account of the nominal value of the share or by way of premium, shall for      all the purposes of these Articles be deemed to be a call duly made and      payable on the date on which, by the terms of issue, it becomes payable.      In case of non-payment all the relevant provisions of these Articles as      to payment of interest, costs, charges and expenses, forfeiture or otherwise      shall apply as if the sum had become payable by virtue of a call duly made      and notified. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

11

----

|  21 | The Directors may, on the issue of shares,      differentiate between the holders in the amount of calls to be paid and      the times of payment. |
|----------|----------------------------------------------------------------------------------------------------------------------------------------------------|

| 22 | The Directors may receive from any member      all or any part of the money unpaid upon the shares held by him beyond the      sums actually called up as a payment in advance of calls. The payment in      advance of calls shall extinguish, so far as the same shall extend, the      liability upon the shares in respect of which it is advanced. Upon the money      received, or so much of it as exceeds the amount of the calls then made      upon the shares in respect of which it has been received, the Company may      pay interest at such rate as the member and the Directors agree. The member      shall not be entitled to participate in respect of the advance in a dividend      subsequently declared. The Directors may repay the amount advanced upon      giving to the member one month’s notice in writing. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Transfer of shares**

| 23 | All transfers of shares may be effected      by transfer In Writing in any usual or common form, or in any other form      approved by the Directors. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24 | The instrument of transfer of a share      shall be signed by or on behalf of the transferor and (in the case of a      partly paid share) the transferee. The transferor shall be deemed to remain      the holder of the share until the name of the transferee is entered in the      register of members in respect of it. Subject to the provisions of these      Articles, transfers of shares and other documents relating to or affecting      the title to any shares shall be registered without payment of any fee.      All instruments of transfer which are registered shall be retained by the      Company. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25 | Notwithstanding anything to the contrary      contained in these Articles of Association, the shares of the Company (or      any class thereof) may be held in uncertificated form and title to the shares      of the Company (or any class thereof) may be transferred by means of a relevant      system within the meaning of the Undercertificated Securities Regulations      1995. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 26 | The Directors may, in their absolute      discretion and without assigning any reason therefor, decline to register      the transfer of a share (not being a fully paid share) to a person of whom      they shall not approve, and they may also decline to register the transfer      of a share (not being a fully paid share) on which the Company has a lien,      provided that, where any such shares are admitted to the official list of      the London Stock Exchange, such discretion may not be exercised in such      a way as to prevent dealings in the shares from taking place on an open      and proper basis. Subject to the foregoing, the Directors may also decline      to register any instrument of transfer unless: |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the instrument of transfer, duly stamped,      is deposited at the Office or such other place as the Directors may appoint      accompanied by the certificate of the shares to which it relates, and such      other evidence as the Directors may reasonably require to show the right      of the transferor to make the transfer; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the instrument of transfer is in respect      of only one class of share; and |
|--------|-----|-------------------------------------------------------------------------------|

|   | (c) | in the case of a transfer to joint holders,      they do not exceed four in number. |
|--------|-----|-------------------------------------------------------------------------------------|

12

----

| 27 | If the Directors refuse to register a      transfer they shall, within 2 months after the date on which the transfer      was lodged with the Company, send to the transferee notice of the refusal      and any instrument of transfer which the Directors decline to register shall      (except in the case of fraud) be returned to the person depositing it. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 28 | The register of transfers may be closed      at such times and for such periods (not exceeding 30 days in any year) as      the Directors determine. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------|

| 29 | Subject to section 80 of the Act, nothing      in these Articles shall preclude the Directors from allowing the allotment      of any share to be renounced by the allottee in favour of some other person.      For all purposes of these Articles relating to the registration of transfers      of shares, this renunciation shall be deemed to be a transfer and the Directors      shall have the same power of refusing to give effect to it as if the renunciation      were a transfer. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 30 | The Company shall be entitled to destroy |
|----|------------------------------------------|

|   | (a) | all instruments of transfer of shares      and all other documents on the faith of which entries are made in the register      of members at any time after the expiration of 6 years from the date of      registration, |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | all dividend mandates and notifications      of change of name or address at any time after the expiration of 2 years      from the date of recording, and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | all share certificates which have been      cancelled at any time after the expiration of 1 year from the date of cancellation. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------|

|   | If the Company destroys a document in      good faith and without notice of any claim (regardless of the parties) to      which the document might be relevant, it shall conclusively be presumed      in favour of the Company that every instrument of transfer so destroyed      was a valid and effective instrument duly and properly registered, every      share certificate so destroyed was a valid and effective document duly and      properly cancelled and every other document mentioned above so destroyed      was a valid and effective document in accordance with the recorded particulars      in the books or records of the Company. Nothing in this Article shall be      construed as imposing upon the Company any liability in respect of the destruction      of any document at an earlier date than that provided above or if the condition      as to good faith and absence of notice is not met. References in this Article      to the destruction of any document include references to its disposal in      any manner. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Transmission of shares**

| 31 | In the case of the death of a member the      survivor or survivors where the deceased was a joint holder, and the executors      or administrators of the deceased where he was a sole or only surviving      holder, shall be the only persons recognised by the Company as having any      title to his shares. Nothing in this Article shall release the estate of      a deceased holder (whether sole or joint) from any liability in respect      of any share solely or jointly held by him. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

13

----

| 32 | Subject to any other provisions of these      Articles, any person becoming entitled to a share in consequence of the      death or bankruptcy of a member or otherwise by operation of the law may,      upon such evidence as to his title being produced as may be required by      the Directors and subject as provided below, either be registered himself      as holder of the share or elect to have some person nominated by him registered      as transferee. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 33 | Subject to any other provisions of these      Articles, if the person becoming entitled as above elects to be registered      himself, he shall give to the Company notice In Writing to that effect.      If he elects to have his nominee registered, he must execute in favour of      his nominee a transfer of the share. All the limitations, restrictions and      provisions of these Articles relating to the right to transfer and the registration      of transfers of shares shall be applicable to the notice or transfer as      if the event giving rise to the transmission had not occurred and the notice      or transfer were a transfer executed by the member. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 34 | Subject to any other provisions of these      Articles, a person becoming entitled to a share in consequence of the death      or bankruptcy of a member may, at the discretion of the Directors, receive      and give a discharge for any dividends or other moneys becoming payable      in respect of the share but shall not otherwise be entitled to receive notices      of or to attend or vote at meetings of the Company or to any of the rights      or privileges of a member until he has become a member in respect of the      share. If he fails either to transfer the share or to elect to be registered      as a member in respect of it within 60 days of being required by the Directors      to do so, he shall in the case of shares which are fully paid up be deemed      to have elected to be registered as a member in respect of them and may      be registered accordingly. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Forfeiture of shares**

| 35 | If a member fails to pay the whole or      any part of any call or instalment of a call on or before the day appointed      for payment, the Directors may, whilst any part of the call or instalment      remains unpaid, serve a notice on him requiring payment of so much of the      call or instalment as is unpaid, together with any accrued interest and      any costs, charges and expenses incurred by the Company by reason of the      non-payment. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 36 | The notice shall name a further day (not      being less than 7 days from the date of the notice) on or before which and      the place where the payment required by the notice is to be made and shall      state that, in the event of non-payment at or before the time and at the      place appointed, the shares in respect of which the call was made or instalment      is payable will be liable to be forfeited. The Directors may accept the      surrender of any share liable to be forfeited and, in such case, references      in these Articles to forfeiture shall include surrender. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 37 | If the requirements of the notice are      not complied with, any share in respect of which it has been given may before      payment of all calls and interest and expenses due in respect of it has      been made be forfeited by a resolution of the Directors. Forfeiture shall      include all dividends declared in respect of the forfeited shares and not      actually paid before forfeiture. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 38 | A forfeited share shall become the property      of the Company and may be sold, re-allotted or otherwise disposed of, either      to the person who was before forfeiture the holder or entitled to it, or      to any other person, upon such terms and in such manner as the Directors      think fit. At any time before a sale or disposition, the forfeiture may      be cancelled on such terms as the Directors think fit, subject always to      the provisions of section 146 of the Act. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

14

----

| 39 | A shareholder whose shares have been      forfeited shall cease to be a member in respect of the forfeited shares,      but shall remain liable to pay to the Company all sums which at the date      of forfeiture were presently payable by him to the Company in respect of      the shares, with interest from the date of forfeiture until payment at such      rate not exceeding 15 per cent per annum as the Directors determine. The      Directors shall be at liberty to waive payment of interest wholly or in      part and may enforce payment without any allowance for the value of the      shares at the time of forfeiture. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 40 | When a share has been forfeited, notice      of the forfeiture shall be served upon the person who was before forfeiture      the holder of the share. No forfeiture shall be invalidated by any failure      to give notice. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 41 | A statutory declaration in writing that      the declarant is a director or the secretary of the Company and that a share      has been duly forfeited on a date stated in the declaration shall be conclusive      evidence of the facts stated in it as against all persons claiming to be      entitled to the share. The declaration and the receipt of the Company for      the consideration (if any) given for the share on the sale, re-allotment      or disposal, together with the relevant share certificate delivered to a      purchaser or allottee shall (subject to the execution of a transfer if required)      constitute a good title to the share. The person to whom the share is sold,      re-allotted or disposed of shall be registered as the holder of the share      and 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 or      invalidity in the proceedings in reference to the forfeiture, sale, or disposal      of the share. Every Director is authorised to execute on behalf of the shareholder      whose share is forfeited a proper instrument of transfer of the share. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 42 | The provisions of these Articles as to      forfeiture shall apply in the case of non-payment of any sum which, by the      terms of issue of a share, becomes payable at a fixed time, whether on account      of the nominal value of the share or by way of premium, as if it had been      payable by virtue of a call duly made and notified. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Untraced shareholders**

| 43 | The Company may sell (in such manner      and for such price as the Directors think fit) the shares of a member or      the shares to which a person is entitled by virtue of transmission on death      or bankruptcy if: |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | during the period of 12 years prior to      the date of the publication of the advertisements referred to in paragraph      (ii) below (or, if published on different dates, the first date), being      a period during which at least three dividends have been payable, all warrants      and cheques in respect of the shares in question sent in the manner authorised      by these Articles have remained uncashed; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the Company on expiry of the period of      12 years has given notice, by advertisement in both a national newspaper      and a newspaper circulating in the area in which the last known address      of the member or the address at which service of notices may be effected      in the manner authorised by these Articles is located, of its intention      to sell the shares; and |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

15

----

|   | (iii) | during the period of 12 years and the      period of 3 months following the publication of the advertisements, or following      the later publication if the two advertisements are published on different      dates, the Company has received no indication either of the whereabouts      or of the existence of the member or person; and |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | notice has been given to the London Stock      Exchange of its intention to make the sale. |
|--------|------|--------------------------------------------------------------------------------------------|

|   | To give effect to a sale the Company may      appoint any person to execute as transferor an instrument of transfer of      the shares. The instrument of transfer shall be as effective as if it had      been executed by the registered holder of, or person entitled by transmission      to, the shares and the title of the transferee shall not be affected by      any irregularity or invalidity in the proceedings. The net proceeds of sale      shall belong to the Company which shall be obliged to account to the former      member or other person previously entitled for an amount equal to the proceeds      and shall enter the name of the former member or other person in the books      of the Company as a creditor for that amount. No trust shall be created      in respect of the debt, no interest shall be payable in respect of it and      the Company shall not be required to account for any money earned on the      net proceeds, which may be employed in the business of the Company or invested      in such investments (other than shares of the Company or its holding company,      if any) as the Directors think fit. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Stock**

| 44 | The Company may by ordinary resolution      convert any paid-up shares into stock, or re-convert any stock into paid-up      shares of any denomination. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| 45 | The holders of stock may transfer all      or any part in the same manner, and subject to the same regulations as and      subject to which, the shares from which the stock arose might previously      to conversion have been transferred, or as near thereto as circumstances      admit. The Directors may fix the minimum amount of stock (not exceeding      the nominal amount of the shares from which the stock arose) which is transferable,      in which case no stock shall be transferable except in sums of, or in multiples      of, the minimum amount. No warrants to bearer shall be issued in respect      of any stock. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 46 | The holders of stock shall, according      to the amount of the stock held by them, have the same rights, privileges      and advantages as regards dividends, participation in assets on a winding-up,      voting at meetings and other matters as if they held the shares from which      the stock arose. No privilege or advantage (except participation in dividends      and in assets on a winding-up) shall be conferred by any stock as would      not have been conferred if it existed in shares. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 47 | All the provisions of these Articles (other      than those relating to share warrants) which are applicable to paid-up shares      shall apply to stock, and the words “share” and “shareholder”      include “stock” and “stockholder”. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

16

----

| 48 | The Directors may issue warrants (“share      warrants”) in respect of fully paid up shares stating that the bearer      is entitled to the shares specified, and may provide by coupons or otherwise      for the payment of future dividends on the shares included in the warrants.      The Directors may determine and vary the conditions upon which share warrants      are issued and upon which a new share warrant or coupon is issued in the      place of one worn out, defaced or destroyed. No new share warrant or coupon      shall be issued to replace one that has been lost unless the Directors are      satisfied beyond reasonable doubt that the original has been destroyed.      The Directors may also determine and vary the conditions upon which the      bearer of a share warrant is entitled to receive notices of and attend and      vote at general meetings or to join in requisitioning general meetings,      and upon which a share warrant may be surrendered and the name of the holder      entered in the register in respect of the shares specified in it. The Directors      may require the holder or person who claims to be the holder of a share      warrant to produce his warrant and to satisfy them that he continues to      be the holder. Subject to such conditions and to these Articles, the bearer      of a share warrant shall be a member to the full extent. The holder of a      share warrant shall hold it subject to the conditions for the time being      in force with regard to share warrants whether made before or after the      issue of such warrant. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Increase of capital**

| 49 | The Company in general meeting may by ordinary      resolution increase its capital by such sum, to be divided into shares of      such amounts, as the resolution prescribes. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 50 | Unless the Company by ordinary resolution      at the general meeting at which the capital is increased otherwise directs,      any new shares proposed to be issued shall be offered in the first instance      in accordance with section 89 of the Act (save to the extent disapplied      from time to time by Special Resolution) to all the shareholders for the      time being, on the same or on more favourable terms than those offered or      to be offered to persons other than shareholders, in proportion to the number      of shares of the same class held by them. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 51 | The new shares shall be subject to the      provisions of these Articles with reference to payment of calls, lien, transfer,      transmission, forfeiture and otherwise. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Purchase of own shares**

| 52 | (A) | Subject to, and in accordance with, the      provisions of the Statutes and subject to paragraphs (B) and (C), the Company      may purchase its own shares (including any redeemable shares). |
|----|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | The Company may not purchase its own      shares if at the time of purchase there are outstanding any convertible      securities of the Company, unless either there are provisions in the relevant      trust deed or terms of issue permitting the purchase or the purchase has      been sanctioned by an extraordinary resolution passed at a separate class      meeting of the holders of the convertible securities. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (C) | Purchases by the Company of its own redeemable      shares shall, where the shares are listed on the London Stock Exchange,      be limited to a maximum price which, in the case of purchases through the      market of redeemable shares other than those which are normally bought and      traded in by a limited number of investors who are particularly knowledgeable      in investment matters, must not exceed 5 per cent above the average market      value for the 10 business days before the purchase is made. If the purchases      are by tender, tenders shall be made available to all holders of the shares      alike. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

17

----

**Alteration of capital**

| 53 | The Company may by ordinary resolution: |
|----|-----------------------------------------|

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

|   | (ii) | cancel any shares which, at the date      of the passing of the resolution, have not been taken, or agreed to be taken,      by any person, and diminish the amount of its capital by the nominal amount      of the shares cancelled, subject to the provisions of sections 146-149 of      the Act; and |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | sub-divide all or any of its shares into      shares of smaller amount than is fixed by the Memorandum of Association      and the resolution may determine that, as between the holders of the shares      resulting from the sub-division, one or more of the shares may have any      such preferred or other special rights over, or may have such deferred rights,      or be subject to any such restrictions as compared with the others as the      Company has power to attach to unissued or new shares. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 54 | Upon a consolidation of fully paid shares      into shares of larger amount the Directors may settle any difficulty which      arises and in particular may, as between the holders of shares consolidated,      determine which shares are consolidated into each consolidated share. In      the case of any shares registered in the name or names of one or more members      being consolidated with shares registered in the name or names of another      member or members, the Directors may make such arrangements for the sale      of the consolidated share or for the issue, acceptance or sale of fractional      certificates and may sell the consolidated share or the fractions represented      by fractional certificates, either upon the market or otherwise, to such      person or persons at such times and at such prices as they think fit. The      Directors shall distribute the net proceeds of sale among the members rateably      in accordance with their interests in the consolidated share or the fractions      represented by the fractional certificates. For the purpose of giving effect      to a sale the Directors may appoint some person to transfer the shares or      fractions sold to the purchasers save where the amount to be distributed      to a member in respect of any such interest or fraction amount to less than      £3.00 (or such greater amount as the London Stock Exchange Limited      shall from time to time permit), in which case any such amount may be retained      for the benefit of the Company. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 55 | The Company may by special resolution      reduce its share capital and any capital redemption reserve fund or any      share premium account in any manner subject to any conditions and consents      required by law. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

18

----

**Redeemable shares**

| 56 | The Company may by special resolution      create and sanction the issue of shares which are, or at the option of the      Company or the holder are to be liable, to be redeemed, subject to and in      accordance with the provisions of the Statutes. The special resolution sanctioning      the issue shall also make such alterations to these Articles as are necessary      to specify the terms on which and the manner in which the shares are to      be redeemed. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**General meetings**

| 57 | A general meeting shall be held in each      year at such time (within a period of not more than 15 months after the      holding of the last preceding general meeting) and place as may be determined      by the Directors. The general meetings referred to in this Article shall      be called annual general meetings. All general meetings other than annual      general meetings shall be called extraordinary general meetings. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 58 | The Directors may convene an extraordinary      general meeting whenever they think fit. On the requisition of members in      accordance with the Statutes, the Directors shall convene an extraordinary      general meeting. Whenever the Directors convene an extraordinary general      meeting on the requisition of members, they shall convene it for a date      not more than 6 weeks after the date when the requisition is deposited at      the Office (unless the requisitionists consent In Writing to a later date      being fixed). If there are not within the United Kingdom sufficient Directors      capable of acting to form a quorum, any Director or any two members of the      Company may convene an extraordinary general meeting in the same manner      as nearly as possible as that in which meetings may be convened by the Directors. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Notice of general meetings**

| 59 | In the case of the annual general meeting      or of a meeting convened to pass a special resolution at least 21 clear      days’ notice and in other cases at least 14 days’ notice must be given (exclusive      in each case of the day on which the notice is served or deemed to be served      and of the day for which the notice is given). The notice shall specify      the place, the day and the hour of meeting (and in the case of an annual      general meeting shall specify the meeting as such) and state with reasonable      prominence that a member entitled to attend and vote is entitled to appoint      a proxy, who need not also be a member, to attend and vote instead of him.      In the case of special business, the notice must specify the general nature      of the business (and, in the case of a meeting convened for passing a special      or extraordinary resolution, the intention to propose the resolution as      a special or extraordinary resolution as the case may be). The notice shall      be given to the Auditors and the Directors and to such members as are, under      these Articles, entitled to receive notices from the Company. With the consent      In Writing of all, or such less number as is required by the Statutes, of      the members entitled to attend and vote, a meeting may be convened by a      shorter notice and in such manner as those members think fit. The Company      shall comply with the provisions of the Statutes as to giving notice of      resolutions and circulating statements on the requisition of members. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 60 | The accidental omission to give notice      of any meeting, or to send a form of proxy with a notice where required      by these Articles, or the non-receipt of a notice or form of proxy, shall      not invalidate the proceedings at any general meeting. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

19

----

**Proceedings at general meetings**

| 61 | 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 exception of declaring      dividends, the reading and consideration and adoption of the accounts and      balance sheet and the ordinary reports of the Directors and Auditors and      other documents required to be annexed to the balance sheet, the re-election      of Directors retiring, the election of Directors in the place of those retiring,      the voting of remuneration or extra remuneration to the Directors, the appointment      of and the fixing of the remuneration of the Auditors and the grant, renewal,      limitation, extension or variation of any authority of or to the Board,      under section 80 of the Act, to allot securities. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 62 | No business shall be transacted at any      general meeting unless a quorum is present when the meeting proceeds to      business. Except as otherwise provided in these Articles, two members present      in person or by proxy and entitled to vote shall be a quorum for all purposes.      A corporation which is a member shall be deemed to be personally present      for the purpose of this Article if represented by its representative duly      authorised in accordance with Article 79. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 63 | If within half an hour from the time      appointed for the meeting a quorum is not present, the meeting, if convened      on the requisition of members, shall be dissolved. In any other case it      shall stand adjourned to the same day in the next week, at the same time      and place, or to such other day and at such other time and place as the      Directors determine. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 64 | The chairman (if any) of the Board or,      in his absence, a deputy chairman (if any) shall preside as chairman at      every general meeting. If there is no chairman or deputy chairman, or if      at any meeting neither the chairman nor a deputy chairman is present within      5 minutes after the time appointed for holding it, or if neither of them      is willing to act as chairman, the Directors present shall choose one of      their number to act, or if one Director only is present he shall preside      as chairman if willing to act. If no Director is present, or if each of      the Directors present declines to take the chair, the persons present and      entitled to vote on a poll may elect one of their number to be chairman. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 65 | The chairman may, with the      consent of any meeting, adjourn the meeting from time to time and from place      to place, but no business shall be transacted at an adjourned meeting except      business which might lawfully have been transacted at the meeting from which      the adjournment took place. When a meeting is adjourned for 30 days or more,      notice of the adjourned meeting shall be given as in the case of an original      meeting. It shall not otherwise be necessary to give notice of an adjournment      or of the business to be transacted at an adjourned meeting. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 66 | At a general meeting a resolution put      to the vote shall be decided on a show of hands unless, before or on the      declaration of the result of the show of hands, a poll is demanded by the      chairman or by at least three members present in person or by proxy and      entitled to vote or by a member or members entitled to vote and holding      or representing by proxy at least one-tenth part of the total voting rights      of all the members having the right to vote at the meeting or by a member      or members holding shares conferring a right to vote at the meeting 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. Unless a poll      is demanded as above, a declaration by the chairman that a resolution has      been carried, or carried unanimously, or by a particular majority, or lost,      and an entry to that effect in the minute book 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. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 67 | If any votes are counted which ought      not to have been counted, or might have been rejected, the error shall not      vitiate the resolution unless it is pointed out at the same meeting, or      at an adjournment, and it is, in the opinion of the chairman of the meeting,      of sufficient magnitude to vitiate the resolution. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

20

----

| 68 | If a poll is duly demanded, it shall      be taken at such time (either at the meeting at which the poll is demanded      or within 30 days of the meeting) and place and in such manner as the chairman      directs (including the use of ballot or voting papers or tickets). The result      of a poll shall be deemed to be the resolution of the meeting at which the      poll was demanded. A poll demanded on the election of a chairman or on a      question of adjournment shall be taken immediately. No notice need be given      of a poll not taken immediately. The chairman may appoint scrutineers and      may adjourn the meeting to some place and time fixed by him for declaring      the result of the poll. The demand for a poll may be withdrawn before the      close of the meeting or the taking of the poll, whichever is the earlier,      but, if a demand is withdrawn, the chairman of the meeting or other members      entitled to require a poll may himself or themselves demand a poll. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 69 | In the case of an equality of votes,      whether on a show of hands or on a poll, the chairman of the meeting at      which the show of hands takes place or at which the poll is demanded shall      be entitled to a second or casting vote in addition to any votes to which      he may be entitled as a member. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 70 | 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 has been demanded. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Votes of members**

| 71 | Subject to any special rights or restrictions      as to voting attached to any shares by or in accordance with these Articles,      on a show of hands every member, who (being an individual) is present in      person or (being a corporation) is present by a representative not being      himself a member, shall have one vote and on a poll every member who is      present in person or by proxy shall have one vote for every share of which      he is the holder. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 72 | Where there are joint holders of a share,      any one of them may vote at any meeting either personally or by proxy in      respect of the share as if he were solely entitled to it, but if more than      one joint holder is present at a meeting either personally or by proxy,      that one of them whose name stands first in the register of members in respect      of the share shall alone be entitled to vote in respect of it. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 73 | A member, in respect of whom an order      has been made by a competent court or official on the ground that he is      or may be suffering from mental disorder or is otherwise incapable of managing      his affairs, may vote, whether on a show of hands or on a poll, by any person      authorised to do so on his behalf and that person may on a poll vote by      proxy, provided that such evidence as the Directors require of his authority      has been deposited at the Office not less than 3 days before the time for      holding the meeting. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

21

----

| 74 | No member shall be entitled to vote at      any general meeting either personally or by proxy, or to exercise any privilege      as a member, unless all calls or other sums presently payable by him in      respect of shares in the Company have been paid. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 75 | A member holding unclassified shares      shall be entitled to vote at any general meeting in respect of those shares,      provided that no ordinary share is in issue. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 76 | No objection shall be raised to the qualification      of any vote except at the meeting or adjourned meeting at which the vote      objected to is given or tendered. Every vote not disallowed at the meeting      shall be valid for all purposes. An objection made in due time shall be      conclusive. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 77 | On a poll votes may be given either personally      or by proxy. |
|----|------------------------------------------------------------------|

| 78 | Subject to Article 82 the instrument      appointing a proxy must be in writing under the hand of the appointor or      of his attorney duly authorised in writing, or if the appointor is a corporation      either under its common seal or under the hand of an officer or attorney      so authorised. The Directors may, but shall not be bound to, require evidence      of the authority of the officer or attorney. A proxy need not be a member      of the Company. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 79 | A corporation holding shares conferring      the right to vote may, by resolution of its directors or other governing      body, authorise any of its officials or any other person to act as its representative      at any meeting of the Company or at any meeting of holders of any class      of shares of the Company. The authorised person shall be entitled to exercise      the same powers on behalf of the corporation which he represents as if he      had been an individual member of the Company. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 80 | The instrument appointing a proxy and      the power of attorney or other authority (if any) under which it is signed,      or a notarially certified copy of the power or authority, must be deposited,      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, at the Office or at such other place as is nominated by the Board.      In default the instrument of proxy shall not be treated as valid. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 81 | An instrument of proxy must be in a common      form or form which the Directors approve. Proxies need not be witnessed.      The proxy shall be deemed to include the right to demand or join in demanding      a poll and generally to act at the meeting for the member giving the proxy.      The proxy shall, unless it states the contrary, be valid for an adjournment      of the meeting as well as for the meeting to which it relates. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 82 | The board may decide, at their sole discretion,either generally or in any particular case, to treat an instrument of proxy requiredunder articles 78, 80 or 81 as properly deposited for the purposes of this articleif a copy of the instrument is delivered by any form of Electronic Communication,in any case, to an address specified for the receipt of such documents and appointmentsin electronic form in the notice convening the meeting or in any instrument ofproxy set out by the Company in relation to the meeting or at such other addressit is agreed by the board from time to time. This power is subject to any limitations,restrictions or conditions that the board may decide. Any requirements of thesearticles, which are inconsistent with this method of appointment, shall not applyto appointments under this power. The board can require such evidence as it thinksappropriate to show that the proxy appointment is genuine. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

22

----

| 83 | A vote given in accordance with the terms      of an instrument of proxy shall be valid, notwithstanding the previous death      or incapacity of the principal or revocation of the proxy, or of the authority      under which the proxy was executed, or the transfer of the share in respect      of which the proxy is given, provided that no intimation In Writing of the      death, incapacity, revocation or transfer has been received at the Office      at least 48 hours before the commencement of the meeting or adjourned meeting      at which the proxy is used. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 84 | (A) | If a member, or a person appearing to      be interested in shares held by a member, has been duly served with a notice      under section 212 of the Act (“statutory notice”) and is in default      for the prescribed period in supplying to the Company the required information      or makes a statement which in the opinion of the Board is false or misleading      in any material particular, then not earlier than 28 days or such less number      of days as may be permitted from time to time by The London Stock Exchange      after service of the statutory notice, the Directors may at any time, by      notice (a “direction notice”) to the member, direct that in respect      of the shares in relation to which the default occurred (the “default      shares”) the member is not entitled to vote, either personally or by      proxy, at a general meeting or a meeting of the holders of any class of      shares of the Company or to exercise any other right conferred by membership      in relation to general meetings of the holders of any class of shares of      the Company. |
|----|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | Where the default shares represent at      least 0.25 per cent of the issued shares of a class, the direction notice      may additionally direct: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | (i) | that any dividend or other money which      would otherwise be payable in respect of each of the default shares shall      (in whole or part) be retained by the Company without any liability to pay      interest when the dividend or money is paid to the member; |
|--------|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | (ii) | that no transfer of the default shares      which is not an approved transfer shall be registered unless: |
|--------|--------|------|-----------------------------------------------------------------------------------------------------------|

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

|   |   |   | (b) | the transfer is of part only of the member’s      holding and, when presented for registration, is accompanied by a certificate      by the member in a form satisfactory to the Directors to the effect that,      after due and careful enquiry, the member is satisfied that none of the      shares the subject of the transfer is a default share. |
|--------|--------|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

23

----

|   | (C) | The Company shall send a copy of the      notice to each other person appearing to be interested in the shares the      subject of a direction notice but the failure or omission by the Company      to do so shall not invalidate the notice. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (D) | A direction notice shall have effect      in accordance with its terms for so long as the default in respect of which      it was issued continues and (unless the direction notice otherwise determine)      for a further period of one week but shall cease to have effect in relation      to any default shares which are transferred by the member by means of an      approved transfer. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (E) | For the purpose of this Article: |
|--------|-----|----------------------------------|

|   |   | (i) | a person shall be treated as appearing      to be interested in shares if the member holding the shares has given to      the Company a notification under section 212 which either (a) names that      person as being interested; or (b) fails to establish the identities of      those interested in the shares and (after taking into account the 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 the shares; |
|--------|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | (ii) | the prescribed period is 14 days from      the date of service of the notice under section 212; and |
|--------|--------|------|-----------------------------------------------------------------------------------------------------|

|   |   | (iii) | a transfer of shares is an approved transfer      if: |
|--------|--------|-------|-------------------------------------------------------|

|   |   |   | (a) | it is a transfer of shares to an offeror      by way or in pursuance of acceptance of a take-over offer for a company      (as defined in section 14 of the Companies Securities (Insider Dealing)      Act 1985); or |
|--------|--------|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   |   |   | (c) | 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. |
|--------|--------|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (F) | Nothing contained in this article shall      limit the power of the Directors under section 216 of the Act. |
|--------|-----|-------------------------------------------------------------------------------------------------------------|

**Directors**

| 85 | Unless otherwise determined by ordinary      resolution, the number of Directors (other than the alternate directors)      shall not be subject to a maximum but shall not be less than three. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

24

----

| 86 | The Directors shall be paid out of the      funds of the Company by way of remuneration for their services such sums      as the Company by ordinary resolution determine. The remuneration shall      be divided among them in such proportions and manner as the Directors determine      and, in default of a determination within a reasonable period, equally,      except that any Director holding office for less than a year or other period      for which remuneration is paid shall rank in the division in proportion      to the fraction of the year or other period during which he has held office.      The remuneration shall be deemed to accrue from day to day. The Directors      may also be paid all travelling, hotel and other expenses properly incurred      by them in attending and returning from meetings of the Directors or committees      of the Directors or general meetings of the Company or in connection with      the business of the Company. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 87 | Subject to the provisions of these Articles      and without prejudice to the powers of the Directors under these Articles      to appoint any person to be a Director, the Company may by ordinary resolution      elect any person to be a Director, either to fill a casual vacancy or as      an addition to the existing Board, but the total number of Directors must      not at any time exceed any maximum number fixed by or in accordance with      these Articles. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 88 | Any Director who at the request of the      Board performs special services or goes or resides abroad for any purposes      of the Company may (unless otherwise expressly resolved by the Company in      general meeting) receive such extra remuneration by way of salary, percentage      of profits or otherwise as the Board determines. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 89 | No shareholding qualification for Directorsis required. |
|----|---------------------------------------------------------|

| 90 | Each Director may attend and speak at anygeneral meeting of the Company. |
|----|--------------------------------------------------------------------------|

| 91 | The office of a Director      shall be vacated in any of the following events, namely: |
|----|----------------------------------------------------------------------------------------|

|   | (i) | if (not being an executive Director whose      contract precludes resignation) he resigns his office by notice In Writing      left at the Office; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | if he becomes bankrupt or has a receiving      order made against him or compounds with his creditors; |
|--------|------|--------------------------------------------------------------------------------------------------------|

|   | (iii) | if he becomes of unsound mind or a patient      for any purpose of any statute relating to mental health and the Directors      resolve that his office should be vacated; |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

25

----

|   | (iv) | if he is absent from meetings of the Directors      for 6 months without leave, and his alternate Director (if any) does not      during that period attend in his stead, and the Directors resolve that his      office should be vacated; |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | if he is removed or becomes prohibited      from being a Director under any provision of the Statutes; |
|--------|-----|--------------------------------------------------------------------------------------------------------|

|   | (vi) | if he is requested In Writing by all the      other Directors to resign his office. |
|--------|------|-------------------------------------------------------------------------------------|

| 92 | (A) | A Director may hold any other office      or place of profit with the Company (except that of Auditor) in conjunction      with his office of Director for such period and upon such terms as the Board      determines, and may be paid such extra remuneration for it (whether by way      of salary, commission, participation in profits or otherwise) as the Board      determines. The extra remuneration shall be in addition to any remuneration      provided for by or pursuant to any other Article. |
|----|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | A Director 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) | A Director may be or become a director      or other officer of, or otherwise interested in, a company promoted by the      Company or in which the Company is interested, and shall not be liable to      account to the Company or the members for any remuneration, profit or other      benefit received by him as a director or officer of or from his interest      in that company. The Board may cause the voting power conferred by the shares      in another company held or owned by the Company to be exercised in such      manner as it thinks fit, including the exercise in favour of a resolution      appointing any of the Directors to be directors or officers of that company,      or voting or providing for the payment of remuneration to the directors      or officers of that company. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (D) | A Director shall not vote or be counted      in the quorum on a resolution of the Board concerning his own appointment      as the holder of an office or place of profit with the Company or another      company in which the Company is interested (including the arrangement or      variation of its terms or its termination). |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (E) | Where arrangements are under consideration      concerning the appointment (including the arrangement or variation of the      terms or the termination of the appointment) of two or more Directors to      offices or places of profit with the Company or another company in which      the Company is interested, a separate resolution may be put in relation      to each Director. In such case, each of the Directors concerned shall be      entitled to vote (and be counted in the quorum) in respect of each resolution      except that concerning his own appointment (or the arrangement or variation      of its terms or its termination) and except (in the case of an office or      place of profit with another company) where the other company is a company      in which the Director owns 1 per cent or more. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

26

----

|   | (F) | Subject to the Statutes and to the next      paragraph of this Article, no Director or proposed or intending Director      shall be disqualified by his office from contracting with the Company, either      with regard to his tenure of any office or place of profit or as vendor      or purchaser or in any other manner. No contract or arrangement in which      a Director is interested shall be liable to be avoided. The Director shall      not be liable to account to the Company or the members for any remuneration,      profit or other benefits realised by the contract or arrangement by reason      of his holding that office or of the resulting fiduciary relationship. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (G) | A Director who to his knowledge is interested,      whether directly or indirectly, in a contract or arrangement or proposed      contract or arrangement with the Company must declare the nature of his      interest at the meeting of the Board at which the question of entering into      the contract or arrangement is first taken into consideration, if he knows      his interest then exists, or, in any other case, at the first meeting of      the Board after he knows that he is or has become interested. A general      notice to the Board given by a Director to the effect that he is a member      of a specified company or firm and is to be regarded as interested in any      contract or arrangement which may after the date of the notice be made with      the company or firm shall be a sufficient declaration of interest under      this Article in relation to any contract or arrangement made with the company      or firm. A notice shall not be effective unless either it is given at a      meeting of the Board or the Director giving it takes reasonable steps to      secure that it is brought up and read at the next Board meeting after it      is given. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (H) | Except as otherwise provided by these      Articles, a Director must not vote on (or be counted in the quorum in respect      of) any resolution of the Board concerning a contract or arrangement or      other proposal which (together with any interest of any person connected      to him) is to his knowledge, directly or indirectly, a material interest      otherwise than by virtue of his interests in shares or debentures or other      securities of, or otherwise through, the Company. If he does, his vote shall      not be counted. This prohibition does not apply to any of the following      matters, namely: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | (i) | a contract or arrangement for giving      to the Director security or a guarantee or indemnity in respect of: |
|--------|--------|-----|---------------------------------------------------------------------------------------------------------------|

|   |   |   | (a) | money lent by him or obligations undertaken      by him or by any other person at the request of or for the benefit of the      Company or any of its subsidiaries; or |
|--------|--------|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |   | (b) | a debt or obligation of the Company or      any of its subsidiaries for which he himself has assumed responsibility      in whole or part under a guarantee or indemnity or by the giving of security; |
|--------|--------|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | (ii) | where the Company or any of its subsidiary      undertakings is offering securities in which offer the Director is, or may      be, entitled to participate as a holder of securities or in the underwriting      or subunderwriting of which the director is to participate; |
|--------|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

27

----

|   |   | (iii) | relating to another company in which      he and any persons connected to 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      1 per cent or more of any class of the equity share capital or of the voting      rights in that company; |
|--------|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | (iv) | relating to a pension, superannuation      or similar scheme or retirement, death or disability benefits scheme or      employees’ share scheme which has been approved by the Inland Revenue or      is conditional upon that approval or does not award him any privilege or      benefit not awarded to the employees to whom the scheme relates; or |
|--------|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | (v) | concerning insurance which the Company      proposes to maintain or purchase for the benefit of Directors or the benefit      of persons including Directors. |
|--------|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (I) | A company shall be deemed to be a company      in which a Director owns 1 per cent or more if and so long as he is (either      directly or indirectly) the holder of or beneficially interested in 1 per      cent or more of any class of its equity share capital or of the voting rights      available to its members. For the purpose of this paragraph there shall      be disregarded any shares held by a Director as bare or custodian trustee      and in which he has no beneficial interest, any shares comprised in a trust      in which the Director’s interest is in reversion or remainder if and so      long as some other person is entitled to receive the trust income, and any      shares comprised in an authorised unit trust scheme in which the Director      is interested only as a unit holder. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (J) | Where a company in which a Director owns      1 per cent or more is materially interested in a transaction, he shall also      be deemed materially interested in the transaction. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (K) | If any question arises at any meeting      of the Board as to the materiality of the interest of a Director or as to      the entitlement of a Director (in each case, other than the chairman of      the meeting) to vote or be counted in the quorum and the question is not      resolved by his voluntarily agreeing to abstain from voting or not to be      counted in the quorum, it shall be referred to the chairman of the meeting.      His ruling shall be final and conclusive except in a case where the nature      or extent of the interest of the Director concerned as known to the Director      has not been fairly disclosed to the Board. If the question relates to the      chairman of the meeting, it shall be decided by a resolution of the Board      (for which purpose the chairman shall be counted in the quorum but may not      vote). The resolution shall be final and conclusive except in a case where      the nature or extent of the interest of the chairman as known to him has      not been fairly disclosed to the Board. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Powers of directors**

| 93 | The business of the Company shall be      managed by the Directors, who may exercise all such powers of the Company      as are not by the Statutes or by these Articles required to be exercised      by the Company in general meeting, but subject to any regulations of these      Articles, to the provisions of the Statutes, and to such regulations, which      are not inconsistent with those regulations or provisions, as may be prescribed      by extraordinary resolution of the Company in general meeting. No regulation      made by the Company in general meeting shall invalidate any prior act of      the Directors which would have been valid if the regulation had not been      made. The general powers given by this Article are not limited or restricted      by any special authority or power given to the Directors by any other Article. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

28

----

| 94 | The Directors may arrange that any branch      of the business carried on by the Company or any other business in which      the Company is interested shall be carried on by or through one or more      subsidiaries. They may on behalf of the Company make such arrangements as      they think advisable for taking the profits or bearing the losses of any      branch or business or for financing, assisting or subsidising any subsidiary      or guaranteeing its contracts, obligations or liabilities. They may appoint,      remove and reappoint any person (whether a member of their own body or not)      to act as a director, managing director or manager of a subsidiary or any      other company in which the Company is interested, and may determine his      remuneration (whether by way of salary, commission on profits or otherwise).      A Director may retain any remuneration payable to him in respect of the      appointment. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 95 | The Directors may by power of attorney      appoint any person to be the attorney of the Company for such purposes and      with such powers, authorities and discretions (not exceeding those vested      in or exercisable by the Directors under these Articles) and for such period      and subject to such conditions as they think fit. The power of attorney      may contain such provisions for the protection and convenience of persons      dealing with the attorney as the Directors think fit and may authorise the      attorney to sub-delegate all or any of the powers, authorities and discretions      vested in him. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 96 | (A) | The Directors may procure the establishment      and maintenance of or participation in or contribution to any non-contributory      or contributory pension or superannuation fund, scheme or arrangement or      life assurance scheme or arrangement for the benefit of, and pay, provide      for or procure the grant of donations, gratuities, pensions, allowances,      bonuses, benefits or emoluments to, any person (including directors and      other officers whether of the Company or of any other company referred to      in this paragraph) who is or has been in the employment of the Company,      or of any company which is a subsidiary of the Company or a predecessor      in business of the Company or a subsidiary, or of any allied or associated      companies of the Company or any such companies and the spouses, widows,      widowers, families, dependants or connections of any such persons. No pension,      annuity or other allowance or benefit (except as provided for by or in accordance      with any other Article) shall be granted to a Director or former Director      who has not been an executive Director or held any other office or place      of profit under the Company or any of its subsidiaries or to a person who      has no claim on the Company except as a relation, connection or dependant      of a Director or former Director, without the approval of an ordinary resolution      of the Company. |
|----|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | The Directors may establish, maintain      and give effect to any scheme approved by an ordinary resolution for the      allotment of or the grant of options to subscribe for shares of the Company      to persons (including Directors) in the employment of the Company or any      subsidiary of the Company and may exercise all the powers conferred on them      by the scheme (including any power to alter or add to its provisions). These      Articles shall be deemed to be modified so far as may be necessary to give      effect to the scheme in respect of any shares in issue or under option. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

29

----

|   | (C) | The Directors may procure any of the      matters referred to in this Article are done by the Company either alone      or in conjunction with any other company. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 97 | All cheques, promissory notes, drafts,      bills of exchange and other negotiable or transferable instruments, and      all receipts for moneys paid to the Company, shall be signed, drawn, accepted,      endorsed or otherwise executed in such manner as the Directors determine. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Borrowing**

| 98 | (A) | The Directors may exercise all the powers      of the Company to borrow money, and to mortgage or charge all or any part      of its undertaking, property and assets (both present and future), including      its uncalled capital and, subject to the Statutes, 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. |
|----|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | The Board must restrict the borrowings      of the Company and exercise all voting and other rights or powers of control      exercisable by the Company in relation to its subsidiaries (if any) so as      to secure (but as regards subsidiaries only in so far as, by the exercise      of the rights or powers of control, the Board can secure) that the aggregate      principal amount outstanding of all borrowings by the Group (exclusive of      borrowings owing by one member of the Group to another member) does not,      without the previous sanction of an ordinary resolution, exceed the greater      of (a) £30,000,000 or (b) four times the Adjusted Capital and Reserves. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (C) | For this purpose: |
|--------|-----|-------------------|

|   |   | (i) | “the Adjusted Capital and Reserves”      means at any time the aggregate of: |
|--------|--------|-----|----------------------------------------------------------------------------------------|

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

|   |   |   | (b) | the amount standing to the credit of      the reserves (including any share premium account, capital redemption reserve      and credit balance on profit and loss account) all as shown by the then      latest audited balance sheet and without making any provision for Goodwill      unless already written off against the Company’s profit and loss account      but after deducting any debit balance on profit and loss account (except      to the extent that the deduction has already been made) and making adjustments      to reflect any variation in the amount of the paid up share capital, share      premium account or capital redemption reserve since the date of the audited      balance sheet; |
|--------|--------|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | (ii) | “borrowings” include the following      except in so far as otherwise taken into account: |
|--------|--------|------|-----------------------------------------------------------------------------------------------------|

|   |   |   | (a) | the nominal amount of any issued share      capital and the principal amount of any Debentures or borrowed moneys of      any person, the beneficial interest in which is not owned by a member of      the Group and the payment or repayment of which is the subject of a guarantee      or indemnity by a member of the Group, but excluding acceptances of trade      bills for the purchase of goods in the ordinary course of business; |
|--------|--------|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

30

----

|   |   |   | (b) | the outstanding amount raised by acceptances      by a bank or accepting house under an acceptance credit opened on behalf      of and in favour of a member of the Group, excluding acceptances of trade      bills for the purchase of goods in the ordinary course of business; |
|--------|--------|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |   | (c) | the principal amount of any Debenture      of a member of the Group owned otherwise than by another member of the Group; |
|--------|--------|--------|-----|--------------------------------------------------------------------------------------------------------------------------|

|   |   |   | (d) | the principal amount of any preference      share capital of a subsidiary owned otherwise than by a member of the Group;      and |
|--------|--------|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------|

|   |   |   | (e) | any premium payable on repayment on any      borrowing or deemed borrowing; but does not include: |
|--------|--------|--------|-----|---------------------------------------------------------------------------------------------------|

|   |   |   | (f) | borrowings for the purposes of repaying      the whole or any part of borrowings by a member of the Group within 6 months      of being borrowed, pending their application for that purpose within that      period; and |
|--------|--------|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |   | (g) | borrowings for the purpose of financing      a contract in respect of which any part of the price receivable by a member      of the Group is guaranteed or insured by the Export Credits Guarantee Department      of the Department of Trade and Industry or by any other Governmental department      fulfilling a similar function, to an amount not exceeding the part of the      price which is guaranteed or insured; |
|--------|--------|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | (iii) | when the aggregate principal amount of      borrowings to be taken into account for the purposes of this Article on      any particular date is being ascertained: |
|--------|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |   | (a) | moneys denominated or repayable in a      currency other than sterling shall be converted for the purpose of calculating      the sterling equivalent at the rate of exchange prevailing on that date      in London or, if the amount of borrowings would as a result be less, at      the rate of exchange prevailing in London 6 months before that date. For      this purpose the rate of exchange shall be taken as the middle market rate      as at the close of business; and |
|--------|--------|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |   | (b) | where under the terms of borrowing the      amount of money that would be required to discharge the principal amount      in full if it fell to be repaid (at the option of the Company or by reason      of default) on that date is less than the amount that would otherwise be      taken into account in respect of that borrowing for the purpose of this      Article, the amount of the borrowing shall be taken to be the lesser amount; |
|--------|--------|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

31

----

|   |   | (iv) | “audited balance sheet” means      the then latest audited balance sheet of the Company prepared for the purposes      of the Statutes unless there has then been prepared for those purposes and      audited a consolidated balance sheet of the Company and its subsidiaries      (with such exceptions as may be permitted in the case of a consolidated      balance sheet prepared for the purposes of the Statutes); and in the latter      event “audited balance sheet” means the audited consolidated balance      sheet, the references to reserves and profit and loss account being references      to the consolidated reserves and consolidated profit and loss accounts respectively,      any amounts attributable to outside interests in subsidiaries being excluded.      The Company may change the accounting convention on which the audited balance      sheet is based, provided it complies with the requirements of the Statutes.      If the Company prepares its main audited balance sheet on the basis of one      convention but a supplementary audited balance sheet or statement on the      basis of another, the main audited balance sheet shall be taken as the audited      balance sheet for the purposes of this Article; |
|--------|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | (v) | “the Group” means the Company      and its subsidiaries (if any). |
|--------|--------|-----|-----------------------------------------------------------------------------|

|   | (D) | A certificate or report by the Auditors      as to the amount of the Adjusted Capital and Reserves or the amount of any      borrowings or to the effect that the limit imposed by this Article has not      been or will not be exceeded at any particular time or times shall be conclusive      for the purposes of this Article. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (E) | Notwithstanding the foregoing, no lender      or other person dealing with the Company shall be concerned to see or enquire      whether the limit imposed by this Article is observed. No borrowing incurred      or security given in excess of the limit shall be invalid or ineffectual,      except in the case of express notice to the lender or the recipient of the      security given that the limit had been or would be exceeded. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Executive directors**

| 99 | The Directors may appoint one or more      of their number to an executive office including the office of chairman,      vice-chairman, managing Director, joint managing Director, assistant managing      Director or manager or any other salaried office for such period and on      such terms as they think fit. Without prejudice to any claim a Director      may have for damages for breach of any contract of service between him and      the Company, his appointment shall automatically determine if he ceases      from any cause to be a Director, or (subject to the terms of any contract      between him and the Company) if the Directors resolve that his term of office      as an executive Director should be determined. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 100 | A Director holding office pursuant to      the last preceding Article shall receive such remuneration (whether by way      of salary, commission or participation in profits, or partly in one way      and partly in another) as the Directors determine. The remuneration shall,      unless otherwise agreed, be additional to such remuneration (if any) as      is payable to him as a Director. The Director shall be a director for the      purposes of and subject to the provisions of section 319 of the Act. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 101 | The Directors may entrust to and confer      upon a Director holding executive office any of the powers exercisable by      them as Directors upon such terms and conditions and with such restrictions      as they think fit, and either collaterally with or to the exclusion of their      own powers, and may revoke, withdraw or vary any of the powers. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

32

----

**Rotation of directors**

| 102 | At every annual general meeting any Directors      who are bound to retire under Article 108 and one-third of the other Directors      or, if their number is not a multiple of three, then the number nearest      to but not exceeding one-third shall retire from office. A Director retiring      at a meeting shall retain office until the close of the meeting. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 103 | The Directors to retire on each occasion      shall be those who have been longest in office since their last election      but, as between persons who became or were re-elected 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. No Director      shall be required to retire or be relieved from retiring by reason of any      change in the number or identity of the Directors after the date of the      notice but before the close of the meeting. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 104  | A retiring Director shall be eligible      for re-election. |
|-----------|-------------------------------------------------------------|

| 105 | Subject to the provisions of these Articles,      the Company at the meeting at which a Director retires may elect a person      to fill the vacated office. In default, the retiring Director shall, if      willing to continue to act, be deemed to have been re-elected, unless at      the meeting it is expressly resolved not to fill the vacated office or unless      a resolution for the re-election of the Director has been put to the meeting      and lost. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 106 | No person other than a Director retiring      at the meeting shall, unless recommended by the Directors, be eligible for      election to the office of Director at any general meeting, unless not less      than 7 nor more than 42 days before the date appointed for the meeting there      has been left at the Office a notice In Writing, signed by a member (not      being the person to be proposed) duly qualified to attend and vote at the      meeting, of his intention to propose the person for election, and a notice      In Writing signed by that person of his willingness to be elected. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 107 | The Company in general meeting may increase      or reduce the number of Directors and may determine in what rotation the      increased or reduced number is to go out of office. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 108 | The Directors may appoint any person      to be a Director, either to fill a casual vacancy or as an addition to the      existing Board, but so that the total number of Directors does not exceed      the maximum number fixed by or in accordance with these Articles. The Director      shall hold office only until the next following annual general meeting and      shall then be eligible for re-election. A Director who retires under this      Article shall not be taken into account in determining the Directors who      are to retire by rotation at the meeting. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

33

----

| 109 | The Company may, by ordinary resolution      of which special notice has been given in accordance with section 379 of      the Act, remove any Director (including a managing Director or other executive      Director, but without prejudice to any claim for damages under any contract)      before the expiration of his period of office and may by an ordinary resolution      appoint another person in his place. The person who is appointed shall be      subject to retirement at the same time 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. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Proceedings of directors**

| 110 | The Directors may meet together for the despatchof business, adjourn and otherwise regulate their meetings as they think fit.Questions arising at any meeting shall be determined by a majority of votes andin case of an equality of votes the chairman shall have a second or casting vote.A Director may at any time, and the Secretary on the requisition of a Directorshall, summon a Board meeting. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 111 | Notice of a Board meeting may be given      to a Director 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 during his      absence are sent to him In Writing at his last known address or any other      address given by him to the Company for this purpose. In the absence of      a request it shall not be necessary to give notice of a Board meeting to      a Director who is absent from the United Kingdom. A Director may waive notice      of a meeting either prospectively or retrospectively. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 112 | The quorum necessary for the transaction      of the business of the Directors may be fixed by the Directors and, unless      fixed at any other number, shall be two. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 113 | The continuing Directors or a sole continuing      Director may act notwithstanding any vacancies in the Board. If and so long      as the number of Directors is reduced below the minimum number fixed by      or in accordance with these Articles, the continuing Directors or Director      may act for the purpose of filling vacancies in the Board or of summoning      general meetings of the Company, but not for any other purpose. If there      are no Directors or no Director able or willing to act, any two members      may summon a general meeting of members for the purpose of appointing Directors. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 114 | If the Directors have not appointed a      chairman or vice-chairman pursuant to Article 99, or if at any meeting neither      the chairman nor the vice-chairman is present within 5 minutes after the      time appointed for holding it, the Directors present may choose one of their      number to be chairman of the meeting. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 115 | The Board may establish local 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 boards, or to be managers or agents, and may fix their remuneration.      The Board may delegate to any local board, manager or agent any of the powers,      authorities and discretions vested in or exercisable by the Board (other      than the power to borrow and make calls), with power to sub-delegate, and      may authorise the members of any local board or any of them to fill any      vacancies and to act notwithstanding vacancies. An appointment or delegation      may be made upon such terms and subject to such conditions as the Board      thinks fit. The Board may remove any person appointed as above and may revoke      or vary any delegation, but a person dealing in good faith and without notice      of the revocation or variation shall not be affected by it. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

34

----

| 116 | A meeting of the Directors at which a      quorum is present shall be competent to exercise all powers and discretions      exercisable by the Directors. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| 117 | The Directors may delegate any of their      powers to committees consisting of such number of members of their body      as they think fit and may revoke a delegation and discharge a committee      in whole or in part. A committee shall in the exercise of the powers delegated      to it conform to any regulations that are imposed by the Directors. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 118 | The meetings and proceedings of a committee      consisting of two or more members shall be governed by the provisions of      these Articles regulating the meetings and proceedings of the Directors,      so far as they are applicable and are not superseded by any regulations      made by the Directors under the last preceding Article. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 119 | A member of the Board, or of a committee      of the Board, may participate in a meeting of the Board or the committee      by means of a conference telephone or any communication equipment which      allows all persons participating in the meeting to hear each other. A participant      shall be deemed to be present in person at the meeting and shall be entitled      to vote or be counted in a quorum accordingly. The meeting shall be deemed      to take place where the largest group of those participating is assembled      or, if there is no such group, where the chairman of the meeting then is. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 120 | A resolution In Writing, signed by all      or a majority of the Directors entitled to notice of a meeting of the Directors      or by all of the members of a committee, shall be as valid as if it had      been passed at a Board meeting or a meeting of the committee duly called      and constituted. The resolution may consist of several documents in the      like form each signed by one or more of the Directors or members of the      committee. For the purpose of this Article, the signature of an alternate      Director entitled to notice of a meeting of Directors shall suffice in lieu      of the signature of the Director appointing him. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 121 | The Directors shall cause minutes to      be made in books provided for the purpose: |
|-----|--------------------------------------------------------------------------------------|

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

|   | (b) | of the names of all the Directors present      at each Board meeting and meeting of a committee of Directors; |
|--------|-----|---------------------------------------------------------------------------------------------------------------|

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

|   | The minutes, if purporting to be signed      by the chairman of the meeting at which the appointments were made, or the      Directors were present, or the resolutions were passed or proceedings held      (as the case may be), or by the chairman of the next succeeding meeting      of the Company, or class of members of the Company, or Directors or committee      (as the case may be), shall be sufficient evidence without any further proof      of the facts stated in it. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 122 | All actions done by any Board meeting,      or meeting of a committee of Directors, or by a person acting as a Director,      shall as regards all persons dealing in good faith with the Company, notwithstanding      that there was some defect in the appointment of any Director, or of the      person acting as a Director, or that they or any of them were disqualified,      or had vacated office or were not entitled to vote, be as valid as if each      of them had been duly appointed, and was qualified and had continued to      be a Director and had been entitled to vote. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

35

----

| 123 | The Directors may appoint any person      to an office or employment having a title including the word “director”      or attach such a title to any existing employment with the Company and may      terminate the appointment or the use of the title. The inclusion of the      word “director” in the title of any office or employment (other      than the office of managing or joint managing or deputy or assistant managing      director) does not imply that the employee is a Director and the employee      shall not as a result be empowered in any respect to act as a Director or      be deemed to be a Director for any of the purposes of these Articles. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Secretary**

| 124 | The Secretary shall be appointed by the      Directors at such remuneration and upon such terms as they think fit. The      Secretary may be removed by the Directors. The Directors may appoint an      assistant Secretary or assistant Secretaries and temporary substitutes for      the Secretary. An assistant Secretary or temporary substitute shall for      the purpose of these Articles be deemed to be and may fulfil the duty of      the Secretary subject to any limitation prescribed by the Directors. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 125 | A provision of the Statutes or these      Articles requiring or authorising a thing to be done by or to a Director      and the Secretary shall not be satisfied by its being done by or to the      same person acting both as Director and as, or in the place of, the Secretary. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**The seal**

| 126 | The Seal shall be used only by the authority      of the Directors or of a committee of Directors authorised by the Directors.      The Directors may determine who shall sign any instrument to which the Seal      is affixed. Unless otherwise determined and except as provided in Article      11, it shall be signed by a Director and by the Secretary or by a second      Director or some other person approved by the Board. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 127 | The Company may exercise the powers conferred      by section 39 of the Act with regard to having an official seal for use      abroad, and the powers shall be vested in the Board. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 128 | A document signed by a Director and by      the Secretary or another Director and expressed, in whatever form of words,      to be executed by the Company shall have the same effect as if it were under      seal. A document executed in this way which makes it clear on its face that      it is intended to be a deed, in whatever form of words, has effect, upon      delivery, as a deed. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Authentication of documents**

| 129 | Any Director or the Secretary or any      person appointed by the Directors for the purpose shall have power to authenticate      any documents affecting the constitution of the Company (including the Memorandum      and Articles of Association) and any resolutions passed by the Company or      the Board, and any books, records, documents and accounts relating to the      business of the Company, and to certify copies or extracts as true copies      or extracts. Where any books, records, documents or accounts are elsewhere      than at the Company’s head office, the local manager or other officer of      the Company having the custody of them shall be deemed to be a person appointed      by the Directors under this Article. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

36

----

**Alternate directors**

| 130 | (A) | A Director may appoint any person who      is approved by the Board to be an alternate Director, and may remove from      office an alternate Director appointed by him. |
|-----|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | An alternate Director shall be entitled      (subject to his giving to the Company an address within the United Kingdom      at which notices may be served upon him) to receive notices of all meetings      of the Board and of any committee of the Board of which his appointor is      a member and to attend and vote as a Director at any of the meetings at      which the Director appointing him is not personally present, and generally      to perform all the functions of his appointor as a Director in the absence      of the appointor. When acting also as a Director or as an alternate Director      for more than one Director, an alternate Director shall have one vote for      every Director he represents, in addition to his own if he is himself a      Director, and, where the quorum exceeds two, he shall be considered as two      Directors for the purpose of making a quorum. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (C) | An alternate Director shall cease to      be an alternate Director if his appointor ceases for any reason to be a      Director. If a Director retires by rotation but is re-elected by the meeting      at which the retirement takes effect, an appointment made by him under this      Article which was in force immediately prior to his retirement shall continue      to operate after his re-election as if he had not retired. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (D) | All appointments and removals of alternate      Directors shall be effected by notice In Writing by the Director making      or revoking the appointment given to the Company at the Office or at a duly      convened and held meeting of the Board. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (E) | An alternate Director may be repaid by      the Company such expenses as might properly be repaid to him if he were      a Director. He shall be entitled to receive from the Company such proportion      (if any) of the remuneration otherwise payable to his appointor as his appointor      by notice In Writing to the Company directs. He shall not otherwise in respect      of the appointment be entitled to receive any remuneration from the Company.      An alternate Director may be indemnified by the Company to the same extent      as a Director. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (F) | An alternate Director shall be an officer      of the Company. He shall alone be responsible to the Company for his own      acts or defaults and shall not be deemed to be the agent of or for the Director      appointing him. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Dividends**

| 131 | The profits of the Company available      for dividend and resolved to be distributed shall be applied in the payment      of dividends to the members in accordance with their respective rights and      priorities. The Company in general meeting may declare dividends accordingly.      No dividend or interim dividend may be paid otherwise than in accordance      with Part VIII of the Act. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

37

----

| 132 | No dividend shall be payable except out      of the profits of the Company (including profits set aside to any reserve      fund under Article 146) or in excess of the amount recommended by the Directors. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 133 | Dividends must be declared and paid according      to the amounts paid on the shares in respect of which the dividends are      paid. For the purposes of this Article, no amount paid on a share in advance      of calls shall be treated as paid on the share. Dividends shall be apportioned      and paid pro rata according to the amounts paid on the shares during any      portions of the period in respect of which the dividend is paid but, if      any share is issued on terms providing that it ranks for dividend as from      a particular date, the share shall rank for dividend accordingly. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 134 | The Directors must transfer to share      premium account as required by the Statutes sums equal to the amount or      value of any premiums at which any shares of the Company are issued. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 135 | The Directors may pay such interim dividends      as appear to them to be justified by the profits of the Company. If the      capital of the Company is divided into different classes of shares the Directors      may pay interim dividends in respect of those shares which confer on the      holders deferred or non-preferred rights as well as in respect of those      shares which confer on the holders preferential or special rights with regard      to dividends. Provided that the Directors act bona fide, they shall not      incur any responsibility to the holders of any shares for any damage that      they suffer by reason of the payment of an interim dividend on any shares.      The Directors may also pay half yearly or at other suitable intervals to      be settled by them any dividend which is payable at a fixed rate if they      are of the opinion that the profits justify the payment. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 136 | A general meeting declaring a dividend      or bonus may direct payment of the dividend or bonus wholly or partly by      the distribution of specific assets and, in particular, of paid up shares      or Debentures of another company or in any one or more of these ways. The      Directors shall give effect to the resolution and, where a difficulty arises      in regard to the distribution, the Directors may settle it as they think      expedient. In particular they may issue certificates in respect of fractions      and fix the value for distribution of specific assets, may determine that      cash payments are made to any members upon the footing of that value in      order to adjust the rights of all parties and may vest the assets in trustees      as may seem expedient to the Directors. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 137 | A resolution of the Company or of the      Directors declaring a dividend may specify any date as the record date for      the dividend, whether or not prior to the date on which the resolution is      passed. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 138 | The Directors may deduct from any dividend      or bonus payable to a member any sums presently payable by him to the Company      on account of calls or otherwise in respect of shares of the Company. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

38

----

| 139 | No unpaid dividend, bonus or interest      shall bear interest as against the Company. |
|-----|----------------------------------------------------------------------------------------|

| 140 | The Directors may retain any dividends      and bonuses payable on shares on which the Company has a lien permitted      by the Statutes and may apply them in or towards satisfaction of the debts,      liabilities or engagements in respect of which the lien exists. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 141 | The Directors may retain the dividends      and bonuses payable upon shares in respect of which any person is, under      the provisions of these Articles relating to the transmission of shares,      entitled to become a member, or which any person under those provisions      is entitled to transfer, until he becomes a member in respect of the shares      or duly transfers them. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 142 | A dividend may be paid by cheque or warrant      sent through the post to the registered address of the member or person      entitled to it, or by direct bank transfer to such bank account as the member      or person entitled to it directs, and in case of joint holders to any one      of them or to such person and such address or such bank account as the joint      holders may direct. The cheque or warrant shall be made payable to the order      of the person to whom it is sent or to such person as the member, person      entitled or joint holders direct. Payment of the cheque or warrant shall      be a good discharge to the Company. Every cheque or warrant shall be sent      at the risk of the person entitled to the money which it represents. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 143 | If several persons are registered as joint      holders of a share, any one of them may give an effectual receipt for any      dividend or other moneys payable on or in respect of the share. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 144 | All unclaimed dividends may be invested      or otherwise made use of by the Directors for the benefit of the Company      until claimed. Dividends unclaimed for 12 years after they became due for      payment shall, unless the Directors otherwise resolve, be forfeited and      revert to the Company. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Scrip dividends**

| 145 | (A) | The Directors may, if authorised by an      ordinary resolution, offer any holders of ordinary shares one or more of      the following options: |
|-----|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | (a) | instead of taking the net cash amount      due to them in respect of all or any part (to be determined by the Directors)      of any dividend declared or payable on any ordinary shares held by them,      either to invest the cash in subscribing for unissued ordinary shares, payable      in full or by instalments, or in paying up in full or by instalments any      unpaid or partly paid ordinary shares held by them; or |
|--------|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | (b) | instead of taking the net cash amount      due to them in respect of all or any part (to be determined by the Directors)      of any dividend declared or payable on any ordinary shares held by them,      to elect to receive new ordinary shares credited as fully paid; or |
|--------|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | (c) | to forego their entitlement to all or      any part (to be determined by the Directors) of any dividend declared or      payable on any ordinary shares held by them and to take instead fully paid      bonus ordinary shares; or |
|--------|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

39

----

|   |   | (d) | any other option in respect of all or      any part (to be determined by the Directors) of any dividend on any ordinary      shares held by them as the Directors determine. |
|--------|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | In relation to the above options, the      following provisions apply: |
|--------|-----|------------------------------------------------------------------------|

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

|   |   | (b) | the entitlement of each holder of ordinary      shares to new ordinary shares shall be such that the relevant value of the      entitlement shall be, as nearly as possible, equal to (but not greater than)      the cash amount (disregarding any tax credit) of the dividend that the holder      elects to forego. In calculating the entitlement, the Directors may, at      their discretion, adjust the figure obtained by dividing the relevant value      by the amount payable on the ordinary shares up or down so as to procure      that the entitlement of each shareholder to new ordinary shares is represented      by a simple numerical ratio. For this purpose, “relevant value”      shall be calculated by reference to the average of the middle market quotations      for the Company’s ordinary shares on the London Stock Exchange as derived      from the Daily Official List, on such five consecutive dealing days as the      Directors determine, provided that the first day is on or after the day      on which the ordinary shares are first quoted “ex” the relevant      dividend, or in such other manner as may be determined by or in accordance      with the ordinary resolution; |
|--------|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | (c) | on or as soon as practicable after announcing      that they are to declare or recommend any dividend the Directors, if they      intend to offer an election in respect of that dividend, shall also announce      that intention and shall, after determining the basis of allotment if they      decide to proceed with the offer, notify the holders of ordinary shares      In Writing of the right of election offered to them and specify the procedure      to be followed and the place at which and the latest time by which elections      must be lodged in order for elections 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 capitalised to give      effect to it after the basis of allotment is determined; |
|--------|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | (e) | the Directors may exclude from any offer      any holders of ordinary shares where the Directors believe that 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      to them; |
|--------|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | (f) | the dividend (or that part of the dividend      in respect of which a right of election has been offered) shall not be payable      on ordinary shares in respect of which an election has been made (the “elected      ordinary shares”) and instead additional ordinary shares shall be allotted      to the holders of the elected ordinary shares on the basis of allotment      calculated as stated above. For this purpose the Directors may capitalise,      out of any amount standing to the credit of any reserve or fund (including      the profit and loss account, share premium account, capital redemption reserve      or any other undistributable reserve) whether or not it is available for      distribution as the Directors determine, a sum equal to the aggregate nominal      amount of the additional ordinary shares to be allotted on that basis and      apply it in paying up in full the appropriate number of unissued ordinary      shares for allotment and distribution to the holders of the elected ordinary      shares on that basis; |
|--------|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

40

----

|   |   | (g) | the additional ordinary shares when allotted      shall rank pari passu in all respects with the fully paid ordinary shares      then in issue except that they will not be entitled to participate in the      relevant dividend or in that part of the dividend in respect of which the      right of election was offered; |
|--------|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | (h) | the Directors may also from time to time      establish or vary a procedure for election mandates, under which a holder      of ordinary shares may elect to receive ordinary shares credited as fully      paid instead of cash in respect of all future rights offered to that holder      under this Article until the election mandate is revoked or deemed to be      revoked in accordance with the procedure; |
|--------|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | (i) | the Directors may undertake and do such      acts and things as they consider necessary or expedient for the purpose      of giving effect to this Article including (without limitation) making such      provisions as they think fit in relation to any fraction of an ordinary      share which may or would arise from the application of this paragraph (B)      (including provisions whereby, in whole or in part, fractional entitlements      are disregarded and the benefit of them accrues to the Company rather than      to the shareholders concerned or under which fractional entitlements are      accrued or retained and in each case accumulated on behalf of any shareholder      and the accruals or retentions are applied to the allotment of fully paid      ordinary shares by way of bonus to, or cash subscription on behalf of, the      shareholder). |
|--------|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Reserves**

| 146 | The Directors may, before recommending      any dividend, set aside out of the profits of the Company such sums as they      think proper as a reserve which shall, at the discretion of the Directors,      be applicable for any purpose to which the profits of the Company may be      properly applied. Pending application the sum reserved may either be employed      in the business of the Company or be invested in such investments (other      than shares of the Company) as the Directors think fit. The Directors may,      without placing them to reserve, carry forward any profits which they think      it prudent not to divide. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Capitalisation of profits and reserves**

| 147 | Subject to section 80 and Part VIII of      the Act, the Company in general meeting may, upon the recommendation of      the Directors, resolve that it is desirable to capitalise an amount standing      to the credit of any of the Company’s reserve accounts or to the credit      of the profit and loss account or otherwise available for distribution,      and accordingly that it is set free for distribution among the members who      would have been entitled to it if distributed by way of dividend and in      the same proportions on condition that it is not paid in cash but is applied      either in or towards paying up any amounts unpaid on shares held by the      members or paying up in full unissued shares or Debentures of the Company      to be allotted and distributed, credited as fully paid up, to and among      those members in those proportions, or partly in the one way and partly      in the other. The Directors shall give effect to the resolution. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

41

----

| 148 | Whenever a resolution is passed under      the preceding Article, the Directors shall make all appropriations and applications      of the undivided profits resolved to be capitalised. Subject to section      80 of the Act, the Directors shall make all allotments and issues of fully      paid shares, Debentures or securities, if any, and generally shall do all      acts and things required to give effect to the resolution. The Directors      may make such provision by the issue of certificates in respect of fractions      or by payment in cash or otherwise as they think fit for the case of shares,      Debentures or securities becoming distributable in fractions. The Directors      may authorise any person to enter into an agreement with the Company, on      behalf of the members interested, providing for the allotment to them, credited      as fully paid up, of any shares, Debentures or securities to which they      may be entitled upon the capitalisation, or (as the case may require) for      the payment up by the Company on their behalf, by the application of their      proportions of the profits resolved to be capitalised, of the amounts or      any part of the amounts remaining unpaid on their existing shares. Any agreement      made under the authority shall be effective and binding on all the members. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Discovery and secrecy**

| 149 | No member shall be entitled to require      discovery of or any information respecting any detail of the Company’s trading      or any matter in the nature of a trade secret or secret process which relates      to the conduct of the business of the Company and which, in the opinion      of the Directors, it would be inexpedient in the interests of the members      of the Company to communicate to the public. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Accounts**

| 150 | The Directors shall cause true accounts      to be kept: |
|-----|----------------------------------------------------------|

|   | (a) | of the sums of money received and expended      by the Company and the matters in respect of which the receipt and expenditure      takes place; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | of all sales and purchases      of goods by the Company; and |
|--------|-----|--------------------------------------------------------------|

|   | (c) | of the assets and liabilities of the Company. |
|--------|-----|-----------------------------------------------|

| 151 | The books of account shall be kept at      the Office, or at such other place as the Directors think fit, and shall      always be open to the inspection of the Directors. No member (other than      as Director) shall have any right of inspecting any account, book or document      of the Company except as conferred by statute or authorised by the Directors      or by the Company in general meeting. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

42

----

| 152 | The Directors shall not be bound, unless      expressly instructed so to do by an extraordinary resolution of the Company      in general meeting, to publish any list or particulars of the securities      or investments held by the Company or to give to any shareholder any information      relating to them. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 153 | Once at least in every year the Directors      shall lay before the Company in general meeting a profit and loss account      giving a true and fair view of the profit or loss of the Company for the      financial year to which it relates and a balance sheet giving a true and      fair view of the state of affairs of the Company as at the date at which      it is made out and containing a general summary of the capital, the assets      and the liabilities of the Company arranged under suitable heads, both made      up to a date not more than 7 months before the meeting. If the Company is      a holding company as defined by the Statutes, there shall also (except in      so far as the Statutes otherwise permit) be laid before the Company in general      meeting a consolidated balance sheet dealing with the state of affairs at      the end of the Company’s financial year of the Company and its then subsidiary      undertakings and a consolidated profit and loss account dealing with the      profit or loss for the Company’s financial year of the Company and its then      subsidiary undertakings. The Directors shall in preparing every such profit      and loss account and balance sheet and consolidated profit and loss account      and consolidated balance sheet have regard to the applicable provisions      of the Statutes. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 154 | Every balance sheet, profit and loss      account, consolidated balance sheet and consolidated profit and loss account      shall be signed in such manner as is required by the Statutes. There shall      be attached to the balance sheet a report by the Directors as required by      the Statutes. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 155 | Except as provided in the next following      Article, a copy of the report by the Directors and of the Auditors’ report,      accompanied by the balance sheet (including every document required by law      to be annexed or attached to it), and profit and loss account, consolidated      balance sheet and consolidated profit and loss account, shall, at least      21 days before the annual general meeting, be delivered or sent by post      to the registered address of every member and every holder of Debentures      of the Company. If any shares or securities of the Company are listed on      the London Stock Exchange, the required number of copies of each of these      documents shall at the same time be forwarded to its appropriate department. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 156 | The Company may, in accordance with section      251 of the Act and any regulations made under it, send a summary financial      statement to any member instead of or in addition to the documents referred      to in the preceding Article. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Auditors**

| 157 | The Company shall at each annual general      meeting appoint Auditors to hold office until the next annual general meeting. |
|-----|------------------------------------------------------------------------------------------------------------------------------|

| 158 | No Director or other officer of the Company      and no person who is a partner of or in the employment of an officer of      the Company, and no corporation may be appointed as an Auditor. The duties      of the Auditors shall be regulated in accordance with the Statutes. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 159 | Subject to the provisions of the Statutes,      all acts done by any person acting as an Auditor shall, as regards all persons      dealing in good faith with the Company, be valid, notwithstanding that there      was some defect in his appointment or that at the time of his appointment      he was not qualified for appointment. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

43

----

**Notices**

| 160 | Any notice or document may be served      by the Company on any member either personally or by sending it through      the post in a prepaid letter addressed to him at his registered address      as appearing in the register of members. A member is entitled to receive      notices from the Company notwithstanding that his registered address as      appearing in the register of members is outside the United Kingdom. In the      case of joint holders of a share, notices shall be given to that one of      the joint holders whose name stands first in the register of members and      notice given to him shall be sufficient notice to all the joint holders. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 161 | Any notice or other document, if served      by post, shall be deemed to have been served at the expiration of 24 hours      after the time when the letter containing it is posted. In proving service      it shall be sufficient to prove that the letter containing the notice or      document was properly addressed, stamped and posted. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 162 | Any notice or document delivered or sent      by post to or left at the registered address of any member shall, notwithstanding      that the member is then dead or bankrupt and whether or not the Company      has notice of his death or bankruptcy, be deemed to have been duly served      in respect of any share registered in his name as sole or joint holder,      unless at the time of the service of the notice or document his name has      been removed from the register as the holder of the share. The service shall      for all purposes be deemed a sufficient service of the notice or document      on all persons interested in the share (whether jointly with or as claiming      through or under him). |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 163 | A notice required to be given by the      Company to members and not expressly provided for by these Articles shall      be sufficiently given if given by advertisement. A notice required to be      or which may be given by advertisement shall be advertised once in one national      daily newspaper and shall be taken as given on the day on which the advertisement      appears. If by reason of the suspension or curtailment of postal services      within the United Kingdom the Company is unable effectively to convene a      general meeting by notice sent through the post, it may be convened by notice      advertised in at least two leading daily newspapers with appropriate circulation,      of which one is a leading London daily newspaper. The notice shall be deemed      to have been duly served on all members entitled to it at noon on the day      when the advertisement appears. The Company shall send confirmatory copies      of the notice by post if at least 48 hours prior to the meeting the posting      of notices to addressees within the United Kingdom again becomes practicable. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 164 | Every person who by operation of law,      transfer or other means becomes entitled to any share shall be bound by      every notice in respect of the share which, prior to his name and address      being entered in the register of members, has been duly given to the person      from whom he derives his title other than a notice given under Article 84      or section 212 of the Act. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

44

----

| 165 | In addition to the methods of service      set out above, any notice or other document (including, without limitation,      notices for annual general meetings, extraordinary general meetings, the      Company’s annual accounts and reports, or any summary financial statements      to be sent in accordance with article 156) may be given by the Company to      any member or other person entitled to receive it by such Electronic Communication****as the Statutes may allow from time to time to an address notified by      the member (or other person entitled to receive it) in writing or by similar      means for such purposes. Subject to the Statutes, where a notice or other      document is given or sent in accordance with this article, it shall be deemed      to be given at 9.00 am on the day following that on which the electronic      method of delivery was implemented by or on behalf of the Company.****Proof      that an electronic communication was sent shall be conclusive evidence of      receipt. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Any member may notify the Company of      an address for the purpose of his receiving electronic communications from      the Company to the extent that it is permitted by the Statutes, and having      done so shall be deemed to have agreed to receive by electronic communication      notices and other documents from the Company of the kind to which the address      relates. In addition, if a member notifies the Company of his e-mail address,      the Company may satisfy its obligation to send him any notice or other document      by: |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | publishing such notice or other document      on a web site; and |
|--------|-----|------------------------------------------------------------------|

|   | (b) | notifying him by e-mail to that e-mail      address that such notice or document has been so published, specifying the      address of the web site on which it has been published, the place on the      web site where the notice may be accessed, how it may be accessed and (if      the notice relates to a shareholders’ meeting) stating: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | (i) | that the notice concerns a notice of      a company meeting served in accordance with the Act; |
|--------|--------|-----|------------------------------------------------------------------------------------------------|

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

|   |   | (iii) | whether the meeting is to be an annual      or extraordinary general meeting; and |
|--------|--------|-------|-----------------------------------------------------------------------------------|

|   |   | (iv) | such other information as the Statutes      may prescribe. |
|--------|--------|------|------------------------------------------------------------|

|   |   | + |   |
|--------|--------|---|--------|

|   | Any amendment or revocation of a notification      given to the Company under this article shall only take effect if in writing,      signed by the member and on actual receipt by the Company thereof. An electronic      communication shall not be treated as received by the Company if it is rejected      by computer virus protection arrangements |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Nothing contained in this Article 165      shall oblige the Company to use Electronic Communications, the use of which      is, subject to the Statutes, solely at the Company’s discretion. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Winding up**

| 166 | On a winding up of the Company, the balance      of the assets available for distribution, after deduction of any provision      made under section 719 of the Act and subject to any special rights attaching      to any class of shares, shall be applied in repaying to the members of the      Company the amounts paid up on the shares held by them. Any surplus assets      will belong to the holders of any ordinary shares then in issue according      to the numbers of shares held by them or, if no ordinary shares are then      in issue, to the holders of any unclassified shares then in issue according      to the numbers of shares held by them. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

45

----

| 167 | If the Company is wound up (whether the      liquidation is voluntary, under supervision or by the court) the liquidator      may, with the authority of an extraordinary resolution, divide among the      members in specie or kind the whole or any part of the assets of the Company,      whether or not the assets consist of property of one kind or of properties      of different kinds. He may for that purpose set such value as he deems fair      upon any one or more class or classes of property and may determine how      the division is carried out as between the members or different classes      of members. He may, with the same authority, vest any part of the assets      in trustees upon such trusts for the benefit of members as the liquidator      with the same authority thinks fit, but no contributory shall be compelled      to accept any shares in respect of which there is a liability. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 168 | The power of sale of a liquidator includes      a power to sell wholly or partially for shares or Debentures, or other obligations      of another company either then already constituted or about to be constituted,      for the purpose of carrying out the sale. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Indemnity**

| 169 | Except so far as the provisions of this      Article are avoided by any provisions of the Statutes, the Directors, executive      Directors, Auditors, Secretary and other officers of the Company, and their      respective executors or administrators, shall to the extent permitted by      the Statutes be indemnified out of the assets of the Company against all      actions, costs, charges, losses, damages and expenses which they may incur      or sustain by reason of any act done, concurred in or omitted in or about      the execution of their duty or supposed duty in their respective offices,      unless incurred through their own wilful neglect or default. None of them      shall be answerable for the acts, neglects or defaults of any other of them,      or for joining in any receipt for the sake of conformity, or for any bankers      or other persons with whom any moneys or assets of the Company are lodged      or deposited for safe custody, or for the insufficiency or deficiency or      any security upon which any moneys of the Company are placed out or invested,      or for any other loss or damage which happens in the execution of their      offices, unless resulting from their own wilful neglect or default. Subject      to the provisions of the Act, the directors may purchase and maintain insurance      at the expense of the Company for the benefit of any director or other officer      or auditor of the Company against any liability which may attach to him      or loss or expenditure which he may incur in relation to anything done or      alleged to have been done or omitted to be done by him as a director, officer      or auditor. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

46

----